Gulf Construction Online

Real Estate

The Nook by wasl ... overwhelming response.

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01 June 2019

Wasl’s The Nook twin-tower project 50pc sold

Dubai-based wasl properties (wasl), a subsidiary of wasl Asset Management Group, says it has received an overwhelming response for its key development ‘The Nook’, which represents the first two buildings within the wasl gate development on Sheikh Zayed Road in Jebel Ali.

Announcing the success of the company’s investment strategy targeting major groups, especially Emirati youth and small Arab families, wasl says it has achieved its intended goals during the campaign with notable sales of its units at ‘The Nook.’ Millennial investors in Dubai contributed to the success of wasl’s campaign through the unprecedented sales of studio apartments and one-bedroom units at ‘The Nook’.

Chief property management and marketing officer Zainab Mohammed says: “One of the most important results we achieved was attracting this segment of the youth, especially locals, in a manner not experienced before and for them to understand the vision and the feasibility of investing in the real estate sector to secure their future.”

According to her, since the project’s launch, a total of 144 apartments have been sold, including the full inventory of studios (21) and one-bedroom units (65) besides 46 two- and 12 three-bedroom apartments.

Around 50 per cent of the investors were in the 25 to 39 age group followed by 30 per cent in their 40s and 50s. Some 50 per cent were Emiratis, 10 per cent Arabs and 40 per cent overseas buyers.

The project will host a new mall by Al-Futtaim, Festival Plaza, due to be completed by Q4 2019, restaurants, coffee shops, family entertainment and leisure outlets, and a new-concept hypermarket.

Majid Al Futtaim lists world’s first corporate green sukuk

Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has announced the listing of the world’s first benchmark corporate green sukuk (Islamic bond) at Nasdaq Dubai.

Valued at $600 million and with a tenor of 10 years, it is the first green sukuk issued by a corporate in the region, says Majid Al Futtaim.

The green sukuk is testament to retail giant’s long-term commitment to support the transition to a low carbon economy. The investment will be used to finance and refinance Majid Al Futtaim’s existing and future green projects, including green buildings, renewable energy, sustainable water management, and energy efficiency, it adds.

Majid Al Futtaim – Holding CEO Alain Bejjani says: “As we progress on our sustainability journey, we are extremely proud to list the world’s first benchmark corporate green sukuk and look forward to identifying and pioneering innovative ways to meet our ambition to be Net Positive by 2040,” he notes.

Majid Al Futtaim recently established a Green Finance Framework and a Green Finance Steering Committee, which will oversee the selection of new and existing projects for the green portfolio.

United Real Estate Company 2018 revenue up 18pc

Kuwait-based United Real Estate Company (URC) has recorded a 18.3 per cent growth in its operating revenue for 2018 which hit KD103 million ($338 million), while its operating profit fell from KD21 million the previous year to KD9 million.

The decrease in the company’s profits was due to several factors mainly from a decline in value of properties inside and outside Kuwait including the UAE, in addition to the increase in the annual amortisation of build-operate-transfer (BOT) investments in Kuwait due to the near end of these investments period, says the developer.

Announcing the results for the financial year ended December 31, 2018, URC says the group also swung to a net loss of KD9 million in 2018 from a net profit of KD2.2 million the previous year. It recorded a 2.39 per cent increase in total assets reaching a value of KD 617 million in 2018 as compared to KD 602 million in 2017.

In Kuwait, URC made significant progress on the “Hessah Towers” development, one of the largest ongoing projects located at Hessah Al Mubarak District. The detailed design of Hessah Al Mubarak development is under way in collaboration with world-renowned international design firms and consultants.

In December 2018, the company launched the construction of the first package of Hessah Towers, which is due to be completed in 2022.