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Capital Gate real estate project in Abu Dhabi set to enter Guinness Book of Records

Sunday, 01 February 2009
^{Source: Copyright © 2008 Gowealthy.com. All rights reserved.} Capital Gate, iconic real estate project in Abu Dhabi, is set to enter the Guinness Book of Records as the 'World's Most Inclined Tower' because it will lean 4 times as far as Leaning Tower of Pisa. The tower forms a major part of the Capital Centre real estate development, a $2.2 billion business and residential micro city being constructed around the thriving Abu Dhabi National Exhibition Centre. Capital Gate leans westward an astonishing 18 degrees. Because of its unique posture, the tower is being constructed on top of an incredibly dense mesh of reinforced steel. Its graceful, asymmetric diagonal structure known as a ‘diagrid' supports the tilting external load of the building. It is believed that this is the first building in the world to use a pre-cambered core.
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Registered real estate developers in Dubai fall by 40 per cent

Sunday, 01 February 2009

According to Marwan Bin Ghalita, Chief Executive, Real Estate Regulatory Authority (RERA), the number of property developers registered in Dubai has fallen by around 40 per cent in last two months. At present, there are around 500 real estate developers registered in Dubai compared with more than 800 in November 2008.

Bin Ghalita said, "Some of the companies were registered but have now decided they do not want to develop because of liquidity, which is a good thing. And others were forced to cancel because we were sure that their developments would never be real."

Dubai real estate sector has been hit hard by the global financial crisis as prices of property fall. RERA plans to introduce a system soon that will rank developers according to financial stability and market experience.

Source: Copyright © 2008 Gowealthy.com. All rights reserved.

Two draft laws to protect buyers in off-plan market

Thursday, 29 January 2009
^{Source: Copyright © 2007 Gulfnews.com. All rights reserved.} Dubai: Two new laws in the pipeline will bring further protection to investors and end-users in Dubai's off-plan property market. The first law says developers must own the land and have completed at least 20 per cent of construction before they can request consent from the Real Estate Regulatory Authority (Rera) and are allowed to sell off-plan. The second law says the payment plan must be linked to construction milestones and a maximum of 20 per cent of the property price can be taken up front. Both are in draft form at the moment but expected to be implemented soon, according to Lisa Dale, partner in law firm Al Tamimi and Company. A law already in place says that developers will be cancelled from the Real Estate Register if they do not start construction of the project within six months of the date when approval was granted to sell off-plan.
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Investments in Dubai's real estate top Dh58b

Thursday, 29 January 2009
^{Source: Copyright © 2007 Gulfnews.com. All rights reserved.} Dubai: Total investments in Dubai's real estate sector exceeded Dh58 billion during the last quarter of 2008, representing a drop in comparison to the previous quarter of 2008, according to REIDIN.com, an online property tracker. "The statistics reflect the current economic downturn, which has affected the property and real estate market in the region," a statement said. "However, this has also created opportunities for regional and global investors to benefit from." Amidst the implications of the global financial meltdown, Dubai is still regarded as one of the fastest-developing economies in the world and as a gateway to other regional and international markets.
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Remraam project well under way

Wednesday, 28 January 2009
^{Source: Copyright © 2007 Gulfnews.com. All rights reserved.} Dubai: Mizin, a developer, said 60 per cent of the infrastructure works for the 23.5 million square foot Remraam community has been completed, while excavation works for foundations of 71 per cent of the buildings have also been finished. "Contractors have been working simultaneously on several stages of construction across the four phases of the Remraam development and work continues on building the sub and super-structures of the buildings," the company said in a statement. "The community's infrastructure includes sewerage, water supply and irrigation works. Mobilisation is currently under way for electrical sub-stations in collaboration with Dubai Electricity and Water Authority."
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Abu Dhabi plans to inject more liquidity

Wednesday, 28 January 2009
^{Source: Copyright © 2007 Gulfnews.com. All rights reserved.} Abu Dhabi: Abu Dhabi plans to inject more liquidity through the banking system into the market to ease the impact of the global financial crisis, Shaikh Sultan Bin Khalifa Al Nahyan, member of the Abu Dhabi Executive Council, said on Tuesday. "There are plans to pump more liquidity into the market through the banks," Shaikh Sultan told reporters shortly after he inaugurated the Abu Dhabi Real Estate and Investment Show, a three-day event at the Abu Dhabi National Exhibition Centre. He didn't give details. Asked about the impact the global financial crisis is having on Abu Dhabi's real estate sector, Shaikh Sultan said: "Yes. There is a slowdown. The real estate sector is affected because of difficulty in getting finance. But in the next three months the banks will pump in more liquidity that will help stabilise the market."
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Groundbreaking ceremony performed for two real estate projects at Dubai Sports City

Monday, 26 January 2009

Officials at the groundbreaking ceremony for Memon Investment' real estate projects in Dubai Sports City

Memon Investments, a leading Dubai-based property developer, has broken ground on two of its latest real estate projects located in Dubai Sports City - Champions Tower IV and Frankfurt Sports Tower I, which are collectively valued at Dh788 million. Dubai-based Stromek Emirates Foundation (SEF) has been awarded with 2 separate contracts worth Dh1.8 million for Champions Tower IV and Dh1.9 million for Frankfurt Sports Tower I for the foundation works.

The Dh450 million Champions Tower IV is a 20-storey tower, which will offer 114 studios, 113 one-bedroom and 19 two-bedroom apartments. The exclusive freehold residential real estate development will offer tenants views of the golf course, garden and canal, a state-of-the-art surveillance and intercom system, 24-hour manned security and in-house maintenance, and other luxurious amenities. Set to provide world-class luxury living, the Dh338 million Frankfurt Sports Tower I will comprise of 224 units, including 140 studios, 56 one-bedrooms and 28 two-bedroom apartments within a total built-up area of 177,378 sq ft.

Memon Investments has launched 5 real estate projects in Dubai Sports City, including four towers within the Champions Tower series and Frankfurt Sports Tower I.

Source: Copyright © 2008 Gowealthy.com. All rights reserved.