Wednesday, July 31, 2013
DUBAI DESIGN DISTRICT AND EXPO 2020 TO POSITION DUBAI ON THE WORLD MAP OF DESIGN HUBS
31 July 2013:
DUBAI, UNITED ARAB EMIRATES: Dubai’s thriving design industry is a key asset in the Emirate’s bid to host EXPO 2020, by providing like-minded individuals with a home and community from which they can collaborate, connect and inspire innovative design in preparation to welcome the world to the UAE.
Given this focus on innovation, Dubai is well placed to host the Expo as UAE is the highest ranking Arab nation in the Global Innovation Index, ranking in the top five countries for innovation linkages and intangible assets in the creative output dimension. These acclimations also align directly with the long-term goals of Dubai Design District.
Dubai Expo 2020’s strategic theme, ‘Connecting Minds, Creating the Future’ is closely aligned to that of the recently announced Dubai Design District (d3), a full service community for design industry related organizations, brands, and supporting enterprises. In addition to contributing to Dubai’s economic diversification and growing knowledge economy, the two projects will positively contribute to Dubai’s credentials as a global center for these sectors.
Dr Amina Al Rustamani,Group CEO of TECOM Investments, responsible for creating and delivering d3 said: “Should Dubai be awarded as the host city of Expo 2020, it would be the first time the event has come to the MENASA (Middle East, North Africa and South Asia) region. Expo 2020 is a significant opportunity for Dubai to share its unique design talent, exchange ideas with sister nations and explore new avenues of collaboration. As the home of the regional and international design community, d3 will provide a centre of gravity for international designers and design enthusiasts leading up to Expo 2020 and a platform of support throughout the event itself. Our key objectives as d3 are to facilitate the on-going growth of the Emirate and to facilitate employment across the value chain.
“Investors, designers, and brands from all over the world are welcome at d3 and there is a huge variety of ways to get involved. From offices to retail units, manufacturing space to exhibition galleries, we are creating a community that will act as the heart of the industry within the Middle East. By linking thoughts, beliefs, opinions, cultures, and communities through encouragement of cultural exchanges between the host city and participating countries and alignment of innovation ideas with a view to stimulate economic growth”
According to Business Monitor International, the UAE’s retail market will be worth AED 151 million by 2015. The remarkable growth seen in the sector over the past twelve months was in part due to 12% growth of Dubai’s luxury goods market. d3 aims to capitalize on this market potential by becoming the center of gravity for design, fashion and luxury as businesses within these industries flock to the Emirate to showcase their creations to one of the most diverse communities of consumers in the world.
Tourists account for 40% of global luxury spend so the potential of this market in terms of revenue generation is substantial. By growing this figure in line with Dubai’s Tourism Vision 2020, the Emirate has the potential to eclipse London as the capital of retail spending.
Dr Amina Al Rustamani continued to say: “Since we launched d3, there has been a huge amount of interest from international designers, design academies and even boutique hotels wanting to speak to us about becoming part Dubai’s design story by locating their activities in d3. Our commitment to the goals of Dubai’s Tourism 2020 Vision, combined with our network with international firms will enable us to nurture local talent and promote home-grown designers on an international scale. In doing so, we have created one location where customers from Dubai and tourists from overseas, have access to a unique bouquet of local, regional and international design offerings.”
In addition to positioning Dubai as a genuine community for the design and fashion industries that can compete on the global stage, d3 aims to increase the role of contemporary regional fashion and identify the specific needs of the regional and global companies considering Dubai and d3 as a base.
Sunday, July 28, 2013
RTA inks strategic agreement with S. S. Lootah International in hybrid energy
Dubai- Roads & Transport Authority – Nashwan Atta’ee:
Dr. Yousef Al Ali, CEO of Public Transport Agency, Roads & Transport Authority (RTA), reiterated RTA’s firm commitment to actively participate in nurturing a sustainable environment through the implementation of the UAE’s Green Development Strategy launched by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, last January as part of the UAE Vision 2021 under the theme: A Green Economy For A Sustainable Development, with a view to transforming the UAE into a pioneering global hub for the green development, and conserving a sustainable environment in support of the economic development over the long run.
To this effect, an Agreement in the form of a Memorandum of Understanding has recently been signed between the Public Transport Agency and S. S. Lootah International Group providing for the latter to embark on an experimental operation of three RTA vehicles to power them by compressed natural gas (CNG) such that these vehicles will use hybrid energy i.e. either benzene or gas.
