Real Estate

News in brief

October 2016

MAG Property sets up new unit

UAE-based MAG Property Development (MAG PD) has set up a new division, MAG of Life, that will help enhance the quality of life through an innovative wellness concept for UAE residential homes.

MAG PD, the real estate development arm of UAE-based MAG Group, says it has identified the importance of health and well-being in the homes we live in, and plans to incorporate these principles into a new product offering of residential homes in the UAE.

According to MAG PD analysis, the global growth of the health and wellness market within the consumer healthcare segment is set to hit $502 billion and is forecast to grow over the next five years.

MAG PD chief executive Talal Al Gaddah says: “This is the future. We are already committed to providing the market with quality and good value homes that achieve a 10 per cent yield for investors. Now we are raising the bar and are aiming to provide homes which enhance health and well-being.”

The MAG strategy, he states, comes in response to increased consumer focus on health and wellness, with due consideration paid to the fact that people spend up to 90 per cent of their time in their homes.

The launch of MAG of Life makes the company a pioneer in the health and wellness construction sector, he adds.

Al Gaddah confirms plans to announce the details of the first project before the end of 2016, with the implementation of health and wellness programming through a partnership with a world-class organisation that has invested over six years of research into the development of solutions that address these principles.


Falconcity of Wonders gets key ISO certifications

Falconcity of Wonders (FCW), the developer of a multipurpose mega project currently being built in Dubai, UAE, says it has received ISO certifications for quality management (ISO 9001), customer satisfaction (ISO 10002 for complaints handling), and monitoring and measurement (ISO 10004).

The international certifications reflect FCW’s success in achieving the highest levels of customer satisfaction and happiness mainly through innovative processes and practices, the developer said.

Occupying more than 41 million sq ft, Falconcity of Wonders is a sprawling residential, tourism, entertainment and recreational mega project shaped in the form of a falcon in tribute to the UAE’s emblem.

The development embraces the cultures of the world with its contemporary and unique structures that are inspired by the “wonders of the world”. They will include the Leaning Tower of Dubai, the Dueiffel Tower Dubai, the Pyramids Park and the Dubai Hanging Gardens of Babylon.

Villas inspired by international architectural themes will form part of Falconcity of Wonders over 5,500 residential apartments and villas. Commercial centres, a Falcon Fun City, family centres, sports facilities and schools are also featured in the project.


Bloom sells 75pc of Jumeirah Village project in four days

UAE-based Bloom Properties has sold 75 per cent of its ‘Bloom Heights’, a mixed-use project located in Dubai’s Jumeirah Village Circle (JVC) within four days of its launch.

The launch of Bloom Heights marks the Abu Dhabi-based master developer’s foray into the mid-market housing segment in Dubai.

Sameh Muhtadi, chief executive, says Bloom is the only Abu Dhabi-based developer which has succeeded in entering the Dubai realty market with its Stella Maris project and now Bloom Heights. Ideally located in the master community of JVC, Bloom Heights offers easy access to all major roads and will consist of two high-rise towers linked by four podium levels.

Scheduled to deliver a total of 686 residential units ranging from studios, to one-, two- and three-bedroom apartments at prices starting from Dh360,000 ($97,984), Bloom Heights is set for completion in early 2019.


DIRC set to start sale of Mirdif Hills units

Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, has announced that the residential units and retail components of its Mirdif Hills project will be launched for sale soon.

Currently the only freehold development in the Mirdif area of Dubai, UAE, Mirdif Hills is a mixed-use residential, commercial and retail development spread across four million sq ft and equipped with all lifestyle amenities and retail components.

Mirdif Hills comprises over 1,250 apartments (a mix of studio, one-, two-, three- and four-bedroom apartments and duplex units),  a hotel, hospital, commercial options, retail outlets, and community recreation.  The development is situated adjacent to Mushrif Park and spread across four clusters: Al Multaqa Avenue, Janayen Avenue, Nasayem Avenue and South Avenue.

The four-star hotel will have 120 rooms in addition to 128 serviced apartments.

Mirdif Hills is envisioned as a self-contained community and equipped with all modern lifestyle amenities such as swimming pool, clubhouse, playschool, internet facilities, coffee shops and children’s play area, in a 24-hour secured gated environment.


