Bahrain Marina ... the masterplan.
News in brief
01 October 2017
Marina work on track
Phase one of the Bahrain Marina project is on track.
The marine works is the first stage of the project and includes all the enabling and marine-related works, including silt removal, earthworks, shore protection, quay walls and culvert crossings in preparation for the construction stage of the project. It’s expected to be completed by 2020.
“We are pleased to announce the progress of the project based on the timeframe set by the management. During the marine works phase of the project, we were adamant about protecting the marine life in order to ensure long-term sustainability. Our marine protection strategy was developed in cooperation with the Supreme Council for Environment,” says Abdulrahman Yusuf bin Yusuf Fakhro, chairman of Bahrain Marina Development Company.
“The next phase of the project which is the piling work is scheduled for December 2017,” he adds.
Bahrain Marina will include a five-star lifestyle hotel, serviced and freehold apartments, waterfront villas along with a shopping mall, family entertainment centre and a recreational waterfront space with dining and retail spaces. A yacht club will be built covering an impressive area with the capacity of berthing a vast number of boats of different sizes.
VAT ‘will have impact on UAE real estate’
Real estate businesses in the UAE must consider how the five per cent value-added tax (VAT), being implemented from January 1, 2018, will affect them, an expert has said.
Although home renters will escape taxation because residential rentals will be exempt from VAT, landlords may lose out on other expenses they incur with VAT, making rental prices vulnerable to an uptick, says Lukman Hajje, chief commercial officer of Propertyfinder Group.
From a developer’s standpoint, VAT will certainly impact the contract price in construction contracts. And since Dubai developers have been ramping up launches of their off-plan projects in the last six months, it’s imperative that they lock down processes so they are prepared to recoup potential losses under the new taxation system, he says.
Hajje points out that while ‘location’ may be one of the top three important things in real estate, for developers it’s all about brand and reputation.
He cautions that paying attention to the uptick in construction costs and the inclusion of VAT may put a strain on margins, but there are ways to maintain long-term success.
“The developers who deliver on time and consistently build and maintain a quality product in the long term enjoy repeat business, attract the best talent and the best margins,” he says.
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The Motor City Green Community project. |
Phase 3 of Motor City project launched in Dubai
National Properties, the real estate arm of National Bonds Corporation, has launched Phase 3 of its Motor City Green Community, which includes Casa Flores villas and the Eden Apartments.
Mohammed Qassim Al Ali, CEO of National Bonds, said the community “provides a way of life within a secure environment comprising landscaped gardens, water features, cobblestone streets and walkways with natural greenery that further enhances peace and tranquillity”.
Casa Flores consists of 137 villas available with the options of three and four bedrooms. The kitchens are fully fitted with “Grade A” appliances and electronics, a separate breakfast room, and a study in addition to a generous storage space.
The Eden Apartments building boasts 136 luxury yet affordable apartments with options of studios, one-bedroom and two-bedroom apartments. It has spacious living and dining areas. The building is strategically located within walking distance to supermarkets, pharmacies, schools and several convenient stores.
Furthermore, all apartments will have ample parking for residents and visitors. The apartment building will be managed by Harbour Real Estate, the award winning property management company originally from Australia and based in Dubai since 2007.
The residences are designed and constructed to international luxury and quality standards.
Palm Hills to develop $8.5bn Cairo residential project
Egypt’s Palm Hills Development has signed a deal with the government’s New Urban Communities Authority (Nuca) to jointly develop an integrated residential community over a 12.6-million-sq-m area in West Cairo.
The project, which will offer apartment buildings, standalone units complemented with commercial, educational and leisure facilities, is estimated to cost E£150 billion ($8.48 billion).
Palm Hills Development said the agreement with Nuca was in connection with co-developing the project on a revenue sharing basis.
On completion, the integrated community is expected to offer 40,000 residential units in addition to commercial real estate and services, the Egyptian developer said.
As per the contract, Palm Hills Development will be responsible for all financing, construction, development, internal infrastructure, marketing and sales activities, while Nuca will be contributing the land bank alongside all associated external infrastructure to the boundaries of the project.
Nuca will also be entitled to a revenue share of 26 per cent, translating into E£25.2 billion ($1.42 billion) payable over 12 years to the Egyptian government, and an in-kind payment of a BUA (built-up area) of up to 422,000 sq m (consisting of 372,000 sq m of residential and 50,000 sq m of commercial).
According to the developer, the project is expected to create 300,000 job opportunities.
A major regional player, Palm Hills Developments builds integrated communities and has one of the most diversified land bank portfolios, spreading over 41 million sq m in Egypt. Its product offerings include primary homes on both West Cairo and East Cairo, as well as secondary homes by the Mediterranean Sea, North Coast, and commercial real estate across all operating regions.
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Vida Marassi Marina. |
Emaar plans first Vida hotel in Egypt
UAE-based Emaar Hospitality Group is set to develop Vida Marassi Marina, a major leisure development with 120 hotel rooms and suites offering a refreshing ‘marina tourism’ experience, marking the first project under its Vida Hotels and Resorts brand in Egypt, and the third hotel project by the Emaar Group in the country.
Elegantly designed, Vida Marassi Marina will boast of a range of lifestyle amenities including yacht club, berthing and restaurants, meeting facilities, outdoor pools and decks, thus adding to the lifestyle choice of guests.
Emaar seeks to welcome yachting and marina enthusiasts to its upcoming hotel project in Marassi, the master-planned lifestyle and tourism destination by Emaar Misr set by the scenic Sidi Abdel Rahman Bay, says a top official.
“Vida Marassi Marina is a sterling addition to our portfolio of three hotel projects now in Egypt, all within the spectacular community of Marassi,” remarks Olivier Harnisch, the chief executive of Emaar Hospitality Group.
Shuaa Capital plans mixed-use tower in Dubai
Shuaa Capital has revealed plans for a skyscraper that will be a new landmark in one of Dubai’s most dynamic and coveted neighbourhoods.
Located in the heart of Dubai on Sheikh Zayed Road and in close proximity to the bustling Business Bay area, the “Dubawi” property will offer views of the Arabian Gulf on one side and the Burj Khalifa, the world’s tallest tower, on the other.
The concept was developed by N Studio, the architectural and interior design practice of Northacre, London, a high-end residential developer with a 25-year track record of delivering over 1,000 homes and apartments in Prime Central London.
Jassim Alseddiqi, the chairman of Shuaa Capital, said: “The steady roll-out of our strategic growth plans in the first half has seen Shuaa begin to chart a new trajectory that leverages our core strengths to create new opportunities for our firm.”
“Dubawi is a bold statement about both the ambition and the capabilities of Shuaa that embodies the optimism we have about our firm’s future outlook,” he stated.
Designed as a mixed-use hotel and residential tower to address demand in the UAE’s residential, tourism and hospitality sectors, Dubawi will consist of 500 hotel rooms and serviced apartments sharing amenities with the hotel, as well as over 500 apartment units and penthouses.
It will be managed by Shuaa’s specialised real estate asset management division, which currently manages assets in excess of Dh3 billion ($816 million).
