75% of Axis Residence Phase III units sold within days of launch
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JBR's Murjan cluster, the heart of emerging New Dubai
2008-11-30T01:41:00.001+04:00The Jumeirah Beach Residence (JBR) by Dubai Properties is said to be the centre to New Dubai. Consequently, the Murjan cluster is the heart of the emerging New Dubai. JBR comprises 36 residential towers, divided into six clusters -Murjan, Amwaj, Rimal, Bahar, Sadaf and Shams, that offers studios, single, double, triple and four bedroom apartments to penthouses to terraced apartments, duplexExclusive DubaiAl Madar Group launches the Dh1.4bn Suhail Tower
2008-11-30T01:06:00.002+04:00A leading property developer in GCC, Al Madar Investments, an arm of the Al Madar Group, has launched the Dh.1.4bn worth residential project, the 'Suhail Tower', at the Madinat Al Arab area of Dubai Waterfront. The 47 storey tower with studios, single, double and triple bedroom apartments is expected to be complete by 2011. The apartments would consist of state-of-the-art home automation systemExclusive DubaiDubai developers defer sale of new properties
2008-11-28T18:21:00.002+04:00Leading developers in Dubai are putting on hold the sales of their properties, until the situation improves in the real estate market of the emirate. Nakheel's Palm Jebel Ali- Project Director, Ali Mansour, said that they plan to reassess sales strategies in light of the prevailing market conditions. "We are reviewing everything now, and have no new plans for the near future, " said Ali Mansour.Exclusive DubaiMajor Abu Dhabi firms join together to launch new mortgage finance provider
2008-11-28T18:17:00.002+04:00Major investment, real estate and finance companies in Abu Dhabi have joined together to announce the launch of Abu Dhabi Finance, a new entity formed to serve the real estate market of the emirate, and to serve the demand for mortgage finance by consumers. The Abu Dhabi Commercial Bank, Mubadala Development Company, Aldar, Tourism Development and Investment Company (TDIC) and Sorouh RealExclusive DubaiRitaj Community development, up for sale
2008-11-28T15:28:00.000+04:00Dubai Investments Real Estate Company (DIREC), one of the largest investment companies listed in the UAE Stock Exchange, in partnership with Gowealthy.com, the leading global property lifestyle brand in the region, have announced sales of the latest phase of the Ritaj Community development. The construction of this unique five-storey project is progressing as scheduled towards its completion andExclusive DubaiDevelopers waive-off 30 percent payment before re-sale of units
2008-11-27T16:20:00.002+04:00Emaar Properties has waived off the clause of paying 30 percent of the total property value before sale of their units in the markets. According to the Chief Executive of Blu Realty International, Amr Soliman, the restriction of 30 percent payment of total property value before sale of units, no longer exists. Yet, another realty agent is also said to have waived off the clause. The transferExclusive DubaiTameer, Omniyat, Emaar axe jobs
2008-11-27T16:14:00.002+04:00Leading UAE-based developer Tameer has announced job lay-offs involving half of its workforce in view of the slowdown in the UAE property sector caused by the global financial turmoil. Tameer handed over redundancy notices to about 180 employees last week. The company has a total of 350 employees. The main projects by the developer include the Podium in Dubailand, Platinum Towers in Business BayExclusive DubaiNakheel's Forbidden City Phase I contract awarded to Gammon & Billimora
2008-11-26T14:33:00.003+04:00Nakheel's new project in International City, namely, the 'Forbidden City' has been awarded for construction of its first phase, to Gammon and Billimoria. The new affordable housing cluster draws inspiration from the legendary Royal Court Palace of Imperial China. Forbidden City will comprise 4000 low-rise studio, single and double bedroom apartments. Located at the core of the development willExclusive DubaiLandmark project Atlantis, The Palm officially launched amidst grand ceremony
2008-11-25T14:44:00.002+04:00The official launch ceremony of the Atlantis at Palm Jumeirah has created landmarks in Dubai. The entire island of the Palm Jumeirah and its flagship resort Atlantis, The Palm, were lit up with a display of fireworks tonight, which marked the official launch of this iconic landmark resort. A note-worthy guest line of 2000 or more from across the globe were seen during the inaugural ceremony,Exclusive DubaiAmlak, Tamweel merge to form new entity
2008-11-25T13:24:00.001+04:00Two leading real estate finance providers of UAE, Tamweel and Amlak Finance PJSC, would merge into a new entity under the umbrella of Real Estate Bank, the Ministry of Finance announced. The merger is hoped to create a strong unit likely to be a major boos to Dubai property finance market. The merger would match international standards, following involvement of all financial and legalExclusive DubaiRERA announces new online software for off-plan sales transactions
