08 October 2009
Manazel Real Estate, an Abu Dhabi-based developer, is expecting to obtain a "freehold" status for its Al Reef Villas project and 9712BMC, a mixed-use development, in Abu Dhabi, according to a top company executive.
"It could be made freehold as it is built in an investment zone. The law allows freehold in future. There is a possibility that it could be offered as freehold to non-GCC nationalities as well," Fahad Hareb, Chief Operating Officer, Manazel Specialists, a subsidiary of Manazel Real Estate, told Emirates Business.
Non-GCC and expatriates are currently offered a 99-year lease. Manazel is currently focusing on delivering the Arabian cluster of the Al Reef Villas project, which is a large-scale residential community, spreading across one million square metre. The development has three other clusters called Desert, Mediterranean and Contemporary along with a central downtown area.
"We expect to deliver the first phase of 244 villas in a couple of weeks. "It is all about delivering. The other phases are coming up with the hand over in Desert cluster likely to begin in the first quarter and second quarter of 2010, followed by the Mediterranean in the third quarter and Contemporary in Q4," said Hareb.
According to the company's COO, their developments are "little bit different", targeting the lower- to middle-income housing segment. "And there is high demand in this sector," he said.
Another project that Manazel is focusing on is the 9712BMC, a mixed-use development being developed over 230,000 sq m of land. "The development includes two commercial towers as well as a shopping mall, and all are under construction."
Although the project was launched a couple of years ago, it has gone through some concept changes. Hareb said the latest master plan was launched in Cityscape Abu Dhabi 2008 and it basically pushed the project forward.
Asked if the developer had witnessed incidents of defaults, Hareb said: "We have seen our share of defaults, but we are deferring some payments on 9712BMC project.
Activity on
Manazel Real Estate is still witnessing about 40 to 60 transactions per month in its Al Reef Villas project, according to Hareb.
"There is high demand for villas as they have all been sold. We have seen 40 to 60 transactions a month in the secondary market although we used to see triple of such transactions during 'good' days . People are concerned and banks are a little hesitant but transactions are happening."
But the company is not going to buy any villas from distressed investors or from the secondary market. "We don't get involved in transactions. They may be selling for less than what they picked it for," he said.
Manazel Real Estate, an Abu Dhabi-based developer, is expecting to obtain a "freehold" status for its Al Reef Villas project and 9712BMC, a mixed-use development, in Abu Dhabi, according to a top company executive.
"It could be made freehold as it is built in an investment zone. The law allows freehold in future. There is a possibility that it could be offered as freehold to non-GCC nationalities as well," Fahad Hareb, Chief Operating Officer, Manazel Specialists, a subsidiary of Manazel Real Estate, told Emirates Business.
Non-GCC and expatriates are currently offered a 99-year lease. Manazel is currently focusing on delivering the Arabian cluster of the Al Reef Villas project, which is a large-scale residential community, spreading across one million square metre. The development has three other clusters called Desert, Mediterranean and Contemporary along with a central downtown area.
"We expect to deliver the first phase of 244 villas in a couple of weeks. "It is all about delivering. The other phases are coming up with the hand over in Desert cluster likely to begin in the first quarter and second quarter of 2010, followed by the Mediterranean in the third quarter and Contemporary in Q4," said Hareb.
According to the company's COO, their developments are "little bit different", targeting the lower- to middle-income housing segment. "And there is high demand in this sector," he said.
Another project that Manazel is focusing on is the 9712BMC, a mixed-use development being developed over 230,000 sq m of land. "The development includes two commercial towers as well as a shopping mall, and all are under construction."
Although the project was launched a couple of years ago, it has gone through some concept changes. Hareb said the latest master plan was launched in Cityscape Abu Dhabi 2008 and it basically pushed the project forward.
Asked if the developer had witnessed incidents of defaults, Hareb said: "We have seen our share of defaults, but we are deferring some payments on 9712BMC project.
Activity on
Manazel Real Estate is still witnessing about 40 to 60 transactions per month in its Al Reef Villas project, according to Hareb.
"There is high demand for villas as they have all been sold. We have seen 40 to 60 transactions a month in the secondary market although we used to see triple of such transactions during 'good' days . People are concerned and banks are a little hesitant but transactions are happening."
But the company is not going to buy any villas from distressed investors or from the secondary market. "We don't get involved in transactions. They may be selling for less than what they picked it for," he said.
By Parag Deulgaonkar
© Emirates Business 24/7 2009
