Saturday, June 14, 2014

Preatoni enters UAE property Market by acquiring 191-metre-tall ‘Dubai Star Tower’ at Jumeirah Lake Towers (JLT)

Preatoni enters UAE property Market by acquiring 191-metre-tall ‘Dubai Star Tower’ at Jumeirah Lake Towers (JLT)

Italian real estate pioneer Ernesto Preatoni says the acquisition reflects a rebound in investor appetite for JLT

Dubai, UAE, 14 June 2014: Preatoni, a leading European property developer which recently launched Preatoni Real Estate company in Dubai, has bought a 100 percent stake in Dubai Star Tower, which is under construction at Jumeirah Lake Towers (JLT).

Ernesto Preatoni, Founder and Chairman of Preatoni Real Estate, said: “Reflecting a rebound in investor appetite for JLT, this strategic acquisition is extremely delighting news to purchasers of Dubai Star Tower as the equity of their homes is automatically raised remarkably given the fact that work was resumed instantly to complete the construction of the project.”

Offering spectacular views of deep blue waters and eternal sunshine, the 191-metre Dubai Star Tower will be a magnificent place to unwind. The tower boasts a futuristic design through a fusion of architectural elements, while commanding a distinctive style and aesthetic expression of its own.

The tower incorporates retail and office spaces and luxury residential units that come with contemporary furnishings, latest amenities and a cosmopolitan look.

Stunning views, ceramic floor tiles, solid core entry door, walk-in closets, insulated and double glazed windows, grand lobby area and tiled balconies are some of the amenities of the new tower.

The tower also incorporates recreational facilities such as a world-class spa and swimming pool services that are all provided to tenants in a 5-star service hotel ambience.

Preatoni added: “Offering breathtaking views of an expansive horizon that changes a million hues as the day goes by, every place in Dubai Star is thoughtfully laid out to create a sense of space and comfort.”

He added: “We anticipate huge demand for this tower from investors from all over the world because the Preatoni name spells financial safety, strong reputation and great credentials in Europe and in other many places in the world.”

Preatoni added: “We have invested in this iconic structure that is fast taking shape as a prominent landmark on the Dubai skyline. We are proud to say that Preatoni has a reputation for long-term investor care. We are adding value to the property, because of our financial capability and hospitality experience.”

Work is in full swing on the tower and the contractor, Al Rashad Contracting Company, is confident of completing the construction before 2015 ends.

Preatoni has built high-class tourism and residential complexes, hotels and leisure centers worth 2.5 billion Euros in the MENA region, including the Domina Coral Bay Resort in Sharm El Sheikh Egypt.

Preatoni concluded: “We have started expanding our portfolio of residential and commercial complexes in Dubai. This is just the beginning of our investments in the UAE market as we are scouting other projects for long-term investment and ownership.”

Preatoni has regional headquarters in Milano, Italy; Tallinn, Estonia; Villnius, Lithuania; Riga, Latvia; Moscow, Russia; Sharm El Sheikh, Egypt and Dubai, UAE.

Once completed, Dubai Star will rise to 48 floors with 600 units, divided between commercial storefronts, offices and apartments.

Monday, June 9, 2014

‘Living Legends’ project progressing at rapid pace; handover of villas by end of 2014: Tanmiyat Group new CEO

‘Living Legends’ project progressing at rapid pace; handover of villas by end of 2014: Tanmiyat Group new CEO

Appointment of Engineer Muhammad Bin Odah is part of company’s re-structuring aimed at boosting its real estate market share in Dubai

Dubai, UAE, 9 June 2014: Tanmiyat’s newly appointed CEO, Eng. Muhammad Bin Odah, says that ‘Living Legends’, its major project in Dubailand is progressing at a rapid pace, as the company’s management re-structuring process takes shape aiming at boosting its share of Dubai’s real-estate market.

Bin Odah confirmed that Tanmiyat will hand over the ‘Living Legends’ villas in December 2014. He added that there are also plans to release new apartments in the market shortly, with attractive pricing and payment plans.

