ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF 33 SUN DAY 23 August 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 WEAK ROUBLE MAKES UAE PROPERTY COSTLIER FOR RUSSIANS DUBAI REAL ESTATE PROJECTS TO SHARE DUBAI SPOTLIGHT LABOUR CITY READY TO HOUSE 50,000 WORKERS DUBAI'S COSTLIEST APARTMENT: DH181 MILLION @ ONE ON THE PALM JUMEIRAH BENTLEY TO DESIGN DH40M VILLAS ON DUBAI'S SWEDEN ISLAND ICONIC DUBAI OPERA SET FOR COMPLETION IN MARCH 2016 26 NEW PROPERTY PROJECTS APPROVED IN ABU DHABI WORK ON JUMEIRAH FLYOVER BEGINS EMIRATES REIT HAS DH500M FOR ACQUISITIONS AMID DUBAI PROPERTY SLOWDOWN INDIA’S ‘SHOE-BOX’ APARTMENT UNITS SUIT SMALL POCKETS HOT SUMMER AS DUBAI RESIDENTS DEAL WITH AIR-CONDITIONING ISSUES INDIA DEVELOPERS DANGLE PROMOS AND DISCOUNTS TO LURE BUYERS AS SALES CONTINUE ‘DOWNHILL RIDE’ DH59 MILLION APARTMENT AT LE RÊVE IS A PALACE IN THE DUBAI SKY DUBAI TO HOST 6,000 CHINESE INSURERS AND FINANCIERS’ CONFERENCE TOURISM TERROR WILL NOT KEEP PEOPLE AWAY, HISTORY SHOWS PARSONS WINS DUBAI EXPO 2020 SITE CONTRACT DUBAI TO TAKE SPANISH LESSONS FOR SMARTER CITIES EMIRATES DISTRICT COOLING PLANS HIGHER OUTPUT CAPACITY TO MEET EXPO 2020 DEMAND DUBAI BUILDER ARABTEC DECLARES SIX-MONTH LOSS OF DH1.3BN WORK ON JUMEIRAH FLYOVER BEGINS ABU DHABI MANAZEL FIRST-HALF PROFIT SURGES 179 PER CENT TO DH45 MILLION PROFIT PLUNGES AT ABU DHABI-BASED ESHRAQ PROPERTIES ABU DHABI OFFICE RENTS FORECAST TO RISE ON LIMITED SUPPLY 26 NEW PROPERTY PROJECTS APPROVED IN ABU DHABI 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 REAL ESTATE PROJECTS TO SHARE DUBAI SPOTLIGHT SATURDAY 22 AUGUST 2015 A shortlist of 37 real estate projects from 15 countries will compete for the Cityscape Awards for Emerging Markets. Winners from each of the 13 categories will be announced in a ceremony at Conrad Hotel, Dubai, on Tuesday September 8. The awards feature alongside Cityscape Global, the Middle East’s largest and international real estate event, taking place from September 8 to 10 at Dubai World Trade Centre. Holley Chant, Executive Director, KEO International Consultants, and a member of the judging panel, said that sustainability is critical to the success of humanity’s future and real estate developers have an important part to play in its realisation. “The quality of the nominations in the Sustainability category for Cityscape Awards for Emerging Markets this year were fantastic,” said Chant. “Projects seemed to really understand that the importance of a sustainable building is not just about being green, but also about serving as a great project from a real estate fundamentals’ point of view. “We have developments that have truly made a positive social, economic and cultural impact on their communities, as well as being environmentally sound. “With sustainable design now a code requirement in the UAE, designers have had to accept this level as the new standard and as a result are challenging themselves even more to create better and more aspirational designs which differentiate their expertise and products in the market.” The 13 award categories include completed projects and projects still under construction across the following sectors: Commercial Project; Mixed Use Project; Leisure & Hospitality Project; Community, Culture & Tourism Project; Residential Project; Retail Project; and Sustainability. Woods Bagot, along with contractor Brookfield Multiplex, is one of the UAE finalists to be shortlisted for two separate categories, hoping to be successful in the Built Commercial Project category and the Sustainability category for its IRENA Headquarters project. Richard Fenne, Principal, Woods Bagot, said: “Should the IRENA Headquarters building win the Cityscape Awards it would be a great regional recognition of the collaborative effort the teams from Masdar, Woods Bagot and Brookfield Multiplex have undergone to design and deliver an exemplar office building. “Sustainable developments play a crucial role in the ongoing growth of the real estate market, locally, regionally and globally. The UAE takes a leading role in sustainability in this region, and is very much at the forefront with benchmark developments such as Masdar City.” Source: Gulf News 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 3 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION LABOUR CITY READY TO HOUSE 50,000 WORKERS SATURDAY 22 AUGUST 2015 The City, spread over an area of more than a million square metres, consists of 64 buildings, each with four floors. Each building