Tag Archives: Interview

Aldar’s recent master plan developments in Al Raha Beach and Yas Island high sales volume pushes up demand in Abu Dhabi realty market

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

Mr. Gurjit Singh, Chief Development Officer, Aldar properties

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

 

Mr.Gurjit Singh,Chief Development Officer,Aldar Properties talks to our reporter Anitha Lakshminarayanan in an Interview

“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”.

You can also read Anitha Lakshminarayanan’s interview with Mr. Gurjit Singh in the gulf news at

http://www.gnproperty.com/a/real-estate-news/abu-dhabi-realty-market-continues-rise/

Please contact Anitha Lakshminarayanan-freelance writer (writer for Gulf News), Freelance Journalist at

anithaideas@gmail.com  for covering an event, public relations writing, conducting interviews or advertising on this blog or to know more about my writing-visit

http://anithaideas.com/

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Tanmiyat Group fast track their living legend project in Dubai land.

BY Anitha Lakshminarayanan
Tanmiyat Group, a Saudi investment company and property developer fast track their AED 4 billion living legends project in Dubai land that was launched in 2006 before the global economic crisis that hit in 2008. And Plan to handover villas in the middle of this year.

Mr.Mohammed Bin Odah,CEO of Tanmiyat Group
Mr.Mohammed Bin Odah,CEO of Tanmiyat Group

“About 60-75% of the project is over and in the middle of this year, will hand over our villas. Phase-I concrete work is completed, and the infrastructure including the street lights are already done” said Eng. Mohammed Bin Odah, CEO of Tanmiyat group to Emirates Property-what’s your property cravings.

Located in Dubai land with a built up area of 6 million square feet, the project comprises of 500 villas,12 towers with 2200 apartments, three office buildings, a mall, three schools and a hotel overlooking the golf course.

He added “we will be attaching solar heaters to every villa of living legend and recently made an agreement with a district cooling company”.

IMG_0731
Tanmiyat showcasing their living legend project at a consumer property event in Dubai

As Dubai continues to recover with soaring property prices over the last two years, several stalled projects are back on track since then. Another cause for the spike in the real estate prices could be Dubai’s win of the expo 2020 bid.

Living Legends Project
Tanmiyat showcasing their living legend project at a consumer property event in Dubai

Eng.Odah said “After Dubai’s win of the expo 2020 bid, the response has been very good, and customers take initiatives to do their bookings and pay money. Now is the best time for those who have invested during the crisis, and now they can benefit from the yield as the appreciation is more”.

Dubai has a mixed bag of investors from all over the world and is well-known for its multicultural background. Now the market has matured to help the end-user and the regulations are in place. RERA(Real Estate Regulatory Agency of Dubai) has addressed the key issues such as the credibility of the developer, flipping, and with the wake of registration fees from 2% to 4% this year; this sector is easier to operate especially to end-users.

Mr.Odah urged “About 108 nationalities have invested in our project. Now it’s a regulated business wherein you cannot start selling if you do not give a bank guarantee of 25% .It builds confidence and Benefits the consumer”

“After central bank had approved, we signed an agreement with Al Noor Bank and two more banks are there in the pipeline. The funding from the banks helps us a lot as they collect money from the consumers once we start delivering the units to them”.

He concluded “At the moment,we are focusing on delivering the units this year and the project is 70% complete”

Anitha Lakshminarayanan

Please contact Anitha Lakshminarayanan-Freelance  Journalist at anithaideas@gmail.com for covering an event,conducting interviews or advertising on this blog or to know more about my writing-visit  http://anithaideas.wordpress.com/

Pacific Ventures begin sale of Phase-II of their signature apartments project ‘Burj Pacific’

IMG_0699Face to face with Mr.Miguel Guadalupe, Chief Operating Officer at Pacific Ventures

By Anitha Lakshminarayan

Burj Pacific sold its lower floor at the time of the announcement of the Phase-I launch last year and the higher floors are ready to be sold after Phase-II launch.

Dubai, UAE: Pacific Ventures, Indian Real Estate Company begin sale of their signature apartments Burj Pacific in downtown, Dubai after a formal launch of Phase-II at Emirates Towers  on the 8th and 9th of March.

“We recorded DHS 79 million worth of sales during the pre-launch of Phase-I of Burj Pacific,” says Mr. Miguel Guadalupe, Chief Operating Officer of Pacific Ventures to Emirates Property-what’s your property craving in an Interview.

He added “Within two months the ground floor will be ready; we have approved the contractor and will officially announce the name of our contractor for Burj Pacific after we get the approvals from Rera for our Pacific Village project in Dubai land located along the city of Arabia theme park”.

Real estate in Dubai is moving forward, and the trend is likely to continue this year and apartments dominate the demand in the property market of Dubai; however, there is a slight shift in focus as there is an increase of  20%  in the supply  of villas  this year.

Mr. Guadalupe  said “Pacific Ventures earlier projects include: Jumeirah village triangle and Jumeirah village circle which we bought from other developers are partly sold though we don’t advertise about them since they are easy to sell especially studio, and one bedroom move faster  in Dubai  although high-rises or 22 storey buildings like the Burj Pacific with more than 160 apartments or big communities need attention of how we can make the public aware about new concepts.As a business, we run in a very customer-friendly way and take our consumers to the site, update them about the progress of the project and  the marketing team sends them pictures of the development on a regular basis”.

As per Jones Lang La Salle,the property company there is more development towards central as well as in the south of Dubai and Jebel Ali.

Mr.Migeuel also said “ Many of the people working in Downtown, Dubai,plan to move into other areas such as Sport city, Studio city, Jumeirah Village triangle, Arabian Ranches and nearby locations which are also beautiful to live and they take a nice hike,by driving to work”  .

Indians top as  Property Investors of UAE

“It’s been more of an end-user business this time around and helps us as a more regulated market; the government is more involved and for the end-user, it’s more real now”.

“As everybody knows Indian community is the number one investors in the UAE closely followed by the Pakistani community and Russians are third. Indian community is big in the UK, Ireland and other parts of the world; they buy a property for investing as well as to gift homes for their kids”.

He concluded “we are going to stay residential now while we build quality, good size units and make it affordable which start from 1.3 million for 1 bedroom, 2 bedrooms is 2.4 million depending on the size.1 bedroom size are usually 1000 square feet; 2 bedrooms are 2000 square feet, and 3 bedrooms are close to 3000 square feet and  maybe 4 or 5 years later, we might look into mixed-units”.

Anitha Lakshminarayanan

Please contact Anitha Lakshminarayanan-Freelance  Journalist at anithaideas@gmail.com for covering an event,conducting interviews or advertising on this blog or to know more about my writing-visit  http://anithaideas.wordpress.com/