UAE, February 12, 2015 – In line with its ongoing corporate social responsibility (CSR) program, Dubai Properties (DP), a leading Dubai-based real estate developer, in partnership with the Dubai Health Authority (DHA), organized a blood donation camp on February 10, 2015 at its Ras Al Khor office. During the activity, over 50 employees across Dubai Properties Group (DPG), volunteered to donate more than 20 liters of blood that will be used to provide timely care to patients in need of urgent blood. DP hosts similar CSR activities regularly as they underline the company’s commitment to support community-oriented initiatives that not only enhance social well being but also encourage responsible living.
By Anitha Lakshminarayanan
Aldar sold out all of its supply of 223 units for Al Hadeel Project in Al Raha Beach in May and Ansam Development in Yas Island sold off units at prices ranging from Dhs 1,540 to Dhs 1550 per square foot.
“In terms of launches, we launched two our very well-appointed residential projects Al Raha Beach and Yas Island all of them are sold out, These are our master plan developments wherein we have enabled infrastructure and have DE risked these developments very well.”says Mr. Gurjit Singh, Chief Development officer, Aldar Properties in an Interview
The Abu Dhabi market continues to rise in this quarter and Aldar was established to support Abu Dhabi’s development through the creation of high quality, attractive and sustainable communities equipped with residential, commercial, retail, leisure, hospitality, education and medical facilities. Today Aldar Properties owns a sizeable land bank in strategic locations throughout Abu Dhabi.
The Abu Dhabi’s supply pipeline increased to 1750 units in Reem Island, Danet Abu Dhabi and Al Reef in Q2 this has pushed the total stock to around 24000 units as per JLL.
Mr. Gurjit Singh also gave insights on the current property market and how Aldar helps in absorbing the supply
“And in terms of how Aldar sees it, the stocks that we have had on our books for recurring income for rent, a lot of it has been absorbed and some of the developments are 100% fully occupied those which we have retained for rentals they have actually crossed up to almost full occupancy and this bodes extremely for us because we are in the business of producing recurring income for our business.”
“As a leading developer in the UAE, we at Aldar have been able to help towards absorbing the physical supply of the real estate market via our renters and gave them an option of upgrading themselves as property owners. The interesting trend now is a lot of upgrades are happening in the market”.
“People buying our developments come from a healthy cross-section. 55% of our buyers are end-user occupier types. 45% of them come from across the gulf, but they are not a high percentage compared to those who are already residing here. That is a healthy thing about Abu Dhabi and Aldar have been able to take advantage of those who are renters now, then wanting to become a purchaser. We also launched off-plan sales this year, wherein renters can upgrade themselves by buying a property that will be ready in a couple of years.”
“Besides, we were clear about our off-plan sales, which can attract mortgage only after they pay 50% equity. Nevertheless, we still got a healthy demand because of our smart yields. One more interesting rule which we have implemented is that you can’t sell your property unless you pay 50% of the total value. When people hear this and put their money in are seemingly considered in our eyes as long-term players. Indeed the mortgage rules have helped to ask into the details of our purchasers that also help the market to refocus and read speculators out”.
He concluded “We launched three projects this year at cityscape, two of which were residential are physically sold out and we will launch one more in the coming months”.
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By Anitha Lakshminarayanan
Dubai’s real estate industry is poised to attract more growth in the next few years, with industry experts saying that the emirate’s property market fundamentals remain stronger than ever. Looking to play a crucial role in the continuing growth of the industry, Real Events, the newest and fastest-growing events management firm operating throughout the UAE and the greater Gulf region, will be hosting the first edition of ‘Dubai Real Estate B2B,’ a conference that aims to connect potential investors with the emirate’s industry leaders, which will be held on October 15 to October 16, 2014 at The Ritz-Carlton Dubai Marina. The event is being organized under the theme, ‘All questions answered’ and will serve as a strategic platform that will help these potential investors make a smooth entry into Dubai’s thriving real estate market.
According to Real Events, the event will be graced by senior level government officials and will feature 15 presenters from the United Arab Emirates and 30 exhibition stands from industry representatives like mortgage advisers, local bank officers, real estate developers, property consultants, real estate attorneys, tax specialists & auditors, private-equity fund manager and, management consultants. Aside from its move to bind international investors with Dubai-based real estate experts, the exciting two-day event will also include key discussions and round tables focusing on important industry issues and topics like newly implemented regulatory measures, issues on brokerage, lease contracts, registration and certification, duties and compliance; assessment of the Dubai Real Estate Market for 2015 and Beyond; buying properties off-plan; Wealth management and zero taxation.
“These are truly exciting times for Dubai’s real estate industry, which continues to show its vibrancy in the large number of projects that are currently ongoing and the even larger projects that are in the pipeline,” said Julia Zajak, General Manager, Real Events. “As industry experts are forecasting continuous growth and have placed high-confidence in the projects present today, we are proud to organize the first edition of Dubai Real Estate B2B, a conference that aims to give potential investors the necessary information they need to enter the emirate’s real estate market. This event will serve as a key venue to help international and local brokers and their clients meet mortgage providers and banks for non-residents investors.”