2008-11-25T04:25:00.000+04:00Dubai's RERA (Real Estate Regulatory Authority) announced that all real estate companies in Dubai should henceforth use the new online software 'Oqood' for off-plan property sales and transactions. Any off-plan property sales through registered agents or brokers with RERA should be done online using the software through the agency. The software will offer a unified template of property salesExclusive DubaiHabtoor Group announces sale of Harbour Island Resort & Spa apartments
2008-11-25T04:10:00.003+04:00For the first time, Habtoor Group has announced sale of its 24 freehold apartments of 'Harbour Island Resort & Spa' development on the Crescent, at the Palm Jumeirah. The announcement was made by Mohammed K. Al Habtoor, the Chief Executive of the group. The project, currently estimated to be worth of Dh1.2billion, may go up further, depending on prices of materials. The apartments of thisExclusive DubaiNakheel tops list of property owners at The Big 5 event
2008-11-24T16:10:00.001+04:00The Big 5, one of the world's largest trade fair for the construction industry in the Arabian Gulf and the associated suppliers, was unveiled on 23rd November 2008 at the Dubai International Exhibition and Convention Center. The five-day event involves participation of 53 countries with more than 3000 exhibiting companies with $800bn worth of construction projects and about 50, 000 visitors fromExclusive DubaiDamac's The Crescent development close to completion
2008-11-24T05:31:00.002+04:00Damac Properties, the leading Dubai-based developer said that their The Crescent project is nearing completion, and is the first project to be finished at the International Media and Production Zone, Dubai. According to a company statement, the customers are now carrying on final inspections of their apartments, in co-ordination with the Damac Properties Customer Relations Management Team. TheExclusive DubaiMaster developers getting more lenient with property developers
2008-11-24T05:04:00.003+04:00Eager to put an end to the confusion and panic prevailing currently in the market, the master developers are said to be offering payment extensions to property developers in Dubai. A developer in Dubai, when speaking to the media, revealed that when they requested their master developer to defer their land payment, they were readily granted a three-month extension. The extension granted was forExclusive DubaiPalm Jumeirah property prices plummet 40 percent
2008-11-24T04:55:00.002+04:00Inflated property prices on the Palm Jumeirah have plummeted 40 percent, real estate brokers reveal. However, villas and apartments are still selling at prices higher than original. Most property owners are hurrying up to sell their properties, said Robert Macnair, Sales Director, Elysian Real Estate. The urgency could be due to the fact that there is a large payment coming up, or the marketExclusive DubaiProperty agents optimistic about Dubai property market
2008-11-20T12:46:00.001+04:00Several property agents in Dubai predict a bright property market, with the sector expected to pick-up within next six months. The CEO of Dubai Properties, Mohammed Binbrek, said that the current issue is more due to public sentiment, than due to liquidity or resource availability. Once the fears and concerns of the people are addressed, the business would return to normal. The same optimismExclusive DubaiMiddle East to account for 50 percent of global waterfront projects
2008-11-20T12:36:00.001+04:00Out of Dh.1.84trillion global waterfront projects, about 50 percent would be accounted to by the region. According to industry analysts these projects are in pipeline for next five years. With more than 50 percent of the projects in hand, UAE tops the list of global waterfront projects, said Gavin Boyd, the Director of Palm Deira development. During the early 1990s Dubai had only 70kms ofExclusive DubaiDubai Tower named as one of the Best 50 inventions of the Year
2008-11-19T08:21:00.002+04:00The worlds first rotating skyscraper, 'The Dynamic Tower', has been named as one among the "Best 50 inventions of the Year" by the TIME Magazine, due to its revolutionary design and innovation. Created by David Fisher, the renowned Italian architect, the tower was one of the first choices in a list of ground-breaking inventions. Every floor of the tower rotates independently so as to form aExclusive DubaiWasl plans expansion of key projects in Dubai
2008-11-18T08:11:00.002+04:00The Dubai Real Estate Corporation (DREC)-owned asset management group, 'Wasl', announced plans for expansion initiatives for several landmark properties in Dubai. This is a part of its directive to monitor and ensure the sustainable development of property sector for Dubai Government. The HSBC Bank building in the Bani Yas market and the Dubai International Marine Club (DIMC) are few of theExclusive Dubai
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