The Agreement was signed on behalf of the RTA by Dr. Yousef Al Ali, CEO of Public Transport Agency, and on behalf of the S. S. Lootah Group by Yousef Saeed Lootah, CEO of the Group, in the presence of directors and officials from both parties.
“The RTA is quite keen to seek the expertise of international businesses in this field in order to carry out the directives of HH Sheikh Mohammed bin Rashid Al Maktoum as regards the implementation of the green economy strategies and sustainable development so that the RTA may effectively contribute to realizing the vision of the UAE in this regard and play a prominent role in this field worldwide,” sated Al Ali.
He further added: “In keeping with RTA’s policy to broaden the reach & revamp the means of sustainable transport through the effective participation and fruitful cooperation with the business community of the UAE in a bid to achieve its strategic objectives & goals, the Public Transport Agency has embarked on joint adventures with a leading company, such as S. S. Lootah International Group, which has and is still contributing to the economic growth seen by various sectors across the UAE, through strategic initiatives and ambitious plans developed in various commercial, industrial sectors among others.
“This joint project involving the experimental use of CNG to power RTA vehicles is an important national project that promises to have dividends not restricted only to the two parties of the Agreement, but to go further to benefit the public and community organizations as the results of this initiative will bring about benefits to the environment; which in turn will enhance the public health and raise the per capita as well as the Gross National Product.
“Public transit means in general are responsible for as much as 60% of the pollution generated by other sources, however the RTA, and out of its keenness to protect the safety of the environment and public health, opted to power its bus fleet by the best fuel and most environment-friendly fuel worldwide which only contains 50 parts per million (PPM) of sulfur diesel content, whereas other buses and trucks use a fuel that contains 500 ppm of sulfur diesel content. This means that the wastes generated by the diesel used by buses of the Public Transport Agency can hardly be compared to the diesel used by other buses and trucks in the UAE,” elaborated Dr. Al Ali.
The CEO of Public Transport Agency commended S. S. Lootah International Group and its wide-ranging expertise spanning various sectors and its positive contributions to the drive of development and growth seen by the UAE in general and the Dubai Emirate in particular. He particularly paid tribute to its keenness on empowering citizens to join various sectors and divisions of the company as well as training & qualifying them in a variety of fields.
He touched on the first joint project between the Public Transport Agency and S. S. Lootah International Group; which is the experimental operation of the Green Bus powered by bio-fuel and illuminated by solar-powered LED lamps.
For his part Yousef Saeed Lootah, CEO of S. S. Lootah International Group, praised the Agreement considering it another initiative of import from the RTA capable of contributing substantially to furthering the concept of environmental protection, public health and raising the standing of the UAE as regards the green environment, which has become an issue of concern for all countries of the globe being an essential measure to curb the global warming effects. This Agreement, he says, will also boost the bilateral cooperation and strategic partnership between the Public Transport Agency and S. S. Lootah Group and ushers a new communication channels between the two sides through which they can go further to uplift and broaden the scope and reach of mass transport in the Emirate of Dubai.
In the meantime, Lootah hailed RTA’s efforts in delivering a host of vital projects in the field of public transport, and the crucial role it plays in cementing the profile of Dubai as a leading economic and business center in the region.
In a concluding remark, Dr. Al Ali expressed his deep thanks and appreciation to S. S. Lootah International Group for showing readiness to partner with the RTA in undertaking this strategic initiative in an a gesture that echoes the interaction between the public and private sectors, and the support accorded by the Group to the efforts of the RTA in offering sustainable transit services in a vivid and green environment.
Saturday, July 27, 2013
Tuesday, July 23, 2013
Wednesday, July 17, 2013
MEYDAN Sobha Announces an Exclusive Four-Day Preview of District One in the Indian Market
19th – 20th July in Mumbai and 21st – 22nd July in Delhi
Dubai 17th of July 2013 – Meydan Sobha FZ LLC, the joint venture between Meydan group and Sobha Group, has announced an exclusive four-day preview in Mumbai and Delhi, India to showcase Mohammed Bin Rashid City - District One.
Mohammed Bin Rashid City-District One offers 1,500 premium luxury villas surrounded by 2.4 million square meters of city parklands, waterways, woodlands, and open spaces, creating what is without question, one of the lowest-density residential environments in any major international city.
