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Sunday, December 23, 2007
Abu Dhabi plans to set-right property laws
Abu Dhabi is planning to create a legal framework to protect the emirate's property investors to support the current property boom, said senior government officials.
Speaking during a seminar on 'Abu Dhabi Property Laws', the Undersecretary of the Department of Municipal Affairs, Ahmad Mohammad Shareef, said Abu Dhabi is currently witnessing a construction boom that is expected to continue during the next 15 years. The recent launch of Al Raha Beach, Reem Island and Saadiyat Island are sufficient proof of evidence for this.
However, an essential element for success of mixed-use projects depends is, owning the right regulatory framework that provides legal protection and clarity to property owners and investors. Currently, the Al Tamimi & Company is drafting "implementation regulations" that provides guidance on various aspects of property laws. The lawyers and property specialists have requested the Abu Dhabi government to establish a regulatory body, just as Dubai's RERA.
The experts have also urged the government to implement a property registration system in the emirate. Analysts are of the opinion that property valuations in Abu Dhabi are cheap and have further potential for growth.
With the Abu Dhabi property sector gaining credibility, the market remains extremely tight, with high growth in rents, which grew by 22 percent, and prices, which grew by 18 percent. Further improvement in Abu Dhabi's current property laws are necessary, as registration of property rights and ownership rights are expected to have a positive impact on property market.
Although, there were two laws that were issued in 2005, pertaining to ownership and registration of property rights in Abu Dhabi, the law does not stipulate the rights of the land upon which the apartment or building is located. A Strata Law is likely to be implemented shortly, that would define the rights of owners’ of units and the common property in multi-owned buildings and communities.
source: estatesdubai.com
Speaking during a seminar on 'Abu Dhabi Property Laws', the Undersecretary of the Department of Municipal Affairs, Ahmad Mohammad Shareef, said Abu Dhabi is currently witnessing a construction boom that is expected to continue during the next 15 years. The recent launch of Al Raha Beach, Reem Island and Saadiyat Island are sufficient proof of evidence for this.
However, an essential element for success of mixed-use projects depends is, owning the right regulatory framework that provides legal protection and clarity to property owners and investors. Currently, the Al Tamimi & Company is drafting "implementation regulations" that provides guidance on various aspects of property laws. The lawyers and property specialists have requested the Abu Dhabi government to establish a regulatory body, just as Dubai's RERA.
The experts have also urged the government to implement a property registration system in the emirate. Analysts are of the opinion that property valuations in Abu Dhabi are cheap and have further potential for growth.
With the Abu Dhabi property sector gaining credibility, the market remains extremely tight, with high growth in rents, which grew by 22 percent, and prices, which grew by 18 percent. Further improvement in Abu Dhabi's current property laws are necessary, as registration of property rights and ownership rights are expected to have a positive impact on property market.
Although, there were two laws that were issued in 2005, pertaining to ownership and registration of property rights in Abu Dhabi, the law does not stipulate the rights of the land upon which the apartment or building is located. A Strata Law is likely to be implemented shortly, that would define the rights of owners’ of units and the common property in multi-owned buildings and communities.
source: estatesdubai.com
Al Osaimi Group launches Dh.1bn luxury resort at Palm Jumeirah
The Al Osaimi Group has confirmed that the construction work of the $272million (Dh.1 billion) luxury resort at The Palm Jumeirah, is progressing as scheduled, and will be ready by first quarter of 2008.
The Kuwait-based developer has taken the help of several firms for project consultancy, contracting and enabling works and project management, as this is their maiden project in the UAE. The project is located on the Crescent of The Palm Jumeirah.
During the first quarter of 2008, the developer will launch one million square foot project, in accordance with the agreement signed with Dusit International, one of the prestigious Thai hotel chains in the world.
At present, Al Osaimi is carrying on with the final stages of escrow registration process in compliance with regulations laid out by the Dubai Land Department, thereby preparing to launch early next year.
The project that spreads over an area of 95,000 square meters on The Palm Jumeirah, comprises a seven star luxury hotel, a five star family resort, and an upscale residential complex that includes 178 posh freehold townhouses, penthouses and a dozen chalets.
