AME Info | Real Estate
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Real Estate news and features
TDIC and Leighton scrap venture
Abu Dhabi’s Tourism Development & Investment Company (TDIC) and AustraliaÂ’s Leighton Holdings have scrapped a venture that was expected to generate revenue of at least $1.5bn over five years. “After a strategic review of TDIC’s business model and due to the changing economic climate, it became more commercially viable for TDIC to retain the flexibility to work with different contractors,” Lee Tabler, TDIC’s CEO.
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Orascom wins Egyptian infrastructure contracts
Orascom Construction Industries has announced that it has been awarded $168m in contracts for infrastructure work. The Cairo-based firm won a $128m contract from EgyptÂ’s Transportation Ministry for construction work on 34 kilometers of the Cairo-Alexandria highway, the company said. It also obtained a $40m contract from the Housing Ministry for construction of the South Waste Water Treatment Plant in the 6th of October City.
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Deyaar to hand over Saifi Village II in July
Dubai-based Deyaar Development has announced that it will hand over in July all units at its Saifi Village II project in Lebanon. Saifi Village II comprises 72 apartments and penthouses located within the Beirut City Center master development.
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Dubai Islamic Bank offers 90% home finance
Dubai Islamic Bank, the largest Islamic bank in the UAE, announced that it is offering up to 90% financing for properties across the UAE. Property buyers can avail of Al Islami Home Finance for up to 25 years for ready and under-construction properties from approved developers.
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Hydra Properties names new CEO
Dr. Sulaiman al Fahim has been replaced as chief executive of Hydra Properties to become a member of the company’s board of directors. Ali bin Sulayem of Hydra’s parent company, Royal Group, will replace him as chief executive.
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Aldar has funds to cover $1.5bn debt, says report
Standard Chartered Bank has said in a new report that Aldar Properties has sufficient funds to cover the $1.5bn of debt maturing over the next two years. With more than $4bn in liquid funds at the end of first quarter of 2009 and access to $862mn in undrawn credit facilities, the bank has given a ‘stable’ credit outlook to Aldar and recommended investors ‘buy’ Aldar’s 8.75% bond maturing in 2014.
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Deyaar cancels Enclave in Dubai
Dubai-based Deyaar Development has formally cancelled its Enclave project after making a full refund to all investors, reported Emirates Business. Enclave was to be built in the International Media Production Zone consisting of nine residential buildings.
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Union delays Limestone House
Union Properties has pushed back to the end of the year the completion date of Limestone House and Ritz Carlton Hotel at Dubai International Financial Centre, citing restricted assistance from banks, according to Emirates Business. According to realtors, Limestone House was set for completion by May 2009.
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Damac awards Marina Bay enabling deal
Damac Properties has awarded Dhs7.5m enabling works contracts for its Marina Bay development at Al Reem Island in Abu Dhabi to National Dewatering and Drainage services. The enabling works are scheduled to last for around four months and will include dewatering, shoring, excavation, piling and pile testing on site.
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Emaar asked for Kingdom clarification
The UAE stock market authority has asked the Dubai Financial Market (DFM) to seek clarifications about the accord signed with Kingdom Holding Co from Emaar, including details such as its nature, its value and its expected impact on the revenue of the company. The request came after the shares of Emaar fell the most in two months yesterday following the companyÂ’s denial of the deal.
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Dubai property prices to fall another 20% this year, says poll
Dubai house prices will fall another 20% this year, and have a less than 20% chance of picking up before 2011, according to a Reuters poll of ten analysts at banks, investment firms and research institutions. Three of the 10 forecasters said they expected prices to hit a bottom in the second half of 2009 and three predicted it would happen in the first half of 2010. One forecaster said prices would rise by 10% from now in 2010. Five analysts expected prices to fall a further 20% or more this year and prices could fall an additional 15% next year before stabilising in 2011, the poll showed.
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Emaar denies report of role in Kingdom project
Dubai-based developer Emaar Properties has denied it is investing in a development by Saudi Arabia’s Kingdom Holding that will feature what would be the world’s tallest tower, Reuters reported. Emaar said it has signed a deal with Jeddah Economic Company, adding that according to the agreement, it ‘would only offer management services for a real estate project against a fee’. Emaar said it ‘will not invest in any projects of this sort’.
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Al Futtaim plans Morocco project
Marwan Shehadeh, managing director of Al-Futtaim Capital, the investment arm of the Al-Futtaim Group, said the firm is in the final stages of acquiring a 7 million square metre plot in Bouznika on the Moroccan Atlantic coast, where up to 42,000 residential units would be built. He said the total development cost of the project will be ‘in excess of a couple of billions of dollars’, adding the project was subject to Moroccan government approval.
