Tag Archives: Real Estate

HH Sheikh Hamdan visits Falconcity of Wonders stand at Cityscape Global 2018

FCW’s recently launched Eastern Residences villa project takes centre stage at the exhibition

Dubai, October 2, 2018:HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, visited today (Tuesday, October 2, 2018) the stand of Falconcity of Wonders LLC (FCW), the developer of the ongoing Falconcity of Wonders multipurpose mega project in Dubai, during its participation at Cityscape Global 2018 exhibition running from October 2 to 4, at the Dubai World Trade Centre. His Highness lauded FCW’s efforts in sustaining global interest in Dubai’s real estate landscape through its unique ‘World in a City’ project. HH Sheikh Hamdan was briefed on the latest updates on the project during the visit.

The major highlight of FCW’s participation at this year’s edition of Cityscape Global is undoubtedly the Eastern Residences, a meticulously-planned gated community that houses contemporary, elegant, 5 and 6 master-bedroom villas with exquisite high-end finishing that are ideal for families of any size. Visitors to the FCW stand at the event are also taking advantage of the special offers, which include 0 DLD fees, 0 services charges for 5 years and flexible payment plans. Scheduled for delivery in September 2021, the villas come with a guarantee of AED 150,000 that will be paid to buyers annually in case of delay (terms & conditions apply).

H.E. Salem Almoosa, Chairman and General Manager, Falconcity of Wonders LLC, said: “Cityscape Global 2018 is the perfect platform for us to showcase the most recent addition to the Falconcity of Wonders, the recently launched Eastern Residences project. We conceived this project after considering various actual living scenarios of families that will reside in these units and the value proposition is reflected in all aspects. These villas reflect engineerinHH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai during his visitg excellence and thus offer a superior value proposition. Our confidence in the success of the project is further underscored by the highly positive response it continues to garner at CityscapeGlobal 2018.”

Featuring a built-up area of 3,208 sq ft to 4,581 sq ft, the unique features of Eastern Residences include villas with large plot sizes; wide 3-car shaded parking; and easy access to the already completed Falconcity Community Centre, among many others.

FCW is located at Stand No S3F10 at Sheikh Saeed Hall 2 at the Dubai World Trade Centre, attended by officers exclusively catering to clients and prospective buyers at the event.

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Top 10 insights on why it is important to buy a home in Dubai?

By Anitha Lakshminarayanan

Why should you buy a home in Dubai, and before I begin to elucidate the top insights about the market, it reminds me of a small story, Last week my friend Sheba and I were sitting on my balcony and chatting. Sheba was winding up and going back to India and she felt that she could’ve bought a home here that could give her rental returns even if she got back to her heritage, and wanted to live there. Sheba’s story stimulated me too and I was wondering whether to buy a home in Dubai and here a few facts to ponder over:

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It’s a buyer’s market

  • Although it’s a buyer’s market right now, the rental market is very competitive. In spite of the fact that it is saturated with supply and new projects to be handed over. The current regulations help in controlling the supply further.
  • Most of the realtors feel that it is encouraging to see heavy transactions in Q4 2017 and that is a good sign so far.
  • For that matter, any property investment is long term and if you wait for a long-term, you are definitely going to yield returns and the best returns are in Dubai Silicon Oasis, Dubai International City, Dubai Sports City, Dubai Investment Park and Al Furjan

Renter’s market

  • Since it’s a renters market, it is also ideal to invest in prime locations now such as Jumeirah Lake Towers, Dubai Marina, and Jumeirah Beach Residence

 Dubai land prices up by 2.7 %

  • The prices are reasonable, especially in Dubai land where the apartment prices are actually up by 2.7 % from a year ago, In addition to Dubailand, Dubai Sports city continues to do well too as several projects are getting completed there.

So Dubai market is all about yield and capital returns whereas in other markets, Hong Kong, London, New York, it’s all about capital appreciation. If you look at net yields in Dubai, you can get 5-10%, implying a payback period of 10-20 years.

