"Home Is Where The Heart Is"
News
Property Blog

Join Grand Opening Of “Rio Hills” At Westin Hotel, Dubai

October 11, 2011 17:59 by elysian
Elysian Real Estate is launching another luxurious development project “Rio Hills” at Westin Hotel, Dubai on this Saturday. This is another great achievement for the Elysian group of companies. This luxurious real estate development is situated on the grounds of Rio De Janeiro, Brazil, offering great opportunities of investment for investors from all over the world.  

According to Obelisk International, the Brazilian property market is performing well and looks set to continue its expansion.

The firm cited comments from Gary Garrabrant, chief executive officer of Equity International, who told the Bloomberg Link Brazil Conference that there are "growth opportunities driven by fundamental demand in Brazilian real estate sectors".

"Cityscape has become a benchmark event for the real estate market and we feel that our presence there represents our commitment to local investors to continually offer the best real estate investment opportunities in the world," commented Elysian Group Chairman Masood Naseeb. "It's a great opportunity for us to showcase our new developments and illustrate to the end users and investors visiting the show the kind of returns you can get on your investment by investing in the right projects," Naseeb added.

The doors will open at 10 AM sharp for the investors and will continue till 6 PM. So, if you are really looking for a great investment opportunity then this event is for you.

“Brazil is the best place to put your money online for next ten years"-- Financial Times.


 


Currently rated 4.0 by 1 people

  • Currently 4/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories: Company News | Investment News

Damac announces cash refund option for investors of Palm Springs

September 4, 2011 19:50 by elysian
Damac Properties has offered the option of cash refund to investors of Palm Springs project in Palm Jebel Ali. 

The investors in the project have revealed that Damac has offered them the options of either 70percent cash refund within two weeks or 100percent refund with 25 percent within two weeks, and the rest paid at duration of three years, with 25 percent payment each year. 

The Senior Vice President – Corporate Communication, Damac Properties, Niall McLoughlin, revealed that Damac is committed towards working on the Palm Springs in bringing about a closure to this long-pending issue.

Palm Springs was planned to be a 25-storey beachfront development on Palm Jebel Ali. Damac had tried to cancel the project in 2008, but agreed to reinstate due to protestation by investors. 

According to RERA’s report last year, the works on this project are yet to begin, and the project plot has not been handed over to the developer. The RERA statement said that the developer is in the process of amalgamating the two plots, and get the new affection plan. 

In the month of May this year, RERA cancelled nearly 218 projects. UAE witnessed completion of 129 projects since 2009, and 237 out of 450 projects are likely to be ready any time soon.

Be the first to rate this post

  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories: Company News | Developer News | Financial Services | General | Investment News | Property Management News

Properties adjacent Metro stations draw higher rentals

September 4, 2011 19:48 by elysian

The Dubai Metro station is gaining prominence and is more of a priority for tenants now, commanding 10 to 20 percent more rentals, said the latest report by Asteco, leading real estate services Company in UAE.

With growing numbers of offices and apartment buildings in Dubai, the rates for property leasing are based on a new market dynamics, the report points out. 

According to Asteco CEO, Elaine Jones, the rental disparity is more pronounced now, than ever before, with Dubai Metro adding new dynamics to the market.

There have already been sufficient evidences from international markets about a constant growth in values for markets located adjacent to stations with metro lines. For instance, HotProperty.co.uk reported that homes in Central London, locate within five minutes of walking distance of a tube station, are nearly 21percent more expensive than those of similar properties further away. However, the prices do not grow until the stations are officially operational. 

In Dubai, leasing prices for a double bedroom apartment locates within walking distance from Mall of Emirates Metro Station is between Dh.60,000 to Dh.65,000 per annum, in comparison to the value of Dh.50,000 to Dh.55,000 for properties situated a few kilometres away from the station. 

Similar trend is seen in the case of more upmarket properties with double bedroom apartments near Emirates Towers Metro Stations and DIFC costing anywhere between Dh.110,000 to Dh.130,000 per annum, while properties further away costs Dh.90,000 to Dh.100,000 a year. 

A property in Deira will now draw an annual rental of Dh.50,000, while similar property away can be leased for Dh.40,000. This indicates market maturity, Jones said.

