Gulf Construction Online

Real Estate

News in brief

01 April 2016

Kinan unveils new residential units at Jeddah

Saudi-based Kinan for Real Estate Development has launched new residential units at Masharef Hills, a major villa project to be developed on a one-million-sq-m area in the north of the Saudi commercial capital Jeddah.

These units are considered a cross between an apartment unit and a villa, with each two-level building divided into four apartments – hence the name Quarto, which in Latin means four.

“The launch of Quarto units was the result of the continuous efforts that Kinan strives to achieve when bringing unique solutions to the residential market,” remarks its CEO Nidal Jamjoom.

Bandar Naqro, the project marketing manager, points out that the Quarto units were specially designed to suit all tastes.

“Owners have the choice of Arabian, Italian or Andalusia oriented designs that are being executed with the highest international standards and with the best quality aligned with modernity and Saudi Arabian traditions,” he states.

Masharef Hills is in close proximity to King Abdulaziz International Airport and King Abdulaziz University, says the company. The project comes with well grounded and top-of-the-line quality services such as green gardens, courts, a shopping centre, a mosque, in addition to a well-balanced community, it adds.

Barwa plans several new projects in 2016

Qatar-based Barwa Real Estate Company plans to develop several new projects this year including a 350-unit residential project and a workers accommodation, besides readying the masterplan for a 3.6 million-sq-m golf city in capital Doha, said a report.

Barwa’s goals for 2016 include starting key projects like Dara A project in Lusail City, the first phase of both the Madinat Al Mawater and Mustawdaat projects and the extension of Barwa Village, reported The Peninsula, citing the company chairman.

Also in the pipeline are housing schemes such as the one in Al Khor region comprising 300 residential apartments and 50 villas and also Phase Two of the Barwa Al Baraha workers accommodation, consisting of 16 residential buildings, said Salah bin Ghanim Al Ali, who is also the Minister of Culture and Sports. During 2014 and 2015, Barwa had conducted a comprehensive restructuring process, which included sale of a number of assets to cut debt and boost the company’s financial position and ensure the availability of sufficient cash balance to cover group operations, he added.

In January, Barwa Real Estate signed a $444.3-million Sharia-compliant loan with Islamic bank Masraf Al Rayan, which will be used to refinance earlier borrowings.

Engel & Völkers posts solid growth in Dubai

International real estate group Engel & Völkers says it has witnessed tremendous success in the Dubai market over the past year, thanks to its innovative Metropolitan Market Centre (MMC) concept and a strategic collaboration with leading developer Nakheel.

Within less than a year in operation, Dubai MMC provides a base for 200 real estate agents specialising in the brokerage of high-end real estate, and achieved 200 sales transactions by 2015-end.

The Dubai operation, which opened in May 2015, brings together the Germany-based broker’s global expertise, with the local knowledge and profile of one of the UAE’s landmark property developers.

“Our first months of operation have clearly demonstrated the value of the MMC concept,” remarks Cesar Latrilla, the chief executive of Engel & Völkers in Dubai. “The Dubai market is unique, in that many of the most exclusive properties are in planned communities dispersed across the city. A brokerage that brings all of these enclaves together under one roof is proving ideally suited to the needs of buyers at the high end of the market,” he states.

With around 7,000 employees in 37 countries, Engel & Völkers’ success is built on a network of distinctive residential property shops. It operates under national and local franchise agreements, offering high levels of personalised and localised client services.

Aldar gets Abu Dhabi master developer licence

UAE-based Aldar Properties says it has obtained a master developer licence from the Abu Dhabi Department of Municipal Affairs under the provisions of a new real estate law which came into effect this year.

The new law provides enhanced protections for customers of off-plan developments and enshrines the rights of owners and residents in existing communities.

A leading real estate developer, Aldar says that with this win, it has become the first licensed master developer in the emirate.

Talal Al Dhiyebi, the chief development officer at Aldar Properties, says: “We are very excited about the introduction of the real estate law in Abu Dhabi. We believe it will bring a high degree of predictability and transparency to the market and thereby increase the attractiveness of the market to existing and a new generation of customers. We are proud to be the first developer licensed by the Department of Municipal Affairs under the new regulations, as it reflects our commitment to the new law and the real estate market in Abu Dhabi as a whole.”