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Dubai Holdings, Emaar to consolidate
Emaar Properties Dubai Holdings LLC have announced advanced discussions on their plans to consolidate real estate businesses of Emaar, Dubai Properties, Sama Dubai and Tatweer. According to a press statement, the companies are assisted by financial advisers, Royal Bank of Scotland and Merrill Lynch International in finalizing a thorough assessment of the merits of the proposed consolidation, including valuation of various entities as well as assessment of the potential transaction structures.
Dubai World consolidates real estate functions
In a statement released today, Dubai World has said that it has consolidated the real estate functions of a number of entities. 'The real estate development and property management activities of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre will be managed by Nakheel going forward,' said the group. The process will be completed over the summer.
Damac rules out low-cost housing
Damac Properties has ruled out a play into the region's fast-growing market for low-cost housing, Reuters has reported. 'Affordable housing I see as the remit of the government, or a government-owned entity, not the private sector,' Chief Executive Peter Riddoch told the Reuters Global Real Estate Summit in London yesterday.
Al Jaber wins Abu Dhabi Hotels deal
Abu Dhabi National Hotels has awarded Al Jaber LEGT Engineering and Contracting (Alec) the contract to begin building the Park Hyatt Hotel and Villas Abu Dhabi, a 75,000 sq. m. luxury resort on the northern beach of Saadiyat Island.
Deyaar raises Dhs250m distressed fund
Markus Giebel, CEO of Deyaar Development has told Bloomberg that the developer has managed to raise half of a Dhs500m ($136m) fund to buy distressed properties. The fund is subscribed by a mix of local and overseas investors and would buy back distressed properties from Deyaar's own portfolio, he said.
HSBC to lower interest rates
HSBC has announced that it plans to cut the mortgage rate for its Flexi Loan customers in the UAE by 100 basis points beginning July 1. The rate reduction will also apply to home finance customers of the bank's Islamic unit, HSBC Amanah. The bank also said customers of its tracker EIBOR based mortgage will see their rate adjusted to the three-month EIBOR rate.
Rent prices for Dubai apartments to fall in Q3, says report
A new report from Landmark Advisory says that despite the fact that some landlords are still experiencing robust demand for higher-quality rented homes in premium locations, a further decline in residential rents during the third quarter of this year is likely. As evident from the latest sales and rental price lists, the sharpest decline is with apartments, the consultancy firm said. The combination of the economic downturn and a large quantity of high rise apartments that were completed in 2008 has resulted in an oversupply in this segment.
HSBC cuts target price of Emaar
HSBC has cut the target price of Emaar Properties to Dhs7.20 from Dhs8.50, but maintained its 'overweight' rating on the developer. HSBC said the sheer scale of development at Emaar will stretch management and operational capacity, raising the risk of delays and even project cancellation. However, the bank said it was comfortable with Emaar's approach to consolidate its projects, and its recent adoption of the completed contract revenue recognition method for its accounts.
Nakheel reduces service charges at Discovery Gardens
Nakheel, the Dubai master developer, has announced a reduction of approximately Dhs5 per square foot to the service charges for its Discovery Gardens' homeowners. The new rate has been formally agreed with the Dubai property market regulator (RERA), and will be backdated to January 1, 2009, with any rebates for householders being credited against next year's service charges effective from October 1, 2009, the developer said.
Cayan assigns two new contractors for Lamar project
Cayan Investment and Development announced that it has signed agreements with two new contractors for the construction of the Lamar Towers in Saudi Arabia. Arabtec won the contract for the construction of the project, while Drake & Scull will serve as the contractors for electro-mechanical works. The Lamar Towers project is spread across 33,000 square meters which includes two 68 and 60-storey residential towers.
Abu Dhabi begins Club World Cup work
Construction has begun on new playing surfaces at Abu Dhabi's two biggest stadiums - Zayed Sports City Stadium and Mohammed Bin Zayed Stadium, which will play host to the FIFA Club World Cup UAE 2009 in December. Laser equipment is being used to produce an even pitch gradient, and a specially-designed grass seed variant known as Sea Dwarf Paspalum has been carefully selected to reduce water consumption by more than 50%. In addition to the two stadiums, seven other pitches across Abu Dhabi are being reconstructed or renovated to accommodate the competing clubs as exclusive training sites.
Omniyat invites Octavian bids
Dubai-based developer Omniyat Properties has invited selected contractors to bid by July 17 for the contract to build its Octavian project at Business Bay, Meed has reported. The project involves the construction of two 16-storey office towers with four basement levels and four podium floors, with a total built-up area of about 100,000 square metres.
Emaar buys Golden Ace debt worth $122m
Emaar Properties said today it had acquired debt amounting to $122m provided to Golden Ace. 'The loan was in default due to the inability of Golden Ace's majority shareholder to service the loan,' Emaar said in a press release. The purchase of the loan gives Emaar the ability to exercise voting rights equivalent to 61.3% of the shares in RSH Limited, a listed company in Singapore, Emaar said.
Deyaar chairman resigns
The chairman of Deyaar Properties, Nasser Al Sheikh, has resigned from his post, the Dubai property developer said in a statement today. Deyaar did not provide a reason for Al Sheikh's resignation, nor has it named his replacement.
Marina Bay project contract awarded
Damac Properties has said it has awarded National Dewatering and Drainage Services a Dhs7.5m enabling works contract covering dewatering, shoring, excavation, piling and pile testing on site, for its Marina Bay development at Al Reem Island in Abu Dhabi. The enabling works are scheduled commence shortly and will last for around four months.
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