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DAMAC Aims To Start Akoya Oxygen Handovers This Year

DAMAC Properties has now spent around AED 5.6 billion on the Akoya Oxygen project and aims to start handovers by the end of the year.

The news came as the UAE-based developer awarded an AED 72 million contract for road and infrastructure work on the project to China State Construction Engineering Corporation (CSCEC).

“We are pleased to further strengthen our relationship with CSCEC, as we accelerate development in almost every part of our largest master community, which will start to welcome its first residents at the end of 2018,” said Ali Sajwani, General Manager of Operations at DAMAC Properties.

“This latest contract award to CSCEC will see major road and infrastructure work being carried out at three clusters within Akoya Oxygen, providing access and services to support 1,623 villas.”

Akoya Oxygen is located off the Umm Suqeim Road and is designed to be a family-friendly community with landscaping and water features. Damac says homes are being built with energy-efficient materials and will be equipped with smart controls and systems.

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Emaar Is Tempting Property Buyers With Discounts On Fees

Emaar is offering you the chance to save some money if you buy property in one of of six developments before May 10.

The developer will give you 50% off Dubai Land Department fees and the same amount off the first year’s service charge if you buy in Downtown Dubai, Dubai Creek Harbour, Dubai Hills Estate, Emaar Beachfront, Emaar South and Arabian Ranches before the deadline.

The range of units on offer is diverse, from flats in Emaar South starting at AED 599,888 to villas in Arabian Ranches starting at AED 4,520,888.

Emaar is also offering a two-year, post-handover payment plan (subject to each project’s remaining percentage, paid every six months).

Mortgages are available through Emaar’s partner banks, including Emirates NBD, Dubai Islamic Bank (DIB), Abu Dhabi Commercial Bank (ADCB), and HSBC.

The amount of money you’d save by taking up the offer will depend on where and what you’re buying.

Annual service fees are based on the unit’s square footage. For villas, the fee can typically run up to several thousand dirhams per year.

Dubai Land Department charges buyers 2% of the unit’s sale price, along with a AED 5,000 registration fee on all properties sold for more than AED 500,000.

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Tamouh Completes 924-Unit Horizon Towers On Reem Island

Tamouh Investments has announced the completion of its latest project, the 924-unit Horizon Towers on Reem Island.

Consisting of the 57-floor Tower A and 38-floor Tower B, the mixed-use Horizon Towers has been completed and handed over to the property management company Three60 Communities.

Horizon Towers features a mix of townhouses and one- to three-bedroom apartments as well as a range of retail outlets, restaurants, a swimming pool, sport pitches, gym and yoga terrace. Residents can enjoy views of Abu Dhabi’s mangroves, Reem Island and the city’s skyline.

Ghanem Al Mansoori, CEO of Tamouh, said: “Tamouh prides itself on delivering projects that meet the highest of standards and provide residents with an optimal standard of living.

“Residents living in Horizon Towers on Reem Island will be able to enjoy the very best in accommodation coupled with an easy access to a host of outdoor activities in one of Abu Dhabi’s newest developments.”

One bedroom apartments in Tower A are currently listing online for around AED 1 million, with 3 bedroom units going for around AED 1.85 million.

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Oriental Pearls To Use Luxury Italian Brand For Its Dubai Projects

Oriental Pearls has signed an agreement to use the upscale Tonino Lamborghini brand across its real estate developments in Dubai.

Royal Pearls is currently working on a large planned community in Dubai’s Meydan One district. The 4.6 million-square-foot development is designed to feature more than 7,500 freehold apartments positioned at the premium end of the market.

Tonino Lamborghini brings a lifestyle experience brand covering luxury products and high-end hospitality projects, including cafes, hotels, residences and apartment hotels. The partnership gives Oriental Pearls exclusive rights to use the Tonino Lamborghini brand in Dubai in the real estate sector for a minimum period of 10 years.

“It gives us great pleasure to be able to partner with Tonino Lamborghini for our upcoming projects in Dubai, beginning with Royal Pearls. Joining hands with Tonino Lamborghini enables us to offer our customers the ultimate bespoke living spaces, customised and fitted to designer premium standards that haven’t been seen yet in Dubai,” said Ma Guolong, CEO of Oriental Pearls.