Being designed in traditional Indian manner, the hotel has 116 guestrooms and suites, while the Moroccan-themed family resort has 292 rooms and suites. The hotels offer excellent dining, themed landscaping, ballroom, and state-of-the-art amenities. The luxurious development will also include renowned Deverana Spa by Dusit, an authentic Thai-inspired rejuvenation, apart from internationally acclaimed service of Dusit International, incorporating Thai culture and hospitality.
Right from its inception 25 years ago, the Al Osami Group, has handled several projects in Kuwait, and in the Middle East, including commercial, residential, hospitality and retail developments. The company has a rich portfolio that covers various sectors including, construction, real estate investment, engineering, while the subsidiary firm of the group has spearheaded for 15 projects including the group's development on The Palm Jumeirah.
source: estatesdubai.com
The Kuwait-based developer has taken the help of several firms for project consultancy, contracting and enabling works and project management, as this is their maiden project in the UAE. The project is located on the Crescent of The Palm Jumeirah.
During the first quarter of 2008, the developer will launch one million square foot project, in accordance with the agreement signed with Dusit International, one of the prestigious Thai hotel chains in the world.
At present, Al Osaimi is carrying on with the final stages of escrow registration process in compliance with regulations laid out by the Dubai Land Department, thereby preparing to launch early next year.
The project that spreads over an area of 95,000 square meters on The Palm Jumeirah, comprises a seven star luxury hotel, a five star family resort, and an upscale residential complex that includes 178 posh freehold townhouses, penthouses and a dozen chalets.
Being designed in traditional Indian manner, the hotel has 116 guestrooms and suites, while the Moroccan-themed family resort has 292 rooms and suites. The hotels offer excellent dining, themed landscaping, ballroom, and state-of-the-art amenities. The luxurious development will also include renowned Deverana Spa by Dusit, an authentic Thai-inspired rejuvenation, apart from internationally acclaimed service of Dusit International, incorporating Thai culture and hospitality.
Right from its inception 25 years ago, the Al Osami Group, has handled several projects in Kuwait, and in the Middle East, including commercial, residential, hospitality and retail developments. The company has a rich portfolio that covers various sectors including, construction, real estate investment, engineering, while the subsidiary firm of the group has spearheaded for 15 projects including the group's development on The Palm Jumeirah.
source: estatesdubai.com
Waterfront Residences building contract awarded to Mammut Group
Nakheel, the Dubai-based largest and most innovative real estate developers in the world, has awarded the first building contract for residences at Waterfront to Mammut Group, an UAE-based building and construction enterprise.
This will result in creation of first apartments and duplexes at the development, and is scheduled for completion by 2009.
Nakheel is developing an iconic portfolio of excellent landmark real estate projects in Dubai across a wide range of sectors like commercial, residential, leisure and retail. The developments of Nakheel would spread across more than 2 billion square feet of land, projected to be worth $60billion. On completion, the water front projects of Nakheel will cover about 1000 kms of Dubai's coastline.
source: estatesdubai.com
This will result in creation of first apartments and duplexes at the development, and is scheduled for completion by 2009.
Nakheel is developing an iconic portfolio of excellent landmark real estate projects in Dubai across a wide range of sectors like commercial, residential, leisure and retail. The developments of Nakheel would spread across more than 2 billion square feet of land, projected to be worth $60billion. On completion, the water front projects of Nakheel will cover about 1000 kms of Dubai's coastline.
source: estatesdubai.com
Office Rents in Dubai, Doha to surge by 20%
The office rents in Dubai, and Doha are likely to go up by 20% next year, as the demand surpasses supply, and due to the expansion of international business in the Gulf region, revealed the property services company, CB Richard Ellis.
"The top-quality offices in Dubai, cost as much as Dh.500 per square foot, and this in-turn could increase prices to Dh.600 per square feet next year, which would continue for 18 months, and thereafter the prices may probably halve to about Dh.300 per square foot in another five or six years with an increase in market supply" says Nicholas Maclean, the Managing Director, CB Richard Ellis.
However, at present, there are not enough supplies reaching the market, which would do no good to the businesses or for the government.
