Real Estate

The agreement being signed.

The agreement being signed.

News in brief

October 2014

Dafza sets out on expansion plan

DUBAI Airport Freezone Authority (Dafza) has embarked on an ambitious expansion plan that will see it invest in a number of plots belonging to Al Wasl Real Estate Corporation in a bid to support the economy of Dubai, UAE.

The authority, in the coming months, will start construction of a new complex aimed at meeting the growing demand of global companies to start their businesses in the free zone. The project will be completed within 21 months.

The project is allocated to build light industrial units (LIUs) for companies operating out of the free zone. The plot on which the new complex will be built enjoys a strategic location near the current headquarters of the free zone, in addition to proximity to all major roads and exits.

Commenting on this new plan, Dr Mohammed Al Zarooni, director general of Dafza, says: “We receive tenancy applications every day from local, regional and multi-national companies. In order for us to accommodate this large number of applications looking to establish offices at our premises, we decided to expand and build this complex.”

The authority has rented the location from Al Wasl Real Estate Corporation, a leading real estate and asset management organisation in Dubai, in a first-time partnership.

One of the fastest growing premium free zones in the region, Dafza is currently home to over 1,600 companies from various industry sectors, including aviation, freight and logistics, IT and telecommunications, pharmaceuticals, engineering, food and beverage, jewellery and cosmetics.


Three-tower Montrose planned

DUBAI-BASED Deyaar Development has launched a project called Montrose, which features a hotel apartment tower and two residential towers, to be built in DuBiotech, a life sciences cluster under Tecom Investments in Dubai, UAE.

The project is part of the Dubai-based developer’s aim of addressing the growing demand for residential and well-appointed serviced apartments in the emirate

Each of the towers comprises three basement levels and 19 storeys. The two residential towers feature 68 one-bedroom, 68 two-bedroom, five three-bedroom and two four-bedroom apartments. The hotel apartment tower has been designed to feature 88 studios, as well as 68 one-bedroom and 24 two-bedroom units.


Danube ‘Dreamz’ of second phase

DANUBE Properties, the real estate arm of Danube Group, plans to launch the second phase of Dreamz by Danube, worth an estimated to Dh500 million ($136 million), before December this year, following the rapid sell-out of its debut development project in Dubai. UAE.

The company has acquired a plot for 100 villas and is looking to include another 70 in the project. It branched out into the real estate sector in June this year with a 171-villa project, Dreamz by Danube in Al Furjan. The project generated huge interest and was entirely sold out the day it went on sale.

“What we did with Dreamz was market it at a very reasonable price – Dh2.5 million ($680,633) for a three-bedroomed townhouse in a prime location. We were able to sell it within three hours,” says Rizwan Sajan, the company’s founder and chairman.

Danube Properties also intends to launch an apartment project in Dubai Studio City, where it has already bought several plots to develop at least 1,000 apartments.


Kerzner in Bahrain resort deal

KERZNER International Holdings, a leading international developer and operator of destination resorts and luxury hotels, has signed an agreement to develop and operate the new One&Only resort in Seef, Bahrain, which is scheduled to begin welcoming guests in 2016.

Kerzner, which operates through its subsidiaries, signed the agreement with Sevens Holding, a diverse company catering to different segments in the private sector including hospitality and real estate.

With approximately 150 luxurious guest rooms and suites as well as villas and estates, world-class dining and retail options, plus a One&Only Spa, the resort is set to become a destination for both business and leisure.

Like all properties within the One&Only collection, One&Only Bahrain will place an emphasis on privacy with a variety of accommodation, including exclusive luxury villas and secluded estates designed with large families in mind. The resort will evoke a ‘sense of place’, showcasing Bahrain’s rich history and reflecting the local culture with a design appeal to attract the contemporary traveller seeking ultimate luxury.


Emaar to build BLVD Heights

The BLVD Heights ... artist’s impression.

The BLVD Heights ... artist’s impression.

