ETA unveils VERDE Residences and Offices at Dubai Maritime City

The leading UAE property developer, ETA Star Properties, have announced the launch of VERDE Residences and Offices in Dubai Maritime City.
Comprising two towers, VERDE Residences and Offices are designed to earn Gold ratings in accordance with the US Green Building Council's LEED (Leadership in Energy and Environment Design) programme.
Located in Dubai Maritime City, near Port Rashid in Dubai, VERDE Towers are designed by renowned architects Adrian Smith and Gordon Gill. The towers are so designed that they utilize the natural forces of light, wind and geothermal mass and recyclable construction materials, along with maximum use of other energy-efficient systems and technologies.
The entire project includes two towers - residential and commercial. The 33 storey curtain-glazed VERDE office tower is trapezoidal in shape, covering a built-up area of 820,000 square feet. It features podium offices and a unique sky garden.
The 48 storey glass tower, VERDE residential tower, is boat-shaped, covering a built-up area of 1.35mn square feet. It is inclusive of double and triple bedroom units, apart from penthouses and four bedroom duplex townhouses on podium liner.
ETA Star has already built several beautiful homes and living communities apart from world-class business and commercial developments across the region. Due to this excellent track record of ETA, the regional banks have developed confidence in ETA Star Properties and a strong credibility has been established with the leading financial institutions in the region.
ETA is currently developing several million square feet of premium properties in several Middle East and South-East Asian countries such as UAE, India, Qatar, Turkey, Oman and Sri Lanka.

Dubai's Property Prices to increase by 20-25% in 2008

Dubai: Property prices have quadrupled in Gulf Arab countries due to surging demand for housing and office space created by economic growth and windfall revenues from a 5-fold increase in oil prices since 2002. Dubai, the Gulf commercial hub, has already set an annual rent cap of 5% for 2008, tighter than last year's 7% cap and the 15% ceiling of 2006.

Jones Lang LaSalle expects a supply surplus in Dubai between 2010 and 2012. This adjusts the global real estate investor's previous forecast that supply would surpass demand between 2007 and 2009.

Real estate prices and rents in the Gulf Arab region, especially Dubai are most likely to rise by up to 20% in 2008, due to higher labor and construction costs and delivery delays, says market analyst, Jones Lang LaSalle.

Blair Hagkull, Regional Managing Director, Jones Lang LaSalle in Dubai, said, "With the delays in delivery, the specter of huge supply continues to be delayed and you see greater demand... there will also be an increase in labor and construction costs and land prices".

Of 57,000 residential units expected in Dubai in 2007, less than 20% were delivered by September, Cairo-based investment bank EFG-Hermes said in a report that month. It said then it expected a rise of 5-10% in property prices in 2008.

MAG 214 apartments at Jumeirah Lakes handed over to residents

The Dubai-based real estate firm, MAG Group Property Development, has handed over the keys to residents of 306 apartments and penthouses at the MAG 214 building at Jumeirah Lakes Tower development on the Sheikh Zayed Road in Dubai.

MAG 214 is one of the several competitively budgeted buildings developed by the company to cater to the mid-range market, which is quite appealing to Dubai’s middle income families.

The 40 storey high-rise building tower with a structural height of 155mts, was completed in 2007, and comprises 312 apartments. Situated above Jumeirah Lakes, MAG 214 offers the lending edge of contemporary design to one of the most sought after residential developments in Dubai.

Each single, double and triple bedroom and penthouse apartment in the building is designed in a unique manner, allowing the resident's choice of living space to reflect their individual style. All apartments including the duplexes and penthouses are fitted with panoramic floor-to-ceiling windows. The landscaped gardens in the building include a swimming pool and children's pool.

The CEO of Mag Group Property Development, Mohammed Nimer, said "We excel in designing, finishing and customer satisfaction, and focus on delivering our promises."

Jumeirah Lakes Towers is a dynamic waterfront development with residential and office towers, apart from leisure, hotels and retail outlets.

UAE Dirham

The United Arab Emirates Dirham is the currency in United Arab Emirates (AE, ARE, UAE). The symbol for AED can be written Dh, and Dhs. The United Arab Emirates Dirham is divided into 100 fils. The exchange rate for the United Arab Emirates Dirham was last updated on April 28, 2008 from The International Monetary Fund. The AED conversion factor has 6 significant digits.

Tameer Towers - Abu Dhabi Get its 7-Star Hotel

The ultimate in luxurious living and prestige has just been signed by Tameer holdings, one of the leading real estate companies in the region. The cascading skyscraper development will contain 4 residential towers, stepped villas and townhouses, a commercial tower, a 7-star-luxury-business hotel, a private marina and a vibrant canal promenade.

Tameer has contracted Gensler to design this project which has been estimated to be worth some AED 100 million. The whole project is expected to reach some AED 13 billion (which is around $3.5 billion).