“After four 5-star hotels and the recent launch of a luxury Tonino Lamborghini Real Estate project in China, I am delighted to start a new partnership in this highly developing sector in Dubai with the Oriental Pearls developer. For the next years to come, our combined efforts will be focused on bringing a new upscale concept of total living to this extraordinary city and country,” declared Mr Lamborghini.

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Emaar Grande Residences Are On Sale This Week

Sales of 1, 2, 3 and 4-bedroom residences in the Emaar Grande project in Downtown Dubai begin this week.

Emaar is hyping up the sale, describing this as the last chance to buy homes with the closest direct views of The Dubai Fountain in Downtown Dubai. The 78-storey residential tower is located in the heart of The Opera District, meaning you’ll also be close to Dubai Mall and the iconic Burj Khalifa.

The building features a substantial podium level with an infinity swimming pool and expansive deck that opens to spectacular views of The Dubai Fountain. The tower also has a children’s playground and barbeque areas, fitness centre and health club.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: “Downtown Dubai is today one of the most sought-after residential destinations in the city, offering great value for investors, and a world-class lifestyle for residents. Grande is a spectacular addition to Downtown Dubai, which will add to the skyline of the nation. Residents become part of a thriving cultural and lifestyle hub with spectacular views of Burj Khalifa and The Dubai Fountain, and effortless proximity to Dubai Opera and The Dubai Mall.”

Potential buyers can visit the Emaar Sales Centre in Downtown Dubai, the Dubai Hills Estate Sales Pavilion located on Umm Suqeim Road, the Dubai Creek Harbour Sales Centre in Ras Al Khor, the Emaar South Sales Centre on the DWC Peripheral Road in Dubai South and the Abu Dhabi Sales Centre on the ground floor of Al Nahda Tower on 4th Street, Al Muroor Road. The centres are open from Saturday to Thursday, 8.30am to 6pm.

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Dar Al Arkan Mirabilia Is A SAR 600 Million Saudi Villa Project

Dar Al Arkan Mirabilia, a SAR 600 million residential villa project within the SAR 10 billion Shams Al Riyadh Development, has launched.

The villas, with interiors designed by Italian luxury brand Roberto Cavalli, will feature between three and seven bedrooms and range in size from 300 to 1,600 square metres.

Mirabilia (meaning ‘marvels’ in Latin) will overlook nearby Wadi Hanifa and will sit within Shams Al Riyadh, an ambitious mixed-use development designed to occupy around five million square metres.

“Mirabilia will redefine luxury living, offering its residents exclusive experiences right here in Riyadh, in this vast unique landscape that combines meticulously curated urban indulgence from the high-end Italian fashion house Roberto Cavalli with the alluring Wadi Hanifa’s marvels,” said Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan,

“Mirabilia’s new blueprint will set the tone for this amazing region in the capital, Riyadh. I am particularly delighted with our partnership with the Roberto Cavalli Group, which encapsulates the true meaning of high-end luxury and is an embodiment of beauty, design and artistry.”

Located on King Khalid Road, Shams Al Riyadh follows the ‘city within a city’ concept of residential units, amenities, schools, retail units and commercial areas within one managed development.

Infrastructure works investment in Shams Al Riyadh so far stands at more than SR 1 billion, including two power substations as well as main access roads.

Saudi Basic Industries Corporation (SABIC) has endorsed the project, investing an undisclosed amount in a SABIC Residential Complex made up of 600 fully equipped residential units built on a 1.8 million square metre area. SABIC employees began moving into units in 2017.

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Signature Is Looking For London Buyers For The 118 In Dubai

If you’re in London over the next week, you may be interested in this event focused on a new luxury Dubai property development.

Signature Developers has appointed Wetherell to market The 188, its luxury high-rise development in Downtown Dubai, at an event in Mayfair, London on May 9-10.

In contrast to previous offerings of Dubai real estate in London, which have mostly been off-plan, buyers can actually purchase and move into their units immediately. The 118 is being launched complete with finished residences and dressed show-units by international design houses Fendi and Roberto Cavalli.

The 118 is a USD 175 million, 44-storey residential tower skyscraper providing bespoke, full-floor, 4-6 bedroom residences, including two duplex penthouses. For the launch in Mayfair, residences on the fourteenth to 44th floors are being released for sale.