As far as Doha property is concerned, the demand is increasing, with an expansion in oil and gas companies, and the government is seeking new space. Although, the prices in Doha are lower than that in Dubai, the trends are the same.
On the other hand cities in India, Egypt, and Philippines are gaining advantage from the rising prices, as businesses turn to them for back-office operations, said Maclean.
The office space in Dubai is likely to more than triple touching 100 million square feet, as against the present 30million, during the next five to six years, Maclean concluded.
source: estatesdubai.com
"The top-quality offices in Dubai, cost as much as Dh.500 per square foot, and this in-turn could increase prices to Dh.600 per square feet next year, which would continue for 18 months, and thereafter the prices may probably halve to about Dh.300 per square foot in another five or six years with an increase in market supply" says Nicholas Maclean, the Managing Director, CB Richard Ellis.
However, at present, there are not enough supplies reaching the market, which would do no good to the businesses or for the government.
As far as Doha property is concerned, the demand is increasing, with an expansion in oil and gas companies, and the government is seeking new space. Although, the prices in Doha are lower than that in Dubai, the trends are the same.
On the other hand cities in India, Egypt, and Philippines are gaining advantage from the rising prices, as businesses turn to them for back-office operations, said Maclean.
The office space in Dubai is likely to more than triple touching 100 million square feet, as against the present 30million, during the next five to six years, Maclean concluded.
source: estatesdubai.com
Pearl Dubai FZ LLC reveals purchase of Dh 3bn Dubai Pearl
A Consortium of investors, Pearl Dubai FZ LLC, led by the Al Fahim Group, Abu Dhabi-based group, has announced that it has purchased and repositioned the $3billion worth Dubai Pearl real estate development.
The project, located within the Dubai Media and Technology Free Zone (TECOM), facing The Palm Jumeirah, will cover a built-up area of more than 15 million square feet.
Abdul Majeed Al Fahim, the Chairman of Board of Directors, Pearl Dubai, while speaking during a press conference, mentioned that Dubai is growing at an unprecedented pace, and that 'Dubai Pearl' will be a unique addition to the real estate landscape of the emirate.
Dubai Pearl is an integrated, mixed-use sustainable development with all major components located within 400 meters of each other, and is expected to be complete by December 2010.
The residential segment of Dubai Pearl Towers will include Sky Palaces with private gardens and pools, Sky Penthouses, luxury-branded condominiums and apartments. It also features boutique, offices, renowned hospitality brands, state-of-the-art theatre with a capacity for 1500 to 2000 people, a luxury fashion precinct located within a premier shopping mall, cinemas, and multi-cuisine food courts.
The construction of 'Dubai Pearl' would begin immediately. The project is considered to be unique, as the infrastructure amenities, including a well-linked road network are all in place, facilitating easy access to all major residential and commercial areas such as the Jumeirah, Dubai Internet City and Dubai Media City.
source: estatesdubai.com
The project, located within the Dubai Media and Technology Free Zone (TECOM), facing The Palm Jumeirah, will cover a built-up area of more than 15 million square feet.
Abdul Majeed Al Fahim, the Chairman of Board of Directors, Pearl Dubai, while speaking during a press conference, mentioned that Dubai is growing at an unprecedented pace, and that 'Dubai Pearl' will be a unique addition to the real estate landscape of the emirate.
Dubai Pearl is an integrated, mixed-use sustainable development with all major components located within 400 meters of each other, and is expected to be complete by December 2010.
The residential segment of Dubai Pearl Towers will include Sky Palaces with private gardens and pools, Sky Penthouses, luxury-branded condominiums and apartments. It also features boutique, offices, renowned hospitality brands, state-of-the-art theatre with a capacity for 1500 to 2000 people, a luxury fashion precinct located within a premier shopping mall, cinemas, and multi-cuisine food courts.
The construction of 'Dubai Pearl' would begin immediately. The project is considered to be unique, as the infrastructure amenities, including a well-linked road network are all in place, facilitating easy access to all major residential and commercial areas such as the Jumeirah, Dubai Internet City and Dubai Media City.
source: estatesdubai.com
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