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Union Properties CEO Simon Azzam resigns
Dubai-based Union Properties has announced that its chief executive officer for 23 years, Simon Azzam, has resigned. The developer has not named a replacement, but said it has appointed Khalid Al Jarwan as general manager.
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Saudi to have 2m home shortage
A report by CB Richard Ellis has said that Saudi Arabia is likely to suffer from a shortage of two million homes over the next ten years as the country’s population increases. The kingdom’s population is predicted to increase by up to 30% over the next decade, to 33 million people. A new mortgage law will also increase the level of home ownership.
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Emaar wins SR100bn Jeddah project
Saudi-based Kingdom Holding Co. (KHC) has selected Emaar Properties to develop and supervise the construction of the SR100bn Jeddah Kingdom City land and Kingdom Tower, the company said in a statement. Emaar was chosen ‘for their previous proven experience in the development of mega projects,’ KHC said.
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Goldman Sachs ups Arabtec, Aldar, Sorouh target prices
Goldman Sachs has raised its target price for Arabtec Holding by 6% to Dhs3.77 citing the improving regional economic outlook due to higher oil prices, and changes in order book and margin assumptions following recent management updates. The price target for Aldar Properties was raised to Dhs4.7 from Dhs4.34, while Sorouh’s was increased to Dhs3.91 from Dhs2.98, as it changed its valuation method to incorporate net asset value.
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Qatari Diar halts UK luxury flat project
Project Blue Guernsey Limited (PBGL), the UK arm of Qatari Diar, has cancelled its luxury flat project in central London, which was criticised by Britain’s Prince Charles as ‘unsuitable,Â’ and will instead consider a new proposal put forward by the prince’s own planning team, according to the Gulf Times. Richard Rogers, designer of the steel-and-glass project, called the withdrawal ‘extremely disappointing.Â’
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Bahrain corniche plan ‘stalled’
Bahrain’s BD8m, 153,430sq.m Al Fateh Corniche project could stall as Manama Municipality is still searching for funds, the Gulf Daily News has reported. ‘The municipality doesn’t know from where it would get the money, it only knows that it would lease parts of the development to investors,Â’said Sadiq Rahma, chairman of council services and public utilities committee.
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Abyar to up capital to KD106m
Hisham Al-Obaid, chairman of Kuwait’s Abyar Real Estate Development has said that the company plans to raise its capital from KD78.48m to KD106.73m, based on a recent decision at its general assembly. The increase, which will be at the nominal price of 100 fils per share, a three-fils issuance fee and a two-fils cost fee per share, will be opened to current shareholders according to the volume of stocks they hold, and will then be opened up to new shareholders once the legal period is concluded and the board is tasked with placing regulations and conditions for raising the capital, he said.
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Arabtec wins SR2bn Jeddah tower
Arabtec Saudi Arabia has been awarded the contract to build Lamar Towers in Jeddah, with a total contract value of SR2bn. The project is expected to commence immediately, to be completed within 36 months. The high rise luxury project is located on the Jeddah Sea Front Corniche, consisting of two towers, with 68 and 60 floors. The main investor in the project is Zahran Real Estate Company while the main developer is Cayan Investment & Development Company.
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Dubai’s empty homes ‘to double’ by end 2010
The number of vacant properties in Dubai could double from 15% currently to 30% by the end of 2010, according to UBS, Bloomberg has reported. UBS bases the estimates on new supply coming online and a reduction in population. UBS previously stated that it estimated that Dubai’s population would fall by 8% in 2009 and a further 2% in 2010.
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Deutsche: UAE property prices to fall 20% further
a report by Deutsche Bank has predicted that property prices in the UAE could fall by a further 15% to 20%, fuelled by an exodus of expatriates and a glut of property, Bloomberg has reported. Although Dubai will be most affected the report notes that Abu Dhabi will not benefit from its housing shortage as residents will be eaasily able to commute from Dubai, which will be oversupplied.
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Omniyat signs deal with U Concept
Omniyat Asset Management has signed an MoU with U Concept, to offer lifestyle services to tenants of the Dhs507m One Business Bay in Dubai, which is expected to be delivered soon. Under the agreement, U Concept will operate the entire podium roof of One Business Bay for recreational, beauty as well as food and beverage offerings. (Mac capital Advisors)
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