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Emaar’s Creek Horizon project starts to rise

Emaar Properties’ Creek Horizon residential project at Creek Harbour has now reached ground level.

The project comprising two towers, rising from a landscaped podium structure, will also offer individual townhouse opportunities and shared leisure amenities, such as a swimming pool, gym and recreation areas.

Emaar appointed architecture and engineering consultancy SSH to carry out the design and construction supervision for the Creek Horizon project.

SSH said the project’s design encourages an integrated lifestyle development that promises island-style living in Dubai.

It added that with construction now at podium level, progress on the residential scheme will accelerate. Once complete, the towers will top out at 39 storeys and 36 stories.

Creek Horizon will form part of Harbour, a new master plan development from Emaar Properties in joint venture with Dubai Holding that is focused on building urban island residences onto the contours of the creek.

Source : Arabianbusiness

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Dubai developer set to unveil new $1.28bn project

MAG Lifestyle Development, the development arm of Dubai-based MAG Group is preparing to launch its AED4.7 billion ($1.28 billion) project MAG EYE at Cityscape Abu Dhabi next month.

A fully gated townhouse and villa community situated in Meydan District Seven in Mohammed Bin Rashid City, MAG EYE will be one of five major flagship projects showcased by MAG Lifestyle Development.

MAG Creek Wellbeing, MBL Residence, MAG 230 and MAG 318 will share the spotlight, all of which will be available for sale at the exhibition, it said in a statement. Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development said: “Anyone working in the UAE property market can see that the sector has reached maturity and that sustainable growth is now being achieved.

“The question now is how to remain on this upward trajectory, which is an endeavour that will require developers to go beyond simply constructing buildings. It is now time to do more, to think bigger, and to outdo ourselves by gearing every single aspect of our projects toward truly enhancing peoples’ lives”.

Taking place from the April 17-19 at the Abu Dhabi National Exhibition Centre, the 12th edition of Cityscape Abu Dhabi is held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.

The three-day event will display hundreds of real estate developments from the UAE, GCC and international businesses and acts as the annual property barometer for the UAE capital.

Source : Arabianbusiness

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Dubai’s Danube delivers $95m Glitz Residences project

Danube Properties on Thursday announced the delivery of its third project, Glitz Residences 3, at .

With a development value of AED350 million ($95.2 million), the project features 354 residential units including studio, one-bedroom and two-bedroom apartments – all sold following its launch in 2015, the developer said in a statement.

With the completion of Glitz Residences 3, Danube Properties will soon start the handover process to customers, taking the developer’s total delivery of apartments to 656 units, following the handover of Glitz Residences 1 and 2 with 302 residential units last year, it added.

The company earlier this month launched its 10th project Jewelz with 463 apartments worth AED300 million, taking its total development portfolio to 3,628 residential units, worth AED3.14 billion.

Danube Properties, which entered the real estate market in June 2014 by launching Dreamz, will also deliver 171 townhouses later this month, taking the total number of deliveries to 827 units, worth AED1.12 billion, more than a third of its portfolio value.

“The year 2018 will be a year of delivery for Danube as we are planning to deliver four projects that will take the delivery to five of the ten projects that we launched so far,” said Rizwan Sajan, founder chairman of Danube Group.

“Timely delivery is very crucial for gaining customer satisfaction as we work for our customers and they remain at the core of what we do. This year, we are delivering AED1.5 billion worth of projects – the highest in our history,” added Atif Rahman, director and partner of Danube Properties, said.

Source : Arabianbusiness

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Royal Pearls offers upscale, networked living in the heart of the city

Offering smart, networked and ultra-modern living spaces in a pristine, upscale location within easy reach of key urban hotspots and ensconced in a serene resort-like setting, Royal Pearls, the prestige new development from Oriental Pearls Real Estate Developers, is a chance at a unique lifestyle experience right in the midst of the beating heart of Dubai.

Royal Pearls will be a one-of-its-kind 4.6 million square-foot master-planned development, of more than 7,000 choice freehold apartments.

At the hub of the Meydan Development, the community is precisely engineered to offer superior living spaces, surrounded by swathes of greenery as well as interspersed with numerous leisure and entertainment facilities. In short, an oasis of serenity, conveniently located within reach of the city’s business, financial and entertainment hubs.

