High Rise Properties has said that 30 per cent of construction on the first phase of AED 130-million Al Khan Towers project has been completed. The project includes a 20-storey hotel apartment tower and a 17-storey hotel building. The project is located a few steps away from the Sharjah-Dubai road and within the proximity of business and commerce centers in the emirate.
The first phase spreads over an area of 164,550 sq ft and comprises a ground floor, three car park floors and 20 standard floors. On completion by the second half of 2008, the building will have luxurious furnished apartments along with all amenities including a swimming pool, gym and helipad as well as 24-hour security.
Swift expands infrastructure in Dubai Logistics City
Swift Freight International has become one of the first companies to reserve space in Dubai Logistics City.
Swift has reserved 28,800 sq m on the contract logistics site for a purpose built logistics centre. Swift will also have an additional 25,000 sq m airside facility at the new World Central Airport to provide smooth air connectivity for shipments.
The Swift 5 logistics centre, located in Jebel Ali Free Zone, is being built to provide an additional dry storage area of 5,450 sq m, with over 12,500 pallet positions and variant temperature possibilities. Part of a new two-storey office block will be available for leasing.
Omniyat unveils futuristic building at British Museum
Omniyat Properties, the real estate development arm of Omniyat Holdings that bills itself as one of the UAE's most forward-thinking real estate developers, unveiled its latest development, 'The Opus', designed by renowned British/ Iraqi architect and designer Zaha Hadid, at a special event held this week at the British Museum in London.
The $ 465 million commercial tower located in Dubai's Business Bay district is to be completed in the fourth quarter of 2009. 'The Opus' will fuse visionary aesthetics, architecture and art to create a structure set to change conventional thought about structural development methods. It is set to house freehold offices.
DAMAC appoints Intermass as main Lago Vista contractor
Luxury lifestyle provider DAMAC Properties has appointed Intermass Engineering and Contracting Co LLC as the main contractor for its Lago Vista project at the International Media production Zone (IMPZ). Intermass is one of the most renowned contractors in the UAE, associated with several landmarks in the country.
Situated on Emirates Road, the IMPZ offers a sophisticated lifestyle with unique facilities including in-campus transportation, medical centre, schools, hotels, shopping centres, restaurants, amphitheatre, sports grounds and full-fledged fitness clubs. Spread over 1,008,718 sq ft, it comes with a mixture of 696 studios, 36 one bedroom and 264 two bedroom apartments, with retail on the ground floor.
Sungwon of South Korea gets Dubai's Deira project
South Korean construction firm Sungwon is to build a $ 5 billion real estate and tourism development project as part of its contract to redevelop one of Dubai's oldest areas. Sungwon will work on the development with Deira Investment, a private joint stock company established recently for the purpose with an initial capital of AED 1 billion ($ 272.3 million).
In total Sungwon has signed contracts worth $ 20 billion with Deira Investment, which will see it build houses, shopping malls, public facilities and harbour facilities in Deira, which runs along the city's creek. Sungwon plans to form a consortium with up to five other South Korean firms on the project, with construction taking place in three phases and scheduled to finish by 2012. The contract to redevelop Deira follows the signing of a AED 1.5 billion deal with Dubai Properties last year to work together.
DEC sells 90% of its Dubai retail space
Dheeraj & East Coast L.L.C. (DEC), the real estate joint-venture between India's Dheeraj Group and the UAE's East Coast Group, has announced that 90 per cent of its Dh 500 million worth freehold retail space spread across 17 developments has been sold in record time from commencement of sale. All 17 realty projects in Dubai offer over 161,441 sq ft of retail space. DEC highlighted the uniqueness of all their retail projects at the Retail City 2007 expo.
Jumeirah Golf Estates launches sales at two communities
Jumeirah Golf Estates, Dubai's premier residential golf developer, has launched sales at two communities, Flame Tree Ridge and The Sundials. It is a gated community of four and five bedroom villas, lining Greg Norman's Fire and Earth golf courses. Every villa in the community faces one of the courses. The 99 Tuscan villas come in a choice of eight different architectural styles, all featuring authentic stone facades, pitched terracotta roofs, extensive landscaped gardens, swimming pool and double garage. Plot sizes vary from 7,000 to17, 000 sq ft with prices ranging from AED 7 million to AED 13 million.
Drake & Scull bags Park Rotana engineering contract
Drake & Scull International (DSI), a major player in the region's electro-mechanical engineering industry, has been awarded the AED 178 million contract to provide complete mechanical, electrical and plumbing (MEP) works for the Park Rotana Mixed Use Development project coming up in Abu Dhabi's prestigious tourism complex, Khalifa Park. The project is being developed by Al Mada Tourism Investment Company LLC, which is a joint venture promoted by Abu Dhabi Tourism Authority(ADTA) and Rotana Hotels, Suites & Resorts.
