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Infrastructure
ready for Downtown Jebel Ali development, say
Limitless
Infrastructure is ready for Downtown Jebel Ali,
the Dh.48bn mixed-use urban development, constituting
326 buildings, with developers now working on
finalizing design plans for their projects,
revealed a senior executive at Limitless. The
Executive Director for Limitless – Middle
East, Salah Ameen, said that five plots are
under construction while three more developers
are now finalizing their design plans. Among
the 326 buildings likely to come up in the development,
237 will be residential.Limitless
is the master developer of Downtown Jebel Ali,
and has already developed The Galleries, comprising
six office buildings and two residential towers.One
of the projects now under construction in the
master development is that of Damac Properties.
The residential development here is due for
delivery by 2013, and it is moving as scheduled.Limitless
is also working towards completion of first
phase of residential units at The Galleries,
wherein, a total of two buildings will offer
more than 600 units.Although the master developer
had initially emphasized that sub-developers
will have to begin construction within five
years from plot handover date, they are now
lot more flexible due to current market situation.
However, they have confirmed that action will
be taken against developers who failed to abide
by their financial obligations despite offering
consolidation or easy payment plans.The Downtown
Jebel Ali is a mixed-use urban development comprising
four zones stretching for 11kms along Sheikh
Zayed Road, and located between Jebel Ali free
Zone and Techno Park. It constitutes 326 buildings
worth total of Dh.48bn.Dubai properties to see
stability in values, while
Abu Dhabi may see decline
The real estate sector in Dubai will witness
stability in capital values, while Abu Dhabi
will witness highest value declines in next
one year, says the Jones Lang LaSalle (JLL)
survey report.The global property consultancy,
in its 2011 MENA Real Estate Investor Sentiment
Survey Report, revealed that although Dubai
has already crossed its supply peak, Abu Dhabi
is still approaching the peak of supply cycle.
Therefore, the rents and sale prices in the
Capital are likely to go down in the coming
year.The survey respondents include top 30 financial
institutions investing in regional real estate
markets. The respondents are of the belief that
Dubai rents will also continue to fall, but
the rate of decline has slowed down considerably,
with some locations and sectors having already
hit their bottom.The survey showed investor
interest for all asset classes in Abu Dhabi,
although the interest was strongest for residential
sector. In Abu Dhabi and broader region, investors
are expecting opportunities in middle income
housing segment.MENA-based investors have also
expressed interest in residential sector, particularly
for low and mid-income housing, which were neglected
during the boom period. Regional developers
and investors are eyeing opportunity to partner
with local governments to develop affordable
housing. Abu Dhabi has already been in the forefront
in this arena.Meanwhile, 75 percent of respondents
agreed that they plan to increase their investment
level in the MENA property market in next one
year. Although they expressed interest for all
asset classes, office is the preferred sector
for investment, with particular focus on completed
and operational properties, supported by long-term
secure income streams. In Dubai and Saudi Arabia,
logistics and light industrial sector too emerges
as another target sector.As for investment strategy,
MENA is the geographic focus, with 67 percent
of respondents planning to acquire regional
assets in next one year.New villa community
likely to come up in Jumeirah
The H&H Investment
& Development, the Dubai-based
real estate Management and Development Company
announced that it is currently developing a
villa community in Jumeirah.The residential
villa community project in Jumeirah, which is
now at design stage, will comprise 20 to 25
high-end villas with some retail componenets,
revealed the Chief Executive Officer of H &
H Investments, Shahab Lufti.According to real
estate experts, villas in Jumeirah are much
in demand among GCC nationals. With the current
unrest in Middle East region, the demand has
soared further, with average rents ranging between
Dh.200,000 and Dh.350,000.Lufti said that his
company has stopped working on or developing
projects in freehold area. In fact, the company
is concentrating on non-freehold areas such
as Bur Dubai or Deira, as these locations are
still lucrative, and gain an occupancy rate
of 80 to 85 percent on completion.H & H
Investment is working on the design of a residential
project located close an Island on ‘The
World’. Being a third party project, H&H
will monitor the development of the project,
in case the owners of the island decide to go
ahead with the project.However, no further details
of the project have been revealed, although
Lufti said that his company may re-use some
old designs for the new project. One of the
sister concerns of H & H Investments was
working on the D51 project of Venture Capital
Bank. The design of the project was nearly 70
percent complete and had won the initial approval
from concerned authorities.
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