real estate

November 22, 2017

UAE-based developer Sweid & Sweid has partnered with hospitality brand Banyan Tree to develop and deliver the first Banyan Tree Residences in the Middle East.

Located on Al Telal Street, the new 32-storey residential tower will include 244 residences, featuring one, two, three and four-bedroom apartments, duplex apartments with private outdoor gardens and three full-floor penthouses.

Banyan Tree Residences, Hillside Dubai, is a single tower set within a gated community stretching over 110,000 square feet. The residents-only clubhouse and spa includes a fitness centre, a Banyan Tree spa, a squash court and an indoor children's play area.

The developer claims the project has"...

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November 22, 2017

A recent estimate put out by Fam Properties claimed that Dubai will see a further 163,840 properties being built over the next five years from 387 projects. However, the chief of one of Dubai's leading developers is not perturbed about fears of an oversupply.

Says Hussain Sajwani, chairman of Damac Properties: 'The Dubai economy grows at around four to five per cent per year and the city has half a million freehold units. Even if you take four per cent growth, you will need 20,000 homes to be delivered to the Dubai market every year. In the last three years, we have seen that between 8,000 to 10,000 homes were delivered and we estimate 12,000 units to be handed over this year.

'Next"...

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November 22, 2017

Offering smart, networked and ultra-modern living spaces in a pristine, upscale location within easy reach of key urban hotspots and centrally located in a serene residential setting, Royal Pearls, the prestige new development from Oriental Pearls Real Estate Developers, is a chance at a unique lifestyle experience. Construction on the inimitable project valued at AED 21 billion ($5.7 billion) is making steady progress with 10% of phase One already complete.

Royal"...

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November 21, 2017

Aljada, Sharjah’s largest mixed-use project, has broken the record for the number of homes sold by a developer in the emirate on a single day, it was announced on Tuesday.

The milestone came after Arada released Areej 5, an apartment block featuring 115 units in Aljada’s phase 1. All units, which included studios and one-bedroom apartments, sold out on the same day, beating the 102 units sold on Aljada’s launch day.

Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, said: “I’m delighted to see that sales for Aljada are progressing stronger than ever, showing that demand for homes in this wonderful"...

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November 21, 2017

ENBD Reit, the Shariah-compliant real estate investment trust (Reit) managed by Emirates NBD Asset Management, has announced strong occupancy growth during its third quarter across a number of its assets. Occupancy growth within the portfolio has been robust for ENBD Reit's affordable residential and office properties.

Binghatti Terraces, a residential building in Dubai Silicon Oasis, has reached 88 per cent occupancy so far this quarter, up from 70 per cent at the end of September 2017. The building generated close to 10 per cent of its rental income from retailers.

Other occupancy growth highlights include achieving 92 per cent occupancy in both Dubai Healthcare City properties.
...

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November 20, 2017

Dubai Hills Estate, an 11-million-sq-m master-planned green oasis located centrally in the city, has unveiled its premium ‘Club Villas at Dubai Hills’ collection that offers an upscale lifestyle within a world-class golf course community.

A joint venture between leading developers Emaar and Meraas Holding, Dubai Hills Estate is a mixed-use development with a series of unique neighbourhoods set around an 18-hole championship golf course.

The Club Villas at Dubai Hills stand out for their superb architecture, spacious layout and prime location in Dubai Hills Estate, with the homes offering soothing green views of the prestigious golf course community.

It provides residents"...

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November 20, 2017

The UAE’s Federal Tax Authority (FTA) has clarified that commercial real estate will be subject to the five percent value added tax (VAT), with residential units largely exempt.

In a statement, the FTA noted that the first supply of a new residential building within the first three years following its construction will be zero-rated. Subsequently, all supplies will be exempt, even within the first three years.

All commercial properties, however, are subject to the 5 percent VAT.

FTA"...

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November 19, 2017

The Dubai Land Department (DLD) has announced that the rental index has been updated for 2018. The new update is for all residential, commercial and industrial properties in Dubai.

The update was much-needed since residential rents have declined in several locations in the city so far this year. Those tenants who have been paying rents below the market average have been facing rent increases with every annual lease renewal.

“By definition, a rental index is a mechanism that is designed to protect the interests of both tenants as well as landlords. In an upward market [rising rents], it will, therefore, be pro tenant; conversely, in a downward market, it may be perceived as pro landlord,”"...

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November 16, 2017

Drake & Scull International (DSI), the under-pressure Dubai-based contractor posted, deeper losses for the third quarter, which it blamed on a lack of liquidity ahead of the completion of its recapitalisation programme.

The company posted a loss of Dh318 million for the three months to the end of September, compared with a loss of Dh78m for the same period a year ago, and a Dh182.7 loss for the second quarter of 2017.

The third quarter loss came in well below the Dh119m loss prediction calculated by Bloomberg from an average of analyst forecasts.

Contract"...

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November 15, 2017

Marka, the retailer that started restructuring its business earlier this year after failing to turn a profit since its 2014 listing, reported total revenues of Dh23 million for the three months ending September 30, down from Dh25m in the second quarter.

The company posted a net loss of Dh22m for the third quarter, deeper than the Dh3m loss posted in the same period last year, but an improvement on the Dh126m lost for the second quarter of 2017.

Marka, which listed on the Dubai stock exchange in September 2014, expanded rapidly into retail, food and beverage and children’s"...

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