Tag Archives: Real Estate

DSI proceeds with the final preparations to secure the approval of the Securities and Commodities Authority to initiate the 75% share capital reduction

Capital Restructuring Program

Phase 1 – Share Capital Reduction

  • The 75% Share Capital Reduction is expected to be completed within 6 to 7 weeks
  • The Share Capital Reduction through the cancellation of 1,714 million shares will be on a pro-rata basis and will apply to all DSI shareholders and will allow the Company to extinguish its total accumulated losses attributed to the owners of the parent

Phase 2 – Share Capital Increase

  • Upon completion of the 75% Share Capital Reduction, the Company will consecutively initiate the regulatory and financial procedures to complete the AED 500 million Capital Increase
  • The Capital Restructuring Program is expected to be completed by end of Q3 2017, whereby “Tabarak Investment LLC” will become the major strategic investor in the Company

UAE, June 20, 2017 – Drake & Scull International PJSC (“DSI” or the “Company”), a regional engineering and services leader announced today, that it will proceed with the final preparations to secure the approval of the Securities and Commodities Authority (SCA) to initiate the 75% share capital reduction.

The Company is preparing to fulfil the regulatory requirements to initiate the share capital reduction and to subsequently effectuate the cancellation of 1,714 million shares to extinguish its total accumulated losses attributed to the owners of the parent.

The latest developments represent a critical progress in the capital restructuring program that will enable the Company to resolve its liquidity challenges and to execute its turnaround strategy to stabilise the business and to pursue its growth objectives in the regional MEP sector.

Feras Kalthoum, Acting CFO, Drake & Scull International PJSC, commented:

This is a major milestone in our turnaround strategy announced at the outset of the fiscal year 2017.”

“We are proceeding with the preparations at full speed to secure SCA’s approval and to initiate the share capital reduction to strengthen our balance sheet and to achieve the strategic objectives of our capital restructuring program.”

“I am confident that by the end of Q3 2017 we will complete our program and we will generate substantial liquidity to reinvigorate our operations and most importantly to secure high-margin projects in the MEP sector mainly in our home market the UAE.”

 

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Following remarkable response to Vincitore Palacio’s market debut in 2016 inspires launch of second project  

Image - Vincitore BoulevardVincitore Real Estate Development unveils Vincitore Boulevard

Vincitore Real Estate Development, Dubai’s first quality branded real estate developer, recently announced the launch of its second project in Dubai, Vincitore Boulevard, following the notable success of its flagship property, the Vincitore Palacio, which was launched in 2016 within Al Barsha South master-planned Arjan district. The new project, located in the same district, will span over 173,337 square feet.

The building houses 216 residential apartments comprising plus

h studios and ensuite one-bedroom units and hosts about 30 boutique retail outlets. The development is expected to become operational by April 2019. Vincitore Boulevard was designed by celebrity architects inspired by a fusion of European and Emirati designs to create an iconic property offering versatility, comfort and luxury living.

Delivering quality, style and functionality, tailored to clients with a taste for elegance as well as market value, Vincitore Boulevard offers convenient access to parks, schools, clinics, shopping centres and restaurants, providing prospective owners with the most comfortable living experience possible.

Each residence at Vincitore’s second branded project spans impressive living spaces and state-of-the-art technology, incorporated in the layout with sophistication. The development also offers an unmatched blend of amenities and services such as infinity pools, a wave pool, a modern gymnasium, a library and podium gardens that set the tone of its signature ambience. For a starting price of AED 555,000 inclusive of a post-handover payment plan, the project makes it more financially viable for discerning homeowners looking to buy an apartment in the emirate.

Vijay Doshi, Managing Director, Vincitore Real Estate Development, said: “Demand for quality-driven residences remains a top priority for property buyers. It is very essential that properties are built with precision and excellence because that is the mark of a truly valuable property. This is the kind of property development that we would like to offer and contribute to the growth of Dubai as one of the world’s most sustainable cities.”

Dubai has been continuously developing legislations to improve the sector and the Real Estate Regulatory Agency has been making strides towards implementing more regulations to control the way buildings are built such as the possible introduction of a mandatory building inspection procedures, which would ensure inspections are done before the handover.

Vincitore Real Estate Development is tapping into a niche market for its product while catering to a diverse multicultural client base. The company aims to continue catering the huge untapped Dubai market of Branded high-quality real estate @ affordable price and lucrative post hand over payment plans.