If you would like to place banner ads on this blog, PR copywriting for your real estate business or blog posts and articles and copywriting help such as direct mail, Radio Ads, then please contact Anitha Lakshminarayanan a freelance journalist cum writer at 050-1845628 or 050-4627856

 

Sooma delivers Al Fouad in Al Furjan

cropped-255-e1411031451419.jpgReady apartment building Al Fouad, located in Dubai’s Al Furjan community, offers unique urban living experience with family-friendly amenities

Sooma Real Estate Developer LLC, a Dubai-based real estate company, announced the completion of Al Fouad, one of the first ready residential buildings located in Al Furjan, a 560-hectare master development from Nakheel. The developer’s focus was to ensure timely delivery of Al Fouad along with the display of high-quality fixtures and finishes of their flagship project. The official public launch took place earlier this month and so far, 51 percent of the apartments are sold out. Attractively priced and strategically located between Sheikh Zayed Road and Sheikh Mohammed Bin Zayed Road, adjacent to the Discovery Gardens community, the property houses studios, one, two and three bedroom units.

Fueled by the growth in the economy, combined with the emergence of more affordable housing options, the UAE’s property market is starting to gain momentum once again, with a focus on community-based living spaces. According to the Dubai Land Department (DLD) 69,000 real estate transactions in Dubai accounted for approximately AED 285 billion transaction value.

The completed and ready to move in Al Fouad development houses 105 apartments all with DEWA connection in place. The building boasts two retail units on the ground floor, a rooftop swimming pool and gym, and underground/over ground shaded parking. Buyers are given a choice of closed or open kitchens, and all apartments come with balconies offering villa community and Dubai Marina views. Prices start from AED 850 per sqft and the Dubai Islamic Bank is providing mortgages to buyers.

Omar Hafez, CEO of Sooma Real Estate Developer LLC, said: “The completion of our first residential project in one of ‘New Dubai’ popular locations address the emirate’s rising demand for family-friendly and affordable communities. With forecasts hinting at a rise in the number of first-time home owners in Al Furjan, thanks to enticing returns, attractive prices, post-completion payment plans, and proximity to the upcoming Dubai Metro station, we aim to set a new standard of living with our unique development. As a ready property, Al Fouad apartments bring investors immediate returns.”

Engel & Völkers, exclusive sales partner of Sooma, have announced an attractive payment plan for the prospective buyers, which gives them a chance to pay 30 per cent of the purchase price after moving into the property. The company also provides around the clock assistance including renting the property to the right tenant. Show apartments are now ready for daily viewings.

Al Furjan, one of Nakheel’s most popular and fastest-growing communities, is currently home to more than 5,000 people–with a projected population of over 65,000 when completed. The mixed-use community blends unique urban living experiences with a wide range of amenities, including parks, landscaped walkways and kids’ play areas, schools, medical facilities, mosques and retail and community facilities. Al Furjan is home to its very own retail unit, Pavilion, with a second under construction, as well as the recently-opened Al Furjan Club, which is a new dining and leisure complex with restaurants, pool, gym and sports courts.

Al Fouad is just a 15-minute car drive away from Ibn Battuta Mall, 15 minutes away from Dubai Marina, 18 minutes from Al Maktoum International Airport and 30 minutes from Downtown Dubai. The extension of the Dubai Metro network to connect the Expo 2020 site will make Al Furjan accessible by metro, further enhancing the connectivity. Besides Al Fouad, Sooma Real Estate Development has many new projects in the pipeline in the same area.

DSI announces the appointment of Group Chief Executive Officer

Image (16) [Dubai, UAE – March 29 2018] – The Board of Directors of Drake & Scull International PJSC (“DSI” or the “Company”), a regional leader in engineering and construction services, announced the appointment of Dr Fadi Feghali as the Group Chief Executive Officer, with effect from 1st of April 2018. Dr Fadi currently manages DSI’s international business units since joining the company in October 2017, and he will be overseeing all aspects of strategy and business implementation for the global DSI Group of companies in his new role.

Dr Fadi is widely renowned as an EPC industry veteran in the region and currently manages DSI’s global subsidiaries and operations. Dr Fadi previously served as the Managing Director of Al Husam Group.  He holds a Bachelors and Masters in Civil Engineering from the Free University of Brussels, as well as a PhD in Civil Engineering from Heriot-Watt University, UK. Dr Fadi has over 30 years of experience in the management and development of multinational companies and mega projects, with expertise in environmental engineering across a broad spectrum of different sectors ranging from energy, utility, infrastructure to oil & gas.

