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News Brief 36 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION N EWS BRIEF 36 SUN DAY 13 September 2015 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE UAE PROPERTY BOOM: DEVELOPERS LAUNCH NEW PROJECTS WORTH BILLIONS UAE RANKED AS SECOND-BEST MARKET FOR PROPERTY INVESTORS DUBAI DH30BN MEYDAN ONE: WORLD'S LARGEST INDOOR SKI SLOPE READY BEFORE 2020 DEYAAR OPENS REGISTRATION FOR MIDTOWN BUYERS 9 WORLD RECORDS: DUBAI'S NEW CHALLENGE FOR GLOBAL DEVELOPERS EARNING DH10K-30K PER MONTH? AFFORDABLE RENT IS DH72,000 PA DESIGN DISTRICT IS A HAPPENING PLACE IN THE MAKING DUBAI PROPERTY VALUES WEAKEN IN AUGUST DAMAC OFFERS POWER LIVING VIA A BUGATTI HOME NAKHEEL RIDES THE WAVE AT DEIRA ISLANDS FALCON CITY DEVELOPER TO GET CRACKING WITH ‘WONDERS’ REVEALED: DESIGN OF BURJ 2020 DUBAI'S DH25BN MALL OF THE WORLD WILL NOW BE A 'FUTURE CITY’ DEYAAR PLANS 1,000 HOTEL ROOMS, SIGNS DEAL WITH MILLENNIUM & COPTHORNE REAL ESTATE MARKET TO LEAD OTHER SECTORS IN DUBAI'S ECONOMY: MOHAMMED DH300M ANANTARA HOTEL IN RAK TO GET MALDIVES-INSPIRED WATER VILLAS DUBAI REAL ESTATE MARKET STABLE; OVERSUPPLY FEARS RULED OUT NOOR BANK OFFERS ‘COMMERCIAL PROPERTY FINANCE’ FOR CUSTOMERS DUBAI’S MOST EXPENSIVE APARTMENT: DH181M HOME FOR RICH AND FAMOUS TECOM TO OPEN 11 BUILDINGS IN DUBAI’S D3 BY END OF THE YEAR JUMEIRAH ADDS COMMUNITY ASPECT TO AL ANDALUS FAIRMONT NORTH RESIDENCE PENTHOUSE BRINGS A TOUCH OF RALPH LAUREN ON PALM JUMEIRAH PALAZZO VERSACE HOTEL IN DUBAI TO OPEN IN DECEMBER TANMIYAT TO DELIVER ALL 500 VILLAS AT DELAYED LIVING LEGENDS PROJECT IN DUBAILAND DANUBE ADOPTS AFFORDABLE HOUSING AT EASY PAYMENTS AS ITS NEW WINNING STRATEGY DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 2 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION AL HABTOOR WARNS OF DUBAI HOTEL OVERSUPPLY AHEAD OF EXPO 2020 DUBAI SOUTH PLANS MID-MARKET VILLAGE IN TREND TOWARDS AFFORDABLE HOMES DUBAI’S PALM JUMEIRAH TO GET NEW BEACH WITH LATEST NAKHEEL PROJECT MAG PROPERTY DEVELOPMENT TO SHOWCASE THREE-TOWER CLUSTER AT CITYSCAPE GLOBAL DUBAI LUXURY PROPERTY PRICES CONTINUE TO WEAKEN DUBAI’S MALL OF THE WORLD MASTER PLAN REVAMPED FOR TRANSPORT SYSTEM DUBAI PROPERTY HUNTERS FLOCKING TO MORE AFFORDABLE SECONDARY LOCATIONS JLL CALLS FOR GOVERNMENT ACTION ON MIDDLE-INCOME HOUSING DUBAI TO RANK PROPERTY BROKERS BASED ON PERFORMANCE DUBAI PROPERTY CORRECTION EXPECTED TO CONTINUE INTO 2016 ABU DHABI WHAT NEXT FOR PROPERTY IN DUBAI, ABU DHABI AND BEYOND? ABU DHABI RENTS ARE SECOND-HIGHEST IN THE WORLD BLOOM PROPERTIES TO BUILD 302 HOMES NEXT TO NYU’S SAADIYAT CAMPUS ABU DHABI RESIDENTS CONCERNED OVER EXCESSIVE UTILITY CHARGES NORTHERN EMIRATES SHARJAH'S WATER PARK: WATERFALLS, 40 RIDES AND... A VANISHING ROLLER COASTER AL ZORAH LAUNCHES TWO LUXURY PROJECTS IN AJMAN MINOR HOTEL GROUP TO BUILD ANANTARA RESORT IN RAS AL KHAIMAH CZECH DIAMOND COMPANY TO BUILD FIVE-STAR HOTEL ON RAK’S AL MARJAN ISLAND DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION DH30BN MEYDAN ONE: WORLD'S LARGEST INDOOR SKI SLOPE READY BEFORE 2020 SUNDAY 13 SEPTEMBER 2015 The total cost of building the mega Meydan One development in Dubai will range between Dh25 billion and Dh30bn. Its first phase, comprising Meydan One Mall, the world’s largest indoor ski slope and the largest dancing fountain, is set for completion ahead of Expo 2020, a senior company executive told 'Emirates24|7'. Mohammad Al Khayat, Vice-President - Commercial and Free Zone, Meydan Group, said, “We estimate the project to cost between Dh25bn and Dh30bn as we aim to deliver the first phase of the master plan by 2020. "We are currently holding workshops after having got the approval for the first concept. We are focusing not only on the retail component, but also on various attractions such as dancing fountain, indoor ski slope, an indoor sports arena of almost 250,000 square feet, an entertainment zone and a water theme park, which will be is equivalent size to Wild Wadi.” According to Al Khayat, Meydan One Mall could be as “big” as either the Mall of the Emirates, or Dubai Mall. “If you see all the malls (Dubai Mall, Mall of the Emirates and Mirdif City Centre) are jam packed, as the number of residents in the emirate are increasing due to the excellent infrastructure here and the safety and security offered by the emirate.” Meydan One Mall is likely to have a gross floor area of 4 to 5 million square feet, driven by the growing demand from today’s main anchor tenants. “Besides, we