Monday, May 31, 2010
New Dubai property ruling for the ‘common’ good
Home owner associations managing service levels and controlling service fees transparently – ‘good for the market’ says expert.
Dubai property owners now have the opportunity to play an active role in the management and operation of their towers and communities as the new regulations which provide the framework for the ‘Dubai Jointly Owned Property Law’ (Law No. 27) has been released, which will provide for the legal establishment of home owners associations.
“Now that the much anticipated and long awaited regulations are effective, the dawn of a new era in the Dubai property market is upon us. This legislation will bring much need transparency, guidelines and RERA directive to the emerging industry of association management. It is good for the market,” said Nicole Betts, Head of Association Management, at Dubai-based Asteco Property Management.
Until now the way in which jointly owned freehold property has been operated has not been regulated, it has been left up to the developer to provide property management services or outsource them to facility management companies and service charges have been calculated and collected by developers.
“These methods of operation have been widely detrimental resulting in a poor level or lack of services such as cleaning, security, pest control and maintenance of the buildings facilities and an inaccurate representation of service charges to the market due a multitude of factors,” said Betts.
As with any new regulation, there is a period of adjustment and property owners, developers and service providers will no doubt face challenging times ahead for as full understanding of the regulations and their implementation becomes understood.
“The effect on the property industry will ultimately be a positive one, providing much needed transparency and disclosure on the operating costs for projects as well as project specifications and contractual arrangements,” added Betts.
Asteco Property Management manages several informal owners associations in Dubai and its association management team recently attended the RERA ‘Owners’ Association Management Program’ at the Dubai Real Estate Institute.
“We intend to be one of the first organisations to be licensed by RERA to manage owners’ associations as well as providing both developers and property owners with professional consultancy services to assist them with the compliance and transition of their developments,” added Betts.
These new regulations will certainly reassure overseas investors. Transparency is essential especially for foreign owners and to now have an owners association to help protect their interests will certainly boost confidence in the Dubai market.
Historically, on occasions, there have been challenges in collecting service charges from owners, some refusing to pay believing that they were not legally obliged to do so. The regulations will bring much needed legal support which will ultimately enable the owners association to file a lien (security interest) over a unit where the owner refuses to pay their service charge obligations.
“In the current economic climate, investors more now than ever need their properties to earn their keep, providing a continuous income stream and optimal return on investment. A well presented and managed building always initially attracts a better quality of tenant and most importantly retains them longer,” said Betts.
Photo caption: “We intend to be one of the first organisations licensed by RERA to manage owners’ associations,” Nicole Betts, Head of Association Management, at Dubai-based Asteco Property Management.
Asteco, a major regional and international real estate services firm and the largest property services company in the United Arab Emirates, was founded in Dubai in 1985. Asteco offers independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.
Sunday, May 30, 2010
Shaikhani Contracting aims to secure domestic contracts worth AED 60 million this year
Company gears up to leverage correction in the real estate market
May 30, 2010
Shaikhani Contracting, a leading contracting company in the UAE and part of the Shaikhani Group, a multibillion dollar international business conglomerate with interests in real estate development, trading, manufacturing and IT, announced that it is aiming to secure domestic contracts worth AED 60 million this year. Underlining its confidence in the construction sector’s capacity to regain momentum and confidence, the contractor expressed its high hopes for growth and expansion alongside its plans to leverage the correction in the real estate market. Having successfully achieved growth amidst the transformation of the global real estate industry and the effects of the economic downturn, the company has recently been awarded a contract to undertake the construction of private villas in the Al Khawaneej Area in Dubai, UAE.
As part of the contract, Shaikhani Contracting has been awarded complete civil works, including external finishes and landscaping as well for these villas, which are scheduled to be completed in a span of one year. With aims to leverage these new projects to secure more business, the company is focusing on finding and providing the best services to discerning clients who seek to capitalise on their investments irrespective of the current market conditions, whom the company considers as its primary target market. In addition, the contractor is currently looking to hire more engineers and technical staff, amidst projections that 26,650 apartments and villas will be handed over in Dubai this year as the region enters a recovery phase.
“Our vast experience in the real estate market had enabled us to identify the indications of the impending correction in the real estate market, and as such, we are accordingly prepared to maximise the available opportunities as the current economic situation continues to ease up,” said Rizwan Shaikhani, Managing Director, Shaikhani Contracting. “For all the new projects, all our efforts will be directed towards offering a sense of confidence to our clients, which we believe will attract new businesses to come our way. We have also further strengthened and realigned our strategies to focus on providing clients excellent service combined with value for their money in terms of quality and time-bound construction schedules.”
