Ten things to know about letting your property overseas

Fly-to-let Landlords have dealt with some pretty nasty events while renting out their property overseas. Every now and then we hear horror stories and some of them are reason enough to ruin the fun for good. While most tenants are as good as gold or close to, landlords can never be too careful with regards to protecting their own rights.

We have compiled a list if ten tips that will help you to stay on top as a fly-to-let landlord so you can sleep better at night. We hope they can serve as some kind of guideline. However, since every country has their own rental laws you are well advised to check legal issues with a lawyer before you become a landlord yourself.

1.) Who pays when?

When it comes to renting, confusion often starts with the cost of paying for certain related expenses. It helps if you understand where you stand before you dive in head first. If you are a property owner looking to rent out your home, you should also be aware that expenses don’t stop with your mortgage, your tax or your insurance payments.

Extra costs must be considered and might stretch your budget. As long as you are aware they could surface, you should be well prepared though. When you budget for extras, try to factor in the following:

• Repairs
• Water
• Lawyers fees
• Property management fees
• Council rates
• Landlord protection fees
• Tax
• Insurance
• Pest control
• Fire alarms
• etc.

Depending what country you have your property, there might be additional costs to consider. A good starting point to help you determine those costs is to check with the local council first.

2.) Advertising

While many property agents offer to take care of advertising for you, most people prefer to do it themselves to save costs. If you are letting a holiday property, it might be worth checking these holiday property letting websites out:

• holidaylettings.co.uk
• holiday-rentals.co.uk
• viviun.com

They have smart features like availability calendars, maps, galleries and guides to help you get started renting you holiday property.

If however you are renting out a residential property overseas, we strongly recommend using a property management company or local estate agent for help with advertising and tenant vetting. Since they are familiar with local property laws and local market, they tend to have the know-how.

If you have lived in the country and are familiar with the terrain, you can always choose to advertise yourself As a last resort.

3.) Screen those applicants

When you hand strangers the keys to your home you want to be sure they treat it with the respect it deserves. Therefore it is highly advisable to screen all your tenancy applicants before you accept them.

Careful screening could save you headaches and costly court cases down the track. Below are some ideas on ways to screen them:

• Credit checks
• References from previous landlords
• Interviews
• Clear instructions to your agency if they handle the application process

Communication is the key. The more you communicate your needs to your property agent, the better the chances of the perfect match.

If you own international property the screening process could become more complicated. In general, the screening process for serviced apartments is done by the letting agency. Holiday lettings usually come with huge deposits demanded by the landlords. This is an additional security to cover probable expenses, since it is very hard to screen international applicants in the first place.

If you are unfamiliar with a country’s property letting system it is best to appoint a local agency to take care of these matters for you.

4.) Checklist

To ensure fair conditions for both parties - tenant and property owner, an inventory checklist will have to be created before the tenant moves in. This will also protect both parties if there is ever the need for a court case.

Each room will have to be listed separately on the checklist. Things such as the state of wall coverings, light fittings, appliances and marks on the walls, etc. will have to be noted in a checklist. Property agents will usually offer this as a service to you. While this is great, be sure to check how careful they are in creating these lists. Ask to see some samples of past check lists and make sure they scrutinize things carefully. It’s in your own interest.

After all, if your property is located overseas, this check list is everything you might have in knowing what exactly is in the house or flat. Especially if you can’t see the property between tenants or for any other reasons, this list might be the only “visual” you have to know the actual state of your investment.

5.) Communicate with your tenants

In some countries it is impossible to communicate directly with a tenant, especially if a property agent has been appointed. Regardless of who you are dealing with, agent or tenant, regular communications are a must.

Whether this is done via email, letters or visits to the office isn’t so much an issue. Important is to stick to a schedule that applies with the law.

6.) Contracts - did we say they are a must

We are sure that most people would use a contract to let their properties. Contracts are usually drafted to local customs. This means if you were to own and rent out a property in France, but you live in England, the contract will be drafted according to the French law. Therefore it is imperative you use a lawyer who is familiar with those laws and customs.

Failing to spend money for the right lawyer could cost you your property. Using a lawyer will make sure everything is correct before you sign anything.

7.) Renovation costs

I know we mentioned repair costs in an earlier note, but renovations are big. So big in fact they deserve their own number. If your property has been rented out for some time you might have to dig deeper into your pockets and fund some much needed renovations.