Dubai Real Estate B2B Conference will host more than 250 participants from Russia, United Kingdom, India, Kazakhstan, United States of America, Pakistan and Africa; and a thoughtfully planned out a series of activities that aims to live up to its chief goal of providing foreign investors with the essential information and guidance on pursuing real estate opportunities in Dubai. One of the highlights of the event will be a guided tour of some of the emirate’s current development projects—complete with an opportunity to meet face-to-face with project developers, which will allow them to develop a comfortable feel of the area and the guarantee that all their questions will be answered.
“This event is just the first of the many initiatives that we are set to organize in order to drive in more potential foreign investors in Dubai, particularly across the rapidly thriving real estate segment. Rest assured that we will remain steadfast in our commitment to encourage growth and diversity, while at the same time look towards consolidating our ties with other companies in the international real estate community. We look forward to seeing you all at Dubai Real Estate B2B Conference, “concluded Zajak.
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The revival of the market increase expectations of the original stakeholders.
As Dubai’s property market is heading towards a sustainable development. Several stalled projects are back on track. This turnaround comes as a rise in rentals, sales values and Investor sentiments.
With improved economic fundamentals in the country, the top 5 projects which are back on track are the opus set to be delivered in 2015. Taj Arabia that started in 2005 is set for completion in 2016. Jumeirah Village Circle will be delivered in 2016.The Pad in 2016 and the Living Legends in December 2014.
The upturn in the last 12 months has revived the fortune of several stalled projects as well. The improving market fundamentals brought in investors and specialists to take on construction either on their own or with the original developer.
According to market resources, more than 50 percent of the 100 affected projects have already gone through a transition.
Recent regulatory measures from the government have brought in sustainable development to Dubai’s fastest growing real estate. The regulation plays a major role in reviving the fortune of Dubai’s stalled projects as well.
More than 50 percent of the 100 odd, affected projects have already gone through a transition. In the first flush of revival of Dubai’s stalled projects, the processes were simple where in the investors would find a particular project that stood a good chance in an improving market place such as downtown, and business bay. Put up a proposal to the land department and see how they could square off the original buyers in the project.
Dubai Land Department has overseen the entire recovery process, were also fast tracking the transfer to a new set of investors. But here comes a challenge in the pace of the revival process as new investors get in now.
According to the top official from Global Capital Partners “The revival has been easier for small and medium-sized projects though difficult for larger projects in Dubailand.
“Moreover, the original stakeholder’s expectations have raised consonance with the revival of the market”.
In the flush of revival for Dubai’s stalled projects, the processes were quite straightforward. Now there’s a multiplier effect for those original investors who had paid a size-able amount of the upfront fee to get a discount on the sale price.
Some of the legal hurdles turn onerous in these stalled projects, however in Dubailand many stalled projects are gaining momentum in the revival process, and they plan to complete the project in 2016.
Market feedback also suggests that negotiations are on for larger stalled projects. The deciding factor would be to find common grounds among stakeholder’s expectations and what new investors are willing to pay.
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Face to Face with Mr. Parvez Khan,Chairman,Pacific Ventures
By Anitha Lakshminarayanan
Pacific ventures shape up a residential community from their Pacific Village project in Dubailand.
PLANS ON HOLIDAY HOMES IN THE FUTURE FROM THEIR PACIFIC VILLAGE VILLAS IN DUBAILAND
After the Phase-II launch of their Burj Pacific signature apartments, Pacific Ventures, an Indian developer set in 2011 develops a residential community in Dubailand located next to the City of Arabia theme park.
Mr. Parvez Khan, Chairman, Pacific Ventures in an interview to Emirates Property-What’s your Property Cravings said “The Master Plan of Pacific village is designed by Mr. Manoj, an eminent architect with 15 years of experience from India and DUBAILAND officials were impressed with the layout and design of Pacific Village. It’s a gated community and close to the city of Arabia.”
“70% of our downtown project ‘Burj Pacific’ apartments are sold and we are also developing our project in Jumeirah village triangle and Jumeirah village circle that will be ready in December. Our Pacific Village Project will include 65 residential villas, 102 four-bedroom townhouses and a number of two-bedroom apartments and will be centrally located between Dubai International Airport and Al-Maktoum International Airport in the heart of DUBAILAND.”
The four-bedroom townhouses will come in two types, covering a minimum of 3,500-sq ft in size, the apartments will cover an area of 1,240-sq ft while the villas, starting from approximately 5,075 sq ft in size, will comprise of six bedrooms.
The entire development will span over 1.205, 915-sq ft. And will be fully equipped with a community center, open spaces, paved roads and parking spaces. Additional amenities will include a gymnasium and swimming pool and 900 sq ft retail outlet to serve community residents.
