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Kuwait April sales up on March
The National Bank of Kuwait (NBK) has said in a report that real estate transactions in April had amounted to KD96.7m, up 8% on March. The value of sales in the commercial sector and apartments had surged by 51% and 13% respectively, while residential sales had dropped by 8%, NBK noted.
Mesa landscaping to open in Dubai
US-based landscaping group Mesa has been granted a trade licence for a hub office in Dubai to be the firm's hub office for the Mena region and Asia. The company is also pursuing a licence in Abu Dhabi. Mesa has worked on projects in the UAE, Oman, Egypt and India, and has finished all the design phase for the Ferrari Experience Theme Park in Abu Dhabi, which is being tendered to landscape contractors.
Zabeel hands over Tiara Residence
Zabeel Properties has officially handed over its first development to its owners at Tiara Residence, comprising of 644 resort style residences, located on the main trunk of Palm Jumeirah. About 70% of the development has been sold and home owners have been moving in since April.
Deyaar to create distressed fund
Markus Giebel, chief executive of Deyaar Development has said the company, along with Dubai Islamic Bank, has secured Dhs200m from regional investors for a new distressed asset fund that will buy property from buyers who default on their payments and hold onto the units for several years and resell them for a profit. He said the creation of the fund was the final step in a strategy to lower the company's default rate from about 50% to the low single digit range.
Separate permits needed for auctions
Mohammed Sultan Al Thani, Assistant Director-General of Dubai Land Department has said that any company that wants to hold a public auction needs to get an auction licence from the Department of Economic Development and an auction permit for every auction they hold from the Land Department, and has to fulfil a number of formalities before the auction process can begin. A fee of Dhs2,000 is charged per auction permit.
Hydra 'may revise' projects
Sulaiman Al Fahim, CEO of the Abu Dhabi-based Hydra Properties has said that the firm is implementing a restructuring process and may revise some projects to meet current market requirements. The developer has no plans to cancel announced projects, but will restructure its international project portfolio, Al Fahim said, according to Emirates Business. He said the company is redesigning its Mexico project to fit the new market needs.
Ajman developers must register by July 1
Ajman Real Estate Regulatory Agency (Arra) has said in a statement that property developers will have until July 1 to complete the required registration procedures. 'All property developers who have not completed all the procedures or failed to provide the documents needed for practicing the activity of real estate development in Ajman are advised to take immediate action - otherwise a fine of Dhs100,000 per month will be applied against offenders,' said Arra Director General, Omar Barguthi.
Deyaar to hand over four projects in June
Dubai-based Deyaar Development said today will hand over later this month all 470 residential units at four of its residential projects at Dubai Silicon Oasis. The four projects comprise the Coral, Jade, Ruby and Sapphire Residences. This follows the recent delivery of all 312 units at Madison Residency in the Technology, E-Commerce and Media (TECOM) free zone, and brings the total number of projects delivered in the first six months of this year by Deyaar to five, the company added.
Sherwoods to hold property auction in Dubai
Sherwoods Independent Property Consultants will hold an auction on June 4th in Dubai, featuring properties in The Palm, Dubai Marina, Downtown Dubai, Jumeirah Lakes Towers, and other locations in the UAE. The property offerings cover a broad price range and feature a mix of ready-to-use, nearly completed and off-plan residential and commercial units, as well as a number of plots, including one just outside Terminal 2 that is available for GCC residents only.
Sorouh offers price cuts on Al Ghadeer project
Abu Dhabi-based developer Sorouh has offered a significant price reduction to investors who own units in the Al Ghadeer project, with at least one being offered a reduction of 40%, reported Emirates Business. Simon Cunningham, Chief Sales and Marketing Officer of Sorouh, said the price reductions have resulted from reduced construction costs. Investors do not have to make any payment during the time of construction. The full payment has to be made at handover, which will be by the end of 2012.
Omniyat's Bayswater handed over to investors
Omniyat Properties, the real estate arm of Omniyat Holdings, has handed over the keys of Bayswater, its commercial tower in Business Bay, to investors. The scissor-shaped tower has 293 offices and 11 retail units. Omniyat Strata Management will control and manage the administrative and financial requirements of the building's common facilities and assets.
Jumeirah Village contract awarded
Dubai-based Almasah International Real Estate has awarded a $80m contract to a joint venture between Axis Idenitity Group, Markizz and Al Ghaith to construct residential buildings Cadi 4, Jouri 5 and Judi Palace in Jumeirah Village. Main construction is expected to begin later this year, and final delivery for the projects will be in the second and third quarters of 2010.
Nakheel hands over Golden Mile
Joint-venture partners, Nakheel and IFA Hotels and Resorts have started handing over the keys to the residential units at Golden Mile on Palm Jumeirah. Golden Mile is made up of ten buildings with a total of 860 residential units, in addition to the first freehold offices on Palm Jumeirah, as well as an extensive retail area. All residential units are managed by the neighbouring Fairmont Palm Jumeirah hotel, which is set to open in 2010.
Hill wins Bahrain airport deal
Bahrain Airport Company has awarded Hill International a contract to manage a major expansion that includes construction of two new passenger terminals, aprons, separate piers, a people mover system, car parking, road works and infrastructure. The contract also includes the development of an adjacent Airport City including hotels, conference centres, retail and recreational facilities. Hill International's contract was agreed on a four year base term, with a four year optional extension period and has an estimated value of $36.5m over the full eight year term, said a company statement.
UAE property market 'starting to bottom out', says HSBC
The UAE real estate market is starting to bottom out, with agreed prices for property transactions rising 4% and 5% month on month in April and May 2009, according to a new survey by HSBC. David Lepper, Head of UAE Equity Research, HSBC Global Research, said: 'Market data from April and May show a range of positive indicators: agreed property sale prices are rising, volumes are holding up well, and banks have loosened their lending criteria. However, we will not be able to discern a sustainable trend until later in 2009, and while we note these positive developments, the market as a whole is coming off a very low base, given the sharp declines since the market peak. Credit growth remains subdued, and the UAE economy still has challenges to deal with.'
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