With real estate in the emirate experiencing an upswing, several projects are expected to launch
Dubais Cityscape Global exhibition is traditionally the stage for some of Dubais biggest property launches. While activity slowed between 2009 and 2011, confidence is returning to the emirates real estate market. This year has already seen major new project announcements ahead of the event opening on 8 October.
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- The Dubai International Financial Centre is planning to develop 9-11 million square feet of new office and retail space. It says all projects in the free zone will be developed as joint ventures, and that there will be no third party owned and operated projects.
- Sheikh Mohammed bin Rashid Al Maktoum visited Cityscape today, and while there stopped at various stands, including those for the Road and Transport Authoritys Dubai Water Canal and Nakheels, where he saw the developers plans to use four of the islands that were originally part of Palm Deira.
- Empower chief executive officer Ahmed bin Shafar urges regions real estate developers to embrace environmentally friendly and cost-effective cooling methods.
- The Meydan Group has released 444 serviced apartments for sale in the landmark Entisar Tower on Sheikh Zayed Road, Dubai.
The 100 storey-plus mixed-use tower, which was first revealed in 2012, is the only free hold building of its kind on Sheikh Zayed Road. The building will be an exclusive vertical community, featuring four floors of retail outlets, serviced apartments, a hotel and freehold residential units including apartments, Sky Villas and Penthouses, featuring private sky gardens and balconies. The architect for the tower is US-based Ae7.
The UAE plans to rapidly kick-start the building of homes under a new government initiative aimed at providing low-cost housing for Emirati families.
- VOX Cinemas plans to open 14-screen, premium cinemas in newly renovated BurJuman Centre in 2014
The local Engineering Contracting Company (ECC) has won the contract to overhaul part of the BurJuman shopping centre in February. The project involves work on the old part of the mall, including the refurbishment of the external facade, the construction of a ground floor hypermarket, an enlarged food court, and a new cinema.
Nakheel has announced plans to build on four of the man-made islands that were originally developed as part of the abandoned Palm Deira in Dubai.
- Nakheel says the tender for the construction contract for Nakheel Mall on Palm Jumeirah should be awarded this year.The company also unveiled at Cityscape two developments for Palm Jumeirah, where it is building a pier and boardwalk on crescent and a beach club and park
- Msheireb Downtown Doha
No new announcements about the scheme in Qatar, but Msheireb Properties has released a panoramic image of the development. In August, Msheireb Properties began fitting over 2,000 photovoltaic solar panels to phase 1a buildings in the development, which will feed up to 463kWp (kilowatts at peak power) of electricity into the local grid. Once the QR20bn ($5.5bn) development is completed it will include 90,000 square metres of retail space, more than 100 mixed-use buildings and four restored heritage houses.
- Nakheel chairman Ali Rashid Lootah tells MEED that the new transaction fee being introduced in Dubai will not dampen market, but will help reduce the number of speculators in the market.
- Bluewaters island, Dubai
In February, Meraas Holding released details on its plans to develop the Bluewaters island just off Jumeirah Beach Residences in Dubai. The scheme will included the worlds largest ferris wheel. The company has been showing off its design model at Cityscape.
Now part of the larger Mohammed bin Rashid City development, it was previously being developed by Dubai Holding subsidiary Sama Dubai. Work stalled in early 2009, before building started and as Dubais property market slumped. Emaar has already started some early works on the site, tendering several buildings, including six residential towers, 29 villas and three hotels.
The lagoon, which will cover 40 hectares, will be built within the $7bn Mohammed bin Rashid City, as part of District One.
- Jumeirah Golf Estates will roll out the second phase of its Fireside Community Villas at Cityscape and has also started the handover of the first phase of its Whispering Pines Villas at its golf course development in Dubai.
- Dubais Roads & Transport Authority (RTA), has signed an agreement with two local developers, Meydan Group and Meraas Holding, to build real estate projects on either side of the Dubai Water Canal project.
- Falcon City of Wonders plans to unveil the models of its small and medium-size pyramids to the public for the first time.
- Damac Properties has announced the launch of The Trump Estates, which will be built at its Akoya development on Umm Suqeim road.
- Pacific Ventures has signed an agreement with Dubailand to develop new residential villas, town houses and apartments. Completion is expected in 2019.
- Gunal wins $185m construction contract on Dubai Water Canal.
Awarded by the RTA, the contract is worth an estimated AED680m ($185m). Gunal will work on the first phase, building a road bridge that will take Sheikh Zayed Road across the Dubai Water Canal.
- Nakheel reports net profit of AED1.77bn in the first nine months of 2013 a 58 per cent increase on its profit of AED1.12bn for the same quarter last year.
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