Commenting on the appointment, Engr. Abdulla Atatreh, Chairman of DSI PJSC stated: “We are pleased to have Dr Fadi Feghali as the Group Chief Executive Officer for DSI. He is an esteemed expert in the EPC sector and has a stellar track record of leading the operations for complex and large-scale engineering projects in the region.

 We believe that our comprehensive organizational overhaul and structural reforms have reached a significant milestone with the appointment of Dr Fadi Feghali, who worked closely with the Board of Directors and the new management team that was appointed in October 2017 and played an important role in our rigorous assessment of DSI’s global businesses and their challenges.

 His performance driven vision, global experience, and business acumen will prove vital for DSI and we are confident that under his leadership, the company will tap into its vast potential of historic legacy and regional presence and leverage them to create a sustainable pipeline of growth-oriented outcomes.”

 Dr. Fadi said: “I thank DSI’s Board of Directors and the global management team for entrusting me with the honor of leading the DSI Group as the Group CEO.  DSI PJSC is a dynamic organization with a rich history that spans more than 135 years across Europe, MENA, and Asia, with an unmatched legacy of values, excellence, innovation, and a work ethic that remains second to none. In our five decades in the region, we have constantly evolved to meet the demands of an ever-changing business environment.  I am enthusiastic about the opportunities to build upon our base of engineering skills, global experience, and the region’s most talented and motivated workforce, as we aim to deliver improved results and generate value for our investors and partners.”

Falconcity of Wonders fosters knowledge exchange in first Arab Land Conference as key to addressing sustainable land use  

Developer supports pioneering regional platform as Platinum Sponsor

 February 26, 2018

As part of its commitment to sustainable land use development in the Arab region, Falconcity of Wonders LLC, the developer of the Falconcity of Wonders (FCW) multipurpose mega project currently being built in Dubai, has provided support as the Platinum Sponsor, for the Arab Land Conference, being held for the first time under the patronage of the Dubai Government and the Arab League. The event is serving as a strategic platform for discussing the latest research and innovation in land governance and other regional experiences in partnership with the World Bank, Global Land Tool Network, UN-Habitat, and the Arab Union of Surveyors.

The conference saw the participation of ministers and other top-level government officials across the region, land experts, the academe, businesses, international organizations, aid agencies and civil society representatives.

H.E. Salem Ahmad Almoosa, Chairman and General Manager of Falconcity of Wonders LLC, was also presented with an award in appreciation of the strategic role as Platinum Sponsor of the first Arab Land Conference.

Commenting on the conference, H.E. Salem Ahmad Almoosa, Chairman and General Manager of Falconcity of Wonders LLC, said: “Dubai’s hosting of the first Arab Land Conference is a landmark event and a timely initiative which highlighted the trends in land use and regulations in the region. Falconcity of Wonders fully supports such activities and we are positive that our participation helped in facilitating the exchange of knowledge amongImage (15).jpg stakeholders and further contribute towards meeting the UN’s Sustainable Development Goals. We find it a valuable endeavour to support such events that contribute to social and economic development, particularly in real estate development in the Arab region. We are thankful for this opportunity and we remain supportive of such activities in every feasible way.”

Unipods to manufacture and install second batch of bathroom pods for Masdar City’s residential complex

New order was given after successful delivery of the first batch of 2,000 pods for ‘Neighborhood One Residences’

 

January 8, 2018 – Unipods LLC, a leading off-site construction technology company specializing in bathroom and kitchen pods under the Al Rajhi Building Solutions Group, has been selected anew to manufacture and install 1,700 new bathroom pods for the residential complex area of Masdar City, one of the world’s most sustainable urban developments. The order for a second batch follows the successful initial delivery of 2,000 bathroom pods for Masdar City’s Neighborhood One Residences (N1R). a major mixed-use development of offices, residential, retail and public open space due for completion in 2020.

The excellent work and craftsmanship of the first batch of bathroom pods combined with the on-time delivery of the order paved the way for the second order of 1,700 new units. The bathroom pods are a full turnkey bathroom solution that has been manufactured off-site and tailor-made to fit Masdar’s specifications. The pods, which are pre-engineered, pre-fitted, ready-plumbed bathrooms, are delivered onsite ready for installation–the perfect ‘Plug & Play’ concept for the fast-paced construction industry.