The location of District One is unique, as it is perfectly positioned in close proximity to Dubai’s world renowned landmarks, making it a one of a kind destination. It is only a 4 minute drive (2-3 km) from the development to Burj Khalifa, the tallest tower in the world. Al Khail road provides easy access to the Dubai International Financial Centre and the Dubai International airport, while the facilities at the heart of Meydan allows you to experience the World’s finest equestrian race course and a 9-hole golf course.
“For more than three decades, Sobha Group has been developing and constructing lifestyle destinations and our partnership with Meydan enables us to deliver that expertise, choice and quality to an entirely new community,” said Mr. PNC Menon, Chairman of Sobha Group. “Together, Sobha and Meydan aim to develop District One into one of the world’s prime residential locations, delivering a new, vibrant ‘green’ heart for this city.”
This unique development offers different attraction points and amenities including a central island offering a recreational activity space of 600,000 square metres with an equestrian club, amphitheaters and a commercial-sized water park. Also, District One will be the home to the largest man made lagoon in the world within a residential community, spread over almost 90 acres and ringed by a 7 kilometer boardwalk and beaches. In addition the project will offer a retail zone, multiple leisure activities and an array of restaurants, waterfront cafes, lively bistros, nightlife options, theatres and cinemas.
About Sobha Developers LLC:
Founded by Mr. PNC Menon in 1994 and started as a contracting company in Oman in 1976 with three decades of experience in designing and executing interiors of palaces, mosques and hotels across the Gulf, Sobha Group today is a multi-national, multi-product group with significant developments and investments in UAE, Sultanate of Oman, Qatar, Bahrain, Brunei, Tanzania, India and China. The Sobha Group has credentials of delivering over 60 million sq.ft, annual turnover of AED 2200 million (USD 600 million), employing over 28,000 people and a land holding of around 240 million sq.ft.
Passion at Work
With a legacy of regal palaces, presidential suites, hotels and exclusive private villas, the Sobha Group over the years has expanded to include the verticals of real estate development, contracting, civil construction, metal working, building services, manufacturing of construction materials, architectural & engineering consultancy and software development.
Meydan Group owns and operates many of Dubai's premium leisure, cultural and business developments, part of its master vision plans to create an interconnected cityscape where the worlds of business, sport and cosmopolitan living merge. Meydan Group oversees the creation of Meydan City, the culmination of the vision of the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.
Meydan City is an iconic development across 200 million sq.ft. of prime real estate at the heart of Dubai. The city integrates major entertainment, leisure and hospitality attractions with waterfront developments, state-of-the-art commercial business parks and premium residential communities all within Dubai's most premium address location.
The Meydan portfolio spans luxury leisure and hospitality experiences including
The Meydan hotel, Bab Al Shams Desert Resort & Spa, Meydan Beach, golf, tennis and IMAX theatre. Five months of world class thoroughbred horseracing climax with the prestigious Dubai World Cup, the world's richest race day. The iconic Meydan Grandstand hosts regular live concerts with the biggest names from around the world, as well as a busy calendar of events and exhibitions. Commercially, Meydan's Free Zone offers virtual offices to future focused business parks and land development opportunities. The close partnerships with Emirates Airline and Emirates NBD have delivered milestone projects including pilots’ communities and bespoke office developments. As Meydan grows its real estate portfolio, announced developments include schools, hospitals and the construction of the Entisar Tower, a luxury 100 plus storey freehold vertical community in a prime location on Sheikh Zayed Road.
GCC investors eye Palm Jumeirah residences
Luxury lifestyle, capital appreciation and ROI potential offers attractive investment opportunity; Anantara high spec ‘des res’ apartments and penthouses ready to move in
Dubai-based developer Seven Tides is receiving increasing interest from GCC investors for the phase one release of its exclusive Anantara Residences Dubai, situated on Palm Jumeirah, as the emirate welcomes an influx of summer visitors from the region.
Marketed exclusively by Better Homes, the collection of 442 luxury apartments and 14 penthouses are fronted by a private stretch of white sand beach with all residences enjoying spectacular panoramic views of the Arabian Gulf, Atlantis hotel, Burj Al Arab and the Dubai Marina skyline.
“We are not surprised by the level of interest shown by GCC investors. The Dubai real estate market is buoyant; apartment sales prices have grown by 27% year to date, and by 12% in the first quarter of this year alone. Also it’s not only a convenient location for a second home, it can be bought-to-let or simply leased when vacant to earn rental income,” said Abdulla Bin Sulayem, CEO, Seven Tides
“Dubai is a popular destination for GCC visitors. Airline schedules are good allowing easy accessibility, making Dubai a great ‘family and friends’ location,” he added.
A Dubai Chamber study, supported by statistics published by Business Monitor International, puts UAE tourism sector growth at 6.5% per annum between 2011-2021, with visitors from the Gulf state and the Middle East region, a primary and source market.
The significant growth of GCC visitors is further supported by the results of a recent MasterCard survey, which reported that while Dubai is currently the seventh most popular tourist destination in the world, it is expected to beat New York or Paris in popularity by 2017.
Better Homes also provides on-site support for prospective investors with a dedicated Arabic-speaking sales team on hand to conduct show-rounds and answer specific enquiries from GCC investors keen to buy into a luxury Dubai lifestyle.
“The emirate, and The Anantara Residences, are perfectly positioned to accommodate the cultural and social requirements of Gulf nationals, from the availability of high-end retail destinations and the city’s family-friendly entertainment calendar, to the high spec interior design of the apartments and penthouses, and unrivalled lifestyle access to the adjacent Anantara Dubai Palm Jumeirah, Resort & Spa,” added Bin Sulayem.
The fully furnished residences comprise a total of 442 one and two-bedroom apartments, ranging from 1,158 to 1,524-square feet and 1,743 to 2,246 square feet respectively, and impressive terrace or balcony spaces, most with sea views.
There are also a limited number of three-bedroom penthouses, each with sunken swimming pools, private terraces and balconies offering up to an additional 3,000 square feet of space for relaxation and entertaining; and potential penthouse owners also have the option of fully customising their interiors.
A complete lifestyle experience is included in the price, with residents enjoying access to five-star facilities at the 293-room five-star Anantara Dubai Palm Jumeirah, Resort & Spa, which is due to open in September 2013. The hotel facilities available include a gym, 107,600-square feet of temperature controlled lagoon pools, six dining and entertainment venues and the Anantara Spa.
Photo One: View from the Anantara Dubai Palm Jumeirah Residences.
Photo Two: Interiors of the Anantara Dubai Palm Jumeirah Residences.
Photo Three: Abdulla Bin Sulayem, CEO, Seven Tides.
For more information, please visit www.seventides.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.
About Better Homes
Better Homes is UAE’s largest property realtor, and one of the Middle East’s most recognised and respected brands for property; offering residential and commercial property sales and leasing, property management, and short-term rentals. Established in 1986, Better Homes now operates in 25 offices, throughout the Emirates and in six countries.
Saturday, July 13, 2013
90% of Trade Center Bridges Project completed: RTA
The project, which costs about Dh719 m, is slated for opening next November
The Roads & Transport Authority – Mohammed Al Munji:
H.E. Mattar Al Tayer, Chairman of the Board and Executive Director of the Roads and Transport Authority (RTA), announced that completion rate has touched 90 per cent in the Trade Center Bridges Project at Zaabeel, and added that the project, which has a cost tag of 719.37 million dirham, is expected to be opened in the second half of November 2013.
Al Tayer made these remarks following a tour to the project site where he was accompanied by Nabeel Mohammed Salih, Director of Roads; Hussain Al Banna, Director of Traffic; Nazim Faisal, Director of Roads Maintenance; Adel Al Marzooki, Director of Parking; and several engineers from the Traffic & Roads Agency as well as the project contractor.
Al Tayer was briefed by engineers about the work progress in the project which encompasses the construction of 22 bridges of precast concrete units forming a corridor spanning 4250 meters comprising two lanes in each direction together with a concrete ramp extending 120 meters added to serve the traffic outbound to Al Maktoum Bridge.
Al Tayer inspected the project components where construction works have been completed in most interchanges with main roads such as Sheikh Zayed Road, Sheikh Rashid Road, and Zabeel 2 Road. Al Tayer directed to assess the level of traffic safety in the Bridge before being opened, particularly in the approaches of the World Trade Center, and erect cautionary signage for motorists to reduce speed well before vehicles start descending from the Bridge. He also directed to study placing directive signs in the approach to the Bridge to help motorists identify their destinations properly.