The Dubai Metro Green Line will be unveiled on 9th September, and it will have an additional 18 stations, stretching 23kilometers, covering some of the busiest tourist segments along the creek, including business districts, residential areas and ministry offices. 

In general, real estate prices are not solely dependent on its geographical location anymore. All properties in Deira or Bur Dubai with immediate access to a metro station can attract similar rates as that of a property in Jumeirah Lake Tower or Business Bay without a metro access, the report pointed out.

by Exclusive Dubai 


Be the first to rate this post

  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories: Company News | Elysian UAE | General | Investment News | Property Management News

Salam project to be ready by year-end

September 4, 2011 19:43 by elysian
The Dh.5bn Salam project in Abu Dhabi, which involves one of the longest traffic tunnels in the region will be officially unveiled by the end of this year, the Abu Dhabi Municipality revealed.

 Parts of the giant road development project, which was launched more than three years ago, will be opened to traffic following Eid Al Fitr holidays, the operators announced. Parts of the project, which connects Salam street near the Tourist Club area to Hamdan Street in the town centre and Defence road one kilometre away, have been completed. The Municipality statement said that the road works, when opened to traffic following Eid, will help immensely in easing congestion.

About 90percent of the project is ready now, and the rest will be opened on schedule by end of this year. The salam street tunnel, which was due for completion last year, was delayed due to technical and topographical reasons. The project is being carried out by Samsung Construction of South Korea. The mainland will be linked to nearby Reem Island. The causeway to the island is already complete.

 More than 2000 workers are already working on this project. The three kilometre tunnel, which begins at the eastern end of Abu Dhabi city, under Alsalam street, runs towards Port Zayed on the western end of the capital. About 2kms of the tunnel will be embedded 15mts underground, while the rest will open near the surface level.

 According to officials, the tunnel forms part of a long-term blueprint by Abu Dhabi to expand its inhabited areas and road networks to cope with growing population which is likely to triple in next 20 years.

Be the first to rate this post

  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories: General | Investment News

Chicago firm's design towers over the rest

August 2, 2011 19:48 by elysian

Plan by architects Smith, Gill chosen for kilometer-high Saudi skyscraper

  

The competition to design a new skyscraper in Saudi Arabia had a simple but lofty rule: The tower had to be the world's first kilometer-tall building.

The design submitted by Chicago architects Adrian Smith and Gordon Gill — a sleek glass tower built atop three legs and tapering into a skyscraping needle — was announced as the winner Tuesday, further cementing Chicago's role as a hub of cutting-edge architecture.

Construction of the $1.2 billion building, called Kingdom Tower, is expected to begin around December in the waterfront city of Jeddahand be completed a little more than five years later, Smith said. The tower's exact height hasn't been revealed, but it will be the first building to be at least a kilometer, or 3,280 feet, tall, according to Adrian Smith + Gordon Gill Architecture.

If completed, the tower will be at least 563 feet taller than the world's current tallest building, the 2,717-footBurj Khalifa in Dubai, United Arab Emirates, and nearly double the height of Chicago's Willis Tower, including its antennas.

Smith was the lead designer of Burj Khalifa and Chicago's Trump International Hotel & Tower while he was with the Chicago office of Skidmore, Owings & Merrill. Burj Khalifa opened in January 2010.

The expectations surrounding record-setting buildings are often hard to meet. Burj Khalifa had relatively high vacancy rates when it opened just after Dubai's real estate bust, and others have not been built despite high-profile plans. That's true of the 2,000-foot Chicago Spire. Ireland's Garrett Kelleher promised to build it at 400 N. Lake Shore Drive, but the plan collapsed, leaving a hole at the site and millions in lawsuits from his creditors.

But judging buildings such as Burj Khalifa and Kingdom Tower on their first few years of operation is unfair because doing so fails to account for their long-term effect on the value of surrounding properties and their performance over time, said Antony Wood, executive director of the Chicago-based Council on Tall Buildings and Urban Habitat.

"It's expensive to build a supertall building," Wood said. "If you look at the history of the world's tallest, it's never been about just making the largest financial return. It's about other things. It's about ego, attention, status and all those things."

Kingdom Tower will house a luxury hotel, apartments, condos, office space and the world's highest observatory. It is part of Kingdom City, a development in Jeddah expected to cost $20 billion, according to the architecture firm.

