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Real Estate

Casablanca Villas ... golfing lifestyle.

News in brief

01 July 2017

Damac launches fully furnished luxury villas

Damac Properties has launched Casablanca Villas, a collection of fully furnished and serviced luxury boutique villas in Dubai, UAE, inspired by the enchanting vibes of the Moroccan city of Casablanca.

The Casablanca Villas are located in Akoya Oxygen, a completely self-contained master development.

Located within an international golf community, Casablanca brings the ultimate golfing lifestyle to residents’ doorsteps – from a championship-standard course to PGA qualified coaches, a pro shop, state-of-the-art clubhouse and world-class dining.

As part of its Ramadan specials this year, Damac unveiled a special offer under which investors and customers need to pay 60 per cent of the property value only upon completion.

Emaar plans IPO

Emaar Properties plans to offer up to 30 per cent of its UAE real estate business in an initial public offering (IPO), which will be the largest since the Emaar Malls IPO in 2014.

Subject to market conditions, the funds raised through the sale of equity will be primarily distributed as dividends to shareholders.

Emaar’s real estate sales in the UAE increased from Dh4.2 billion ($1.14 billion) in 2012 to Dh14.4 billion ($3.92 billion) in 2016. Until the end of May 2017, the business recorded sales of Dh9.7 billion ($2.64 million), 24 per cent above the same period in 2016. Total backlog as at the end of May was Dh40 billion ($1089 million. This backlog represents the value of properties sold but where related revenues have not been recognised.

The Dubai developer has handed over around 34,000 units in Dubai since 2001 and currently has a significant land bank of 24 million sq m in the UAE.

IHG to expand in Kuwait

InterContinental Hotels Group (IHG) has announced an agreement with Bukhamseen Group Holding Company to build and operate IHG hotels in Kuwait exclusively with the business conglomerate.

Under the terms of the agreement, IHG will expand its hotel footprint in the market in an exclusive collaboration with the group.

IHG currently operates three hotels in Kuwait in partnership with Bukhamseen Group – Crowne Plaza Al Thuraya City, Holiday Inn Al Thuraya City and Holiday Inn Salmiya. Additionally, the newest venture, located adjacent to the Crowne Plaza Al Thuraya City and Holiday Inn Al Thuraya City, is the InterContinental Al Thurayathat, which is currently under construction and is due to open in 2019.

The agreement grants countrywide exclusivity to the Bukhamseen Group for 10 years and covers six IHG brands, including InterContinental Hotels and Resorts, Crowne Plaza, Holiday Inn, Holiday Inn Resort, Holiday Inn Express and Staybridge Suites.

Sobha launches affordable apartments

Sobha Group, a premium real estate developer, has announced the launch of its affordable luxury offering comprising studios, and one-, two- and three-bedroom apartments in two L-shaped buildings within an integrated freehold community on Dubai Water Canal in the UAE.

Set in the heart of Dubai, Hartland Aflux is being launched as part of Sobha Hartland Greens Phase Three.

More than 70 per cent of the apartments in the first and second phases of the property have already sold out, says Sobha Group.

Hartland Aflux, which falls under the affordable luxury segment, is expected to enjoy the same signature quality of Hartland Greens apartments in the first and second phases.

The configuration of the building includes two podiums and a 12 floorplan with an emphasis placed on privacy and lifestyle demands. Apartment sizes will range from 468 to 1,378 sq ft, making them smaller than the average Sobha Hartland apartment yet still grander than any other.

These new apartments will have unobstructed views of the Dubai Canal with a generous spread of 2.4 million sq ft of green spaces and villa communities around it, says the Dubai developer, adding that Phase Three promises to be better in terms of the exterior with access to interrupted views of the community and Dubai Canal.

The Hartland Aflux project is likely to be completed in October 2019.

Five Holdings launches $571m hospitality REIT

Dubai-based real estate development and hospitality group Five Holdings (previously known as Skai Holdings) has announced the launch of a Dh2.1-billion ($571 million) real estate investment trust (REIT).

The region’s first REIT with a complete focus on hospitality will include Five Holdings’ Dh4.3 billion ($1.17 billion) Viceroy Dubai Palm Jumeirah, and all future projects subject to compliance with regulatory requirements. It will be regulated by the Abu Dhabi Global Market (ADGM) and Financial Services Regulatory Authority (FSRA).

REITs issue securities in the form of shares that invest in income-generating real estate including mortgages and may be traded like a stock when offered to the public. They allow investors to have an underlying stake in real estate, which in turn allows them to diversify their investments, as well as benefiting from long-term capital appreciation.

Kabir Mulchandani, the chairman and chief executive of Five Holdings, says Five Holdings is continuously looks at new ways to innovate and ensure that its investors have more avenues for investment. “Owning units in a REIT instead of holding the title to a physical asset means investors will be able to buy and sell at a lower cost and with more flexibility. They will be able to monetise faster in a public offer by owning units within a REIT as opposed to a physical asset,” he says.

Five Holdings’s name and philosophy is based on the five elements and reflects the group’s ambition to grow its current property portfolio of $2 billion.

Duqm port ... the free zone has attracted $11-billion in investments.

The new 40,000-sq-ft office ... on Sheikh Zayed Road.

Danube Properties opens new office in Dubai

Danube Properties has announced the opening of its new 40,000-sq-ft stand-alone office on Sheikh Zayed Road in Dubai, UAE.

The inauguration ceremony was held last month in the presence of ex-Miss Universe Sushmita Sen, also the brand ambassador for the firm in the Middle East, Rizwan Sajan, Danube group founder and chairman and other senior officials.

The new office has been opened with an aim to cater to the numerous customers that have shown interest in Danube Properties, says the company. The new premises now accomodates the entire properties team and also boasts two inbuilt show apartments of a studio and one-bedroom variant, giving visitors a peek of the actual look and feel of the interiors of the apartment, it adds.

Sajan says: “The decision to open the new office stems from the need to cater to a wider range of customers. Our new state-of-the-art office will give customers the option to see all our project offerings as well as how the ready-to-move apartments will look.”

“We are a growing team and with the help of this new office at such a convenient location, we aim to serve our customers better,” he adds.

Marina Arcade ... luxury property.

Sophisticated residential tower launched

Mada’in Properties has launched its collection of ready-to-move-in homes at Marina Arcade, a sophisticated residential tower in Dubai Marina.

Offering breathtaking views of the Marina skyline, the development features more than 280 apartments ranging from one-, two- and three-bedroom units to duplex and triplex units and penthouses spread over 47 plush floors. In addition, the property features signature units on the 16th and 30th floors that are designed as ‘sky homes’ with sky gardens and a dedicated terrace and private Jacuzzi, as well as loft apartments on the second and third floors.

The property has been designed by the Italian architect and interior designer Matteo Nunziati.

It has state-of-the-art facilities and premium amenities including cutting-edge safety features such as perimeter fire barrier systems (firestops) that significantly enhance the fire resistance of the building.

Abdulaziz Al Awar, chairman, Mada’in Properties says that Marina Arcade caters to the needs of those looking for a luxury home that is an extension of their modern lifestyle and takes the concept of comfort to a whole new level while “still staying true to the Dubai Marina way of living”.