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AME Info News - Real Estate
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Dubai land deals jump 47.5% in 2008
Wed, 07 Jan 2009 04:01:00 GMT
The value of the total land transactions in Dubai shot up 47.5% to Dhs70.2bn ($19.1bn) last year from Dhs47.6bn in 2007, Gulf News has reportd, citing figures from Dubai land department. A total of 5,837 transactions were recorded in 2008, up from 3,997 transactions in 2007. The most land activities were seen last May, with Dhs11.6 billion spread over 793 transactions. [AMEInfo.com]
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New course offered on Dubai Strata Law
Tue, 06 Jan 2009 10:40:00 GMT
Dubai Real Estate Institute is offering a new course titled 'Implementing Dubai Strata Law', providing participants with an in-depth understanding of the law's key clauses, specifically on shared property management, according to a press release. The four-day course will be held from the 26-29 January at the DREI campus. [AMEInfo.com]
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Sweet Homes awards $123m construction contract
Tue, 06 Jan 2009 07:08:00 GMT
Dubai-based developer Sweet Homes has awarded a Dhs450m ($123m) contract to Sharjah-based Master Civil Construction Company for the construction of Towers B10, B14 and B15 - three out of the nine towers comprising its Dhs1.7bn 'Rainbow Towers' project. The move follows the completion of an Dhs12m shoring and excavation contract undertaken by Piling Tech for the initial groundwork of the three towers. The project, which is being built in Emirates City in Ajman, marks the developer's first development in the UAE, and is set for completion by the last quarter of 2010. [AMEInfo.com]
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Dubai scraps racecourse agreement
Tue, 06 Jan 2009 03:57:00 GMT
Dubai's Meydan said on Monday it has cancelled a racecourse construction deal with Malaysian construction firm WCT Engineering Bhd and local firm Arabtec 'because of non-adherence to the agreed time schedule for construction', the company said in a statement. Meydan is taking steps to commission other companies to complete the racecourse by 2010, when it is to be opened with the Dubai World Cup horse race, the statement said. [AMEInfo.com]
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Burj Dubai hits final height
Mon, 05 Jan 2009 06:01:00 GMT
Emaar's flagship development, the Burj Dubai, has reached a height of 818m according to a project contractor. The spire was erected on the world's tallest building at the end of December and the capping beacon has since been activated. [AMEInfo.com]
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Ajman Uptown sales hit 70%
Sun, 04 Jan 2009 09:52:00 GMT
Sweet Homes, a UAE-based developer and multi-service provider to the real estate sector, has sold 70% of its Dhs3bn Ajman Uptown, the first freehold residential in the emirate. Ajman Uptown comprises seven commercial and residential towers, a hotel and hotel apartments, villas and townhouses. [AMEInfo.com]
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Dubai owners question maintenance fees
Sun, 04 Jan 2009 06:16:00 GMT
Dubai residents are calling for greater transparency over how money is spent on the maintenance and upkeep of apartments. In Jumeirah Beach Residence, maintenance fees have increased by 129% and home owners have taken to organising unofficial committees to battle the recent hikes. Residents in the Discovery Gardens and The Palm Jumeirah have also set up similar committees. [AMEInfo.com]
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Rera to rank Dubai developers
Sat, 03 Jan 2009 06:04:00 GMT
In a new system to be introduced by the Dubai Real Estate Regulatory Authority (Rera) this year, Dubai property developers will be ranked by financial stability and market experience, The National has reported. A regulation requiring developers registering off-plan projects to fully own the land first will also be implemented. The evaluation is aimed at reducing the number of developers, and to give Rera greater control and reinforce investor confidence as falling prices, fraud and contractual disputes hit the sector. [AMEInfo.com]
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Modon inks land contracts in Dammam
Sat, 03 Jan 2009 05:38:00 GMT
Saudi Industrial Property Authority (Modon) has recently signed five land allocation contracts for investment projects in Dammam's second industrial city. The five companies are Saudi German Plastics Manufacturing Company, Al-Mutlaq Service and Manufacturing Co. Ltd., Teikyo Middle East Electricity and Equipment Co. Factory, Vital Chemicals Factory, Arab Company Factory for Pipe Projects. Modon oversees the development of industrial lands in Saudi Arabia in partnership with the private sector. [AMEInfo.com]
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Dubai issues new payment rule
Wed, 31 Dec 2008 07:27:00 GMT
Dubai's Real Estate Regulatory Agency (Rera) has issued a new rule which says developers can collect no more than 20% of the cost of a property from a buyer until construction begins, reported Emirates Business. 'We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20% of the contract value,' Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told the daily. Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule. "We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20 per cent of the contract value," Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told Emirates Business. "With properties that are already being built, developers who have collected more than 20 per cent of the contract value from buyers will immediately have to stop asking for further payments until they correlate the escrow amounts already collected to construction progress." Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule. [AMEInfo.com]
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