These could be inflicted by the tenants themselves, which could be paid by them (depending on contracts, law and execution of tenancy contract). Regardless of the why, renovations can be very costly and would have to be budgeted for ahead of time.

Some landlords will also need to factor in the cost of travel to oversee renovations in foreign countries. They might prefer to handle things themselves and be at hand to choose colors, applications and building materials. Also, others even fly in their builders and interior designers although this could become very costly indeed.

8.) Disputes

We never hope it will come to this. But if it does, it helps to know your options. Before you run to court though try to solve the problem with other means first, like an informal meeting.

If all else fails, court cases can often be the only way out, albeit a very expensive one. Try to be informed in order to avoid a nasty wake up call. With international property letting court cases can become the nightmare you never hope to experience. Not only would you be expected to show up there (which means extra expenses like flights, travel), but you would also have to deal with situations totally foreign to you. Other customs, strange languages or a difficult court system could become massive barriers for you.

Hardly something anybody would ever want to experience. Therefore it is better to be safe than sorry.

9.) Your rules!

You can define certain rules such as not allowing pets in your home. Regardless of rules don’t be discriminating. Keep rules the same for all tenants. This will ensure peace in the house.

We like to touch on the discriminating part a little more. As you know, foreign countries have foreign laws. Before you set out rules that would be totally unacceptable to other ethnic groups, be sure to familiarize yourself with them. You could easily discriminate if you are not willing to immerse yourself into the other culture.

10.) Last but not least - Insurance

Insurance also deserves its own mention. Because without decent cover we could lose it all in an instance. Know you options and talk to your lender for some great rates:

• Landlord protection
• Storm cover
• Content insurance
• Liability
• Building and content insurance

Again, every country has different rules and regulations. You are advised to cover yourself for all eventualities. Sometimes it is more feasible to package all the insurance costs and at other times it is better to keep them separate.

In the end it will have to be right for your needs.

Burj Dubai to grow taller

Emaar Properties, the developer of the world’s tallest building 'Burj Dubai', has announced that the height of Burj Dubai will be increased further, and the work towards realizing this is already progressing. The final height will however, be revealed on its completion in September 2009.

Construction of two communication floors has already begun, and the structural steel work has started. Apart from increase in height, Burj Dubai is also likely to have its interior finishes upgraded. International designers from California have been revisiting the designs to make the residences more attractive and functionally superior. This process is being carried out over the past three months, with prominence given to maintaining high-quality standards.

The Chairman of Emaar, Mohamed Ali Alabbar, said "Burj Dubai is an unparalleled accomplishment in the history of mankind. The tower has been setting new benchmarks in architecture with its driving forces such as cutting edge innovation, breakthrough technology and creativity. It is now pushing its own record breaking standards further, through enhancements in height and design."

"The enhancements on Burj Dubai are being done through advanced technology and qualitative improvements. Several aspects of Burj Dubai, such as the interiors were decided in 2004. With current enhancement, we intend to introduce latest in quality considerations that will keep Burj Dubai truly exclusive," he added.

Standing high at 636 meters, Burj Dubai is already the tallest building and structure in the world. The tower has the largest number of floors than in any building. About 7500 professionals and skilled workers are employed on-site, and various infrastructure building works are being undertaken.

Celebrity Used To Promote Dubai Property Market

What have Tiger Woods, Boris Becker, Giorgio Armani, Greg Norman and Brad Pitt have in common besides being incredulously famous and rich? The answer is, they all support the property boom that is currently happening in Dubai.

Using these celebrities on a global scheme, marketing them in conjunction with new developments and ritzy hotels is supposed to drive more interest to this already wealthy city and emirate.

Brad Pitt is the latest to join the long list of celebs who have buddied up with Dubai developers in the past. He is set to design a five star resort for a new company in the industry called Zabeel Properties. The hotel will feature 800 rooms which will be built environmentally friendly. Mr. Pitt will work with Los Angeles based architecture firm Graft LLC.

CEO of Zabeel Properties, Robert Norton says: “Our master plan and design concept will be world-leading and we’re delighted to be collaborating with Brad Pitt and the team at GRAFT, which is recognised for its innovative building design. This project will display our uncompromising focus and commitment for developing high quality and environmentally-sustainable real estate in this region.”

The development will be built with a social conscience and eventually become host to award ceremonies and glamorous events. The hotel location is yet to be announced.

