Mortgage Providers Focus on Completed Projects

The concept of retail lending is no more than a drip, whatever mortgage offers are available in the market, seem to be directed at the completed property projects or to those properties which show a clear sense of completion in future. The mortgage providers don’t approve that development that does not meet these guidelines. The managing director of Home Matters, a mortgage consultancy, Jean-Luc Dubois said: “There has to be a clear line of sight as to when construction would be complete. It's the stance all the leading mortgage providers active in the market have adopted, and there aren't that many of them.”

Now the developer is entirely responsible for getting mortgage providers for his property in Dubai. It is also a kind of reminder to the developers that they should not treat the cost cutting exercises that would decide the final build quality. The executive vice-president and the head of consumer assets at Abu Dhabi Commercial Bank, Sundar Parthasarathy said: “The quality of what's being built has to speak for itself, and it's the responsibility of the developer to convince the homeowner and the mortgage company this is indeed the case.”

As the Tamweel situation is cleared, followed by the announcement by Dubai Islamic Bank clarity is shortly expected on Amlak, however, the industry experts are saying that the entire process will be slow. As there are more providers, the prospective buyers could hope for some competitive mortgage rates. Parthasarathy said: “The majority of the offers could end up between 5.75 to 6.5 per cent, but there will be other factors that will also dictate this — the client's credentials, the development and other factors.”

Parthasarathy further added: “Mortgage providers are more willing to associate with clients who want to acquire their rental property into an owned one.” “For the lender, there's a history that can be tracked of the client with the property, and that's a very comfortable situation to be in. There are no major numbers of those moving from rental to owned accommodation, but it's a trend that will slowly build up. We are starting to see a steady flow of applications related to such purchases.”

Falconcity Focuses on finishing the First Phase

A Falcon city of wonders has been created in Dubai and its first phase is about to be completed comprising a total of 150 villas out of 320 are bought from phase I of the residential section. The chairman and CEO of Falcon City of Wonders, Salem Al Mousa said: “We are in full swing. We have given the tenants their properties which they are currently living in and we're working on finishing 200 more villas in phase one in the next year and a half.” 80 percent of the infrastructure of the entire project has been completed including the power station and the Dewa within phase one.

Moreover, the community centres within the same phase are expected to be completed in a year. Currently, the work on sewage treatment infrastructure and on some of the lakes is going on. The other parts of this master development are also being developed, however they are under different stages of construction. The Eiffel Tower, the Pyramids and three cities within the development are waiting for approval by Dubai Municipality.

Al Mousa told Gulf News: “Everything takes time. We are constantly revisiting sections and dealing with the issues that have taken place." The Falconcity of Wonders is a huge project located in the famous Dubailand. It features structures based on the renowned architectural marvels of the world and famous sites including the Eiffel Tower, Pyramids, Leaning Tower of Pisa, Taj Mahal and the Hanging Gardens of Babylon.

The entire city is shaped in a way to showcase the falcon, as the emblem of the UAE’s heritage. This project is spread across 41 million square feet combining several residential, educational, commercial and entertainment facilities along with a theme park also being built.

Dubai Properties Group to Complete 4 Diverse Developments in 2011

Dubai Properties Group is a member of Dubai Holding announced the completion and handover of four retail, leisure and residential developments in the coming year 2011 in order to expand the diverse real estate portfolio. The four projects which are expected to be completed by the year 2011 including the Remraam residential community which is in the heart of Dubailand, Bay Avenue at The Executive Towers in Business Bay, The Villa Phase II and the first Beach Club at the famous Jumeirah  Beach Residence.

These upcoming projects are complementing the existing DPG real estate portfolio of 16 developments. 7 communities are launched at some of the prime locations across Dubai in the past 12 months. It includes The Executive Towers at Business Bay, Al Waha and The Villa in Dubailand, Shorooq and Ghorrob in Mirdif and Nuzul staff accommodations in Jebel Ali.

The Group CEO of Dubai Properties Group, Khalid Al Malik said: “At DPG we endeavor to contribute to the development and growth of Dubai by providing, affordable, accessible and diversified communities across the Emirate. The completion of these four projects will strengthen our unique mix of real estate and demonstrates our commitment to delivering an extraordinary range of communities at every price range in every corner Dubai.”

The Villa Phase II comprises of 219 Spanish-style villas along with lavish open spaces for experiencing outdoor living. This is one of the exclusive landscapes set in Dubailand. Moreover, the residential units in Remraam are planned as per the low-rise Moorish architecture and lush landscaping. This development includes spacious studios, 1, 2 and 3 bedroom residences with private gardens, extended balconies and other facilities. Bay Avenue is a 175,000-square foot retail development emerging as a boon for the residents staying at The Executive Towers. There will be a two level outdoor space featuring restaurants, cafes, boutiques etc.

The Dubai Properties Group’s diverse communities are situated in prime locations across the emirate.

Miniature Versions of Properties Give Buyers a Glimpse of Project

Prior to the construction of any real estate project in Dubai, a miniature of that project with the same look and feel which is usually captured with a three dimensional artwork or a 3D model of the building. There are model making firms in Dubai which might also deal in creating miniature versions of the projects; however, these are not small businesses. They are also showing their presence in this year’s Cityscape. Before a real estate project is being constructed, the brokers and the developers promote the other components associated with it.

