Tuesday, October 6, 2009
Construction advancing on i-Rise Office Tower
Construction advancing on i-Rise Office Tower
Preparation on the 16th floor is underway
October 05, 2009
Construction on the i-Rise Office Tower is moving ahead with full power as the delivery date in 2010 is approaching. The i-Rise Office Tower is being developed by Realty Capital Middle East FZ LLC in Dubai’s TECOM Site-C.
i-Rise will be one of the largest office towers in region, with 37 storeys of corporate and executive offices, incorporating a total built-up-area of more than 1.9 million square feet, an extensive retail area with restaurants and luxurious boutiques, as well as ample parking for office tenants and retail customers summing up to 2,300 parking bays.
Realty Capital is working with the main contractor “Al Naboodah” in order to complete the project on schedule. The casting of the 16th floor slab is underway, whereas electrical and mechanical works are also completed for the 14th floor.
Realty Capital is participating at Cityscape Dubai 2009, which will be held from October 5 to 8, 2008 at the Dubai International Exhibition Centre, to showcase i-Rise Office tower.
Strategically located at TECOM Site-C, Dubai’s Technology and Media Free Zone, the AED 1 billion, 37-storey i-Rise is poised to become a popular landmark due to its unique curvilinear design. The business tower will feature a specially treated podium façade; modern executive and corporate offices; 19 high-speed elevators, dining establishments; commercial space; a fitness centre; a helipad; and a multi-storey car park.
Monday, October 5, 2009
Keynote presentation from Donald Trump Jnr at Cityscape Dubai 2009
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Mature markets now compete with emerging markets
Keynote presentation from Donald Trump Jnr at Cityscape Dubai 2009
predicts changing world order in real estate investment
Corrections in real estate prices specifically in the more mature western markets are attracting would-be investors at the expense of many emerging markets, according to Donald Trump Junior, Executive Vice President for the Trump Organisation, during his keynote address at the Cityscape Dubai 2009 conference.
Trump went on to explain that emerging markets were not only competing with each other for a finite amount of investment funds, but they were now competing with more mature markets.
“It’s a question of risk versus reward. The potential reward for investing in mature markets has improved significantly over the last couple of years, whereas the risk has if anything reduced. On the other hand, emerging markets, whilst they still represent good reward, their risk element – transparency, regulation – is still a concern. Therefore funds that would normally have been earmarked for emerging markets are now finding their way into the more mature real estate.”
As a clear example, Trump, who was due to speak in Egypt and India after the conference, said there was still clear potential for emerging markets, but the global fall in prices meant there was more opportunity to deals in its own back-yard. “I’ve just bought a new apartment in New York which was twice the price two years ago.”
While he stressed the values that characterised Dubai’s boom – the excess, drive and momentum – were not lost in a recession, he recognised the challenges of reconciling the increased supply that’s now coming onto the market.
“Its greatest asset was its greatest liability,” he said. “But in terms of opportunity, now is the time to be looking at real estate here. When things normalise, Dubai is going to be in a lot better position than a lot of other cities.”
Trump recalled his previous visit to Cityscape Dubai in 2006, at the height of the real estate boom. “Those years went by in the blink of an eye, but we all went over the top,” said the Executive Vice President, who started out as a dock attendant and landscaping on a minimum wage in the US. “People lost track of the concept of spending, and we have to get back to basics.”
The ‘herd mentality’ of investors and speculators ‘flipping’ properties before completion had created unrealistic expectations, where developers were disappointed if they didn’t sell out units in one day. “The days of relying on 100% foreign buyers turning up with briefcases of cash are over,” he said.
Dubai has been unjustly criticised in the international media, he added, although he conceded that the city and other GCC states need to do more to increase transparency – “and not just talk about it”.
Chris Speller, Group Director of Cityscape Dubai 2009, said: “It was a thought-provoking presentation from Trump and the perfect way to open the conference. The issues he addressed, such as realism and transparency, complement perfectly with the theme of the event this year.”
For full details of Cityscape Dubai 2009 and its events, please visit: www.cityscape.ae
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum opens Cityscape Dubai 2009 today
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum opens Cityscape Dubai 2009 today
Crown Prince cuts the ribbon signaling the launch of eagerly awaited exhibition
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, officially opened Cityscape Dubai 2009 at the Dubai International Convention and Exhibition Centre today.
The eighth premier annual exhibition for the real estate industry has already raised unprecedented interest, with an extensive conference programme schedule and range of industry reports digesting the impact of the global recession on the Middle East.
Today sees the hosting of the City Leaders Forum and other highlights include the World Architecture Congress (October 5-7), Cityscape Connect sessions (October 6-7), Cityscape Dubai Awards (October 6) and Green Day (October 7).
Major institutional investors, master developers, high net worth individuals and senior real estate professionals will all be in attendance during the four-day B2B exhibition.
For full details of Cityscape Dubai 2009 and its events, please visit: www.cityscape.ae
Photo caption: His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, officially launches Cityscape Dubai 2009
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