Dubai, the second largest emirate in the U.A.E. after Abu Dhabi expects some $50 billion dollars in real estate investments by 2010. Even though the market has been scandalised recently by some of the biggest players in property within the emirate.

The celebrity marketing strategy in Dubai seems to be working at the moment. Very recently, 70 golf villas attached to a Greg Norman designed and endorsed golf course with humble asking prices between $4m-$8m each, sold out within a week.

Former Grand Prix Formula 1 star Nikki Lauda will lend his face to be emblazoned across a new office tower planned by ACI Real Estate in Dubai. The tower will be one of three and cover 16,000 square feet of space.

Global Property Recession - UAE unaffected

In the wake of a looming global recession, property markets worldwide are experiencing major shake-ups that are certain to have far-reaching consequences. As they grapple with rising inflation, oil and food prices, the UK, the US and the Asian real estate markets are increasingly showing signs of a meltdown. But the Middle East, especially the UAE seems to have bucked the prevailing trend. The UAE economy attained an overall growth of 7.4 per cent in 2007 over 2006. Oil revenues averaging US$ 69.1 billion constituted 35 per cent of the UAE GDP in 2007, but it was the non-oil sectors, mainly real estate and construction that made a major impact, accounting for 65 per cent of the Gross Domestic Product
As the UAE economy develops, its real estate sector has blossomed into an attractive investment market, offering solid returns. Dubai is currently one of the world's top ten expensive commercial property markets, according to a report by CB Richard Ellis.

In the study, Dubai debuted at number 10 with an occupancy cost of US$128.49. With a near-doubling of occupancy costs, Moscow has climbed four places to second at US$232.37. Ranked 13th worldwide, Midtown Manhattan is still the priciest market in North America at US$103.43.

Arjan

Arjan lies between Emirates Road to its south and Umm Suqeim Road to the east and is located at the Dubailand interchange which is currently under construction. It will incorporate medium-rise residential, commercial, retail, event, leisure and cultural developments.

EMIRATES PEARLS, 2 X 25F Res (Ajman Emirates City)

Emirates Pearls Tower-1 is a residential building (G+4P+25T+HC+HP) developed by Afkar Investment & Development, a UAE based Company. Emirates Pearls also incorporates a variety of on-site recreational facilities.

3D Venture Real Estate has been appointed as Exclusive Marketing Agent to market and sell the apartments.

Emirates Pearls Tower 1 and Tower 2 are strategically located at Emirates City, Ajman on plot no. A-13 & A-14.

Afkar Engineering Consultants, with their offices based in Dubai and Sharjah, are leading design consultants.






o Spacious One and Two bedroom apartments
o En suite bathrooms
o Spectacular views of Emirates City
o Health club with gymnasiums
o Linked underground parking.
o Helipad at the top of the building.
o Contemporary tile / stone floor and wall finishes
o Modern interior designed quality kitchens
o Contemporary interior designed bathrooms and cloakrooms
o Modern glazed façade
o High quality electrical and mechanical services
o On-site security and security systems
o High technology TV and data systems
o Safety systems including sprinklers and zoned alarm systems
o Modern interior designed high quality circulation areas
o Prestigious entrance and reception area

Construction is anticipated to start by the end of this year and the development is expected to be completed by June 2010.
Parking at a price of AED 35,000 per apartment, there will be ample parking available for visitors. Additional parking is also available @ AED 35,000 per car park.
After payment of minimum 25% you can sell your property anytime Transfer fee of 2% will be applicable from the new owner. All re-sales must be recorded through 3D Venture Real Estate and approved by the Developer.

Apartment Details

Type Total Area (Sq Ft)
1 Bedroom 739
1 Bedroom + Study – 920-1004
2 Bedroom 1271

Rents in Abu Dhabi to continue to soar

Rents in Abu Dhabi, although have reached their maximum best, are likely to increase further, during the next few years, in view of the worsening shortage in supply, reveal recent reports.

According to the Abu Dhabi Chamber of Commerce and Industry The low and middle income expatriates will be the worst affected with the increase in rents, which have more than doubled during the past three years, while the salaries have remained the same.

After years of stability during 1990s and 2000, the property market in Abu Dhabi witnessed a jerk in 2006, due to the strong domestic demand, caused by an economic upsurge that shot up rents to sky-high levels, despite the introduction of rent caps by the government.

