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Real Estate

News in brief

01 December 2020

Omniyat’s $680m Dorchester project 60pc completed

Leading regional property developer Omniyat has announced that more than 60 per cent of the work has been completed on its architectural showpiece, The Residences, Dorchester Collection, Dubai, being built at an investment of Dh2.5 billion ($680 million).

Once completed, Omniyat will be bringing a landmark of opulence to the banks of the Dubai Canal.

Dorchester Collection, Dubai, is set to meet the needs and expectations of connoisseurs of luxury around the world, it says.

It comprises The Residences, a blend of design, landmark architecture and exceptional service in the heart of Dubai; the 10th iconic Dorchester Collection Hotel, retail areas as well as food and beverage (F&B) outlets, which perfectly capture the essence of chic metropolitan dwelling and offers patrons of luxury around the world an unequalled lifestyle experience, states the Dubai developer.

Managed by legendary hospitality brand, Dorchester Collection, synonymous with quality and known for their unrivalled standards of service, this Downtown Dubai development will be setting the benchmark for the ultimate city lifestyle, it adds.

Designed by international, award-winning architects Foster and Partners, this grand architectural structure boasts two spectacular interconnected towers, one housing the Dorchester Collection hotel and the other a residential tower for the elite.

The 32-storey residential tower includes only 39 fully furnished residences, ranging from 3,900 sq ft to a 10,100 sq ft, with two-, three- and four-bedroom apartments. Additionally, situated on the 30th, 31st and 32nd floor, The Residences, Dorchester Collection, Dubai, offers six elegant four- and five-bedroom penthouses exclusively designed to create a private, high-quality and lavish lifestyle statement for the world’s luxury cognoscenti.

Diyar Al Muharraq’s villa community project on track

Diyar Al Muharraq, one of the largest real estate development companies in Bahrain, says infrastructure work on the 77 villas within its Al Naseem project, has reached 15 per cent completion to date.

Al Naseem is an independent residential community situated in the heart of Bahrain’s Diyar Al Muharraq, spread over 328,000 sq m, with views of canals and the sea.

It comprises two key zones – a gated and a non-gated community – with a wide range of residential villas and apartments located near convenient retail, leisure, and entertainment facilities complemented by an integrated pedestrian-friendly promenade and a 100-berth marina.

Diyar Al Muharraq says the project’s marine and canal works, which include installation of a lock gate to provide tidal controlled access to and from the sea, as well as installation of the water recirculation pumps, has reached 42 per cent completion.

CEO Engineer Ahmed Ali Alammadi says: “We at Diyar Al Muharraq, are committed to delivering every project with the highest standard of quality and strong attention to detail while meeting our construction deadlines.

“We are very pleased with the pace of Al Naseem’s infrastructure and canal work, which is progressing within the estimated timeframes and is likely to be completed by the end of July next year.”

According to him, civil works on the canals located near Al Naseem have reached 81 per cent completion excluding gates and pumps.

Diyar Al Muharraq also aims to start a new phase of infrastructure works on 50 new villas as soon as the current villas are complete.

“We look forward to completing works on the current and upcoming phases of the project and to see it take shape, so that once ready, we can present the Al Naseem community with the best residential experience,” he adds.

Diyar Al Muharraq is one of the largest integrated cities in the kingdom in line with Bahraini family values and offers a variety of housing solutions and a luxurious modern lifestyle.

Sa’ada commercial units 70pc leased out

Bahrain Real Estate Investment Company (Edamah) says more than 70 per cent of the commercial units within its premium mixed-use project, Sa’ada, located in the Muharraq area of the kingdom, have been leased out.

Edamah, the real estate unit of the kingdom’s sovereign wealth fund Mumtalakat, says it has invested BD7 million ($18.4 million) on Phase One of Sa’ada.

Coming up on a total area of more than 13,000 sq m, the premium development will boast multi-purpose commercial outlets, restaurants, entertainment halls, sports halls, a park and public spaces.

Sa’ada also features a variety of public facilities, including kiosks and a promenade alongside various other services, enabling the development to emerge as a value-adding project for the community at large, said Edamah.

Edamah CEO Amin Al Arrayed said some of the tenants have already started operating their commercial activities partially, while the remaining ones have not begun yet due to the issues related to Covid-19 pandemic.

According to him, the remaining nine commercial outlets will be offered for lease at competitive prices, in accordance with the same principles applied while leasing the other 25 outlets.

Al Arrayed said Edamah had completed Phase One of the project as per schedule and had begun work on the second phase.