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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 


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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 


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Categories: Company News | Developer News | General | Investment News | Overseas News | Overseas News - InFocus Press

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 

 

 


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Categories: Elysian UAE | General | Investment News | Overseas News | Press

Ferrari World – Yas Island

November 24, 2010 21:30 by elysian
The Ferrari World Theme Park has recently opened its doors in Abu Dhabi. Home to the worlds fastest rollercoaster (Formula Rossa) as well as many other state of the art facilities which are all first of its kind in the UAE. The attraction has already had great results, with many people turning up every day to live unique experiences on state of the art simulators and thrilling rides. This is a must see as well as a must live experience.

Branded Cars

November 24, 2010 21:29 by elysian
10 new elysian branded cars to hit the roads by December 1st 2010. As a result of elysian’s successes over the last few years, elysian has now added a brand new fleet or cars to their operation. From Dec 1st onwards the roads of Abu Dhabi will see the elysian branded cars on the streets taking clients to property viewings and once again extending the level of service to their clients which go beyond any other real estate company.

Queen Arrives In Abu Dhabi

November 24, 2010 21:26 by elysian
The Queen arrives in Abu Dhabi today to meet with Sheikh Khalifa signalling stronger ties between Britain and the UAE. This is a great sign for both Britain as well as the UAE and re confirms the strategic growth of the region and greater investments. The first 9 months of 2010 seen trade between the UAE and Britain rise more than 15% to Dh 22 billion, boosting plans significantly to strengthen business links between the 2 countries by 2015. Oil exports from the UAE to the UK rose by 36% in the first 9 months of 2010 and is expected to rise year on year over the foreseeable future.

UAE Property Specialist Group Confirms Success in New Markets

October 27, 2009 03:35 by Admin

elysian Group - a group of companies headquartered in Dubai in the United Arab Emirates (UAE) which provide property and finance-related services - has confirmed encouraging results since introducing new international properties into the company’s property portfolio.

The group, which has traditionally specialised in the UAE property market, decided to expand into other property markets around the world in response to increasing client demand for geographical diversification. The decision to branch out into new global markets was also influenced by the decline in investment potential in the UAE late last year and to cover losses suffered in the UAE at the time and the declining value of the United States dollar.

The revenue generated by the elysian Group’s portfolio of properties outside the UAE now makes up 25% of the company’s income. The group is now receiving more property enquiries than ever before and has found the Brazilian property market to be the most popular location among potential investors.

"We strive to identify new markets around the globe on an ongoing basis so that our clients may benefit from the world’s emerging property hotspots," explains Mr. Masood Naseeb, the CEO of the elysian Group.

"We’ve found that Brazil is by far the most popular destination among property investors at the moment, and after careful research and due diligence, we’ve hand-picked what we believe to be one of the best investment opportunities in Brazil - the five star Lago Doce Beach Resort in Ceara which has been conceived with the holiday home, retirement and permanent home markets in mind.

"The Lago Doce Beach Resort is the first self-contained luxury resort of its kind in this area of Brazil’s north east coastline. It is ideally positioned to take advantage of the Brazilian property market, which is certain to grow in demand, not least due to the estimation by Reuters that 27 million new homes will be required in Brazil over the forthcoming years. This is largely due to the fact that financing has just become available, which means that millions more Brazilians can afford to buy property. Couple this with low unemployment levels and huge economic growth, and it becomes clear that this is one project which cannot be omitted from a healthy property investment portfolio."

As part of the company’s business growth strategy, the elysian Group now also includes commercial properties within its property portfolio and has set up a commercial department – developments which have accounted for a 10% increase in revenue. The group has also built upon the financial services which it offers to clients, including currency exchange services and overseas mortgages. Furthermore, the company has established a partnership with a leading provider of interior services – Indigo, and set up a department to handle marketing activities for property developers.

"As a result of our expansion, company profits are up, we have 30% more staff, new offices and further market opportunities available, including a property fund which is to be launched shortly to take advantage of great property prices," adds Mr. Naseeb.

"We’ve also been marketing to an international audience which has allowed us to generate enquiries from people who would previously never have contacted us. We remain in the top three real estate in Dubai companies and have substantially strengthened our position this year. We have just launched ‘elysian News’ so that people can stay up to date with the market we cover and have just registered our 120,000 the newsletter registrant. It’s obvious that there’s still huge interest in the world’s property markets and we’re here to help investors track down the best deals."

Masood Naseeb moved to Dubai after completing a BA (Honours) in Business and Economics and Business Administration at Canada’s prestigious University of Windsor in Ontario. He has a solid experience in international business and has held a directorship with a leading international company which has won over 29 American government contracts since Masood Naseeb joined the business.

Masood Naseeb moved into real estate after identifying a niche market, and is an investor himself, with a considerable property portfolio including villas throughout the Palm Jumeirah, and international property as far away as Brazil.