estimate the footfalls to our mall will come from not just Meydan One (which will house 78,000 residents), but even from surrounding areas such as Meydan Avenue, Horizon, Sobha Hartland and the Burj Khalifa district.” Ski - all year long Though Dubai already has an indoor ski slope, the world’s longest indoor ski slope at 1.2 kilometres in Meydan One is being built to attract professional skiers and offer new attractions for snow lovers. “Our feasibility study found that the 400 metre stretch allows only a certain category of skiers. With approximately 800m or more, we will have steep slopes to attract professional skiers.” At the base of the ski slope will be Meydan Arena, which will have a seating capacity of 8,000 and play host to sporting events, live concerts and theatrical shows. Rising Dubai One With the design of the 711-metre Dubai One, billed to be the world’s tallest residential tower, currently under study, Al Khayat does not rule out the possibility of it rising higher. “The ‘711’ was based on the initial design and it could go even higher or lower, as it will be subject to Dubai Civil Aviation approval. The tower is currently in the design stage,” he stated. DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION With Dubai expected to see population growth in the coming years, driven by the UAE’s growing economy and rising job opportunities, the developer is taking precautions of ensuring that the infrastructure will meet the growing demand in future. “We have completed the first traffic study and all our submissions are in collaboration with the Road and Transport Authority, Dubai Municipality and Dubai Electricity and Water Authority. We are ensuring that all the infrastructure and planning is completed before we start work on the project,” Al Khayat asserted. Apart from being connected to the Dubai Metro Gold Line, the project will be located mere four kilometres from the Etihad Rail station. Completion in 10 years Meydan estimates seven to 10 years for completion of the mega development. “For a project of this scale, I would assume seven to 10 years. One should not forget that there will be different sub-developers working on their plots as well. We have committed to deliver the infrastructure in a certain period of time and they (sub-developers) have also agreed to complete their projects in a certain time,” Al Khayat added. The Power of One Meydan One will set the following new world records. # 711-metre Dubai One Tower will be the world’s tallest residential tower; # World’s highest restaurant at 675 metres # World’s longest indoor ski slope at 1.2 kilometres # World’s largest indoor gymnasium at 25,000 square metres # World’s highest 360° observation deck at 655 metres # World’s largest dancing fountain at 420 metres in length Source: Emirates 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN IN THE MIDDLE EAST FOR 30 YEARS © Asteco Property Management, 2015 asteco.com | astecoreports.com Page 5 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION DUBAI REAL ESTATE MARKET STABLE; OVERSUPPLY FEARS RULED OUT FRIDAY 11 SEPTEMBER 2015 The major players of Dubai real estate arena, who have invested billions of dirhams in the property sector, have shrugged off the pessimism of double-digit price declines this year or in 2016, stating the market faces no oversupply issue and will continue to remain stable. “Look at the clear cut information from the market and forget all those reports. Population, economy, tourism, number of visitors to the airport and infrastructure investment is growing in the emirate. If you see these factors and see the results of the two biggest real estate companies (us and Emaar) in the first half of the year, we both booked sales close to Dh13 billion… You have seen the number and nobody can dispute that,” Ziad El Chaar, Managing Director, Damac, told Emirates 24/7. “Even the Dubai Land Department has reported Dh53 billion in transaction value in the first six months of 2015 of which Dh30 billion came from non-Arabs. This reflects the great trust in this market… so with all of this ‘2016 is still gloomy’,” he asserts. Sobha Hartland In the first six months of 2015, the developer had marketing activations and launches in more than 40 cities across the world, aimed to promote Dubai and the local property market. “This is why our numbers are strong… the real estate is not a passive industry but is an active industry.
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