EMAAR Properties has unveiled BLVD Heights, comprising two residential towers connected by a podium, to meet the strong demand for residential apartments in Downtown Dubai, a prime location in the UAE emirate.

The development will offer 280 luxuriously appointed homes with spectacular views of Downtown Dubai. Designed for families, the one- to three-bedroom apartments are also in close proximity to The Opera District, Dubai’s new cultural destination defined by Dubai Opera, a state-of-the-art multi-format theatre.

Ahmad Al Matrooshi, managing director, Emaar Properties PJSC, says: “Demand for stylishly designed apartments in Downtown Dubai continues to be strong, led by its appeal as the world’s most popular lifestyle destination. Homes in BLVD Heights will appeal to investors from around the world providing them a sought-after address in the heart of the city.”

BLVD Heights has a central location that provides residents with easy access to The Dubai Mall and several world-class hotels, as well as Mohammed Bin Rashid Boulevard, the splendid thoroughfare in Downtown Dubai. Additionally, they can enjoy a wide range of lifestyle amenities in the podium including a swimming pool and advanced gymnasium.


Nakheel makes key appointments

DUBAI developer Nakheel has made key appointments to spearhead development of two of its flagship projects in the emirate.

It has named Dar Al Handasah as the engineering consultant for its upcoming two million sq ft mall at Jumeirah Village Triangle (JVT).

The shopping, dining and entertainment hub, one of several in Nakheel’s growing retail project portfolio, will be built alongside Dubai’s Al Khail Road, on the southern edge of JVT. It will feature one million sq ft of leasable area containing a multi-screen cinema, supermarket, department stores, specialty shops and an array of cafes and restaurants. There will also be ample space for parking.

“The JVT Mall will primarily serve Nakheel’s Jumeirah Village, Al Furjan, Jumeirah Park and Jumeirah Islands communities, and provide a new shopping and dining destination for other nearby communities and the wider population of Dubai,” says a Nakheel spokesman.

The mall is due for completion in the second quarter of 2017.

According to the contract, Dar Al Handasah will undertake design, engineering and supervision services for the project, for which a construction tender will be released in the first quarter of 2015.

The second deal by Nakheel, valued at Dh75 million ($20.3 million), was awarded to the UAE-based Trojan General Contracting to build a new residential complex with 130 apartments on Palm Jumeirah.

The 12-storey building will be located on Palm Jumeirah’s central trunk, adjacent to Al Ittihad Park, and directly linked to the upcoming Nakheel Mall via a pedestrian walkway.

The new complex – the latest in Nakheel’s fast-growing collection of leasing projects – will contain one-, two- and three-bedroom apartments, a gym, swimming pool and three levels of base-ment parking. Construction is expected to begin before the year-end and be completed in mid-2016.

Palm Jumeirah, Nakheel’s world-famous master community, is currently home to more than 30,000 residents and 10 luxury resorts, with several new Nakheel residential, retail and entertainment projects under construction, including Nakheel Mall, The Pointe, Palma Residences and Palm Views.

“Expansion of our leasing, hospitality and retail offerings is key to our long-term business strategy. This new residential leasing complex on Palm Jumeirah will bring another 130 units to our existing leasing portfolio of almost 17,000 homes, which enjoy almost 100 per cent occupancy,” says the spokesperson.



Aldar sells tower in UAE capital

ALDAR Properties, Abu Dhabi’s leading listed property development, investment and management company, has sold a residential tower in Marina Square in the UAE capital to MAG F5 Holdings, a joint venture between MAG Group and Fortune|5 Investments.

Mohammed Al Mubarak, Aldar’s chief executive officer comments: “The sale of the residential tower is part of our broader strategy of injecting capital into new developments and to diversify Aldar’s customer base with institutional investors.

“This is the first major acquisition by a Dubai-based investor in a number of years and demonstrates stronger investment ties between the two emirates.”

Located in Marina Square on Reem Island, it has 202 completed units ready for handover across 44,424 sq m of saleable area.

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