According to the company, the dramatic progress on Living Legends project is a reflection of the current robustness of the real-estate market in Dubai.

“The Living Legends project today is at an advanced stage and I am working very closely with the team to maintain the schedule and upgrade the quality and maximize our supply to meet the market demands as part of Tanmiyat’s efforts to consolidate its leading position amongst real estate developers not only in Dubai but also in the region,” Bin Odah said.

Eng. Muhammad Bin Odah who has extensive construction experience took over the project recently, leveraging his wealth of expertise as an engineer to look after every little detail. In addition, Mr. Bin Odah has very dynamic management capabilities having held several leading positions prior to Tanmiyat.

Living Legends, the 7 billion AED project, is an independent residential community with a golf course, a mall, landscaped gardens as well as other facilities to add to the comfort of residents.

Living Legends is also an attractive project for investors as it is part of the larger iconic entertainment project “IMG Worlds Of Adventure” in Dubailand. Tanmiyat is one of the main players in the ‘Legends’ project and an integral part of it.

Tanmiyat Group was launched in 1992, and currently has operations in different countries. According to the management, the company's restructuring is aimed at consolidating its position as one of the leading companies in the real estate sector in the region and to explore new opportunities.

“Living Legends consists of 12 residential towers offering luxurious apartments, in addition to 500 luxury residential villas of various sizes,” Mr. Bin Odah said.

Sunday, June 8, 2014

Teams from Zaha Hadid Architects and Omniyat hail onsite progress of ‘The Opus’ iconic project

Teams from Zaha Hadid Architects and Omniyat hail onsite progress of ‘The Opus’ iconic project

Construction activity at fast pace on the structure that is set to be an imposing landmark on Dubai's skyline

Dubai, UAE, 8 June 2014: Zaha Hadid Architects (ZHA), the leading architectural firm headed by renowned Arab architect Dame Zaha Hadid, and Omniyat, Middle East’s leading developer, have hailed the remarkable progress made in the construction of ‘The Opus’ iconic project after a joint site visit.

The construction site has more than 1000 workers engaged in frenetic activity to complete the project on schedule. The mixed use development has a built-up area of almost 2 million sq. ft., including an area of 250,000 sq. ft. dedicated to entertainment and fine dining.

Mahdi Amjad, Omniyat's Executive Chairman and CEO said: “We are delighted with the construction work at The Opus, especially with the building façade starting to take its spectacular shape in Burj Khalifa district.”

Omniyat expects the construction to progress at a faster pace over the coming months, with Brookfield Multiplex, the contracting company, working to complete one floor per week. The structure of the Opus is due to be completed by October 2014.

Amjad pointed out: “The manufacturing of the complex curved glass façade mock-up is also underway. When completed, the façade promises to be the most outstanding and eye-catching among all buildings in Dubai.”

The Zaha Hadid designed interiors are being further mocked up within the building and fine-tuned to ensure the Opus delivers an exceptional experience.

The joint site visit comes on the heels of the unveiling of the interiors of the ME by Melia hotel, which forms part of The Opus. The artistic touches of Zaha Hadid in the interiors are said to be another feature in the cap of The Opus.

The Opus will be a one-of-its-kind destination, envisioned and brought to life through a strong collaboration between Omniyat, ZHA and ME by Melia. The 95-metre high structure will be a symbol of outstanding design marked by a futuristic look and unsurpassed originality.

Located in one of the most coveted locations in Dubai, The Opus unfolds an incomparable experience through stylish interiors and artistic touches in every corner. It embodies the ultimate urban lifestyle and in terms of luxury, service and privacy.

ZHA and Omniyat teams were pleased with the progress of The Opus. Both companies expressed satisfaction over the pace of construction on site.

Amjad added: “We are delighted with this site visit. The progress demonstrates that we are working with ‘best-in-class’ designers, consultants and builders, along with some of the world’s best known and most respected architects, specialty consultants and contractors.”

