Dubai Weekly Property & Real Estate News - April 04 - 2005
Burj Dubai to rise
The foundation work on Emaar’s Burj Dubai has been completed at a cost of USD15m and the second stage is due to begin. South Korea-based Samsung Corporation, who won the USD900m construction contract, will start building the tower on April 15. The Burj Dubai is the centrepiece of the USD20bn Burj Dubai and Downtown Dubai districts and is due to be finished in 2008.
Business Bay, USD54m deal
Dubai Business Bay has announced the USD54m sale of three 40,000 sqft blocks to UAE businessman Sulaiman Al Fahim. The USD131m project will comprise three office and residential towers with a total floorspace of 800,000 sqft. This is part of the 250-tower Dubai Business Bay masterplan.
Dubai land deals USD61m
The Dubai Lands and Properties Department reported land deals worth a total of USD61.3m last week. Of the 14 deals struck, the biggest was in Oud Maitha for USD32m, followed by a USD18.4m deal in Al Nahda and a 56,685 sqft plot in Oud Maitha.
Indigo Icon, latest JLT launch
Indigo Icon, a 34-storey tower designed by W.S. Atkins has been launched in Dubai by Emirates Properties Investment. It is located between the fifth and sixth interchange on Sheikh Zayed Road and in the Jumeirah Lake Towers district. The same promoters announced the Indigo Tower last year which is also in the JLT.
189-storey Burj Dubai skyscraper from Emaar
The Burj Dubai skyscraper from Emaar is to offer offices from floors 112 to 189. The tallest building in the world will have a hotel on the first 37 floors, and apartments from floors 45 to 100. Its precise height is secret but plans suggest a minimum of 705 metres or 2,313 feet.
Zayed City for Afghanistan
The UAE is to build a Sheikh Zayed bin Sultan Al Nahyan city in Afghanistan at a cost of USD4.4m, reported Wam. The UAE Red Crescent Authority arrived in Kabul yesterday to lay the foundation stone of the city and inaugurate several hundred humanitarian projects.
Emaar, USD3.7bn in sales
Dubai-based Emaar Properties has sold 9,000 residential units worth USD3.68bn to date, and by the end of 2005 will have delivered a total of 13,000 units, sales director Naaman Atta Allah told Gulf News. More than 60 per cent have been purchased by end users and the resale market is returning an average 10 to 20 per cent, he said.
Dubai Municipality using Oracle Property Manager
Dubai Municipality has developed a new online system using Oracle Property Manager. It will be used initially in the administrative section of the Markets department and later in the Property and Lease Management sectors. Users will be able to get information about municipality leases and investment properties online.
Westgate Apartments launch
UAE-based Falak Properties has opened sales for its USD136m Westgate Apartments in Dubai Sports City. WA consists of six mid-rise towers with studios, one and two bedroom apartments, with prices ranging from USD78,900 to USD190,000. It will be close to amenities within DSC including a golf course, swimming pools and fitness centres, sports stadiums, restaurants and cinemas. Asteco is the selling agent for the project.
Monorail for Burj Dubai
Emaar plans to build a 1.3km monorail to move people around its Burj Dubai district, reported Gulf News. The monorail will connect Dubai Mall with the Dubai light rail system and will help transport an expected 40m annual visitors to the mall, according to Executive Director Robert Booth.
Marina Diamond on schedule
Diamond Investments is ahead of the scheduled December 2005 completion date for its Marina Diamond One building in the Dubai Marina, according to a company spokesperson. The 14-storey residential building has studio, one, and two bedroom apartments as well as a gymnasium, two swimming pools, sauna, and steam room.
Travo, online a sell-out
Emaar Properties latest release of apartments in The Greens, Travo, sold out completely on Thursday after more than 4,000 applications were received online. Buyers were randomly determined from this list with the process supervised by Grant Thornton. Officials said online registrations would now be a regular feature of future launches.
Han Worldwide Enterprises, USD68m 1-Lake Plaza
Han Worldwide Enterprises is to invest USD68m in 1-Lake Plaza, a 39-storey tower and part of the Jumeirah Lake Towers district in New Dubai. This is the company's first project and two more are planned. Its owners are Hilal M. Al Zarooni, Ahmad H. Khoury and Nasir Ahmad Mahmoud.
Dubai Properties facilities management
Dubai Properties has set up a facilities management arm, Idama Asset Management Solutions. The subsidiary of state-owned Dubai Holdings will specialize in the latest solutions to serve Dubai's booming real estate sector, in particular the multi-billion dollar Business Bay.
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