Smith and Gill's firm beat at least five others, including Skidmore, that submitted plans for the tower. Smith and Gill said the building's backers wanted the structure to be a symbol of Saudi Arabia's future, so they designed it to resemble a plant shooting skyward.

"We looked to a powerful symbol of life springing from the ground and forming itself as a vertical spire toward the heavens," Gill said. "We used symbols such as new plant growth coming out of the sand and spoke to that as a kind of rejuvenation of intellectual capital, business and culture. I think that those are some of the things that we hope this building will come to represent."

The building's tapered, sloping shape is designed in part to counteract wind forces, building on lessons learned from the construction of some of the world's other tallest skyscrapers, Smith said.

"The design of a supertall building is very new territory in the science of structural engineering and architecture," he said. "You only get one or two of these per decade, so each time we do a supertall building, the learning curve on how to do the next one is improved by about 10 percent of man's knowledge."

The winning design was announced by Saudi billionaire Prince Alwaleed bin Talal, a nephew of Saudi King Abdullah.

The contractor will be Saudi Binladin Group, the multinational engineering firm started in 1931 by the father of Osama bin Laden. Company officials have said the terrorist mastermind, who was killed by U.S. forces in May, was forced out as a shareholder in 1993. 

 

 

Reference: http://www.chicagotribune.com 


Be the first to rate this post

  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories: Developer News | Elysian UAE | Financial Services | General | Overseas News

Investment opportunities in Brazil highlighted

August 1, 2011 20:23 by elysian

Investors looking for a real estate market brimming with opportunities may want to turn their attention to Brazil, one firm has suggested.

According to Obelisk International, the Brazilian property market is performing well and looks set to continue its expansion.

The firm cited comments from Gary Garrabrant, chief executive officer of Equity International, who told the Bloomberg Link Brazil Conference that there are "growth opportunities driven by fundamental demand in Brazilian real estate sectors".

Earlier this month, Obelisk International released data suggesting that investors are looking outside of the three major cities - Rio de Janeiro, Sao Paulo and Minas Gerais - to other parts of the country.

The north-eastern regions are proving particularly popular, the firm noted, because the economy in the main urban hubs here has grown three times faster than it has in Sao Paulo.

In addition, an increasing number of Brazilians are entering the property market as the nation's prosperity filters down to its residents, the organisation added.

Reference: http://www.propertyshowrooms.com 


Be the first to rate this post

  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories: Company News | Developer News | General | Investment News | Overseas News | Overseas News - InFocus Press

GCC invests Dh6.8bn in Dubai property. GCC investments are nearly a quarter of total property deals in H1

July 31, 2011 19:40 by elysian

Investors from other Gulf oil producers pumped nearly Dh6.8 billion into Dubai’s real estate sector, accounting for almost a quarter of the total property deals in the emirate in the first six months of 2011, a local official was reported on Monday as saying.

Property transactions in Dubai, the region’s business hub, totalled around Dh30 billion in the first half of this year, including Dh16 billion worth of apartments, Dh12 billion land property and the rest in buildings, said Sultan bin Majran, director general of Dubai’s land and property corporation.

“According to the property registrar in Dubai, investors from the other Gulf Cooperation Council (GCC) countries accounted for nearly 23 per cent of the total as their investments are estimated at Dh6.814 billion,” he told the Dubai-based Arabic language daily Al-Bayan.

His figures showed around 1,950 GCC investors were involved in property transactions in the first half of 2011 while nearly 2,955 GCC citizens owned apartments, villas and land by the end of the first half.

Reference: http://www.emirates247.com 

 


Be the first to rate this post

  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories:

Dubai's Olympic wait will be worth it, officials say

July 31, 2011 19:35 by elysian

Dubai decided against bidding for the 2020 Olympics to give itself time to prepare for an even better Games in 2024, a National Olympic Committee (NOC) official says.

Saeed Abdul Ghaffar, the secretary general of the NOC, yesterday said the pressure on Dubai to get it right was particularly great because no Arab country had hosted the Games.

"Dubai will represent the Arab world at the Olympics," Mr Ghaffar said. "If we are successful for Dubai to host the event, it will be a historical event. It will be the first time for the Middle East."

While logistics were in place for an Olympics in 2020, Dubai would be "even more ready" by 2024, he said.