The Department of Land and Real Estate Regulatory of Ajman showcases benefits and advantages of investing in emirate’s thriving real estate segment at Restatex Riyadh 2017

Ajman, April 24, 2017 – The Department of Land and Real Estate Regulatory of Ajman is participating at this year’s edition of the Riyadh Real Estate & Urban Development

Exhibition 2017 (Restatex Riyadh 2017), the largest annual Real Estate event of its kind in the Kingdom of Saudi Arabia (KSA), at the Riyadh International Convention & Exhibition Center. The event is being attended by leading decision makers, officials and executives from top Saudi, regional and international real estate developers. During their presence at the event, the Department of Land and Real Estate Regulatory of Ajman will be showcasing potential investment and growth opportunities in the emirate’s real estate segment–complementing its commitment to improve the emirate’s investment environment and encourage the entry of more foreign direct investments (FDI) while also keeping in line with the economic diversification process and comprehensive development advocated by Ajman Government and the entire UAE.

The Department of Land and Real Estate Regulatory of Ajman will be highlighting the potential investment and growth opportunities in its local real estate sector while also presenting its latest achievements in its move towards adopting green building standards and the promotion of a culture of innovation and creativity across free zone ownership.

The Department of Land and Real Estate Regulatory of Ajman has expressed its continuous commitment to attracting real estate investors and venture capitalists from all over the GCC region, particularly Saudi Arabia, urging them to invest in real estate development projects.

As of the first quarter of 2017, the department has already recorded around 17 projects and 103 towers in Ajman. At present, there is a notable surge in demand for real estate property in Ajman from investors coming from more than 66 countries across the world– resulting in around AED 734 million worth of real estate dispositions during the same reported period.

His Excellency (H.E.) Yafea Al Faraj, Director General, Department of Land and Real Estate Regulatory of Ajman, noted that the department’s participation at Restatex Riyadh 2017 falls in line with the country’s unified efforts to attract GCC investments, which is considered to be one of the key drivers of economic, social and cultural growth in the UAE.

“Real estate development is one of the most appealing and rapidly growing industries in the region. Of the many investors looking into the industry, investments coming from Saudi Arabia claim a large share of the local real estate market. In fact, our records show that 1,109 registered land and properties in the emirate are owned by Saudi nationals–representing a key value of AED 800 million. Restatex Riyadh 2017 serves as a strategic platform for us to come face-to-face with potential investors to keep them informed of the latest emerging trends and accelerating developments in the local industry considering the continuous efforts to transform to an economy based on sustainability, diversification, and innovation. We are all confident that a large turnout of real estate investors and developers in the exhibition will pay a visit to our pavilion, which is showcasing the latest and most significant developments and trends in both Ajman and the UAE’s real estate market,” concluded the Director General.

UAE’s new consumer property event showcasing mixed-use developments at Madinat Arena

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Dubai, UAE: The first edition of UAE’s new consumer property show organised by Next Move live concluded on 22nd February 2014 at the Madinat Arena, Madinat Jumeirah, the three-day event hosted 30 exhibitors showcasing more than 1000 properties, the majority of which are already completed.

Dubai-based property developer Deyaar, who recently announced plans to allow foreigners to invest in its shares were also launching exclusive payment plans in this event to help ease the financial burden on buyers. Mr.Nasser Amer, Vice President of Sales at Deyaar, said: “The positive upturn in UAE’s real estate market has translated into growing interest for our wide-ranging portfolio of properties that are guaranteed to earn excellent returns of investment.

“We will offer unique property solutions for those looking at spot purchases, as well as consultations from seasoned advisors to help new entrants in to the market.”

Other exhibitors officially supporting the event, taking place at the Madinat Arena at Madinat Jumeirah, include Platinum Sponsors Aldar Properties and Flash Properties, Gold Sponsor Orient Desert Real Estate and Silver Sponsor Pacific Ventures and brought to Dubai by the organizers of Cityscape, Next Move live offers properties from the UAE, UK, Spain, Cyprus, USA and many more.

Mortgage advisers from Commercial Bank of Dubai, the official Banking Sponsor of the show, will be offering a special promotion which provides clients with a gift voucher of up to AED 60,000. Abu Dhabi Finance, Mashreq Bank and Mortgage Middle East, are on hand to offer free advice to visitors who are looking to make their next move in the property market.

Miguel Guadalupe, Chief Operating Officer at Pacific Ventures, said: “our projects are unique developments for private residents comprising villas and town houses, delivering new levels of luxury and distinction.  They are stylish in design, generous in size and impeccable in finish.

“This market insight is essential in formulating strategies that will help Pacific Venture with real Estate opportunities and mitigate any risks in the future,” he added.

Among the exhibitors capitalising on the surge in visitors at Next Move live is Rocky Real Estate, the oldest property firm in the UAE, which is launching the second phase of their Plaza Residence in Jumeirah Village Circle.

Roshan Chaudhry, Head of Sales and Leasing for Freehold Properties at Rocky Real Estate, believes affordable mixed-use developments are the way forward.  “Jumeirah Village Circle offers affordable living for both types of buyers, consumers and investors,” said Chaudhry.  “The location is everything.  It is strategically placed between Sheikh Mohammad Bin Zayed Road and Al Khail Road, with four schools and four parks within close proximity.