Tameer Towers in Shams Abu Dhabi is located on Reem island and considered to be one of the most significant real estate developments in the city.

The developments centerpiece will be the 73-story Commercial Tower which will be diamond shaped. It hugs the canal and a pedestrian walkway at base level, while built up terraces will cascade into the marina and the canal at the same time.

Separate driveways are assigned to each elevated villa with private garden, great views, a terrace and swimming pool.


Here is a Fact Sheet, courtesy of Tameer.net

Location:

Shams Abu Dhabi,
Reem Island, Abu Dhabi, UAE

Components:

Commercial Tower with Executive & VIP Floors
Four Residential Towers
Seven-Star Luxury Business Hotel
Stepped Townhouses
Signature Villas
VIP Marina

Residential:

3,000,000 ft2 (GFA)
Studios, 1 BR, 2 BR, 3 BR apartments
3, 4, and 5 BR penthouses
3, 4, and 5 BR Marina townhouses
2 and 3 BR Canal townhouses
Signature villas on private lot with private swimming pool
Smart home technology
Seven-star finishing materials
Ample parking space

7 Star Hotel

150 Executive rooms
150 furnished apartments
Conference and events facilities
Food & beverage outlets

Offices

1,500,000 ft2 (GFA)
60-m high atrium lobby
VIP Floors with 3 parking per 100 m2
Executive Floors with 2 parking per 100 m2
Serviced offices in East Leg
Smart office facilities
Elevators designed to 25-sec waiting time (28 elevators)
Provisions for raised floor
Shell and core
Column-free efficient interior layout
Flexible design allows up to 20 offices per floor
Private access roads
Private entrance and elevators for VIP floors

The design firm Gensler is currently the biggest architectural firm in the world. The highly reputable company will add tremendous value to Abu Dhabi’s economy with their innovative and creative design. It will create many new work places and draw many investors and tourists into the area.

The design will be situated between the signature location of Central Park and the sea. Seen as the most promising and extravagant site on Reem island, the development will certainly turn heads.

Amenities will include: Day care centre, private movie theatre hall, smart home technology, billiards hall, table tennis, baby foot, Guest suites, ample parking spaces, swimming pool, gymnasium, valet parking, on-call doctor, access for disable, maid services, on-site maintenance, 24hr security.

Apartment in Burj Palace

Burj Place offers studios, single and double bedroom serviced apartments in the rage of 574 square feet to 1253 square feet, making it the right choice for modern lifestyle. The commercial spaces of 'Burj Place' range from 3837 square feet to 7027 square feet.

Emaar Properties Sales Director, Saif Al Mansouri said "At Burj Place, Emaar invites its customers to be connected to Downtown Burj Dubai and Dubai. Burj Place is the new addition to the Downtown Burj Dubai, the address of prestige and status. It is a place with variety and style, offering a unique investment opportunity."

The development value of the project is, however, yet to be revealed.

The residential and commercial units of the development will be open for sales tomorrow at the Downtown Burj Dubai sales center, with various institutions offering attractive finance options.

The Dh.73bn ($20bn) Downtown Burj Dubai, flagship mega-project of Emaar, known as the 'most prestigious square kilometer on Earth', is now one of the most desired destinations in the bustling city of Dubai. The units at 'The Old Town' and 'The Residences' have been handed over to the customers, and three hotels, and a modern shopping mall are already open in the development.

Omniyat awards The Opus contract to Multiplex

The main construction contract of Omniyat's Dh.1.7bn 'The Opus', a commercial and retail development at Business Bay, has been awarded to Multiplex, one of the leading commercial construction contractors in the region.

As per the contract, Multiplex has been given the responsibility of managing the development's construction and timely and on-budget delivery of the development.

The President and Chief Executive of Omniyat, Mehdi Amjad, said "The main factor behind awarding the contract of The Opus to Multiplex, is their excellent track record of delivering highly complex, prestigious and challenging projects. We are confident that Multiplex and Omniyat can work together to complete construction of The Opus in a timely and cost-effective manner."

The Opus, located on a unique 'Island' plot, is ideally positioned to provide tenants exclusivity, with a spectacular view of Burj Dubai and the Signature Towers, without any adjoining properties or projects.

Designed with the commercial tenant in mind, The Opus will be ready by 2010. At present more than 80 percent of the development has been sold out.

The project, designed by Zaha Hadid, the renowned architect, will enhance the Business Bay skyline with its unique, iconic, and artistic architectural structure.

Dubai Ruler Invests Private Money in Education

In an attempt to continue the economical development of the tiny Arab Gulf state of Dubai, the ruler Sheikh Mohammed bin Rashid al-Maktoum, has donated 10 billion U.S. dollars (one of the largest contributions to date) to start up a new endowment foundation. The foundation will be used to increase the educational standards in the Middle East with a special emphasis on illiteracy, unemployment and scholarly development and recognition. According to the Guardian, Sheikh Mohammed said, "The foundation's mission is to invest in knowledge and human development, focusing specifically on research, education and promoting equal opportunities for the personal growth and success of our youth."