Royal Pearls also supports The Smart Dubai initiative and the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to promote efficient and safe services for the community. When complete, the community will offer resident a full suite of home automation, smart security, and networked facilities management services.

Royal Pearls is designed to harness the power of innovation to provide superior premier lifestyle options, set in refined, elegant and environmentally-friendly surroundings. Networked buildings with smart security and automated services are part of the development’s value addition, which will be de rigueur in similar developments across the city going forward.

Enveloped in its cocoon of landscaped features and greenery, Royal Pearls is designed as a residential haven in the heart of the Meydan Development, with access to four major highways—Al Ain Road (E66), Sheikh Mohammed bin Zayed Road (E311), Al Khail Road (E44) and Emirates Road (E611).

The Royal Pearls community has been designed to offer residents a multitude of well-planned facilities set out across key locations of the master plan. Royal Pearls has carefully curated all its amenities throughout the smart community in keeping with the needs of contemporary living of global standards.

At the heart of Royal Pearls, will be a unique and ultra-modern community centre, surrounded by water features, and a beautifully landscaped park. Residents and visitors alike will enjoy a wide assortment of state-of-the-art attractions and leisure offerings including cafes, restaurants, a 55-seater private theatre, day care centre, multifunctional hall, spa, salon, bowling alley, squash courts and a massive fitness centre.

Committed to developing high quality communities designed to fit today’s urban lifestyles, Oriental Pearls Real Estate Development LLC specializes in designing and delivering unique, upscale and innovative master- planned living spaces.

Source : Arabianbusiness

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‘J ONE’ – The Jewel of Dubai

Middle East’s top real estate developer RKM Durar Properties are proud to introduce “J One”, an iconic mixed use development featuring a distinctive curved shape on the banks of in .

The masterpiece “J One” project features two inspirational curved towers, forming a ‘U’ shape extracted from the shape of a shell, six signature townhouses designed around the towers, an impressive open plaza, positioned to become a preeminent address for social gatherings. Together the twin towers house 347 apartments, six villas, nine retail units and a unique sphere restaurant at 17th floor.

“J One” is one of the pearls of RKM Durar properties and can be considered a real work of art, designed specially to provide an optimal living space of the highest quality to the tower residents.

Tower A of “J One” will consist of 19 floors featuring 257 studios, one and two bed room apartments. Offering the latest facilities of premium lifestyle, the towers will include temperature-controlled pools, spas, gyms, a sky garden and a children’s playground. Tower B, with 18 floors will be featuring 90 two, three and four bedroom apartments. “J One” is a name that is inspired from the Emirati heritage of pearling. It stands for the finest quality pearl that is spherical in shape with a bright white pinkish color. The concept, design and development of the landmark project is deeply rooted in traditional values, guided by the high standards of excellence that is a hallmark of UAE’s glorious marine history. The use of marble, wood, stainless steel, special glass, customized carpets and high-finished ceilings add to the opulence and uniqueness of “J One” interiors.

Source : Arabianbusiness

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UAE’s Azizi launches new Dubai projects worth over $200m

UAE-based Azizi Developments on Tuesday announced a new residential project, Azizi Grand, in Dubai Sports City as well as three new residential and commercial projects in Meydan Avenue.

The projects have a combined value of AED750 million ($204 million), the developer said in a statement. The developer’s first project in Sports City, Azizi Grand will consist of 431 apartments, including 238 studio, 140 one-bedroom, and 53 two-bedroom units.

It also features two swimming pools and six panoramic view elevators.

Mirwais Azizi, chairman of Azizi Group, said: “As Azizi Developments’ first project in Dubai Sports City, Azizi Grand is a reflection of our strategy to develop products in strategic areas of Dubai where neighbourhoods and communities will thrive.

“We are confident that Azizi Grand’s modern design and superb location will offer a high-value proposition for long-term investors and end-users looking for strong returns”.

He added tha the new projects at Meydan Avenue will consist of three low-rise buildings located along the Meydan Road leading to the Meydan Hotel and Meydan Racecourse and Grandstand.

The three individual complexes – Azizi Gardens, Azizi Park Avenue, and Azizi Greenfield – will comprise a total of 242 one and two-bedroom apartments.

Azizi Gardens will consist of a total of 51 apartments, while Azizi Greenfield comprises 96 apartments and Azizi Park Avenue will feature 95 apartments.