The overheated market of Dubai has slowed down to gain stability, inspiring confidence among investors and end-users.
“When we compare the market of 2008, the market is matured now. The old players who operated in the realty market for more than ten years are mindful about the current situation. Global crisis that hit in 2008 has given them a great learning to be watchful of the business around them.”
“It is more interesting to see the market now with all regulations in place, especially the property registration fee benefits the end-user and besides that a transparent market to operate.”
“All our transactions are systematic done via escrow account, certified by Rera.And we have a mixed bag of investors from countries like India, China, Pakistan and Russia.”
“When it comes to real estate, one has to plan long term, say about ten years that is when you yield more profit. And the real estate market is active when the population increases and now the demand for housing units will grow more as Dubai’s population is increasing rapidly. The supply what we have now will not be enough after ten years.”
Plans for Pacific Ventures include holiday home from Pacific village villas in the future
DUBAILAND, which is an international tourist hub, attracts millions of visitors to the global village, motor city and future developments include the city of Arabia theme park and much more.
“We are thinking of holiday villas in the future for which we have obtained permission. And this is a unique concept, wherein we can rent it out for short term to our clients as our townhouses are big with 5 bedrooms. If someone wants to rent it out we can help them too. Additionally, we might start a company that leases out the holiday villas.”
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By Anitha Lakshminaryanan
Dubai,June 4, 2014-TASWEEK Real Estate Development and Marketing has announced the patronage of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, for the upcoming ‘Smart Living City (SLC) Dubai 2014’ exhibition taking place from September 15 to 16, 2014 at the Jumeirah Emirates Towers in Dubai.
SLC Dubai 2014 will gather the best recognised experts on smart cities and will revolve around the three main themes of high-level panel discussions; the showcasing of ‘best in class’ local and international ‘smart’ firms; and the hosting of multiple workshops on the ‘smart living’ paradigm. Among its primary goals are to create talented entrepreneurial activities and boost the creativity of technology supporters; source the most effective ingredients for startups, mentors, and public and private sector partners; and consolidate best-in-class incubators on a smart platform.
The event will showcase the best smart products and services, and major opportunities for sectors such as tourism, transportation, environment, education, and telecommunication. It will also reveal effective strategies for the cooperative development and deployment of a smart integrated system between the private and public sectors.
“Smart technologies have become key to the success of numerous industries, from real estate and finance to education and healthcare. It has even emerged as a powerful enabler of good governance. SLC Dubai 2014 will reveal the latest and best tools and practices for Dubai to become a genuine smart city while enlightening the world on how the entire Arab World is embracing the vital role of ‘smart’ concepts in the region’s future,” said Masood Al Awar, CEO, TASWEEK Real Estate Development and Marketing.
“One of the main objectives of the event is to address the demands of society by facilitating, simplifying and accelerating communications, services, and execution of governmental transactions. SLC Dubai 2014 is an essential platform for initiating major steps towards strengthening cooperation between the private and public sectors, and making the UAE in general a smart integrated ecosystem,” added Al Awar.
Dr. Mansoor Al Awar, Chancellor, Hamdan Bin Mohammed Smart University, said: “Our participation in the ‘Smart Living City – Dubai 2014’ exhibition emphasizes our continued support for the vision and directives of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, to make the emirate one of the smartest global cities through the initiative led by H. H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and President of Hamdan Bin Mohammed Smart University. Our presence at the event consolidates our aim of enriching knowledge and establishing a smart learning culture in the Arab world. We thank and appreciate TASWEEK Real Estate Development and Marketing for hosting this exhibition, which plays a key role in supporting the UAE’s to build a smart economy based on innovation and creativity under the guidance of the country’s wise leadership.”
“Smart technologies have become one of today’s most important investment areas due to their potential impact on the future of business, governance, and social development. Smart Living City will show the way forward as progressive cities such as Dubai fully embrace the concept of a technology-enabled community. It will be a unifying event for ‘smart tech’ practitioners, experts, and decision-makers alike,” said Kamran Saddique, CEO, Inside Investor.
Smart Living City, a biannual event, will be held in the cities of Dubai, San Francisco and Singapore from 2014 to 2015 to exhibit and discuss technologies and innovations for various industries that support the concepts of smart cities and smart human capital. This year’s two-day Dubai agenda will cover the creation of a SMART Ecosystem with a particular focus on Talent, Education, Location and Events, Mentorship, Incubators and Accelerators, and Funding. Complete event details are available at http://www.smartlivingcity.com.
Inside Investor is a Hong Kong–based technology investment firm with offices in Dubai, Manila, and San Francisco. Its investments include a business news portal in Asia, a platform for smart technology startups, and an intelligent platform for the business community.
Tasweek, a provider of comprehensive real estate development solutions for the UAE and the broader Middle East that leverages over 20 years of extensive experience in valuations, design, and real estate marketing across the UAE, is organizing Smart Living City – Dubai 2014 in coordination with Inside Investor.
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