TMCnet News
AME Info, Abu Dhabi, United Arab Emirates, real estate briefs column(AME Info (Abu Dhabi, United Arab Emirates) (KRT) Via Thomson Dialog NewsEdge) Jun. 18--THE CORNER FOR BB: Damac Properties has launched The Corner at Business Bay in Dubai. The 19 storey tower will feature office units as well as retail and recreational facilities. The development will be Damac's seventh at Business Bay following the Executive Bay, the Business Tower, the XL Tower, Capital Bay, Park Central and Business Central. FUJAIRAH PROPERTY LAW CHANGES: Fujairah is presently drawing up new laws which will allow foreigners to buy property in the emirate, according to the Dow Jones newswires. Fujairah wants to follow in the lead of Dubai which has seen a boom in property sales. A senior Fujairah official was not able to say whether the new legislation would provide foreigners with freehold ownership but it is hoped the new law will be implemented this year. DAMAC IN AMMAN APPOINTMENT: Damac Properties has appointed the Issa Haddadin and Partners Construction Company as the enabling works contractor for The Heights, The Lofts, Courtyard 1 and Courtyard 2 in Amman. The duration of this preliminary work is approximately 120 days and includes site preparation, excavation and shoring works. The work actually got underway earlier this month. EMAAR WARNS ON LETTINGS: Emaar Properties has warned homeowners in its developments who choose to rent out their properties on a short-term basis that the practice is a violation of their contracts, reported Gulf News. An Emaar spokesperson said homeowners could only rent out their properties for a minimum of six months and to let their homes for a shorter duration was seen as a commercial activity and would require an appropriate licence. MARKAZ SELLS US PORTFOLIO: The Kuwait Financial Centre, or Markaz, has sold Markaz BBK US Retail Realty Investment Unit II, a portfolio of retail properties in the US, for $245m. The portfolio delivered a gross IRR of 27 percent with a net amount distributable to investors of $70.5m. The portfolio was established in May 2003 when Markaz and BBK formed a partnership with Developers Diversified Realty to acquire a selection of retail properties for $169m. SHEFFIELD GOES CORPORATE: Sheffield Real Estate has launched its first commercial office space development with the Corporate Tower in Jumeirah Lake Towers, which will be developed at an initial investment of $81.6m. Corporate Tower will cover a built up area of 1.1m sqft and will comprise a 45 storey tower and a 10 storey 'twin' offering 1,300 sqft office units. SAMA UNDERWAY IN DOHA: Sama Dubai has commenced infrastructure work on the $632m mixed use Dubai Towers -- Doha project. Current work, which is costing $412.4m, includes advanced enabling work and tower piling. Podium piles have already been installed and the main structure building work is scheduled to commence shortly; slated for completion in H1 2010, the project will feature offices, apartments, a shopping boulevard and a boutique hotel. EMAAR LIBYA PROJECT PROGRESS: Emaar Properties is finalising the master plan for its project to develop the Zowara-Abou Kemash area on the Mediterranean coast near Tripoli. Emaar has extended, by another six months, the agreement it signed with the Zowara-Abou Kemash Development Zone to undertake the project. The 3.8bn sqft development will encompass residential, commercial, industrial, educational, healthcare, leisure and entertainment components. RUWAAD NEARS PROJECT RELEASE: Enigmatic UAE based property developer Ruwaad is close to unveiling its first major project following a large-scale, nine month advertising campaign, reported ArabianBusiness.com. The firm will launch a multi billion dollar mixed use project in eight weeks time. Hayan Merchant, Group CEO for Ruwaad, said the firm is looking to create 'iconic destinations' and he did not deny that a Disney style theme park could be an integral element. DUBAI GOVT SETS UP FIRM: Dubai's government is to establish a real estate body to own and manage all of its property in the emirate, according to the local WAM news agency. The Dubai Real Estate Corporation will be wholly owned by the government and it will be affiliated to the Dubai Executive Council. The new corporation will operate as a commercial entity and it will sign property deals on behalf of the government. MONARQUE OFFERS MAJESTIC: Monarque Properties has launched the $68m Majestic Towers in Ajman, reported Gulf News. The development will consist of two 29 storey towers, comprising one and bedroom apartments, and it should be ready for occupation by the middle of 2009. The smallest units, at 739 sqft, will cost Dhs250,000, while the largest apartments are priced at Dhs445,000; the firm is also looking at future ventures in Dubai, Sharjah and Abu Dhabi. ESG OFFERS WHITE BAY TERRACES: The Emirates Sunland Group has released a number of mid-rise properties in its White Bay project. Studios, one, two and three bedroom apartments, with either ocean or garden views, are now available in the seven storey White Bay Terraces. ESG also confirmed that, having recently appointed ACES International, geotechnical investigations are now underway at the development in Umm Al Quwain. ADIH FUND FOR PORTA REEF: The Abu Dhabi Investment House has launched the Porta Reef Investment Fund which will invest in the Porta Reef project at Bahrain's Reef Island development. Porta Reef will be located in the southern part of the $1.2bn man-made Reef Island and will cover an area of 160,000 sqft; the $90m Porta Reef will consist of three residential towers. The fund hopes to achieve a return of 20 percent over two years. CLUTTONS FOR BFH: Real estate consultancy Cluttons has been appointed as the property manager for the financial centre at the $1.5bn Bahrain Financial Harbour. The firm has allocated a specialist team to the BFH, which will be assisted by its London base and other international offices. Cluttons plans to introduce a property management system which will be linked to its international network. To see more of AME Info, go to http://www.ameinfo.com. Copyright (c) 2007, AME Info, Abu Dhabi, United Arab Emirates Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |