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Tuesday, May 26, 2015

Asteco appointed to sell out remaining DUKES Oceana apartments










Asteco appointed to sell out remaining DUKES Oceana apartments

 Initial launch phase of Best of British’ styled luxury development sells out; developer-backed guaranteed ROI of 10% attracting global investment interest as Asteco takes sole responsibility for remainder of unique Palm Jumeirah project 

Dubai-based luxury property developer Seven Tides has appointed leading regional real estate services firm, Asteco, as the sole agent for its newly launched DUKES Oceana, Dubai project.
Located on the Palm Jumeirah, this is the first international property for the DUKES Collection brand, whose flagship hotel DUKES London is a popular destination for GCC travelers. The high profile five-star hotel and adjacent residences are already built, only the interior fit-out remains, so the project is scheduled for handover in Q1 2016.
“Just one month after the launch of this development, 65% of the hotel apartments have been sold representing the completion of phase one. Just 35% of the studio and one-bedroom units remain, and we are confident that with Asteco’s network of contacts and unrivalled market expertise, we will secure the additional investors required to close-out the sales for this one-of-a-kind project,” said Abdulla bin Sulayem, CEO, Seven Tides.
Targeted at the regional and international investment community, Seven Tides is guaranteeing a return on investment (ROI) of 10% net per annum for the first five years, making the DUKES Oceana, Dubai venture a highly attractive proposition.
Hotel Apartment prices will remain the same, which range from AED 1.1 to AED 2.6 million for the 376-822-square feet studios, with one-bedroom units offering a spacious 832-882 square feet, starting at AED 2.3 million and rising to AED 2.7 million.

“Designed specifically for investment purposes and sold as fully furnished freehold hotel apartments, benefitting from a number of advantages, not least of which is the location on Palm Jumeirah, the city’s ultra-desirable lifestyle community. Add to that the quintessentially ‘Best of British’ positioning that the DUKES hospitality brand is renowned for, and this makes for a solid investment opportunity that has already resonated with international investors,” said John Stevens, Managing Director, Asteco.
Hotel guests of the apartments will also have full access to the DUKES Oceana, Dubai suite of leisure facilities and support services, including a stunning private beach, indoor pool, and outdoor infinity pool plus state-of-the-art gym, along with a number of restaurants and lounges showcasing signature British, Asian, international cuisine. Investors will also have full access to these facilities when utilising their hotel apartment for seven days per year.

“The calibre of investors choosing Dubai as a prime location for portfolio growth means that their expectations are extremely high when it comes to managing their investment, and with the DUKES operations team responsible for the day-to-day professional management of the apartments, they will have complete peace of mind,” noted Stevens.

Established in 2004, Seven Tides has developed its own portfolio of commercial, residential and resort properties in some of the world’s most desirable locations. Its award-winning flagship hotel, DUKES London, is situated in the fashionable Mayfair district and has been a hospitality icon in the capital for well over a century.



For more information about DUKES Oceana, please visit www.dukesoceana.com

About Seven Tides

Based in Dubai, the United Arab Emirates, privately owned Seven Tides is an internationally oriented holding company established in 2004. Currently focusing on hospitality and real estate sectors, Seven Tides thinks progressively, works creatively, partners strategically and acts quickly. The result is a current portfolio of offerings from landmark hospitality acquisitions and commercial buildings to residential towers and multi-use complexes in the gateway cities of London and Dubai.

For more information, please visit www.seventides.com

Sunday, May 10, 2015

TECOM INVESTMENTS’VILLA LANTANA FREEHOLD RESIDENTIAL DEVELOPMENT WELCOMES MAJID AL FUTTAIM NEIGHBOURHOOD CENTRE










TECOM INVESTMENTS’VILLA LANTANA FREEHOLD RESIDENTIAL DEVELOPMENT WELCOMES MAJID AL FUTTAIM NEIGHBOURHOOD CENTRE

·         New 53,500square feet neighbourhood centreto begin construction in September 2015

·         Less than a five minute walk from the new Villa Lantana residential community and Al Barsha South residence

·         My City Centre Al Barsha due to open in the third quarter of 2016

Dubai, UAE:TECOM Investments, the established master developer and operator of industry-focused business communities, and Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, today announced that a new neighbourhood centre ‘My City Centre Al Barsha’will be built next to the Villa Lantana residential communityin Al Barsha South.
Scheduled for completion in June 2016, the 53,500 square feet neighbourhood centre, of which 40,000 square feet of space is available for lease,will serve the burgeoning residential community of Villa Lantana which is a short five minute walk away, in addition to other nearby communities in the Al Barsha residential district.

