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Hines plans $1bn UAE distressed asset fund
US-based real estate developer and investor, Hines plans to buy up heavily discounted properties from hard-pressed owners and developers through a new $1bn distressed asset fund, The National has reported. 'For the last two years we did not invest because we felt there would be a price correction,' Jürgen Herre, the head of the Middle East and North Africa region for Hines said. 'But in six to nine months, we will start investing equity into projects with our institutional partners. There are major opportunities now.'
Dubai Investments hands over units
Dubai Investments Real Estate Company (DIRC) has handed over all its warehouse and office units at its new warehouse complex in Dubai Investments Park, according to Emirates Business. The warehouse complex offers 68 individual warehouse units ranging from 6,660 to 13,697 square feet in size, plus 29 high-quality office units.
Abu Dhabi Finance offers mortgage for Al Raha projects
Abu Dhabi Finance has announced it is set to launch a new mortgage solution specifically for the Al Muneera, Al Zeina and Al Bandar districts within the Al Raha Beach development at Cityscape Dubai. The product will have a fixed interest rate of 6.99% for the first six months, followed by a discounted variable rate, 1% lower than prevailing interest rates for 1 year.
Aldar to focus on investment properties
Investment properties are expected to represent 36% of Aldar Properties' total revenues by 2011 against only 2% in 2008, according to Deutsche Bank. About 70% of the net area (until 2011) will be allocated to investment properties, while in the long term (until 2017) 23% of the net area is likely to be allocated to investment properties.
Al Habtoor Leighton names new MD
Al Habtoor Leighton Group has announced the appointment of Laurie Voyer as the new Managing Director of the Group. Starting October 1, Voyer will be replacing David Savage who is relocating to Australia in a senior role with the Leighton Group.
Depa wins Conrad fit-out contract
Interior contracting company Depa has said that it has secured a Dhs207m contract to fit out all guest rooms, suites and public areas in the Conrad Hotel Dubai, set for completion in mid 2011. The project's full scope of work includes the complete fit out of all 500 guest rooms and suites and the public areas including lobbies, executive lounges, two ballrooms, 11 meeting rooms and a business centre.
Majid Al Futtaim plans $1bn project in Syria
Dubai-based Majid Al Futtaim Properties is continuing with its regional plans despite the economic downturn, the company's CEO, Peter Walichnowski has announced He said that the firm will begin construction over the next 12 to 18 months and has drawn up a master plan for a mixed-used development that will be built across a 100-hectare site in the Sabboura Yafour district of Damascus in Syria. An initial $1bn is expected to be invested in the development, which will include a mix of hotels, offices, homes and retail outlets and will be built in phases over 10 years.
Lagoons offers buyers alternative units
The developer of the stalled Lagoons Project in Dubai is offering investors who bought homes in the project alternative apartments within Jumeirah Beach Residences, the National has reported. The offer is seen as the first sign of consolidation among Dubai Holding's main property units. Sama Dubai, which is the developer of the Lagoons, and Dubai Properties, which owns Jumeirah Beach Residences, recently merged with Tatweer as part of a consolidation of Dubai Holding companies.
Khoie Properties denies insolvency reports
Dubai-based Khoie Properties has issued a statement denying recent reports of financial difficults surrounding its La Hoya Bay project in Ras Al Khaimah. The developer said it remains in control of over Dhs1bn assets in land and Dhs700m in receivables on account of its ownership of the Dhs5bn project. Company officials are positive of completing construction of the project, given that piling and foundation works have been completed for several buildings, the statement added.
Ajman issues title deeds for property units
Ajman Real Estate Regulatory Agency has said it has started issuing title deeds for property units in the projects of Al Nuaimia and Al Rashdiah Towers, Gulf News has reported. The agency has called interested parties who wish to obtain the title deeds of their properties to submit their applications at ARRA's customer service section.
Aldar rating raised to 'buy' at Deutsche
Deutsche Bank has raised Abu Dhabi-based Aldar Properties to 'buy' from 'hold' at Deutsche Bank AG, citing the developer's 'upside potential on land bank valuation', Bloomberg has reported. The bank almost doubled its share-price estimate for Aldar to Dhs8.69 from Dhs4.53.
Emaar offers discounts via credit notes
Emaar Properties has incorporated a new clause in its local agent agreement, offering a commission for any sale transacted using its credit notes, a realtor told Emirates Business. Buyers can take advantage of discounts of 25% or more when buying credit notes to purchase new property directly from Emaar.
New $250m property fund to focus on UAE
Tasweek Real Estate Marketing and Development has announced plans to create a $250m real estate investment portfolio targeting Dubai and Abu Dhabi over the next 18 months. The Abu Dhabi-based company said it was looking to invest in Dubai Marina, Jumeirah Beach Residence and Dubai International Financial Centre (DIFC) in Dubai and Reem Island, Al Raha Beach, and Building Material City in Abu Dhabi. Its targeted acquisitions are expected to generate a return on investment of at least 10%, the company said.
Drake and Scull wins Thailand contract
Dubai-based Drake and Scull International has won its first contract in Thailand, a Dhs130m mechanical, electrical and plumbing contract for The River development, a luxury condominium building located on the Chaophraya River in Bangkok. The contract involves the supply, installation, testing and commissioning of complete MEP works.
Dubai property prices to continue slide, says report
A new report by Jones Lang LaSalle says that Dubai's house prices, which had fallen 47% in the 12 months through June, will continue to fall because of 'oversupply'. The problem 'is likely to get worse before it gets better in some sectors and this will continue to place downward pressure on prices and rental levels in the short term,' the report said.
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