The contracts for the private villas have been awarded by Adnan Saffarini, the Project Consultants, and mark the first two deals in the contractor’s goal of securing domestic contracts worth AED 60 million in 2010. Primarily focusing on residential and commercial villas and townhouse projects, Shaikhani Contracting is aiming to kickstart construction of several new projects in the second half of 2010. Both Shaikhani Building Contracting and Shaikhani Developments are part of the Shaikhani Group’s recent rebranding initiative, which was the result of a renewed strategy for growth that involves a more proactive approach to building processes, creating partnerships and providing services while remaining focused on timely delivery and topnotch quality.
About Shaikhani Contracting
Shaikhani Contracting is a proud subsidiary of the international business conglomerate, the Shaikhani Group. The company leverages its parent company's 30 plus years of expertise in the real estate market, and incorporates the Group’s emphasis on exemplary client servicing in delivering a wide array of services, including HVAC and MEP; glass, aluminium and cladding works; joinery, metal and cabinet, civil, flooring works; and insulation contracting. Furthermore, it boasts a prestigious UAE portfolio including residential, commercial, and mixed-use projects in prime locations in the Emirate. The organisation's keen eye for detail and passion for invention are its most essential assets as it aims for further growth and expansion across the region.
Saturday, May 29, 2010
Friday, May 28, 2010
Thursday, May 27, 2010
Emaar’s commercial leasing offers customers choice of prime city locations
• Customers can opt from offices in Emaar Square in Downtown Dubai and Emaar Business Park near The Greens
• Flexible office layouts, state-of-the-art amenities, ease of access and various leasing opportunities
Dubai, UAE; May 27, 2010: Emaar Properties PJSC, the global property developer, is offering commercial customers the opportunity to choose from two prestigious locations in Dubai for setting up business easily.
Emaar is leasing commercial space in Emaar Square, the dedicated business cluster in Downtown Dubai, and Emaar Business Park, Emaar’s first business community development near The Greens. Potential tenants will become part of established communities that are currently home to the headquarters of several leading multinational companies.
At Emaar Square and Emaar Business Park, the choice of top business locations in Dubai, customers can choose from fully-fitted or shell and core offices and flexible leasing opportunities. In addition to the location advantage of being part of vibrant business environments, the commercial offices at both fully-established projects feature modern business amenities, ease of access through the Dubai Metro and parking for staff and visitors.
Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said the commercial developments by Emaar, offered for lease, will be advantageous to businesses given their proximity to Dubai’s business nerve centres. “The key preferences for commercial tenants are ease of access, location in a prestigious neigbourhoood and the amenities provided. In all these three criteria, Emaar Square and Emaar Business Park rank exceptionally high.”
He added: “In addition to establishing full-fledged residential communities, Emaar has also successfully developed dynamic business clusters over the years, which have gained strong response from the business community. With the leasing of Emaar Square and Emaar Business Park, businesses can leverage the growth environment offered by Dubai for businesses to grow and expand.”
At Emaar Square, the offices range in size from 3,500 to 28,000 sq ft while they are 4,000 to 25,000 sq ft in Emaar Business Park. The range of amenities include advanced telecom connectivity, a modern business centre, 24x7 security, maintenance and support teams, and parking facilities for staff members and visitors.
The offices are designed to the highest build quality, and are spacious, with liberal sunlight and airflow. The centrally air-conditioned offices have large windows overlooking views of the city. Both Emaar Square and Emaar Business Park offices can also be accessed by Dubai Metro, adding to the convenience of tenants.
Emaar Square is centrally located in Downtown Dubai, the 500-acre development by Emaar Properties. The most vibrant lifestyle destination in the city, Downtown Dubai hosts thousands of visitors and residents offering them a choice of leisure, entertainment, hospitality and retail offerings.
With over 1 million sq ft of prime office space, Emaar Square also has an additional 62,000 sq ft of retail options and business services in addition to boutique-style cafes and delis. The complex also has a VIP drop off area, express elevators and lawns that are ideal for corporate events.
Emaar Business Park is a four-building cluster situated directly opposite Dubai Marina and Emirates Living, and in easy access to Dubai Media City, Knowledge Village and Jebel Ali.
Tenants benefit from fully fitted offices with a range of amenities including advanced telecom systems, hi-speed Internet connectivity, video conferencing facilities and a central satellite television. All buildings are equipped with fiber optic risers and up-to-date technology for data transfer. Parking for over 2,000 cars and neighbouring retail facilities complement the business lifestyle.
For more details on commercial leasing, potential customers can contact Emaar at 800-EMAAR (36227).
Emaar has also launched an Agents’ Programme specifically for commercial leasing. This builds on the Agents’ Programme for residential property and highlights the growing interest in commercial property. Interested agents can contact Emaar at 800-EMAAR (36227).
About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence in key markets world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, healthcare and financial services sectors.
Emaar inaugurated Burj Khalifa, the world's tallest building and free-standing structure, and has opened The Dubai Mall, the world’s largest shopping centre.