Within the space of less than three years, the elysian Group had already become the third largest real estate company in Dubai and the United Arab Emirates. Today Masood Naseeb’s goal is to turn the elysian Group into the most successful property business in the world based on investor returns and real estate transactions.

For those interested in finding out more, elysian Group have released a new interactive website where property buyers and investors can identify international, local, Dubai Property and Abu Dhabi property. For more information, visit http://www.elysian-group.com/

Last updated: 12 October 2009

Copyright © PropertyIndex.com Limited 2009. All rights reserved.


Images:

View over Lago Doce, the lake at the rear of the Lago Doce Beach Resort

Prism style residence at the Lago Doce Beach Resort

Grand Contemporary style residence at the Lago Doce Beach Resort

Grand Deco style residence at the Lago Doce Beach Resort

 



Two-storey villas at the Lago Doce Beach Resort



 


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Categories: Overseas News | Overseas News - InFocus Press | Press

Private investors snapping up New Zealand commercial real estate at bargain prices

September 20, 2009 02:55 by elysian
Commercial property investment in New Zealand is seeing renewed interest from private investors who are snapping up millions of dollars of assets in the wake of the recession, according to analysts.

Sales in both Auckland and Wellington are increasing as buyers take advantage of low interest rates and the re-pricing of prime assets, according to Bruce Whillans, institutional investment properties national director for property consultants CB Richard Ellis.

'Private investors are back in the driving seat after a two- to three-year absence from the market when they were unwilling, or unable, to compete with listed trusts and institutions which forced yields down,' he said.

He revealed that CBRE has sold more than $170 million of mainly institution-owned commercial property in the past year to private investors. 'Our clients recognise the market is bottoming out and they are taking advantage of low interest rates and the re-pricing of many prime assets,' he explained.

The company's sales have included six CBD properties in Auckland and Wellington. Among them are a CBD tower in Wellington that sold for $62 million, Forsyth Barr House on Shortland St which went for $41.5 million, the Kitchener St carpark that sold for $19 million, a large commercial building on Albert St for about $20 million and the Crown Institute Building on Lorne St for $10.85 million.

He added that what is happening is typical of a boom bust cycle. He described it as a rebalancing of the investment market after a heady few years of international asset-grabbing by mainly Australian institutions spurred on by the availability of superannuation money.

'Foreign buyers ploughed a record $1.1 billion into the market in the first seven months of 2007. New Zealand's investment returns were exceeding those in Australia and this was underpinning continued interest in the local markets, but this started disappearing early last year when listed trusts began reporting heavy unrealised portfolio revaluation losses of about 10 to 12 per cent, explained Whillan.

CBRE's latest research shows the speed of the turnaround in market fortunes has been swift. After five years of CBD yields firming, prime capital value was unwound in just 18 months. Whillans predicts that institutional investment levels will remain lacklustre for the next 12 to 18 months as the market settles.

He added that listed trusts and institutions are now net sellers and this has allowed private investors and companies to get their hands on some good assets at realistic yields. 'Sales volumes are still quite high, but prices for individual properties are lower. Investors are cautious, reducing risk by only considering properties with good fundamentals. And the increased investment activity shows there is both equity and credit available for the right type of property,' he concluded.

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Categories: Overseas News

Property investment booms in Malaysia

September 20, 2009 02:54 by elysian
Malaysia has a large number of investors due to the culture of saving in the south-east Asian nation.

According to Angie Ng, deputy editor of the Malaysian Star, the country has one of the highest savings rates in the world, amounting to 32 per cent of the gross national product.

She indicated there are numerous wealthy nationals looking to invest in real estate, and believes that Malaysians are being targeted by developers from locations around the world, including Britain and Australia.

“It is about time developers come up with the right products to attract these high net worth buyers and some of the high-end products will likely make their way to the market next year,” she said.

The residential property sector in the country has been one of the most powerful drivers of the local real estate sector, but there is now growing interest in the commercial property market, she added. 

Source: www.propertywire.com

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Categories: Overseas News

Dubai Trade Centre opens

September 20, 2009 02:52 by elysian
NThe first stage of the Trade Centre Plaza at the Dubai World Trade Centre (DWTC) is due to open in late September... 

The plaza will have a number of cafes and restaurants and is situated near a newly opened metro station. 

The developer says 30 per cent of the visitors to the DWTC arriving from the station will pass through the plaza. 

The space will also be put to a number of other uses.

"It is envisaged that this performance space will be utilised during the DWTC extensive events calendar and also carefully managed to accommodate open air events for the public at all times," the developer stated.

Hilal Saeed Al Merri, chief executive officer of DWTC, added that the number of visitors to its venues has risen during the first half of 2009 and that there has been an increased demand for quality amenities and higher levels of convenience.

The DWTC spans 37 storeys and consists of a convention centre, office properties and serviced apartments. 

Source: http://www.propertywire.com/

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Categories: Overseas News