“The first phase was already a hot market success and we hope that at Next Move live we can sell at least one floor of the development.  We are offering affordable living in a prime location with a special five percent discount for the show.”

Another Dubai-based Real Estate developer, Tanmiyat Group, is launching its ‘Living Legends’ project at Next Move live, which has close to 25 villas and 500 apartment units,whilst Dudu will be offering 200 exclusive properties to buy or rent in prime locations across Dubai.

The event is perfectly timed for consumers looking to make the plunge into property investment as rental prices continue to soar across the UAE, while mortgages rates remain low.

Jennifer Lim, Head of Sales at food importers Trading Flavors, a pre-registered visitor for the show, believes now is the time to make the shift from renting to buying.

“Rental prices are getting high across the emirate, and with Expo 2020 coming up, now is the time to get in the market,” she said. “I’ve done plenty of research online, but that one-on-one advice is very important when making such a big decision and the greatest benefit from Next Move live will be that I can receive this information on a personal level from all the main stakeholders, at the same place, and at the same time.”

Several major UAE based developers showcased their key developments, including Ras Al Khaimah-based RAK properties, who displayed their new sea view development ‘Flamingo Villas’.

Rashed Sultan Al Khatri, Director of Marketing and Sales at RAK Properties, said: “We are offering convenient payment packages to our customers to boost their investment revenues and anticipate a significant increase in unit sales in the coming period.”

“Our main focus is to promote completed projects at Next Move live and display our residential developments which represent a new milestone in the company’s history and will be completely self-contained, creating their own identity.”

According to leading property research firm Knight Frank, the average house price in Dubai increased by 11.8 percent in the last half of 2013 and the economy is expected to continue to grow as the anticipation of Expo 2020 looms.

Wouter Molman, Director, Cityscape Group said: “This is an exciting prospect for 2014 as we witness this surge in the property market.  We know from our experience of running the Cityscape events in the UAE that there is a demand for a show to help consumers make these tough real estate decisions.  UAE residents and property developers alike have called out for this kind of event.

“As the only dedicated consumer event in the UAE, visitors will be able to get access to information directly from property developers, agents and banks, and can even make a decision on the show floor to purchase or rent their next home,” he said.

Platinum Sponsors of Next Move live, Aldar Properties and Abu Dhabi Municipality initiated to get title deeds for all buyers of residential real estate, to make sure further protection for buyers and lenders.

Paul Middleton, the Executive Director for Commercial at Aldar Properties said, “Prices are generally on the rise, banks are pushing lending again and mortgage rates remain relatively low. It is an attractive time for consumers to buy .”

“We offer a range of units for sale and leasing at Gate Towers, Al Ghadeer and Al Rayanna, some of our key developments.  Each one has its own design, amenities, features and community feels making them attractive to different market segments.”

Proving a popular hit with customers last year, UAE developer Seven Tides launched the second phase of their deluxe Anantara Residences after prices on Palm Jumeirah increased by 21 per cent in the final quarter of 2013.

“We launched the next phase of our Anantara Residences project having secured sales for 80 per cent of our existing stock in the first phase,” said Abdulla Bin Sulayem, CEO of Seven Tides.  “The market is exceptionally buoyant at the moment and property on the Palm Jumeirah is highly sought after, so Next Move live is a great time to release the second part of our luxury development.”

“The fact that the apartments are already constructed is obviously a distinct advantage for buyers who can sign today and be swimming in the lagoons and enjoying the Palm Jumeirah lifestyle tomorrow.”

 

Meanwhile, Orient Desert Real Estate, Gold Sponsor of Next Move live, is providing customers who buy a property at the exhibition a complimentary 3D interior graphic concept worth AED 10,000 and a piece of art work worth up to AED4,000.

Additionally, for those clients that buy a property between AED five and 10 million, the Dubai-based real estate company will offer free property consultancy valued at AED20,000 plus a 40 minute Helicopter ride of Dubai.

With property prices in high-value areas such as Palm Jumeirah, Business Bay and Jumeirah Lake Towers showing the biggest increases by the end of 2013, developers are shifting their focus to areas such as Dubai land, Motor City and International City which offer consumers an affordable alternative.

“The basic rule of real estate is “location, location, location,” said Wouter Molman, Director of Cityscape Group. “In other words, investors need to know where they are buying.  Finished communities in convenient locations with the right amenities, schools and community centres are always highly sought after, even when markets aren’t in the strong position that they are today.

“The predominant trend in the last three days at Next Move live has further verified this, as exhibiting developers and brokers put a huge emphasis on the mixed-use element of their properties as part of their business strategy.”

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 beautiful to live but they cannot get into these areas without a car raises bit of concern and perhaps can be  more integrated nevertheless all of them drive to work. The government is taking initiative to solve this issue”.

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/