Organisers would also have a chance to study the 2020 Games, the location for which will be decided in Buenos Aires in September 2013.

"We want to do it professionally and not just host the event," Mr Ghaffar said.

"It is not strange for Dubai to host a big event- it has hosted many big events - but when it comes to the Olympics, there is a need to make big preparations."

He said it would also be helpful to have 13 years in which to build up youth sports.

"All generations need to work for the UAE and for the UAE's name," Mr Ghaffar said.

"There is a need for a lot of encouragement to get people into sports in the next few years if Dubai is to host the Olympics. The announcement in itself should be a message to youth to work from now and to help the UAE."

He said sport needed to be held in higher regard by the Arab world.

"In Europe and America, they always work hard for sport and for their future," Mr Ghaffar said.

Sports club managers from across the country have expressed excitement over the recent announcement, agreeing a later bid would be better. But they said preparations needed to start as soon as possible.

Tarek Souei, the technical manager of Al Ain Sports and Cultural Club, said more investment in developing sportspeople was needed.

"[The UAE] should also compete in the Olympics," Mr Souei said. "Awareness needs to increase in private and public sectors to get people involved."

He said people would be needed to help in financing and running the event. Sports clubs could also play their part.

"Experts from different clubs can be used [and] infrastructure, human resources and equipment," Mr Souei said. "Everyone will be talking about the Emirates. It will help market the country."

 

 

Colin Ewing, the manager of the Sharjah Wanderers Sports Club, agreed.

"There needs to be effort from everybody. There needs to be a lot of co-ordination," Mr Ewing said.

Ahmed Al Kamali, the president of the UAE Athletics Association and a member of the NOC, said preparations would only begin if the bid was successful.

"When it is finalised, then we can decide what the preparations will be," Mr Al Kamali said, adding the federation would do whatever the Government required of it.

"Now the preparation time is much better."

Winning would be a "great honour for the UAE", Mr Ghaffar said.

"Dubai is part of the UAE. If Dubai hosts the event, so does the UAE," he said.

Mr Ghaffar said that Qatar's successful bid to host the Fifa World Cup in 2022 showed "nothing is impossible".

"A lot of countries have hosted the Olympics, so why not us?" he asked.

 

Reference: http://www.thenational.ae 

 

 


Be the first to rate this post

  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories: Elysian UAE | General | Investment News | Overseas News | Press

DMCC welcomes Dubai's Future Young Realtors to JLT

July 31, 2011 19:31 by elysian

In line with its commitment towards promoting Dubai's growth, the Dubai Multi Commodities Centre Authority 'DMCC', the licensing authority for the Jumeirah Lakes Towers 'JLT' free zone, invited Emirati students from the Future Young Realtors summer training programme to visit JLT, learn more about its significant growth, and have the unique opportunity to interact with key DMCC officials.

Organised by the Dubai Real Estate Regulatory Agency ('RERA'), and Dubai Real Estate Institute (DREI), 'Future Young Realtors' aims to give Emirati students across higher educational institutions in Dubai the opportunity to learn more about Dubai's real estate sector. During the event, DMCC officials gave the students an overview of DMCC's history and achievements, highlighting key milestones, the challenges faced during the journey, and the steps that were taken that helped JLT become the free zone of choice for regional and international companies. 

As part of the event, the students were given a private tour of the iconic Almas Tower, the tallest commercial tower in the Middle East, and home to DMCC, the Dubai Diamond Exchange and other leaders in the commodities industry. 

Commenting on the visit, Ahmed Bin Sulayem, Executive Chairman, DMCC, said, "Talent really makes a difference in the capability of any business to be resilient in today's challenging environment, and programmes like Future Young Realtors help create new leaders in one of the most significant sectors contributing to Dubai's economic growth. DMCC is delighted to have hosted Dubai's Future Young Realtors, which gave us the opportunity to introduce them to our thriving community that has attracted over 3,000 member companies and over 15,000 residents."

Marwan Bin Ghalatia, CEO, RERA, said, "'Future Young Realtors' is a unique programme that is designed to encourage Emirati youth to explore the opportunities and possibilities Dubai's real estate sector has to offer. DMCC and RERA share the same vision of empowering UAE nationals and developing real estate leaders. It will be a long term relation for the best of the industry and I would like to take this opportunity to thank the Dubai Multi Commodities Centre Authority for sharing their insight and experiences in the real estate sector with our trainees, and for providing them with a fascinating account of the growth they have witnessed in the past nine years." 