The 118 residences were designed by Sarah Hamid, project director at Hirsch Bedner Associates (HBA) which specialises in luxury hospitality, hotel and resort projects for brands including Raffles, Shangri-La, Ritz-Carlton and Four Seasons.

The multi-purpose club lounge at The 118 was designed by Shalini Misra, director of Shalini Misra Ltd (SML), the landscape architects are Cracknell and the lighting scheme was devised by Illuminate.

The 118 residences offer a choice of two styles; ‘Signature Classic’ or ‘Signature Contemporary’. Prices range from GBP 4.55 million to GBP 5.3 million for a lateral residence, with driver’s/staff room/quarters. The penthouses are priced at GBP 10.73 million and GBP 11.875 million.

Peter Wetherell, chief executive of Wetherell, expects an enthusiastic response from global citizens with a base in Mayfair.

“The subcontinental buyers in Mayfair typically have a home for banking and family education in London, a family home in the city and homes for business and leisure in either Dubai, Monaco, Manhattan or Los Angeles,” he said.

“They will spend anything from GBP 2 million to GBP 20 million on purchasing a home in Mayfair, with 70% buying an apartment or penthouse and the balance acquiring a mansion, townhouse or mews property. Providing value-on-investment, a world-class destination and a low tax environment, The 118 in Dubai is a logical choice for these multi-national residents.”

The Mayfair exhibition is being held on the 9th and 10th May 2018 (9am to 5pm daily) at the Four Seasons Hotel on Park Lane, London.

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Binghatti Accelerates Work On Dubai Silicon Oasis Tower Project

Binghatti Developers is accelerating work on Binghatti Stars in Dubai Silicon Oasis in a bid to achieve completion by the end of this year.

So far, two basement levels, the ground floor and three residential floors have been built, according to the developer.

When done, the tower will feature 362 apartments, including studios, one bedrooms and two bedrooms.

“We are very pleased with the progress of construction works in Binghatti Stars,” said Muhammad BinGhatti, CEO and head of architecture, Binghatti Developers. “We consider our commitment to delivery times as a priority, which is a well-known fact solidified by timely deliveries of all Binghatti’s past projects.”

Binghatti Stars will include a Technogym health club, pool, jacuzzi, children’s play area and public terrace.

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Deyaar Releases New Units In Dania District With Ramadan Offer

Deyaar Development has announced the release of the final units available within the Dania district of its Midtown development

As a Ramadan promotion, and to mark the project reaching 35% completion, Deyaar will cover 100% of the Dubai Land Department fee normally payable on property purchases.

Buyers must pay 5% to secure a unit and 80% of the purchase price must be paid by handover, currently scheduled for Q4 2019. Prices start at AED 680,000 for a one-bedroom apartment and the offer runs until the end of Ramadan.

Midtown is a community development in Dubai Production City near Arabian Ranches and Dubai Motor City. It consists of 27 buildings with a built-up area of almost five million square feet, including studios and one, two and three-bedroom apartments.

“Intended as the ideal community for families and professionals alike, Midtown is a premium investment opportunity for buyers who wish to own their own home, or those who wish to rent their property out in the future,” said Nasser Amer, Sales Vice President, Deyaar. “At 35% completion, we are well on track for a Q4 2019 handover.”

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SE7EN CITY JLT’s First Phase Sells Out In One Week

The first phase of SE7EN CITY JLT, a mixed-use development in Jumeirah Lakes Towers, sold out within one week of going on the market, according to developer Seven Tides.

A total of 661 apartments were sold, at a combined value of AED 301,863,775 million.

“To sell out phase one of our project in less than one week is remarkable and due to that success, we are now launching phase two of the project,” said Abdulla Bin Sulayem, CEO, Seven Tides.

“Furthermore, this underscores the point that if you offer investors a compelling proposition, based on ROI, location and quality, they will invest irrespective of overall market sentiment…”

Bin Sulayem believes that investors were also attracted by a simple payment plan made up of a 5% deposit, followed by payments equal to 6% of the unit value every quarter until the planned completion date of Q3 2021.

The bulk of the units sold, 572 in total, were studios, which Bin Sulayem believes should yield 12% per annum to owners.

SE7EN CITY JLT will include 2,635 residential apartments when complete, along with 150,000 square feet of retail space, a hotel and restaurants.