The Group CEO of Tamani hotels and resorts, Sanjeet Joher said: “Models of projects are very important. Having the right model is the key ingredients in making the customer buy property. The model showcases how the finished project will look and give them a better idea of what they're buying.” Before presenting it to the customers, Tamani constructs a model to showcase. Moreover, for most of the buyers these scale models and the artist’s impressions are the actual points of references. It helps them to take the right decision while purchasing a property.

The executive director at Arabtec Eastern Model, Raja Hani Ghanma said: “Business has slowed down for us here in Dubai, however we've got several jobs in Abu Dhabi and we've been quite busy with the rest of the Gulf, primarily Saudi Arabia, which has been our biggest market over the last two years.”

With the massive construction boom, this model business of real estate projects was at its prime time, however with the slowdown, the times have changed. For a project whose miniature has to be designed the company needs a detailed three dimensional presentation which provides the required technical information to the model makers.

Upcoming Projects at Cityscape Global 2010 by Bloom Properties

Bloom Properties is a master developer and of the communities of Abu Dhabi based National Holding announced two projects that are on the verge of completion in the year 2010 and is offered for leasing during the third consecutive participation at the Cityscape Global 2010 in Dubai. This is one of the largest and important business to business events across the world and this time the ninth edition is going to take place in Dubai starting from 4-7 October at the Dubai International Convention and Exhibition Centre. If we talk about Bloom Property projects, Downtown Residence and Noor Residences in Al Ain comprising of 26 low rise buildings ad will be highlighted at the event.

Construction activities on Bloom Gardens have already instigated. Phase I of the development is scheduled for delivery by the third quarter of 2011 including 123 residential units which is a mix of townhouses, detached villas and semi detached villas. The CFO, Saed Arekat of Bloom Properties said: “Cityscape Global in Dubai is a great platform to communicate with real estate developers and investors that will open doors for great investment opportunities in UAE and the region. We believe the event will offer investors a fresh perspective on the diversity of our project portfolio and encourage them to be part of our unique developments.”

The event comprises of 38000 participants with over 200 exhibitors and hundreds of real estate projects on the showcase from across the Middle East, Africa and Europe. This four day global exhibition is an annual gathering for international real estate professionals especially from the upcoming markets.

The participation of the Bloom Properties in Cityscape Global in the emirate reflects the commitment of providing an integrated approach in building communities through value added offerings in sports, leisure, health and retail.  

French Café & Boulangerie Launched In The Dubai Mall

 

A second independent restaurant operation has introduced ventured by Emaar Hospitality Group. A new concept restaurant has been introduced at The Dubai Mall. Madeleine, a newly opened French Café & Boulangerie is all set to offer contemporary and casual French cuisine in a chic ambience overlooking The Dubai Fountain. The Emaar Hospitality Group brings expertise in operating stand alone restaurants which in turn will provide a complete lifestyle experience within the community.

The Chief Executive Office, Emaar Hospitality Group and Emaar Hotels & Resorts, Mr. Marc Dardenne said: “With over 40 restaurants in our portfolio, launching Madeleine marks another positive step in Emaar Hospitality Group’s expansion plans. After a year of opening our first independent restaurant, Downtown Deli, also located in The Dubai Mall, we have proven our proficiency in managing quality food and beverage across individual restaurants as well.” He further added: “Madeleine will be the ideal place to relax with friends or family while enjoying exceptional French cuisine in elegant surroundings. The restaurant is committed to providing visitors with exceptional service and quality in the idyllic ambience.”

This unique restaurant is ideally located on the first floor of the Dubai Mall and the guests coming to the restaurants are provided with the breathtaking views of The Dubai Fountain from the outdoor terrace. The restaurant has the largest terrace in the Mall for al fresco dining and it can accommodate around 271 guests with indoor as well as outdoor seating. The restaurant is beautified with wooden flooring and it offers casual dining experience. The menu features traditional French artisanal cuisine.

As far as the opening hours of the restaurant are concerned, it opens from 10 am to 10pm on weekdays and 10 am to 12 midnight on weekends. Emaar Hospitality Group features five hotels in its Dubai portfolio.

Meraas to Award Pearl Jumeirah Contracts by December

MeraasDevelopment is a member of Dubai government owned Meraas Holding is all set to award infrastructure contracts in the early December for the Pearl Jumeirah Island development. The value of the contract was still not disclosed. Sina Al Kazim, Meraas chief business evelopment officer told Gulf News: We've issued contracts for the reclamation work and the usual tivities associated with island development — like hydraulic studies, environmental studies and coastal protection. Future contracts include the building of roads and other infrastructure and the power sub-station.”

He further added “We prefer not to discuss financial terms.”Meraas unveiled this Pearl Jumeirah which was earlier labeled as the East Bay which is a component of the Jumeirah Gardens. It has been asked that whether this entire Jumeirah Gardens project had been scaled back from its original size. As Kazim said: “At this point in time, Meraas does have the land bank available but does not wish to proceed with the original plan as the market does not require it. As the market changes, Meraas will fit in to that requirement.”

He further added: “Meraas will always react to what the market requires. We will also always support the government in what it wants us to do.” The land handover on Pearl Jumeirah is on the fourth quarter of this year and further development of the island will depend upon on the investors those who have bought the land. Meraas exhibits a detailed model of the Pearl Jumeirah development at the Cityscape exhibition next month in Dubai.