Gulf Construction Online

Real Estate

In Brief

01 May 2021

TMKN completes $217m Abu Dhabi mixed-use project

TMKN Property of the UAE has announced the completion of a mixed-use project, Al Jimi Avenue in Abu Dhabi, at a total cost of AED800 million ($217 million).

The project boasts 600 luxury apartments comprising one-, two- and three-bedroom units in addition to commercial spaces, office spaces, and more than 800 parking spaces.

According to TMKN, the project is characterised by its elegant and attractive design and overlooks Abu Dhabi Corniche and the picturesque Khalidiya district. The project provides a healthy and vibrant lifestyle by offering access to a gymnasium and health club, in addition to a swimming pool with security guard 24/7, it adds.

TMKN Property has strengthened its position in the real estate market in the country, and expanded in real estate management through a real estate portfolio that includes more than 3.000 residential and commercial units, says its CEO Dr Abdul Rahman Mahmud Al Afifi.

“Al Jimi Avenue is purely designed for residential and commercial use, and is distinguished by its luxury, and location, which is within walking distance of the Abu Dhabi Corniche,” he notes.

Ellington expands Villa Collection at Palm Jumeirah

Dubai-based Ellington Properties has signed an agreement worth $82 million with Al Hilal Homes, a leading real estate brokerage firm, to offer premium homes in Dubai.

As per the deal, Ellington will expand its Villa Collection at The Palm Jumeirah, adding a limited selection of high-end properties to the four beachfront villas by Ellington Properties on The Palm Jumeirah. The Villa Collection homes feature five bedrooms, private infinity swimming pool, garden, and outdoor seating area.

Ellington Properties (International) CEO Elie Naaman says: “We are now adding a limited selection of villas to our Villa Collection through our partnership with Al Hilal Homes, which meet the lifestyle choices of ultra-high-net-worth individuals.”

Al Hilal Homes CEO Jaouad Bouhannouch says: “Ellington Properties has set a distinctive niche in the market through their design-led and award-winning residential developments. Partnering with them to develop the one-of-its-kind luxury villas in Palm Jumeirah further adds to our portfolio of exclusive projects in Dubai.”

NBB unveils special finance scheme for Diyar Al Muharraq properties

The National Bank of Bahrain (NBB) has announced a special package for its customers providing tailored financing solutions on lands and homes located in Diyar Al Muharraq, to offer them additional mortgage solutions across a wider area of Bahrain.

The new mortgage offer will enable customers to receive extremely competitive interest rates starting from 4.75 per cent, for up to 25 years and up to 90 per cent of the property value. Furthermore, NBB customers will get to enjoy faster and more convenient processing times for their loan applications.

Chief Executive (Retail) Subah AlZayani says: “In line with our commitment to support real estate projects in the kingdom, we have tailored a special offer for customers seeking to move into newly developed cities, such as Diyar Al Muharraq, to cater to their property buying needs, be it land or villa, with cost-efficient solutions.

In addition to its previous mortgage solution offers, NBB has extended its housing solutions to all its customers by introducing bespoke real estate financing products such as Mazaya Finance and Joint Housing Finance, along with delivering more value by introducing interest-free land registration and life insurance repayments throughout the duration of the loan. Customers also benefit from free fire insurance for all real estate financing services from NBB, he adds.

Saudi Real Estate Refinance eyes $1bn sukuk by year-end

Saudi Real Estate Refinance Company (SRC) plans to issue up to $1 billion in sukuk (Islamic bonds) by the year-end, reported Reuters.

A wholly-owned unit of the kingdom’s sovereign fund, Public Investment Fund (PIF), SRC was set up to increase home ownership among Saudi nationals.

In March, the company had sold SR4 billion ($1.06 billion) in a two-tranche private placement of sukuk, guaranteed by the Saudi finance ministry, said the report.

It will enhance the provision of liquidity in the real estate finance market and contribute positively to reducing the cost of real estate financing for citizens who wish to own adequate housing.

SRC has a portfolio of loans of SR6.5 billion at the end of 2020. It has been assigned an ‘A’ credit rating by Fitch Ratings before a planned issuance of international bonds, reported Saudi TV channel Al Arabiya.

The company plans to issue between $500 million and $1 billion in bonds by the end of this year, likely with a tenor of between 10 and 12 years, the report added.