The Chamber reports that although the real estate market in the capital was more or less stabilized in 2005, with the 287,000 housing units being able to cover the domestic demand, a surge in demand during 2006, did not meet a similar supply growth. This resulted in a shortage of 3000 units. During the year 2007, the demand-supply gap was more than doubled and touched nearly 8000 and is further expected to touch 20,000 by this year.

The Chamber, in its report, states "Most housing units which will enter the market this year will cater to the hig-income sector, while the low and middle-income category will be the victims of shortage and rent increases."

"We expect a record supply shortage in housing units, which exceeds 20,000. This will aggravate the property situation in the emirate, pushing it from bad to worse, which in turn will affect the economic activities in the emirate and push inflation to new record levels," the report said.

According to property dealers, rents in the capital have increased by more than 25 percent in 2007, and by 15 percent during first quarter of this year. The increase has been attributed to the huge increase in demand and rapid growth in population, an intensifying influx of expatriate workers due to surge in projects in the Capital, failure by landlords to abide by the rent caps, and the concentration of property developers on costlier properties that caters to high-income sector.

"Buildings that are under construction in Abu Dhabi will cater to only 20 percent of the demand. This will only widen the supply shortage, and when coupled with the population growth, it will push rents to record high levels. As rents account for more than 40 percent of consumer spending, this increase will further aggravate inflation in the emirate," states the Chamber report.

Abu Dhabi has one of the highest per-capita incomes in the world, projected to touch Dh.225,000 in 2008. As per figures by the Abu Dhabi Department of Planning and Economy, population in Abu Dhabi has grown by 12.6 percent, and is likely to grow by 7.5 percent his year, which is one of the highest in the world.

The Boulevard a landmark for the emirate of Ajman

'The Boulevard' comprises 14 residential and commercial towers, a five star hotel, and a mall with top retail brands, trendy boutiques, hip cafes, restaurants, grocery stores, and 5000 Sq ft of kids playing area, which gives the ideal environment to live, work and entertain you and your family. It takes only 25 minutes from Dubai International Airport and 10 minutes from Sharjah Airport to reach 'The Boulevard'. 'The Boulevard' will create futuristic living spaces that will energize your mind, soul and body.

* Dynamic business environment
* Contemporary & productive work environment
* High-tech office spaces
* Modern living spaces
* Both the mall and hotel will be managed by world class management groups.
* The entire project is freehold and provides residence visas.
* Functional spaces with practical amenities and futuristic designs.
* Strategically located on Emirates road highway; a mere 25 minutes drive from Dubai International Airport, and 10 minutes drive from Sharjah Airport .
* The project comprises 14 towers, a 5 star business hotel, and Shopping mall with brands from around the world.
* Over 2000 basement and podium parking spaces.
* Construction on "The Boulevard" is expected to start soon. The first phase of towers is slated for completion in the 2nd quarter of 2009.

Read more about this at:
http://dubaidiscussions.blogspot.com/2008/05/boulevard-landmark-for-emirate-of-ajman.html

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The $3bn Ajman Marina project to supply 8000 residential units

Tanmiyat's Ajman Marina Project, worth $3billion, is expected to add another 8000 residential units to the market. The project will be constructed in two phases over a period of five years.
According to developers, the residential buildings will be one of the modern architectural wonders. The units will be positioned facing the marina, and are expected to comprise hi-tech gadgetry which provides the option for residents to monitor their properties, even when they are out of country.

Apart from this, Ajman Marina provides ample berths and best marine management, including boat cleaning and repairs, loading assistance and dock masters. Other facilities on offer are covered car parks, 24 hours security and close proximity to schools and healthcare centers.

First phase of construction begins at the $3.8bn Pearl Dubai

Al Fahim Group, the developers of the Dh.14bn Dubai Pearl Project, have announced the commencement of first phase of construction of their world-class mixed-use development, the $3.8bn Pearl Dubai.

Dubai PearlPearl Dubai has completed the scaffolding and site hoarding and has obtained mobilization permit from Tecom Investments. It is currently mobilizing contractors for the foundation works of the project. The preliminary piling test is scheduled for mid-May.

The Chairman of Pearl Dubai, Abdul Majeed Al Fahim, revealed that the project received an overwhelming response from investors during the first two launches of its residential and commercial units this year.

He confirmed that the construction work of Pearl Dubai, too, is progressing as scheduled and the project is gaining momentum for another exciting launch of an exclusive residential component which would be an additional incentive for investors.