In Saudi Arabia, Emaar is developing King Abdullah Economic City, the region's largest private sector-led project in Saudi Arabia, featuring a Sea Port, Central Business District, Industrial Zone, Educational Zone, Residential Communities and Resort District.
Emaar has joined hands with Giorgio Armani to strengthen its presence in hospitality. For more information, visit www.emaar.com.
Wednesday, May 26, 2010
The One Tower on track to become Sheikh Zayed Road’s latest major landmark
Construction completed on 22nd floor of only commercial building to connect to TECOM C metro station
May 24, 2010
Al Yasat Holdings LLC, one of the region’s leading real estate developers, has announced that it has finished work on the 22nd floor of the 47-storey The One Tower commercial project at TECOM C on Sheikh Zayed Road.
Once completed, the tower will feature more than 380,000 square feet of executive offices, a business center, more than 16,000 square feet of showroom space, restaurants, a health club and a penthouse. The project has been designed to provide unobstructed 360-degree views of Dubai Media City and its prominent developments. It will be the only commercial building to be connected to the TECOM C Metro Station, via a footbridge linking the tower’s podium 1 to the rail terminal, which incidentally also makes it the only building in Dubai to be directly connected to a metro station.
Lead contractor Al Shafar General Contracting Co. currently has 900 staff working on The One Tower, which was designed by Dewan Architects and Engineers, an architectural design consultancy with 25 years of expertise in the UAE market.
“We are keen to accelerate the development of The One Tower as one of the key projects within TECOM C, the extension of Dubai Media City. So far we are on schedule to deliver this iconic structure and further raise the bar for office developments in Dubai. The tower reflects our prioritization of strategically-located property developments,” said Mr. Rashid Mohammed Almazroui , Chairman, Al Yasat Holdings.
Facilities and amenities of The One Tower include outdoor swimming pool, café/juice bar, specialty restaurants on the seventh floor, banking hall, recreation area, state-of-the-art health club with sauna, steam and fitness equipment, security surveillance cameras and reception desk with round the clock security.
The One Tower is one of the key developments under Al Yasat Holdings’ portfolio of commercial and residential projects in Abu Dhabi and Dubai.
Schön Properties completes AED 48 million ‘Dubai Lagoon substation’
132-11 kVA substation to ensure uninterrupted power supply within master community
May 25, 2010
Schön Properties, a leading regional property developer, has announced that the 132-11 kVA ‘Dubai Lagoon’ substation, for which the developer had invested a total sum of AED 48 million, has been completed by DEWA and is ready to be commissioned. Built to ensure uninterrupted electricity supply for the massive community project, the substation is part of the developer’s commitment towards the prompt completion of all infrastructure that will facilitate the delivery of a major public utility among the tenants, leading up to the scheduled handover of the project, with Zone 1 slated for the end of 2010.
Dubai Electricity and Water Authority (DEWA) and Schön Properties have anticipated the extent of power required for a master community such as ‘Dubai Lagoon’ to reach 65 to 70 megawatts (MW). However, the substation has been constructed with a total capacity of 108 MW in order to accommodate any additional requirements, and was completed by DEWA in a span of 20 to 24 months. The completion of the substation is an indication of the developer’s desire to ensure investors receive quality finished apartments in addition to amenities, particularly electricity, which is a cause for concern within certain areas of the UAE.
“The completion of a dedicated substation for the exclusive use of ‘Dubai Lagoon’ underlines our commitment to satisfy the energy needs of our tenants,” said Danial Schön, Vice President, Schön Properties. “DEWA has been most supportive in helping us in our goal to provide uninterrupted electricity to homes and offices, which will ensure convenience and security for all our investors. This excellent development also underscores our unwavering focus on the delivery of the ‘Dubai Lagoon’ project, which encompass not only the residential and commercial spaces but also the facilities that make it a complete self-sustaining master development.”
In addition to the completion of the DEWA substation, other latest updates on the project include the completion of the superstructure and the on-going block works on Zone 1. In addition, the main contractor for Zones 2 and 4 has already commenced work on Zone 2 and is gearing up to start with Zone 4 in a month’s time, with structure and block work estimated to be finished by end of 2011 and total completion and handover of the zone by end of 2012. Furthermore, construction on the structure of Zone 3 has reached the third floor slab, with the zone’s main contractor aiming to complete the project by the end of 2011.
“The continuous construction milestones we are achieving for the ‘Dubai Lagoon’ project reflects our dedication to deliver the project to our valued customers. In addition to this, we have taken a number of initiatives in the recent months, including the new RERA-approved construction plan, the discount offers and flexible payment terms for pending payments, the waving of zonal transfer fees, and a three-month grace period for completion of additional required payments, in an effort to extend assistance to our investors and encourage cooperation, which we believe will fuel the completion of this project,” concluded Danial Schön.
About Schön Properties
Established in 2004, Schön Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schön Business Park, Schön Suites and their flagship development Dubai Lagoon.
It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schön's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.
The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.