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News in brief

01 November 2019

Siadah launches Masdar City homes

Siadah International Real Estate Development has announced the sales launch of residential units within its Al Mahra Residence project located at Masdar city in Abu Dhabi.

The development comprises two medium-rise buildings, providing 300 fully-equipped residential units – ranging from studios to three-bedroom units – with a distinctive view of the main streets and the surrounding sustainable city.

The homes have been designed in a modern style that meets the environmental standards of Masdar City, says Siadah Development. The project is scheduled to be completed by the second quarter of 2021, confirming the company’s commitment to complete the project on time, it adds.

Chawqui Derradji, the founding member and CEO, says the project had received a great interest from both Emiratis and expat investors.

Over 30 per cent of the project has been booked to date, says Derradji, adding that he expected it to reach the 100 per cent mark by the end of this year. According to him, Al Mahra Residence enjoys a prime location within Masdar City, and has a variety of residential units to suit the requirements of buyers and investors.

Downtown Dubai ‘top performing residential community’

Downtown Dubai was the emirate’s top performing community in the first eight months, both in terms of volume and value of total residential transactions registered till August, according to statistics from Data Finder, a real estate insights and data platform under the Property Finder Group.

The community accounted for 2,034 transactions from January until August which were cumulatively worth Dh5.4 billion ($1.47 billion), as per Data Finder. These include sales of apartments, villas, townhouses and land plots, it states.

With several handovers under way, Dubai Hills Estate is generating a lot of buyer interest and accounted for the second highest number and value of registered transactions. It accounted for 1,771 residential transactions which were collectively worth Dh3.4 billion.

Jumeirah Village Circle (1,323 transactions), Business Bay (1,275) and Dubai Creek Harbour (1,214) also took a lion’s share of the deals and rounded up the top five transacting areas from January until August 2019, according to report by Property Finder.

Other Dubai communities that accounted for a big chunk of transactions in terms of volume were Dubai Marina (1,096), Dubai South (1,089), International City (973), Jumeirah Lakes Towers (739) and Al Furjan (702), it adds.

According to the report, the top 10 communities accounted for 51.7 per cent of all residential transactions since the beginning of the year. Dubai clocked a total of 23,652 residential transactions in the first eight months of the year.

Upcoming areas such as Dubai Hills Estate, JVC, Dubai Creek Harbour and Dubai South have driven the volume of sales in Dubai so far this year. This suggests that as new homes are getting handed over, there is significant activity in the secondary market, it adds.

Alfardan launches St Regis luxury residences in Oman

Alfardan Group, a leading upscale property developer in the region, has announced the launch of the St Regis Al Mouj Muscat Resort and branded residences, a bespoke luxury destination in the heart of Oman, in collaboration with Marriott International.

Located in the heart of the capital’s seaside, the luxury destination located in Al Mouj Muscat boasts a prime address along 360 m of Muscat’s beachfront, strategically situated next to the Al Mouj Golf Course. It also marks the debut of the iconic St Regis brand in Oman, says the Qatari developer.

Comprising 271 crafted guestrooms and suites in the resort and 170 branded residences featuring a mix of one- to four-bedroom units and duplexes, the master development is an exemplar of modern luxury living, offering international tourists, families and residents’ world-class facilities and services, it states.

The new development (also known as Alfardan Resort) is Alfardan’s third high-profile venture in Oman, following Finaa Alfardan and Alfardan Heights, as the group solidifies its footprint and diversifies its presence in the sultanate’s booming regional hospitality sector.

On the flagship project, group president and CEO Omar Hussain Alfardan says: “We launched the Middle East’s very first St Regis property out of Doha and most recently announced The St Regis Marsa Arabia Island, The Pearl – Qatar. This development comes a decade after we introduced St Regis to Doha and the Middle East.”

“An architectural masterpiece seamlessly fusing cultural imprints of decades in Omani history with contemporary design features, to the backdrop of landscaped greenery, The St Regis Al Mouj Muscat Resort and branded residences is a testament to Alfardan Group’s commitment to superior benchmarks in luxury, quality and service excellence,” says the top official.