"The Trade Center Bridges Project is by far the largest phase of the Parallel Roads Project; which is one of the massive road projects undertaken by the RTA aimed at linking the Western Parallel Road with the Sheikh Rashid bin Saeed Road and Street 312 passing by the World Trade Center. The Project also serves the traffic in the opposite direction of Street 312 passing by the Trade Center heading towards Al Maktoum and Al Garhoud Bridges as well as the Dubai–Al Ain Road. It also includes improving the signalized junctions at the intersection of the Trade Center in addition to infrastructure and lighting works.
He continued: “The RTA had accomplished key phases of the Parallel Roads Project, the last of which was the opening of vital sectors of the Improvement of the Parallel Roads Project at JAFZA South, extending from the northern part of the road leading to Al Houdh R/A up to the 10th Interchange on the Sheikh Zayed Road. Project works completed also included improvement of the Eastern & Western Parallel Roads in both directions within Jebel Ali Industrial Area, and JAFZA South, through constructing six bridges and four footbridges to ease the pressure on Sheikh Zayed Rd, and the Industrial Area, besides establishing a link between the investment and economic zones of the Dubai World’s projects, connecting them with the surrounding roads, besides linking Jebel Ali Port with Al Maktoum International Airport, and providing a road leading to the Expo Road of JAFZA. Last May, the RTA opened the service road leading to the Expo Road, and last December it opened a lane linking Al Maktoum Airport with JAFZA South. 12 light signals have been established in the Parallel Roads Project in the Business Bay area; linking Sheikh Zayed Rd, Al Khail Rd and the Business Bay district, and offering a smooth traffic flow in Emaar and Business Bay districts through the Eastern and Western Parallel Roads.
It is worth-mentioning that in September 2011 the RTA opened Phase III of the Parallel Roads Project serving sprawling urban developments in areas such as Jebel Ali Racecourse, Emirates Hills, Springs, Meadows, Jumeirah Islands and Jumeirah Park. The Road, which extends about 20 km, constitutes 14% of the total Parallel Roads Project, and comprises 3 to 4 lanes in each direction as well as 6 bridges and 3 underpasses crossing the eastern and western roads. The RTA had earlier opened Phase I of the Parallel Roads Project including the construction of roads at Al Barsha, and Al Qouz Industrial & Residential Areas extending from Hessa Road to the south up to Meydan Road to the north in a sector extending 15 km in the Eastern Parallel Road and 18 km in the Western Parallel Road, comprising three lanes in each direction. The roads intersect several arterial & express roads such as Umm Suqeim Road, Latifa bit Hamdnan Road in addition to arterial & local roads, including 25 signalized junctions. Work is up and running in Phase III at Jumeirah Lakes Towers where completion rate has exceeded 75 per cent, and construction works in the project which costs 450 million dirham are set for full completion by the end of this year.
- Al Tayer inspecting the Trade Center Bridges
Monday, July 8, 2013
RTA Launches (Water Taxi) Service Scheduled on Khour Dubai and Marina Mall
Dubai – Roads and Transport Authority:
The Marine Transport Department of the Public Transport Agency at the Roads and Transport Authority (RTA) launched the (Water Taxi) service according to scheduled trips between Khour Dubai and Marsa Dubai to the Jumeirah Open Beach within its plans to enhance marine means of transport in the Emirate of Dubai.
Commenting on this step, Director of Marine Transport Mr. Baha Al Qudra stated “launching this service aims at enabling tourists, visitors and residents to enjoy seeing the tourist and heritage destinations that exist in the Festival City areas surrounding the Dubai Marina Mall and the Deira Old Souk reaching to the Open Beach. The Water taxi is available in these areas but upon request, in addition, the new service is subject to the schedules system that means it will kick off in accordance to specified trips of departure and return.”
He explained that the new Water Taxi Service includes two routes; the first consists of two trips, the first departs at 8:00 am from Al Khour and reaches the Open Beach at 9:45 am, and it kicks off in the return trip at 12:30 pm to settle at Al Khour at 2:00 pm. The second trip goes in the same route but it departs at 9:00 am and returns at 3:00 pm. During the two trips, there is a stopping at Baniyas and the Deira Old Souk stations. He pointed out that the two trips are free of charge for kids at the age of two and also in the trips of the second route.
“The second route consists of two non-stop trips; the first kicks off from Marina Mall station at 9:00 am and reaches the Open Beach at 9:45 am and starts its return trip at 12:30 pm and reaches the Marina Mall station at 1:15 pm. Meanwhile, the second trip goes in the same course and starts at 10:00 am and returns to the beginning of the route at 2:15 pm,” he said adding that the two trips of this route are featured for passing in the Water Canal which enables the passenger to see the Palm Islands, the Palm Tower, the World Islands, and the Open Beach.