has rooms that can together accommodate 780 workers. In all, the labour accommodations are meant for 50,000 workers. The City has a cinema, entertainment centres, a huge auditorium for community events, commercial complexes, restaurants and even sports facilities like stadiums for volleyball, football and cricket, among other sports. Besides, there will be a police station and a branch within the City to help maintain law and order and ensure workers' safety and security. The City also boasts green space spread over an area of 32,500 square metres and a mega medical centre which will have specialist doctors as well as an emergency unit. Within the City there would also be additional accommodation for 10,000 senior workers. "The supervisory authority for the Labour City has begun asking companies that are interested in taking premises on rent to house their workers to come forward and apply," said Al Sharq. Known as Barwa Al Baraha, the project is built by state-backed Barwa Real Estate Company. It is the largest development project ever built in the country to house workers. These are modern living quarters offering a higher standard of living for those with low income. "It is the biggest and most modern labour camp built in the entire Gulf region," said the daily. The project has been developed in two phases. The first phase consisted of truck and vehicle parking area and basic facilities. The second phase comprises the Labour City project. The 64 buildings are actually grouped into four major sub-complexes, each with 16 buildings. Besides, there are plans to build other blocks within the City that would accommodate senior staff of companies that hire space for the purpose on rent. A huge complex that would house at least 49 used car showrooms, is also to come up in the City. Obviously, these showrooms will be on the ground floor. There will be two more floors above them to house administrative offices. The Labour City is all set to be a model accommodation in the entire region with star amenities for migrant workers, said the daily. Source: The Peninsula 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 4 ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION DUBAI'S COSTLIEST APARTMENT: DH181 MILLION @ ONE ON THE PALM JUMEIRAH SUNDAY 23 AUGUST 2015 A Dubai developer is seeking Dh181 million for a penthouse in a Dh2-billion tower on the Palm Jumeirah, making it the most-costliest apartment up for sale in the emirate. The unit is listed by Omniyat Properties in the One at Palm Jumeirah. The listing on its website reveals the 42,477.58 square feet penthouse has eight bedrooms and seven bathrooms. The internal area is 25,836.59 square feet with the balcony area being 16,640.99 square feet. The unit will come with 12 parking spaces, offering full sea and Dubai Marina skyline views. Work has commenced on the tower, which is being built jointly by Omniyat and Drake & Scull International, according to an earlier company statement. The 25-storey tower, comprising 90 apartments, is scheduled for completion by 2017. It will have indoor and outdoor swimming pools, a cinema, cigar lounge, super luxury spa and yacht club. The luxury tower is designed by international architects including Soma from New York, Super Potato from Japan and Vladimir from Lebanon. Previously, Emirates 24|7 reported that the costliest apartment sold in 2014 was for Dh60 million - a unit in Burj Khalifa, the world’s tallest tower. Currently, the most expensive listing in the world is worth Dh1.47 billion ($400 million) for a quintuplex penthouse in Odeon Tower in Monaco, which boasts an infinity pool linked by a slide. 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 BENTLEY TO DESIGN DH40M VILLAS ON DUBAI'S SWEDEN ISLAND FRIDAY 21 AUGUST 2015 Completion of first villa on island, part of THOE on The World, in Q1 2016.The Armanis, Versaces and Bulgaris of the world have already entered Dubai’s luxury real estate market, now Bentley is steering in to design luxury villas on The World islands. Kleindienst Group, developer of The Heart of Europe (THOE) on The World, has teamed up with Bentley Home for the 10 luxury villas on the Sweden island. “Excavation has commenced on Sweden island and concrete work is about to begin. The first villa will be fitted out and furnished during the first quarter of 2016. The remaining nine Sweden villas will be completed by December 31, 2016, in time for a Swedish-themed New Year’s Eve extravaganza on the island,” the company said.