Uncategorized

Dubai – Mubasher: Damac Properties Dubai Company has successfully acquired two plots in Al Sofouh and Business Bay areas from Dico Properties Company and Soor Foodstuff Company.

The transaction’s total cost valued at AED 285 million, according to Damac’s statement to the Dubai Financial Market (DFM) on Wednesday.

The Dubai-based company noted that the acquisition comes along with its approach to acquire prime plots in distinctive areas in order to expand its land bank for new innovative developments in future to increase its revenues for the benefit of its shareholders.

Dubai - Mubasher: Damac Properties, a Dubai-based property development company, on Monday announced the launch of an exclusive offer on ready-built luxury residences in DAMAC Hills, the 42 million-square-foot golf community.

As part of the limited time offer, customers can buy high-end townhouses and apartments in the Loreto cluster at a price starting from AED 600,000 with 5% initial payment, according to a press release.

Moreover, buyers can enjoy a four-year post-completion payment plan and 50% waiver of Dubai Land Department (DLD) fees, Damac noted.

The exclusive offer will be available for both agents and direct buyers at the DAMAC Hills Sales Centre from 24 to 28 September 2019.

Niall McLoughlin, Senior Vice President of Damac Properties, said, “DAMAC Hills offers excellent amenities, a great on-site community management team and is home to a vibrant resident community of over 5,600 people. This is an unbeatable offer, and we hope that investors in the market make the best of it.”

It is worth noting that the Loreto cluster features a number of amenities including Trump-branded and -managed clubhouse with restaurants, a swimming pool and gymnasium, a skate park,  supermarkets, laundry services, ATMs, a tennis academy, basketball courts, a horse riding academy,  and a petting zoo.

Dubai - Mubasher: Damac Properties, a Dubai-based property development company, revealed it has achieved 4.4 million safe hours at AYKON City, the $2 billion luxury mixed-use project being developed on Sheikh Zayed Road.

This comes as a result of the company’s dedication to its workers' safety since 2002 by adopting the highest safety standards, according to a press release.

Niall McLoughlin, senior vice president of DAMAC Properties, said: “DAMAC’s ‘Safety First’ culture plays a central role at every stage of our business process. Whether it’s awarding construction contracts or conducting regular independent assessments by HSE auditors, at DAMAC, we believe in going the extra mile when it comes to achieving our goal of ‘zero incidents’.”

“I congratulate the project management and HSE teams on this exemplary safety performance. We will continue to adopt new and innovative ways to enhance our health and safety performance even further,” McLoughlin added.

Earlier this year, Virtual Reality pods were installed at AYKON City to simulate real-life hazard scenarios and raise safety awareness among workers.

In 2018, Damac had recorded 25 million safe worker hours at the DAMAC Towers by Paramount.

UAE - Mubasher: Dubai-based MAG Lifestyle Development, MAG Group Holding’s real estate development arm, announced it has completed the construction of MAG 5 Boulevard, its value-housing project in Dubai South.

The AED 800 million project, which is one of the first developments to be launched in the area, is now among the first to be completed ahead of schedule and in time for Expo 2020, according to a press release.

MAG 5 Boulevard is also considered as the biggest delivery of units in the area, underpinning the Expo 2020 Vision and the Government of Dubai, MAG Lifestyle highlighted.

Talal Moafaq Al Gaddah, managing partner and CEO of MAG Lifestyle Development, commented: “Under our ‘MAG of Value’ division, which was established to pioneer value-home construction, we are proud to be exceeding our customer expectations with our handover of MAG 5 Boulevard.”

“The project was designed to grant mid-income earners value for their money in a residential market that is home to one of Dubai’s most exciting urban developments — Dubai South. Combined with its strategic location and quality amenities, and offering a fully integrated modern community, the project offers residents an entirely new lifestyle with MAG,” Al Gaddah added.

The development encompasses 13 buildings, comprising 1,452 units including 498 studios, 732 one-bedroom, 210 two-bedroom, and 12 three-bedroom apartments.

The residential project houses a 24-hour walkable community that spreads over 800,000 square feet in the lush Dubai Greenbelt. It is situated in Dubai South in proximity to the upcoming Dubai Expo 2020 site, along with nearby schools, offices, and hospitals, offering unmatched convenience to residents.

Located in proximity to the Dubai Expo 2020 site, the residential project features state-of-the-art amenities including a swimming pool, jogging tracks, gardens, outdoor leisure spaces, children’s areas, a community centre, and a series of retail, dining, and leisure outlets.

The project also features a 24-hour walkable community spreading over 800,000 square feet in Dubai Greenbelt.

Dubai – Mubasher: Deyaar Development, listed on the Dubai Financial Market (DFM), announced that the Court of Appeal has issued a judgment in favour of the company regarding its cases with Limitless.

The Court of Appeal has affirmed the judgment of Dubai Court of First Instance to cancel all sale and purchase agreements of the land plots in dispute, according to a bourse filing on Monday.

Deyaar has paid a total amount of AED 411.966 million, representing 50% of the total purchase price of the land plots.

Moreover, Limitless has to pay the legal interest at a rate of 9% per annum of the aforementioned amount as of the date of the claim on 4 August 2015 until full payment and all the amounts paid by Deyaar against the price of the lands shall be returned.

Under the judgment, Limitless is obliged to pay a compensation of AED 61.107 million to Deyaar for breaching obligations.

“The impact of the judgment on the financial position of the company and the timing for such impact to reflect in the financial statements depends on the collection of the awarded amounts and the rejection of any appeal against the judgment by Cassation Court in case that the Judgement was challenged by Limitless,” Deyaar highlighted.

Deyaar has not raised any amounts yet as the judgment is currently being executed, the company noted

Dubai – Mubasher: Emaar Properties, a global property developer based in Dubai, on Wednesday announced it has launched Ease by Emaar, a short-term rental concept that enables travellers to stay stays in upscale homes selected by Emaar in their integrated communities.

The leading property developer also unveiled South Beach, a premium residential beachfront development in Emaar Beachfront, which will be the first waterfront development to be listed on Ease by Emaar, according to a press release.

South Beach comprises one-, two-, and three-bedroom apartments with elegant furnishings, the company added.

Under Ease by Emaar, guests can enjoy a number of offers and deals to the city’s major attractions through Ease Pass, as well as U by Emaar which provides special upgrades, discounts on Emaar hospitality restaurants, and deals to Emaar entertainment attractions.

Residents of South Beach can also enjoy amenities such as a swimming pool, fitness centre and an extensive choice of play areas for children.

Investors in South Beach will have the option to allow Ease by Emaar to manage their property at no additional cost for the first three years post-completion, according to the release.