Dubai Metro integral to TIME strategic expansion

Dubai Metro integral to TIME strategic expansion 

Research for TIME hotels indicates 234 hotels and apartments are already within two kilometres of one of 47 Dubai metro stations; hotel apartments close to Dubai Metro and shopping malls top GCC visitor wish list        

Market research conducted on behalf of TIME Hotels has revealed that 234 hotels and hotel-apartments are located within two kilometres of one of Dubai’s 47 metro stations.
The UAE-headquartered hotel group wanted to calculate the number of hotel properties located close to metro stations and analyse the impact on GCC visitor booking decisions, whether choosing to stay for business or leisure.  
“The research discovered that out of around 530 hotels and apartments listed with international reservation websites such as, at least 234 - or 44% - were situated within two kilometres of a metro station,” said Mohamed Awadalla, CEO, TIME Hotels.  
“Accessibility to the metro network is giving hotels an opportunity to drive occupancy rates as location remains a top priority for guests. Western guests are familiar with public transport and also appreciate its efficiency and sustainability, while for other nationalities it is a cost-effective alternative to taking taxis. GCC nationals also like the novelty value, coming from a region where rail travel is still at an embryonic stage,” added Awadalla.
Official figures released by the Dubai Roads & Transport Authority (RTA) recorded total passenger traffic of 138 million people on the Dubai Metro in 2013, almost double that of 2011. The Dubai Metro network currently covers two lines (Red and Green) with a total of 47 operational stations, including direct access to Dubai International Airport.
Plans to extend the existing network ahead of Dubai’s hosting of Expo 2020 are also under development by the RTA, with a phased expansion programme including a doubling of the length of the Green Line and extension of the Red Line at both the Rashidiya end and at Jebel Ali, where it will be linked to the new Expo 2020 site. Senior officials at the RTA expect to add an additional 36 kilometres of track with a further 21 new stations taking the total number of stations across the network to 70 by 2020.
Abu Dhabi has also announced that it will spend AED11 billion on a 131 kilometre-long metro system, which will eventually be linked to Dubai, opening up more leisure options between the two emirates. 
“Having long recognised the urban tourism potential, we are now actively promoting our locations in relation to their accessibility to Dubai Metro stations, as business and leisure visitors look for convenient locations within easy reach of major commercial, retail and entertainment centres,” noted Awadalla.
“The TIME Oak Hotel & Suites in Tecom, for example, is only a five-minute walk from the Dubai Internet City Metro Station. The hotel has noticed that more and more potential leisure guests are asking about the hotel’s proximity to the metro,” he added.
As TIME continues with its programme of regional expansion both in the UAE and further afield into Qatar and Saudi Arabia, Awadalla and the development team are also taking into consideration the emerging transportation networks in other destinations as part of the strategic planning process.
To encourage guests to experience the city for longer and make the most of its excellent transportation links, TIME is running a special summer rate campaign until the end of September, with a ‘stay for three and pay for two’ or ‘stay for five and pay for three’ nights offer at it six properties.

Photo caption: The TIME Oak Hotel & Suites in Tecom is only a five-minute walk from the Dubai Internet City Metro Station. The hotel has noticed that more and more potential leisure guests are asking about the hotel’s proximity to the metro.

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About TI’ME Hotels Management:
TI’ME Hotels Management is well capitalised with significant management expertise and has ambitions to evolve into one of the leading hospitality businesses in the UAE.
TIME currently manage the following properties:
  • TI’ME Oak Hotel & Suites in Al Barsha, Dubai
  • TI’ME Grand Plaza Hotel in Al Qusais, Dubai
  • TI’ME Opal Hotel Apartments, Dubai
  • TI’ME Crystal Hotel Apartments, Dubai
  • TI’ME Topaz Hotel Apartments, Dubai
  • TI’ME Ruby Hotel Apartments, Sharjah
  • TI’ME Pearl Residences, Abu Dhabi
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