Azizi Gardens, Azizi Greenfield and Azizi Park Avenue are Azizi’s third development in the Meydan master development, following the Azizi Riviera and Azizi Victoria projects in Meydan One and MBR City – District 7.

Source : Arabianbusiness

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Dubai Marina knocked off top spot for apartment rentals

The most popular area for renting an apartment in February in Dubai was Dubai Silicon Oasis, overtaking Dubai Marina, according to real estate portal Bayut.com.

Bayut said the property market in Dubai showed stability in February, with the greatest price fluctuations caused by the influx of off-plan properties in certain areas.

Rents for 1 and 2 beds in Dubai Silicon Oasis were AED55,000 and AED80,000 respectively, representing a 0.20 percent drop for the latter while the former stayed stable. The price of studios dropped 5 percent to AED38,000.

Bayut’s report said was the most popular area for users interested in renting a villa while Dubai Marina was once again the most popular area for those looking to buy apartments.

Arabian Ranches was the most searched for area with villas for sale, it added.

In Dubai Marina, rents of studio, 1 and 2 beds here were AED62,000, AED88,000 and AED130,000 respectively in February. The annual rent of 2-beds remained the same as in January but studios dropped by 4.62 percent and 1 beds increased by 3.53 percent. The neighbourhood of Jumeirah was the most searched for renting villas by Bayut.com users. Three-beds here were listed at an average annual rent of AED177,500, dropping by just under than 2 percent, 4-beds decreased by 8.33 percent to AED220,000 and the rent of 5-beds stayed the same as in January at AED280,000.

The most affordable area to rent a villa in February is Mirdif, even though prices of 3-beds increased to AED115,000, the Bayut report noted, adding that 4-bed properties here declined by 3.85 percent to AED125,000.

As in January, the most popular area for those looking to buy an apartment in Dubai was Dubai Marina. The average sale price of studios increased slightly to AED85,400 while 1 and 2 bedrooms declined to AED1.2 million and AED2.02 million, down by 4.25 percent and 7.95 percent respectively.

The expected average return on investment (ROI) for apartments in Dubai stayed relatively stable compared to January at 6.58 percent.

Once again, the most searched for area by people looking to buy a villa was Arabian Ranches. The average sale price of villas here increased slightly compared to the previous month. Three bedroom villas in Arabian Ranches were listed at AED3.12 million, (up 0.8 percent), 4-beds at AED4.25 million (up 1.2 percent) and 5- beds at AED5.2 million (up 3.3 percent).

The average ROI for villas in February increased by 1.34 percent compared to January, standing at 5.29 percent.

Souce : Arabianbusiness

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Developer sees strong GCC demand for new UK project

Select Property Group, the British property developer with its largest sales centre in Dubai, has announced the launch of its latest project in Manchester.

The company said CitySuites 2 is already attracting significant interest across the GCC region and follows the success of the first CitySuites project that was sold in 2015, in which over 70 percent of properties were sold to investors in the GCC.

“Our Manchester property portfolio continues to experience strong demand from GCC investors, with the realisation that investment returns in the city are much stronger and properties offer more value for money than in London,” said Adam Price, managing director of Select Property Group.

“There is a particularly strong affiliation between Manchester and the UAE, with its ties to Manchester City Football Club and Etihad Airways, and it’s great to see demand from investors here wanting a slice of the action in the UK’s top regional city for property investment.” Both CitySuites properties occupy a prime city-centre location at Embankment West – a new neighbourhood at the heart of the city, masterplanned by the same developer.

CitySuites 2 comprises 148 studios, one and two-bedroom properties, combining luxury serviced apartments and premium residential suites.

Home to a growing number of international brands and businesses, including over 80 FTSE 100 companies, Manchester has one of the UK’s fastest growing economies.

Source : Arabianbusiness

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UAE real estate must adapt to remain relevant

The UAE real estate sector has evolved considerably since the global economic downturn between 2008 and 2009, and we now see developers increasingly searching for innovative ways to remain relevant in today’s changing market.

As lower growth has become the “new normal” in UAE real estate, and will remain so for some time, developers are coming up with customised projects, product mixes and payment terms to offset supply pressure on demands.

Office demand

While a drop in rental rates and sale prices has characterised almost every real estate asset class during recent years, the prime office sector has been resilient to overall market forces, and has so far shown signs of steady performance.