“The RTA is working to deliver whatever possible to enhance the tourist marine transport sector in the Emirate of Dubai through cooperation and coordination with official and semi-official agencies, hotels, companies and other related facilities, to realize achievements that make the marine transport an entertaining attracting means of transportation providing the tremendous beaches and spectacular aquatic views Dubai possesses which will contribute in demonstrating the civilized image of this City.
Sunday, July 7, 2013
Dubai property prices continue to escalate
Rise in property rental and sales prices in Q2 contributes to bullish 12 month market performance; Year-on-year apartment rents and sales prices up 20% and 38% respectively; villa rents up 17% - sales up 24%; commercial rents also up 43% with positive outlook says Asteco H1 2013 report.
Residential and commercial developments in Dubai, have recorded another robust performance in Q2, the fourth consecutive quarter of leasing and sales growth particularly in the residential sector.
Apartment sales prices grew on average by 12% in the three months to the end of June 2013 with year-on-year growth standing at a remarkable 38%. In comparison, although average villa sales prices climbed a respectable 8% in Q2 2013, growth over the past 12 months averaged 24%.
The performance of rental rates was equally impressive, average apartment and villa rents grew by 7% and 6% compared to Q1 2013 and managed to climb 20% and 17% respectively over the past 12 months.
“H2 2013 has not witnessed any slowdown in transaction volumes, leasing or sales growth, while new project launches have become a weekly occurrence,” said John Stevens, Managing Director, Asteco Property Management.
A significant number of buyers in Q2 2013 came from the sub-continent and areas affected by regional turmoil, with investors outweighing end users. Also, improved mortgage availability and increased market confidence stimulated sales growth, says the report.
In terms of apartment sales the top performer in Q2 2013 was Discovery Gardens which increased by 17% to AED 7,550 per square metre, taking its performance over the last year to 75%. The Greens recorded 15% sales growth in Q2 reaching AED 12,400 per square metre, taking its annual increase to 44%. Downtown Dubai, which witnessed an increase of 18% in Q2 (38% year-on-year) remains the most expensive area in Dubai to buy an apartment at 17,750 per square metre.
The best performing areas for villa sales in Q2 2013 were Jumeirah Village which rose 25% in Q2 to reach AED8,100 per square metre, a 40% increase over the past 12 months. The Springs also recorded 11% growth in Q2 reaching AED10,750 per square metre, a 25% annual growth rate and Arabian Ranches returned equally impressive increases of 10% in Q2, 19% year-on-year with properties now selling at AED11,850 per square metre.
“Sales prices should continue to rise as market confidence picks-up in parallel with the improving economy, particularly for villas from aspiring owner-occupiers, that want to jump on to the property ladder,” said Stevens.
Apartment rental rates grew most during Q2 2013 in International City where the annual rental rate for a two-bedroom unit increased by 11% to AED 42,500 a 27% year-on-year increase. Dubai Marina recorded an 8% growth (20% year-on-year) where a two-bedroom apartment now leases for AED110,000 per year on average.
The Springs and the Meadows were the top performers for villa rental rates in Q2 2013, recording 10% and 8% increases respectively over the last three months. A three-bedroom villa in The Springs now leases for AED160,00 per annum, and the same unit type leases for AED240,000 in the Meadows. Average year-on-year rental increases stood at 35% and 17% respectively.
“As rental demand increases and rates rise, some residents will be priced out of established communities into less developed, more affordable areas. Some may even decide to relocate to more budget-friendly neighbouring emirates,” said Stevens.
After showing some signs of confidence in Q1, the commercial market saw continued growth in Q2 2013. Rental rates in Jumeirah Lake Towers (JLT) grew exponentially, recording a 75% increase to AED1,125 per square metre, which represents a 110% year-on-year increase.
Dubai Investments Park rose 33% to AED 650 per square metre, a 50% year-on-year increase. Business Bay rose 27% in Q2, a 36% annual increase at AED1,025 per square metre. Q2 2013 office sales prices grew most notably in JLT (17%) and Dubai Silicon Oasis (11%) compared to Q1 2013.
For more details, please visit www.asteco.com
A copy of the full Asteco Dubai H1 2013 report can be downloaded from – http://www.asteco.com/uae/dubai/research-library-listing
Photo caption: Projects continue unabated on Sheikh Zayed Road.