The complex will include a 250 room hotel, 300 hotel apartments, office space and residential apartments. The hotel will have restaurants, meeting rooms, leisure and fitness facilities.
Upcoming mega World Jewel Capital complex in Riyadh Riyadh is set to become a centre of opulence and regality. A major SR 1.5 billion project is in progress to make the city the world's jewel capital, as envisioned by Prince Bandar ibn Mohammed Al-Saud. Located in King Fahd Road, at the heart of this complex will be a 7-star hotel, the first of its kind in Riyadh, along with luxurious villas and a four-storey commercial centre of international jewellery and luxury shops.
The three-in-one complex would bring it global recognition as the World Jewel Capital. Prince Bandar's mega project targets, among others, Saudi women, who have enormous spending power.
Noor joins Ansal for Indian venture
Abu Dhabi's Noor Capital is planning a joint venture with India's Ansal Properties and Infrastructure and will fund real estate ventures worth $ 740 m in the north Indian cities of Agra and Ghaziabad. Noor will utilise funds from Gulf Arab states via a Mauritian company.
Trident's 120-storey Pentominium launched at the Marina
Trident International Holdings has launched the 120 storey Pentominium at Dubai Marina. Individual units will occupy an entire floor, comprising 6,500 sq ft of floor space. The Pentominium is being designed by Aedas, while interiors will be provided by Hirsch Bedner Associates. The property will also feature a spa to be managed by Six Senses and residents will have part ownership on a fleet of cars, including a Rolls-Royce Phantom.
Nakheel bags half of Dubai's development space
Nakheel, one of the world's largest privately held property developers, has strengthened its relationship with DEWA (Dubai Electricity & Water Authority) as part of the future development of Dubai. Nakheel will develop more than two billion sq ft of land of the total of four billion sq ft available in Dubai over the next 20 years, with the potential to supply more than 50 per cent of the residential properties to be constructed in the Emirate during that time.
Work begins on Dubai's 'waterland' fun park
Dubai-based developer Aqua Dunya LLC and its sponsor investor, Al Sharq Investment, have broken ground on the first phase of the $ 1.8 billion water-themed family entertainment destination in Dubailand. Aqua Dunya aims to become one of the largest theme park resorts in the Middle East, attracting over three million visitors annually at build-out. It is expected to open in January 2010. Aqua Dunya resort and residences will be developed in three phases to address the growing demand as tourist arrivals to Dubai increase. The first phase comprises the Aqua Dunya Theme Park, Jumeirah Desert Pearl Hotel and Port District, 170 timeshare apartments, and 1,000 freehold residences.
Pearl-Qatar to become world's smartest real estate development
The Pearl-Qatar, the multi-billion dollar offshore island and one of the largest real estate developments in the country, will probably be the most technologically advanced real estate project in the world. The island will offer an ultra modern living environment in one of the world's most serene locations. The strategy is to maximise the integration of 'world class' technology systems to develop an extensive, high quality fibre optic infrastructure network, to make the island 'future-ready'. The island will utilise a modern Enterprise Resource Planning system, which integrates systems and applications, creating a more efficient and smarter synergy.
DAMAC launches 40-storey luxury project
Damac Properties, the Gulf region's largest private sector developer and luxury lifestyle provider, has announced the launch of its first project in Jeddah. Located on the Jeddah Corniche and alongside the Red Sea, Al Jawharah will be a luxury residential tower spread across 33 m sq m. Damac also recently opened a state-of-the-art sales lounge for its customers in Riyadh. The company currently has three sales offices in the country, located in Jeddah, Dammam Khobar and Riyadh.
National Properties to develop Skycourts
National Properties, the wholly owned real estate subsidiary of National Bonds Corporation, has broken ground for Skycourts, the pioneering freehold residential development that will come up in the heart of Dubailand. This follows the successful launch of the AED1.5 billion project last year; the first phase of residential units was sold out within six days. The release of the next phase of apartments will be announced shortly. Mohammed Al Shaibani, Chairman of National Bonds Corporation; Nasser Bin Hassan Al-Shaikh, Vice Chairman & CEO of National Bonds Corporation; and Adel Lootah, CEO of National Properties attended the ground-breaking ceremony.
Skycourts is the first real estate project to be developed by National Properties, a wholly owned subsidiary of National Bonds Corporation and is set for completion in 2009. Skycourts will add over 2,300 apartments and will have all modern amenities and luxuries.
The Kuwait Oil Company is planning to develop Ahmadi into a residential city. KOC would look to reconstruct residential buildings, improve services and develop the infrastructure. The company had earlier sent a letter to the Kuwait Municipality outlining its improvement plans for Ahmadi.
A $ 1.6 bn deal has been signed by the Al Shoulah Group and a consortium comprising the Land Company and the Taameer Company for the construction of a 'mini city' in Riyadh. The project, which will be known as Ajmakan, will be located in the Al Khozama area and will cover an area of 17 m sq ft.
Construction World 2007
