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News in brief

01 July 2019

Arada partners with Sabis to set up new school in Sharjah

UAE’s newest developer Arada has announced a partnership with Sabis, the global education network and schools provider that operates the International School of Choueifat (ISC) institutions in the Middle East, which will see the opening of a new K-12 international school in Sharjah.

The school will be located on a 670,000-sq-ft plot on the south-eastern corner of the project, adjacent to the East Village residential community, and represents the latest high-profile partnership that Arada has brought to Aljada.

With construction scheduled to begin in January 2020, the school will welcome its first pupils in September 2021, and will cater for children from KG through Grade 12. Staff housing will be provided elsewhere in the Aljada complex.

With a capacity of 4,000 pupils and preparing students for success in both American- and British-based external exams, the school will offer a top-quality education in an emirate that is already globally renowned for the quality and range of its academic institutions.

Based at Arada’s 24-million-sq-ft megaproject, Aljada, it will be the second Sabis-operated school in Sharjah, and the 15th in the UAE.

Emaar Hospitality opens new upscale hotel in Emirates Hills

Emaar Hospitality Group, the hospitality and leisure arm of global developer Emaar Properties, has unveiled Vida Emirates Hills, a new upscale lifestyle hotel in the heart of the tranquil Emirates Hills neighbourhood in Dubai.

The property is located within walking distance of Emirates Golf Club and Address Montgomerie, the two leading golf courses in the UAE emirate. Guests can enjoy the golfing amenities at Emirates Golf Club, a challenging par 72, 7,301-yard layout, designed by Florida-based course architect Karl Litten, and at the 265-acre Address Montgomerie championship golf course, designed by Colin Montgomerie in association with Desmond Muirhead.

The 160-room hotel, with a strikingly contemporary architecture and fashion-forward interior concept, is the third to open under the Vida Hotels and Resorts brand of Emaar Hospitality Group in Dubai and is the 16th hotel in the portfolio of the company. Designed for the new generation of business executives, entrepreneurs and leisure travellers, Vida Emirates Hills celebrates the unique style and individuality of the brand, which is underlined by simplicity and creativity.

Heart of Europe ‘European passport’ offer draws interest

Kleindienst Group, the UAE’s largest European property developer and creator of The Heart of Europe, claims that its offer of visa-free travel to Europe is generating major interest among UAE residents, according to a report in The National.

The Kleindienst Group is giving Moldovan citizenship to anyone who invests Dh5 million ($1.36 million) in its Heart of Europe project – a cluster of seven islands designed to recreate European living on The World.

Moldova is not a member of the European Union but passport holders enjoy visa-free travel across Europe’s 26-country Schengen zone.

Since the promotion was launched on June 1, two UAE residents have already bought properties, while close to half of the 173 people interested in buying are based in the UAE. “Our phones are ringing all the time,” chairman and founder Josef Kleindienst, told The National.

Through this summer offer, and based on applicable terms and conditions, THOE Phase One property owners with an investment exceeding Dh5 million will qualify for a free Moldovan citizenship that facilitates visa-free travel across the Schengen area in Europe and 121 global countries, in addition to many other accessibility and travel benefits.

Kleindienst says: “Surpassing client expectations through every element in our offering is an essential part of our approach. We understand the need for creating outstanding value that surpasses high-quality structures and innovative builds. With the demand for nationality by investment growing globally, especially amongst residents in the Middle East and Asia who are looking for more stability and security than their current passports offer, we found this element to be of great added value to our investors, and have already started receiving very positive feedback from our clients,” he added.

The offer is valid until September 2019.

Stalled Amwaj Gateway auctioned for $38.7m

A stalled real estate development in Bahrain has finally been sold off – providing hope to investors in other similar projects facing delays.

The Amwaj Gateway project was auctioned, at the eighth attempt, at a reserve price of BD14.7 million ($38.7 million), which was a drop from its last reserve price of BD17.5 million in January.

Bahrain-based investment firm Esterad successfully bid for the project, with no other buyer coming forward, during the auction held at the Justice, Islamic Affairs and Endowments Ministry headquarters in the Diplomatic Area.

The project first went under the hammer in August 2017 at a reserve price of BD36 million set by the government’s Committee for Stalled Real Estate Projects.

“This is a good investment that is auctioned off at a good rate,” says Esterad real estate head Abdulla Nooruddin.

However, he did not reveal any details of what the company intends to do with the project.

The $183-million project was launched in 2007, and scheduled for completion in 2010. It was supposed to include 384 apartments, 93 town houses and a hotel tower with 143 rooms.

However, work halted in 2009 due to the global financial crisis and in 2015 it was referred to the government panel. So far, 65 per cent of 191 units in the East Tower have been completed, along with 40 per cent of 193 units in the West Tower, 50 per cent of the planned hotel and 60 per cent of the town houses.

Damac launches affordable luxury homes in Business Bay

Leading UAE developer Damac Properties has announced the launch of Zada, a fully-integrated development featuring luxurious one-bedroom modern apartments, in Dubai’s Business Bay area.

Priced at Dh699,999 ($190,539), the exquisitely designed one-bedroom apartments offer views of the iconic Dubai Canal, says the luxury project developer.

Damac is offering prospective buyers a chance to pay for the property in monthly instalments of Dh6,999 over five years. It points out that its latest project comes in response to the growing demand for accessible luxury in the region.

Zada is strategically located within a master-planned community in Business Bay, and offers world-class amenities such as a swimming pool, a children’s playground, and a fitness centre, among others.

Owing to its location in one of Dubai’s most coveted neighbourhoods, residents will also enjoy the best of shopping, dining, and entertainment experiences in their vicinity.

The launch of Zada comes at a time when Damac is focused on completing its current pipeline of development projects.

Earlier this year, the developer handed over 727 homes in Ghalia, its first certified Sharia-compliant luxury furnished apartments; and is preparing to handover more than 1,500 units in the coming months.

Lootah offers lease-to-own warehouses in Dubai Industrial Park

Lootah Real Estate Development, a leading UAE-based real estate group, has announced the launch of Senaeyat, a company that provides lease-to-own industrial warehouses for businesses of different sizes.

Located in Dubai Industrial Park, Senaeyat is the first to offer a lease-to-own model for clients, in which they can have full ownership of the pre-built industrial warehouses within 10 years. It has acquired a total of 3 million sq ft of land for the whole project, which will be offered in two phases. The first one includes one million sq ft, and the second, two million sq ft.

Phase One of the project has four different built-up areas – 20,000, 24,000, 30,000 and 36,000 sq ft – to cater to diverse market segments, especially focusing on the underserved market of small to medium-sized industries, while Phase Two will have the same size options, in addition to bigger built-up areas – 50,000 and 60,000 sq ft.

Dubai Industrial Park, one of the largest industrial and manufacturing hubs in Dubai, provides state-of-the-art infrastructure and integrated solutions for businesses. The destination hosts over 250 factories and more than 700 business partners in sector-specific zones.

On the new venture, CEO Saleh Abdullah Lootah says: “We are pleased to offer this sustainable business model to different industries to help them convert their operational costs to assets.”

Lootah points out that Senaeyat’s wide range of modern specifications was a response to the growing demand for such warehouses in the market, as these European models aren’t widely available. The warehouses will also be ready-to-use upon handover, he states.