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.
Saturday, July 6, 2013
Completion rate hits 75% in Parallel Roads Project at JLT: Al Tayer
The project costing Dh450m is slated for opening by the end of 2013
The Project comprises construction of 7 bridges, a tunnel linking Sh Zayed Rd & Mohammed bin Zayed Rd
The Roads & Transport Authority – Mohammed Al Munji:
H.E. Mattar Al Tayer, Chairman of the Board and Executive Director of the Roads and Transport Authority (RTA), announced the completion of 75 per cent of construction works in Phase III of the Parallel Roads Project at Jumeirah Lakes Towers (JLT), and expected all construction works in the project, which bears a cost tag of 450 million dirham, to be completed by the end of this year.
Al Tayer made this statement during a site tour of the project, accompanied by Engineer Nabeel Mohammed Salih, Acting CEO of Traffic & Roads Agency, and a host of directors and engineers of the Agency as well as the Contractor of the Project.
Al Tayer was briefed by the concerned officials about the work progress in Phase III of the Parallel Roads Project, which is considered one of the key construction phases of the Parallel Roads project, which forms an extension of the Western Parallel Road stretching within JLT district linking the sprawling property developments of Emaar and Nakheel with Sheikh Zayed Road and Mohammed bin Zayed Road.
Al Tayer inspected the components of the project which is constructed by the Italian Todini company and comprises the construction of seven main bridges providing a free traffic movement from and to JLT, and the improvement of key roads network in the neighbourhood to accommodate the traffic movement in the area and link it with the main roads in the neighbourhood. The project also encompasses the construction of a road linking Sheikh Zayed Road with Sheikh Mohammed bin Zayed Rd, besides undertaking construction-related activities such as utilities, pavements, signage, ground markings, lighting, traffic diversions during construction and protecting the existing utility lines.
“The Parallel Roads Project ranks amongst the biggest projects currently undertaken by the RTA and is capable of improving and streamlining the traffic flow in the eastern traffic corridor parallel to the Sheikh Zayed Road, serving the traffic inbound from Sheikh Zayed Road heading towards the Business Bay district, and linking Al Khail Road with the internal roads of the Business Bay district,” said Al Tayer.
He continued: “The RTA has accomplished various phases of the Project, the last of which was the opening of vital sectors of the Improvement of the Parallel Roads Project at JAFZA South, extending from the northern part of the road leading to Al Houdh R/A up to the 10th Interchange on the Sheikh Zayed Road. The Project comprises the improvement of the Eastern & Western Parallel Roads in both directions within Jebel Ali Industrial Area, and JAFZA South, through constructing six bridges and four footbridges to ease the pressure on Sheikh Zayed Rd, and the Industrial Area. It will also establish a link between the investment and economic zones of the Dubai World’s projects, connecting them with the surrounding roads, besides linking Jebel Ali Port with Al Maktoum International Airport, and providing a road leading to the Expo Road of JAFZA. Last May, the RTA opened the service road leading to the Expo Road, and last December it opened a lane linking Al Maktoum Airport with JAFZA South. 12 light signals have been established in the Parallel Roads Project in the Business Bay area; linking Sheikh Zayed Rd, Al Khail Rd and the Business Bay district, and offering a smooth traffic flow in Emaar, Business Bay districts through the Eastern and Western Parallel Roads.
It is worth-mentioning that in September 2011 the RTA opened Phase III of the Parallel Roads Project serving mega urban developments in areas such as Jebel Ali Racecourse, Emirates Hills, Springs, Meadows, Jumeirah Islands and Jumeirah Park. The Road, which extends about 20 km, constitutes 14% of the total Parallel Roads Project, and comprises three to four lanes in each direction as well as 6 bridges and 3 underpasses crossing the eastern and western roads. The RTA had earlier opened Phase I of the Parallel Roads Project including the construction of roads at Al Barsha, and Al Qouz Industrial & Residential Areas extending from Hessa Road to the south up to Meydan Road to the north in a sector extending 15 km in the Eastern Parallel Road and 18 km in the Western Parallel Road, comprising three lanes in each direction. The roads intersect several arterial & express roads such as Umm Suqeim Road, Latifa bint Hamdan Road in addition to arterial & local roads, including 25 signalized junctions.
- Al Tayer inspecting JLT Bridges