Emaar top real estate company in Mideast: Forbes

Dubai-based developer Emaar Properties, with an asset base of $21.7 billion and revenues of $3.7 billion, has been named the top real estate company in the Arab world by Forbes Middle East at an event in Dubai, UAE.

Emaar tied with Damac Properties for profit earnings of $1.2 billion, while Jabal Omar Development Company came out on top for the highest market value at $14.1 billion.

Forbes Middle East organised the event to recognise the prolonged success of the region’s real estate sector. It ranked, for the first time, the Arab world’s top 100 real estate companies and consultants and celebrated business leaders and the vision of top enterprises and their contribution to the development of the region.

Forbes Middle East’s top 10 public real estate companies are Emaar Properties, Damac Properties, Aldar Properties, Barwa, Ezdan Holding, Jabal Omar Development Company, United Development Company, Talaat Moustafa Group Holding, Dar Alarkan Real Estate Development Company and Douja Promotion Addoha Group.

The top five private real estate companies on its list are Qatari Diar, Dubai Properties, Wasl Asset Management Group (Wasl Properties), Nakheel and Arenco Real Estate.


Aldar’s Yas Acres precincts selling fast

UAE-based Aldar Properties said it has sold 90 per cent of the villas and townhouses launched to date in the first two precincts within Yas Acres, its flagship golf and waterfront villa development on Yas Island.

One of the most significant new residential developments to be launched in Abu Dhabi by Aldar, Yas Acres will boast 1,315 villas which will be available for purchase by all nationalities.

Located on the northern shores of the island, the villa project will offer residents access to the golf course and clubhouse, parks, schools and vibrant waterfront right on their doorstep.

CEO Mohamed Khalifa Al Mubarak says: “We are extremely pleased with the sales success of Yas Acres but also with the number of new customers we have drawn in from different countries. As we prepare to launch the next precinct in the coming weeks it is encouraging to see the significant interest shown by owner-occupiers, underlining the appeal of Yas Island living.”

Yas Acres’ most prized real estate ‘Royal Oak’ runs the full length of the development, along either side of the golf course, and onto the northern shores of Yas Island.

The homes on offer range from four- to six-bedroom luxury villas with golf, park and waterfront views, all of which have been designed to the highest specifications.


Gemstone appoints Tamleek to market Business Bay project

Gemstone Real Estate Development has appointed Tamleek Real Estate Company as the exclusive sales agent for its Kempinski Residences Business Bay development, a five-star serviced residence project in Business Bay, Dubai, UAE,

Headquartered in Dubai, Gemstone is the property development arm of Al Rajhi Holding Group, one of Saudi Arabia’s leading business houses with interests in real estate, building materials, contracting, infrastructure and industry.

Featuring luxuriously furnished, fully serviced residences with spectacular views of many of Dubai’s iconic landmarks, the project is expected to be completed by Q4 2019.

Federico Tauber, CEO of Gemstone, said: “Kempinski Residences Business Bay will set new benchmarks in high-end lifestyle, quality of life, convenience and return on investment. We are pleased to sign with Tamleek to manage the marketing and sales functions of our prestigious Business Bay project.

Investors can choose from a wide range of stylish residence layouts, ensuring this freehold property appeals to a diverse range of tastes and desires. In addition, every home is equipped with European-branded kitchens and appliances, home automation and security, and premium quality furniture, fixtures and fittings.


Manazil Global names exclusive sales agent for Adagio Aparthotels

Dubai-based real estate developer Manazil Global Property Development has signed a partnership with Tamleek Real Estate to be its exclusive sales representative in the UAE for the Adagio Hotel Apartments in Jumeirah Village Triangle.

Abdul Mohsen Al Hammadi, CEO Manazil Group, the developer and owner of the hotel, said: “We are pleased to partner with Tamleek on this exciting project, which is part of a new trio-cluster of properties located at the Jumeirah Village Triangle (JVT) bringing together a 164-room Majlis Grand Mercure, a 330-room Mercure, a 336-room Adagio and 110 furnished and serviced apartments. 

“These hotels will tap into the evolution of the previously residential-focused community of JVT in Dubai, which is witnessing the development of the important corporate, leisure and Mice (meetings, incentives, conferences and events) segment, in addition to the economic and growth in tourism with the expected increase of visitor numbers to exceed 20 million following the Expo 2020.”

The hotel is planned to open in 2019 and aims to attract both families and corporate travellers.

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