Majid Al Futtaim is committed to expanding their footprint of neighbourhood and community malls to deliver quality retail to residential areas in Dubai and other emirates.My City Centre will bring a collection of select shops which aim to service the everyday needs of the local communities in which they are located.In line with this vision, the My City Centre in Al Barsha will be anchored by aCarrefour Market and will include F&B offerings and popular fashion retailers, as well as community services.

My City Centre Al Barshais strategically located in the growth corridor of Al Barsha South, situatedjust off Umm Suqeim Road. Its proximity to Dubai’s main arterial roads provides easy access to Dubai’s primary residential and business areas.

Commenting on the deal, Badr Al Gargawi, Chief Executive Officer, Development & Planning Division, TECOM Investments said:

“I am delighted to announce that Majid Al Futtaim will be developing a new neighbourhood centreto support theVilla Lantana community. I am confident that this will serve the needs of busy families living in and near the new development, adding value for residents, investors and stakeholders of the development.  Working with Majid Al Futtaim is in line with our vision to create holisticcommunities that cater to the everyday needs and lifestyles of all occupants.”

Michael Cesarz, CEO of Shopping Malls, Majid Al Futtaim Properties, commented:“We’ve set the standard for what a super-regional and regional shopping centre should be in the region with our destinations. Now we are doing the same with neighbourhood centres through the My City Centre brand. We believe this will allow us to bring our vision of creating great moments for everyone, every day much closer to communities by catering to routine needs in a distinctive way. This is what we aim to deliver to the developing communities of Villa Lantana and Al Barsha.”

The centre is the second My City Centre to be announced this year so far, after Majid Al Futtaim announced My City Centre Sur in Oman earlier in March. It will also be the third in the brand after My City Centre Nasseriya opened its doors in Sharjah in early 2014.

Villa Lantana marks TECOM Investments’ dedication to developing self-supporting holistic communities. The residential community comprises of 440 contemporary villas set in a well-planned, landscaped family-friendly neighbourhood. The 3, 4 and 5 bedroom detached and semi-attached contemporary family homes are available in 17 different villa designs and 11 floor plans. Construction of Villa Lantana is on track with completion scheduled for the end of 2015.



Villa Lantana is a freehold villa community for Dubai’s growing family market, launched by TECOM Investments and ideally situated in the heart of Dubai’s growth corridor of Al Barsha South.

Villa Lantana is in close proximity to Dubai’s main arterial roads and enjoys fast and easy access to the city’s primary business areas, retail and entertainment hubs, and educational establishments. Construction is currently underway with project completion set for Q4 2015.

Set in two well-planned and landscaped, gated communities, the development consists of 3, 4 and 5 bedroom detached and semi-attached family homes offering a choice of 17 different villa designs and 11

floor plans. Residents of Villa Lantana will benefit from a retail centre, parks and playgrounds, as well as sports facilities including sports centres with gyms and pools, sports courts and outdoor jogging tracks. All amenities and full landscaping will be completed in time for handover.

For further information and to register your interest, please visit www.villalantana.ae or call 800-LANTANA.


About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
A remarkable business success story, Majid Al Futtaim started from one man’s vision to transform the face of shopping, entertainment and leisure to ‘create great moments for everyone, every day’. It has since grown into one of the United Arab Emirates’ most respected and successful businesses spanning 13 international markets, employing 27,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 17 shopping malls, 11 hotels and three mixed-use communities in MENA, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. It holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, operating a portfolio of over 60 hypermarkets and over 70 supermarkets in 13 countries. 
 Majid Al Futtaim operates 129 VOX Cinema screens and 18 Magic Planets across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. Majid Al Futtaim launched the first LEGO-certified store in the Middle East and is parent to the consumer finance company issuing 'Najm' credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, Juicy Couture and Halston Heritage, and a healthcare business. In addition, it also has a joint venture operation with Veolia, a global leader in optimised environment resource management, and has expanded into food and beverage in partnership with Gourmet Gulf.

Wednesday, April 22, 2015

Torch Tower Developer assists Owners Association following Torch Fire incident










Torch Tower Developer assists Owners Association following Torch Fire incident                                           

Swift progress continues for repairs.

Dubai, April 19, 2015: Select Group, the developer of The Torch in Dubai Marina has acted swiftly in coming to the aid of the Owners Association in the aftermath of the February fire. Select have appointed National Engineering Bureau, on behalf of the OA, to act as Consultants Engineers to scope, manage and progress the repairs with specialist contractors.

Commenting on their appointment Jamil Jadallah, Owner and Managing Director of NEB stated that "NEB being one of the largest Engineering Consultants in the region would normally not take on this type of work.  However, in consideration of the long standing relationship established between our company and the Authorities, as well as the importance we afford to our valued client Select Group, we have agreed to take on these works and assist the Owners and Residents leading to restoring this iconic building in the shortest possible time.  Select Group handed over the building in 2011 and although no longer involved in its management, their immediate involvement and swift action is highly commendable.  In fact, all parties involved should be commended including the Authorities, Oman Insurance and Kingfield Owners Association Management, for without them, this could have led to a much more serious incident."