Ahmad Mohamed Bin Dakhan, an 18 year-old trainee from California State University said, "We are honoured to have had first-hand experience of JLT and DMCC, and to learn about how it has contributed to Dubai's real estate sector and economy as a whole. We thank DMCC, RERA and DREI for organising this insightful experience, and for the opportunity to learn how our leaders realised their visions, and how to continue building our country for the generations to come."

With 60 towers completed and six additional towers expected to be completed by year end, JLT is a growing community that is home to more than 15,000 residents and over 10,000 people who work in the free zone.

 

Reference: http://www.ameinfo.com


Be the first to rate this post

  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories: Developer News | General | Press

Dubai real estate back on growth track

July 30, 2011 21:31 by elysian

Dubai: Dubai Real Estate Corporation (DREC) will look at acquiring assets for development and management within the emirate, as the property prices in certain areas are about to pick up, a top official said.

"We believe in the future, see good opportunities in the near to long-term and might look into assets for acquisition and development, if it makes economic sense," Hesham Abdullah Al Qasim, Vice-President and Chief Executive Officer of DREC, told Gulf News in an exclusive interview Monday.

 

Hesham Abdullah Al Qasim, Vice-President and CEO of Dubai Real Estate Corporation. He said the company has plans to develop a number of hotels for the budget segment. 

 

Dubai has a large pool of residential and commercial properties that are currently at very attractive prices by any standards. These properties, in the long-term, could help investors give a solid return on investment once the property market fully rebounds. Some developers, in the days following the global recession undersold properties to ensure cashflow as buyers were hard to come by.

When asked if DREC would directly enter the market with that objective, Al Qasim said, DREC will not acquire companies. "No, we are not interested in acquiring real estate companies whether they are domestic inland or structured for freehold sales — that is not our core business," he added, DREC will focus on rental and leasehold market. "We do not have any plans to enter the freehold market — that's not part of our mandate."

The company, which has a diverse portfolio of assets including residential, commercial, tourism and industrial properties, is planning to develop a number of hotels for the budget segment.

"We are also expanding the Le Meridien Hotel with 200 rooms currently under development," Al Qasim said.

Hospitality

"As a company, we are studying the hospitality market which is the first to recover from the financial meltdown and we see demand coming back, especially, in the mid-market and budget segments. There is a shortage of branded three-star hotels in the market."

DREC has a residential portfolio of 25,000 housing units currently being managed by its asset management arm, Wasl Properties, with an occupancy rate ranging 92-93 per cent. The company has delivered about 5,000 units during the last 3-4 years and has a few hundred units currently under development.

Al Qasim said, DREC has done well even in economic downturn. "While a lot of other developers and companies' operations shrunk, we grew our portfolio and our rental income also has gone up. This is a phenomenon and reaction seen and reported on globally to these kinds of circumstances in all urban business centres like ours.

"We are a solid company and ready to play a strong role in the economy of Dubai."

Dubai Government has amended the law that helped set up DREC in 2007, bringing it under the direct control of the Ruler's Court, giving it a wider mandate to expand its portfolio and achieve greater financial independence.

The company, which inherited a large pool of government housing assets when formed in 2007, is looking at rationalising rents across its portfolio. "We are following the rent index of the Real Estate Regulatory Agency (RERA).

The company has a solid cash flow coming from rents and lease contracts across its assets — part of which is re-invested in new projects.

Al Qasim said, in terms of portfolio size, DREC is the largest real estate company in the emirate. In addition to the residential portfolio, it owns a large pool of luxury hotels including the Hyatt Regency, Park Hyatt, Grand Hyatt, Le Meridien Dubai, Le Royal Meridien, Le Meridien Mina Seyahi, Westin Dubai hotel and Dubai Golf which runs Dubai Creek Golf Club and Emirates Golf Club. It also has 5,000 industrial plots under management.

He said, following the economic recession, Dubai is back on a growth mode.

"The economy is back on growth track and we see market picking up. We have witnessed a steady growth and we look forward to a better growth track going forward."


  Reference: Gulf News


Be the first to rate this post

  • Currently 0/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
Categories: Developer News | Elysian UAE | General | Investment News