Dubai Property Options - IPOD style development

iPod style development - New development authority of Dubai has decided to build a structure that resembles an iPod Mp3 player. Known by the name of "The Pad Dubai", this building is located in Dubai Business Bay.

Omniyat properties of Dubai presented a model of this project, which has 230 apartments, at Dubai's International Property Show which was held from 3rd to 5th of April, 2007. These apartments will acquire Almasa Holdings which is a brand name in IT and Real Estate Markets, and is the parent name of Omniyat Properties. Authorities had decided that this building would include lofts, one and two- bedroom apartments and studio apartments. This is a 9 million AED property project and the minimum area available to the buyer is 581 sq.feet. According to property realtors in Dubai, 1 bed room set in these apartment will cost 362,372 US dollars, 2 bed room apartments will cost 901,158 US dollars, whereas studios will cost about 343,688 US dollars. Recently, similar 2 bedroom apartments in the Business Bay Area were sold for 550,000 US dollars by the Corporate Finance House.

Features of The Pad:

• The living rooms and dining rooms will be rotating 360 degrees so that one can admire the beauty of nearby water front and landscapes.

• Beautiful sights of the outer world can be enjoyed from the windows.

• Facility of video conferencing in the dining rooms.

• Lighting will adjust according to your mood and will respond to your telephone calls as well.

• Modern equipments provided for a healthy living.

The ultra modern style of room rotation is derived from Luigi Colani of Germany. In recent years, this method has been developed for aesthetic reasons rather than as a space saving device. The developer has planned to use rotating double beds in all apartments and make use of robotic features for robot vacuum cleaning.

There are many facilities listed for its residents which include parking spaces, retail areas, under water concert, Jacuzzi, aerobics section, basket ball court, etc.


Rotating tower for the first time in Dubai Property Market

For the first time in the history of Dubai real estate, rotating towers which resemble high skyscrapers have been introduced by the Dubai Property Ring. World Real Estate authority of Dubai had granted UK based developers to build 30 story rotating apartments. These apartments will require the power of 20 electric motors to rotate 360 degree in a week's time. Nick Cooper, a British engineer working with MG Bennet and Associate of Rotherham, has been employed for the project.

Mr. Cooper was involved with drilling tunnels between London and Paris that allowed a free passage of Eurostar trains under the English Channel. In 1966, a part of London's post office tower which was a restaurant, was made rotating. The idea of complete rotation of a building on its axis was really a novel one at that time. The British technology of rotation is being used after half a century on Arabic land. The rotating tower under construction in Dubai has a crescent moon lounge at its top. The future residents of this building can admire the scenic beauty of 23 rotating buildings which are to be built in future by Dubai Property Ring.

Dubai's office occupancy rates strikes an all-time high at 98%

Dubai has been the most-preferred choice for expanding international companies and major businesses, and this huge influx has led to a high demand for commercial real estate. The rate of office occupancies in Dubai has touched an all-time high of 98% to 99% with zero vacancy levels, reports 'Gowealty.com'.

About more than 90% of Dubai's buildings have been kept aside for commercial utility purposes, most of which are either recently launched or are under construction, with most adopting 'strata' sales.

The office lease charges have been the highest in Sheikh Zayed Road in Dubai, ranging US$1055 per square meter. This is followed by Deira with $825 per square meter. These figures have been arrived at, after compiling and analyzing statistics from landowners and tenants.
On comparing the leasing or rental rates of 2007 with the prevailing rates, an increase in charges by more than 60% has been predicted for a newly leased out commercial space in Dubai for the year 2008-09.

The parameters taken into consideration by investors and organizations are central location, large floor plates, technological connectivity, logistical connectivity, long-term leasing options and parking space. Customers prefer direct transactions with leaser and developer. The complexity of Dubai's multiple strata owners pose problems to those seeking to transact or interact with a single entity.

Just as the case of any investment norms, developers in Dubai's major commercial properties pursue short-term gains and strata owners for immediate capital gains.

Unlike residential complexes, the commercial properties require more parking amenities. With the Dubai realty market expected to stabilize by 2010, we foresee stabilization in the allocation of parking bays to commercial enterprises.

Dubai Metro - first day of launch

This is a hot-off-press photo from Dubai Metro. Brand new - in a traditional arabic style. This is really amazing!
UAE did fantastic job!

There will be test runs conducted on a 4 kilometre section of the elevated track near Jebel Ali, checking all the management systems as well as the trains themselves.

There’s a main power station for the Metro, in Jebel Ali, and that’s reported to be completed. The Depot in Jebel Ali which will be large enough to accommodate 44 trains is said to be more than half completed. A train will consist of five carriages with a maximum load of 645 passengers.