DEWA awards AED 1bn contract for new headquarters constructions

The Dubai Water and Electricity Authority (DEWA) has awarded AED 981.96 million contract for the construction of its new headquarters, Al-Shera’a, to a consortium comprising Ghantoot Transport & General Contracting and Ghantoot Gulf Contracting.

Under the contract, the construction of the project will be completed within 30 months, according to a statement released on Saturday by Government of Dubai’s media office.

“By building Al-Shera’a, we establish a global benchmark for buildings that achieve a balance between development and the environment, to protect the right of future generations to live in a clean, healthy and safe environment,” CEO of DEWA Saeed Mohammed Al Tayer said.

DEWA previously awarded an AED 46 million contract for the first phase of construction to Dutco Balfour Beatty, bringing the total cost of construction to more than AED 1 billion.

Al Shera’a will have 15 floors, a basement, and 4 floors of car parking. It will comprise more than 20,000 square metres of photovoltaic solar panels rated to over 4,000 kilowatts.

DEWA’s new headquarters will be directly linked to Jadaf metro station by a bridge, which will encourage the use of public transport for the reduction of traffic and the carbon emissions.

Kuwaiti property market to recover in Q4-19

Mubasher: The Kuwaiti property market is expected to recover in the fourth quarter of 2019 after stagnation in the summer, developers told the Kuwait News Agency.

Prices of commercial property are currently stable while the demand is regular, secretary of Kuwait Real-Estate Union Qais Al-Ghanim stated.

However, the property investment sector is unsteady and is expected to stay volatile until early 2020, Al-Ghanim added, noting that the housing sector is seeing growing demand.

Demand on the industrial sector is also growing, director general of Athraa Real-Estate Company Maitham Al-Shakhs revealed.

The top official said that the real estate sector remains a safe haven for entrepreneurs despite regional tensions.

Kuwait’s property trades recorded over KWD 1 billion during the second quarter of 2019, growing 17% quarter-on-quarter and 18% year-on-year, according to a report by Kuwait Finance House.

Abu Dhabi’ real estate market sees downturn in Q3 – Chestertons

UAE - Mubasher: The real estate market in Abu Dhabi may be close to bottoming out as the downward corrections it faced in the second quarter of 2019 have slowed in Q3-19, according to Chestertons MENA’s Q3-19 Abu Dhabi market report.

Sales prices and rental rates in the UAE’s capital have seen a marginal slump in Q3-19, with the average apartment sales price falling 1%, the leading international real estate services firm said.

Moreover, the average rental rates for apartments decreased by 1%, while rental rates for villas remained steady, the report highlighted.

Nick Witty, managing director of Chestertons MENA, said: “There is no significant new supply expected to be delivered next year which means there could be a better balance between supply and demand, this, and a series of government initiatives including allowing foreign nationals to own freehold properties, will ultimately lead to a more stable market as we move into 2020.”

Apartment sales prices in the emirate eased by 1% quarter-on-quarter during the three-month period ended 30 September 2019, the report remarked.

Saadiyat Island has not experienced any price changes during the quarter, while apartment sales prices at Al Reem and Al Ghadeer contracted by 1% to AED 965 per square feet and AED 740 per square feet, respectively.

Meanwhile, Al Raha Beach and Al Reef have marked the highest price declines at 2% quarter-on-quarter to AED 1,280 square feet and AED 797 per square feet each.

The villa sales prices remained stable in Q3-19 as compared to the previous quarter as prices at Al Raha Beach Area, Khalifa City, and Al Raha Gardens remained at AED 1,160 per square feet, AED 872 per square feet, and AED 700 per square feet, respectively.

However, Al Reef and Al Ghadeer have witnessed modest declines in terms of villa sales prices, decreasing 1% to AED 620 per square feet and AED 695 per square feet, respectively.

“Overall the capital’s real estate sector is showing signs of positive sentiment with a marked slowdown in sales price reductions. Developers are also recognising the need to be more creative to encourage sales and are now offering flexible payment plans and, in several instances, waiving the registration fee,” Witty explained.

“We have also seen developers selling land plots to boost revenues. This type of purchase is expected to prove popular with Emiratis however, we could also see this pique the interest of other nationalities if positioned correctly,” he added.

At the level of apartment rental rates, it dropped by 1% overall in Q3-19, with tenants being price-conscious amid the growing demand for affordable communities, the report showed.

Accordingly, Corniche Road and Saadiyat Island have experienced the highest rental declines of 4% and 3%, respectively.

On the other hand, the villa market in Abu Dhabi remained unchanged with no obvious movement in rates during the July-September period of 2019 as compared to Q2-19, with only Al Raha Gardens signaling a decline.

“This underscores the demand trend for more affordable rental options as tenants continue to downsize to save costs, particularly in this area,” Witty indicated.

Damac announces topping out of Paramount Tower Hotel, Residences in Dubai

Dubai - Mubasher: Damac Properties, a leading property developer in the UAE, on Tuesday announced it has topped off its master development, Paramount Tower Hotel and Residences on Sheikh Zayed Road.