All companies are working closely with the Real Estate Regulatory Agency in a unique team effort to get the external fa├žade and 79 remaining units repaired.

Rahail Aslam, Select Group CEO said, “Accidents are an unfortunate part of life and will carry on occurring despite every possible care, however how you respond to an incident like this is what differentiates one company from another. I cannot commend enough the role of Kingfield Owners Association for their very swift and responsible management of the incident.”

The Torch’s eight lifts within the 682 development were functioning as normal within days of the incident, while a full and complete assessment of fire-fighting systems has already been concluded.

Leisure amenities such as pool facilities were secured at the nearby Media One Hotel, with access free of charge to all affected Torch residents. In addition, tenants were able to take advantage of heavily discounted storage facilities courtesy of Extra Space Self Storage offered to them.

A highly skilled rope access team has made safe the exterior of the building and specialist contractors have assessed the building’s infrastructure. Whitelaw Chartered Loss Adjusters & Surveyors are currently processing claims for Oman Insurance. 

Quotes for debris removal from inside apartments have been received and are currently being processed, while suppliers are also quoting for remedial works within apartments that were not directly affected by the fire. 

All parties involved in the follow up operations are committed to ensuring that The Torch is brought back to its original state in the coming months

Sunday, March 29, 2015

Construction sector is Gulf’s biggest consumer of wood, with Dubai serving as major trading hub for GCC, Iran & East Africa











Construction sector is Gulf’s biggest consumer of wood, with Dubai serving as major trading hub for GCC, Iran & East Africa

Dubai WoodShow 2015: “70% of GCC wood consumption is by the construction sector, 30% by furniture factories and carpentries”

Dubai, UAE, 26 March 2015: Dubai WoodShow 2015, the region’s premier timber trade fair, has revealed that the construction industry in the GCC region accounts for 70% of wood consumption, while the rest is taken up by furniture factories and carpentries, quoting the latest ‘Future Outlook of the Wood Industry in the GCC’ report.

The report concludes that Dubai serves as a major trading hub for the entire region comprising GGC, Iran and East Africa.

Exhibition Director of the Dubai WoodShow, Josine Heijmans, says the UAE is highly competitive in construction activity as demand outstrips production, offering greater scope for the import trade. According to the Gulf Organization for Industrial Consulting (GOIC), wood imports to UAE crossed US$ 629 million, with a steady annual growth.

According to Heijmans, the UAE is also fragmented with the presence of more than 300 wood furniture and joinery companies.

More than 500 brands, suppliers and manufacturers will be showcased at the Dubai WoodShow from 14 to 16 April 2015, at the Dubai International Convention and Exhibition Centre, over an area of more than 13,500 square meters.The show will be the biggest since its inception with a 25 percent increase in show size. Not only do we see a high percentage of re-bookings from previous exhibitors, the 2015 edition of Dubai WoodShow will also welcome many new participants from all around the world as well as new pavilions and delegations from Spain, Cameroon and Peru, among others.

Abdul Gafar, Manager at Farlin Timbers, a subsidiary of Farlin Group of companies based in Singapore, and one of the fastest growing material trading companies in the Middle East, says: “We will display samples of our products, such as Farlinplex Film Faced Plywood, MDF, Hardwood and other timber products. We have been participating in Dubai WoodShow for four years and we find it a suitable platform to boost the industry, build and maintain contacts with customers, and establish business relationships with local and international buyers.”

“Dubai WoodShow also helps explore new market trends and new products, and develop new marketing techniques. This will enable us to give a further boost to our business,” he added.

Abdul Gafar further said Farlin Timbers will also put on display building materials.

“On display at Dubai WoodShow this year will be a wide variety of products, including major timber types like softwood, hardwood, wood panels and joinery. Moreover, furniture factories and carpentries will showcase wooden products, including pallets, crating materials, and wooden furniture,” added Heijmans.

Elaborating on GCC construction sector’s huge consumption of wood, Heijmans said 70 percent share could be attributed to high usage of softwood products for scaffolding and concrete forming applications.

Amongst other leading exhibitors at Dubai WoodShow are PVS International, Saleh International, Homag Group, Chabros International Group, SIMCO Industrial Machinery Trd. Co, Cefla Middle East FZE and Biesse Middle East.

Strategic Marketing & Exhibitions, organizer of the show, said that the 10th Dubai WoodShow gives access to diverse markets spanning the Middle East, North and South Africa, the Asia Pacific and the CIS, through Dubai.

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