The best quality office accommodation in Dubai’s prime locations continues to be short in supply, for instance. As demand from global corporate occupiers seeking quality properties continues to grow, developers are shifting their focus towards building Grade A office space, with over half of Dubai’s future supply expected to come from this segment over the next 24 months. The rise in this asset class will put Dubai at a competitive position with other global cities, and in turn is likely to boost demand.

Currently, the biggest game changer for the commercial market is ICD Brookfield Place in DIFC. This $1bn project is significant due to its forward-thinking approach to design and product mix. Designed by the British architect Foster & Partners, the 54-storey building will house over 900,000 sq ft of Grade A office space and a 150,000 sq ft, five-storey retail centre, with F&B offerings that rival those in key global business zones. With the first tenants expected next year, this iconic tower will force other developers to raise the bar.

Moving forward, developers also need to build office space that takes into account the changing needs of the millennial workforce and compliment an increasing number of corporates’ commitment to “wellness in the workplace” by offering some of the best facilities – including gyms, showers, open-plan offices, and more breakout rooms.

The demand for office space is also changing as more and more corporate occupiers are asking for greater flexibility in their tenancies and workspace setup arrangements.

An increasing number of firms from the UAE’s growing SME sector, for example, are looking for a plug-and- play solution which effectively does away with fixed, long-term tenancy agreements. This is something that landlords and developers need to be mindful of during the build and fit-out phase.

Retail squeeze

In retail, Dubai holds top rank in the region, and second in the world for the number of international brands present, according to the CBRE’s 2017 edition of “How Global is the Business of Retail”.

As the UAE continues to see a huge influx of business and leisure travellers, it’s not surprising that the country also ranked the third most attractive target market for new retail entrants.

This has helped major retail destinations in Dubai to maintain strong performance, both in terms of occupancy (95 percent to 100 percent) and average rental rates (AED7,266 per sqm per annum), although other non-mall centres have come under pressure over the last 12 months.

However, Dubai’s retail sector is expected to witness exponential change in the long run as around 1.7 million sqm of new retail space is slated to come online by the end of 2020 or early 2021. This, along with growing competition from e-commerce brands, will put downward pressure on mall occupancy and rental rates. With the UAE’s non-store retail spending expected to double from current $2bn (2017) to $4.1bn by 2021, according to data from Euromonitor International, the brick-and-mortar retail operators will continue to face challenges if they fail to adapt to changing customer behaviours.

Interestingly, a number of players, including Al Tayer Insignia which launched the online platform Ounass to offer a variety of high end designers’ brands with a two-hour delivery time within Dubai, have already responded to the market disruption the rise of e-commerce has created.

As the government looks to position Dubai as one of the world’s most sought-after smart cities for business, travel and living, every sector of the economy has a role to play. The real estate sector has faced adversity head-on because of the cyclical nature of any real estate market and has shown immense levels of adaptability to the changing business environment.

The key is to keep that momentum going, and innovate and evolve to sail through any turbulent periods before the market rebounds in the future.

Source : Arabianbusiness

Posted in | First photos: Omniyat’s new luxury Dubai Canal project

The first photos have been released showing how Omniyat’s new development on the banks of Dubai Canal, to be managed by the Dorchester Collection brand, will look.

The development includes a 5-star hotel and luxury residences, managed by Dorchester Collection, at Marasi, and is part of a long-term agreement that will be rolled out in the coming years.

Aside from The Dorchester, London, Dorchester Collection also owns and operates world-renowned properties including 45 Park Lane in London, Coworth Park in Ascot, Le Meurice and Hôtel Plaza Athénée in Paris, Hotel Principe di Savoia in Milan, Hotel Eden in Rome and The Beverly Hills Hotel and Hotel Bel-Air in Los Angeles.

The move is the latest in a number of high-end lifestyle partnerships that Omniyat has secured in recent years, following previous agreements with The Langham and ME by Melia.

Established in 2005, Omniyat has a development portfolio of over $6.2 billion. Last year, the developer sold the penthouse at its One Palm development for AED 102 million, making it the most expensive apartment in Dubai.

In addition to the new development, Omniyat and Dorchester Collection said they will also join forces on other projects in the region.

Source : Arabianbusiness

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