Located at the heart of Dubai Technology and Media Free Zone, the Dubai Pearl project overlooks Palm Jumeirah. The Dubai Pearl is expected to be ready by 2010, and covers a built-up area of 15 million square feet, combining an active business district with quality urban lifestyle.

Dubai Pearl offers easy access to major commercial and residential areas, such as the Dubai Knowledge Village, Dubai Internet City and Dubai Media City. It also houses a state-of-the-art theatre, with sufficient capacity to seat 2000 people, a luxury fashion precinct, sky penthouses, sky palaces and temperature-controlled pedestrian walkways.

Ajman- Unique Geographic Location & Charming Beach

Ajman is one of the seven Emirates that from the United Arab Emirates (U.A.E.). The Emirate lies on the Arabian Gulf Coast extens 16 Kms. The total area of Ajman is 259 Kms. Its population estimate is about 230 thousand as the year of 2004.

Ajman enjoys being located in the middle of the Emirates as a whole. It is borded with Al-Sharjah and only 10 Km to Dubai in the south and Umm Qaiyuwin in the north. There are many roads that these Emirates share together. Ajman is near to the ports of neighboring Emirates. It is near the international airports of both Sharjah and Dubai .

Sama Dubai has announced the launch of ‘Dubai Towers – Dubai’,

These were announced only a few days ago and really caught my eye. The tallest has 94 floors and should be just under 400m tall. I think 400m is the absolute limit there because of the proximity of the airport. Also I think the towers in the background might just be placeholders as opposed to showing their final design


Sama Dubai, the real estate development and investment arm of Dubai Holding has announced the launch of ‘Dubai Towers – Dubai’, a cluster of breath-taking towers that combine, to form a truly inspiring and dynamic sculpture.

Centrepiece of ‘The Lagoons’ Central Business District, the ‘Dubai Towers - Dubai’ will comprise four state-of-the-art towers for residential, commercial, retail and hospitality purposes. Ranging between 57–94 floors, the estimated date of completion of ‘Dubai Towers - Dubai’ complex is mid 2010.

Launched under the ‘Dubai Towers’ brand of Sama Dubai, the iconic structures will feature a choreographed concept of form and function to metaphorically represent the movement of candle light.

Farhan Faraidooni, CEO, Sama Dubai said: “Symbolising hope, growth, harmony and opportunity, ‘Dubai Towers – Dubai’ represents an unique investment opportunity for those seeking a corporate lifestyle experience combined with peace and tranquillity in the seven beautifully landscaped islands of ‘The Lagoons’.”
Visible from extended distances as the main feature of ‘The Lagoons’ skyline, ‘Dubai Towers–Dubai’ will reflect the UAE’s futuristic vision and commitment to foster creativity and originality.

Faraidooni added: “As signature components of Sama Dubai, the ‘Dubai Towers’ brand is committed to sharing Dubai’s evolutionary and innovative achievements in the property sector with the world. In every country identified as a potential market for ‘Dubai Towers,’ Sama Dubai will develop exclusive landmark towers that reflect its distinctive personality.”

The ‘Dubai Towers’ brand is committed to deliver developments that offer a consistent and complete corporate experience, not just for businesses, but also for the people who live and work there. As the UAE’S gateway to international real estate investment and development, Sama Dubai is currently developing ‘Dubai Towers – Doha’, ‘Dubai Towers - Casablanca’ and ‘Dubai Towers – Istanbul’ under the ‘Dubai Towers’ brand.

As well as their bold architecture and prime locations, the ‘Dubai Towers’ will be characterised by the range of additional facilities they offer including retail, restaurants, entertainment, health spas, gymnasiums, hotels and residential apartments that create a vibrant, dynamic community.
The ‘Dubai Towers – Dubai’ will be revealed at the upcoming Cityscape exhibition taking place December 4-6 at the Dubai International Exhibition Center. The towers’ model will be showcased at ‘The Lagoons’ stand in hall 1, stand F30.

‘The Lagoons’ is a mixed-use freehold development being built along the Dubai Creek coastline. The AED 65 billion (US$ 18 billion) project will cover an area of 70 million square feet over 40 kilometres of waterfront land. Located next to the Ras Al Khor Wildlife Sanctuary, ‘The Lagoons’ will ensure harmonious existence with the surrounding eco-systems.

‘The Lagoons’ will appeal to tourists seeking cultural attractions with its theatre, museum, arts center and Dubai’s opera house.

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.