Dr. Khalid Al Rajhi, Chairman, Al Rajhi Building Solutions Group, said, “Masdar City has chosen Unipods to deliver a second batch order of 1,700 new bathroom pods—which reflects their confidence in the world-class, fully sustainable products that we have created specifically to meet the requirements of the world’s first sustainable city.”

Unipods, which specializes in the manufacture of bathroom and kitchen pods, owns one of the world’s biggest pod factories–located across a 75,000 sqm plot with a 26,000 sqm BUA. The production facility has the capacity to deliver more than 10,000 pods per year. In response to the construction industry’s increasing demand for pods, the company has revealed plans to open a new production facility in Yunbu, KSA, which will have a capacity of 6,000 pods per year and will specifically cater to the large demand in the Saudi market.

“The order for the second batch of bathroom pods from Masdar City demonstrates the exemplary track record of Unipods in serving the most prestigious players in the GCC region’s construction industry. In addition, the trust and confidence placed in us highlights the added value that we place in our pods–which are a true showcase of quality, speed, convenience and sustainability. We look forward to once again fulfilling this order, delivering world class and highly efficient bathroom pods that fits Masdar City’s sustainability trademark,” concluded Eng. Ahmed Al Bassam, CEO, Al Rajhi Building Solutions Group.

 

Drake and Scull International Reports Q3 2017 Financial Results

New management continues to consolidate and streamline operations with renewed focus on UAE market

Q3 2017 Highlights

  • Recapitalization Program successfully completed
  • Tabarak Investment Injects AED 500 million in Equity
  • Debt restructuring expected to be concluded across key markets in Q4 2017
  • Q3 2017 Revenue stood at AED 590 million
  • Ongoing UAE projects portfolio contributes 42% of the company’s Q3 2017 revenue
  • The New Management conducts a projects commercial review and records additional provisions, revenue and margin adjustments for legacy projects across key markets
  •  The lack of liquidity prior to the completion of the Recapitalization Program and to the Equity injection impacted the overall productivity of projects and resulted in a Net loss of AED 359 million in Q3 2017
  • UAE project tenders in advance stages of negotiations expected to materialize in Q4 2017

UAE, November 15, 2017 – Drake & Scull International PJSC (DSI), a regional market leader in engineering and construction services, reported its financial results for Q3 2017.

Revenue for the third quarter of 2017 stood at AED 590 million. The lack of liquidity prior to the completion of the Recapitalization Program and to the Equity injection by Tabarak Investment impacted the overall productivity of ongoing projects. Consequently, additional provisions, revenue, and margin adjustments were recorded across several markets resulting in a Net Loss of AED 359 million in Q3 2017.

The ongoing projects portfolio in the UAE remains robust and continues to be the main revenue driver, with the debt restructuring positively progressing in the local market. The debt restructuring effort is expected to be concluded across key markets in the fourth quarter of 2017 enabling the Group to secure its funding requirements and to move forward with its turnaround plan.

Furthermore, the company revealed that the UAE project tenders in advance stages of negotiations are expected to materialize in Q4 2017.

The company’s quarterly financial results were released as the new leadership team continues to review projects and identify pertinent risks to mitigate its exposure to the operating and financial performance of the Group. The move represents another essential step in DSI’s operational restructuring, which will set the stage for an improved and consistent performance in the coming quarters.

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Rabih Abou Diwan, Investor Relations Director of Drake & Scull International said: “We expect our financial performance to normalize in the fiscal year 2018 in line with our continued pursuit of restructuring and reinforcing our operations. Our primary objective is to strengthen our financial position, to accelerate projects delivery and to improve the operational performance across all sectors.”

“For the fourth quarter of 2017, we are confident that our performance will improve as we steam ahead with our restructuring program. We reassure our shareholders that we are on the right track to restore our leadership position in the mechanical, electrical, and plumbing (MEP) sector as the new board of directors remains fully committed to stabilizing the business and reinstating our trajectory for profitability and growth,” Abou Diwan concluded.