The 64-storey mixed-use development features the ultra-luxurious, five-star Paramount Hotel and luxury residences, according to a press release.

Envisioned by Damac in collaboration with Paramount Hotels & Resorts, the development features one of the highest infinity pools in Dubai on the 64th level that will offer guests and residents an outstanding of the Burj area from a height of 235 metres.

The tower’s external façade is over 80% complete and the casting work of the infinity pool is fully completed, Damac noted.

The designs of the hotel rooms and suites, as well as the residences, are inspired by Hollywood glamour and the chic Californian lifestyle, the leading developer highlighted.

Guests at the hotel can enjoy in-room home theatre systems and access to a library of Paramount films.

Meanwhile, the residences feature multiple bedrooms and spacious interiors with separate dining and living areas, offering premium amenities and services.

Niall McLoughlin, Senior Vice President of DAMAC Properties, said, “The topping out of Paramount Tower Hotel and Residences with one of Dubai’s highest infinity pools overlooking Downtown Dubai is testament to our commitment to bringing the most differentiated living experiences to the region. We are thrilled with the progress on this project, which stands tall as a distinctive addition to Dubai’s iconic skyline. Our vision resonates with Dubai’s growing relevance as one of the world’s top tourist destinations.”

Damac aims at developing mixed-use projects to attract investors, residents, and tourists as part of its strategy in line with Dubai tourism’s strong performance and positive outlook.

Azizi Developments completes 93% of Samia in Al Furjan

UAE - Mubasher: Azizi Developments, a leading private developer in the region, announced it has completed 93% of the construction work at its residential and commercial development Samia.

Samia is scheduled for delivery by December 2019 as part of the company’s Year of Construction, according to a press release.

Located in Al Furjan, one of the highly strategic locations in Dubai, the development comprises 284 units, including 137 studios, 124 one-bedroom units, 15 two-bedroom apartments, and eight penthouses, the Emirati developer highlighted.

These units are specially designed for customers who seek to move from a rental to owned-home lifestyle.

Alexandros Pounentis, head of construction operations at Azizi Developments, said: “We are working with renowned and well-established contractors to deliver our project on time and meet the highest standards of build quality and excellence.”

With a highly strategic location and outstanding connectivity as key selling points, Samia appeals to value-oriented customers who wish to gain strong rental yields or are looking for an ideal place to call home. Enriching the lives of our valued customers and contributing to the development of the UAE’s real estate landscape remains our prime focus, manifested through exceptional projects like Samia,” Pounentis added.

The structure, blockwork, and internal plaster of the project is 100% done, while the tiling work is 95% complete and the heating, ventilation and, air conditioning (HVAC) are 96% complete.

Azizi has also completed 84% of external works, 98% of the swimming pool, and 91% of the overall finishing.

Additionally, 98% and 93% of the elevator and the façade stand have been completed, respectively.

Samia has a total gross floor area of 18,354 square metres and features amenities including two swimming pools, a gymnasium, a sauna, and a steam room, as well as a dedicated retail area with 11 outlets spanning across 7,000 square metres.

Aldar’s unit raises $500m in sukuk placement

Abu Dhabi - Mubasher: Aldar Investment Properties, a wholly-owned subsidiary of Aldar Properties, announced it has raised a nominal amount of $500 million by placing a fixed rate US dollar-denominated sukuk with a tenor of 10 years.

The transaction represents the first 10-year public sukuk issue by an issuer based in Abu Dhabi, according to a press release.

The sukuk has a coupon rate of 3.875%, which is the lowest rate ever achieved by Aldar, Aldar Investment highlighted.

The offering was over six times oversubscribed, with global investors accounting for 71% of the total transaction allocation, the company noted.

The company will use the net proceeds of the offering to refinance existing debt, Aldar said.

The issuance will help in diversifying the funding base of Aldar Investments as well as expanding Aldar’s overall duration of liabilities.

Talal Al Dhiyebi, CEO of Aldar, commented: “The success of the transaction represents a strong endorsement by the global investment community of the Abu Dhabi economy and of Aldar’s leading position in the regional real estate sector.”

“This landmark deal further strengthens our balance sheet, and is testament to Aldar Investments’ status as one of the most efficient platforms for property ownership in the region,” he added.

The issuer has mandated Dubai Islamic Bank (DIB), First Abu Dhabi Bank (FAB), HSBC, and Standard Chartered Bank as joint global coordinators and joint lead managers for the offering.

Additionally, Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Emirates NBD Capital, and Sharjah Islamic Bank acted as joint lead managers.

Aldar Investments holds and manages a diversified portfolio of high-quality income-generating residential, retail, commercial, and hospitality assets valued at an AED 20 billion.

It is worth noting that Aldar Investments is rated ‘Baa1’ by the credit rating agency Moody’s, the highest credit rating to be assigned for a non-government corporate in the region.

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