Memon Investments continues construction of current projects amidst reports showing 38 per cent of all UAE projects are currently inactive

Memon Investments continues construction of current projects amidst reports showing 38 per cent of all UAE projects are currently inactive

Leading developer stands firm on commitment to complete AED 1.34 billion worth of projects

September 26, 2010

Memon Investments, a leading Dubai based property developer and part of the multi-billion dollar international business conglomerate, the Shaikhani Group, has reported that construction activity on all of their current line of projects are still ongoing despite the global downturn which has affected the regional real estate sector. The announcement follows the recent release of a Proleads report that states that 38 per cent of the UAE’s construction and development projects are currently inactive. The country’s residential sector, which comprises of 682 projects valued at USD 306 billion, represents 62 per cent of construction projects in the UAE. Memon’s current portfolio, which is currently valued at AED 1.34 billion, consists of high profile residential development projects like the ‘Frankfurt Sports Tower’ and the ‘Champions Tower’ series.

According to a recent report released by UAE-based research firm Proleads Global, a total of 1,296 projects valued at more than USD 418 billion are currently being built in the UAE, with an additional 303 projects worth USD 143 billion already in the design, planning and or bidding stage. However, the report also stated that 38 percent of these projects have ceased construction and have become inactive as a result of the global financial crisis. As one of the very few developers to maintain continued construction activity, Memon Investments remains steadfast in its commitment to complete and deliver all of its projects through the support of satisfied customers. The developer is also confident that its current portfolio of projects will provide buyers a wide range of investment options that offer excellent return potential.

“Many promising construction projects in the UAE have ceased development and construction activity as a result of the global financial crisis, “ said Ahmed Shaikhani, Managing Director, Memon Investments. “Memon Investments is glad to report that it is continuously moving forward with all of its projects. Despite the recession, we have managed to stay afloat by adopting strategic initiatives and practices. Rest assured, we stand firm on our promise to complete and deliver our projects in accordance with the expectations of our discerning clientele.”

Memon Investments recently announced that it has already crossed the halfway mark for ‘Champions Tower II’ (CT II) and ‘Champions Tower III’ (CT III), two of its prime residential projects located in Dubai Sports City. Construction has reached the 9th floor in CT II, with the developer preparing for the next slab and block work has also been done till 6th floor; while the 10th floor in CT III has already been cast. Leading MEP contractor Anwar Al Aqsa has been awarded the contract to manage the electrical, plumbing, fire alarm and fire fighting installations, while ETA MELCO has been commissioned to install six high-speed, state-of-the-art Mitsubishi elevator units for both towers. As construction progresses rapidly, the developer is currently looking to award contracts related to the finishing and facility management to credible partners in the UAE.

“We are very pleased to share that both of our Champions Tower projects have already crossed the halfway mark and we expect to complete both projects fairly soon. Awarding various contracts to some of the UAE’s leading contractors and MEP companies has largely contributed to the fast-paced construction of both towers. Similarly, implementing a sound project management plan has played an important role in our efforts to maintain continued construction activity. Our strong commitment towards customer satisfaction continues to provide us with the confidence and inspiration to finish all of our projects scheduled deadlines”, concluded Shaikhani.

About Memon Investments LLC
Founded as the property development arm of the international business conglomerate, the Memon Group of Companies, Memon Investments has grown to become a leading property player in the region offering a diversified portfolio of premium property projects. Guided by a tradition of excellence, the developer’s intense focus lies within its core competencies, specifically acquisition, design and development, consultancy, leasing and management of properties. Leveraging the Memon Group’s extensive real estate development experience, Memon Investments’ UAE portfolio comprises of prestigious residential projects including ‘Champions Towers I, II, III, and IV’ and ‘Frankfurt Sports Tower I’ in Dubai Sports City; ‘Gardenia I & II’ in Jumeirah Village, and its inaugural commercial venture - ‘Cambridge Business Centre’ in Dubai Silicon Oasis, all of which embody the developer’s trademark top-notch quality and uniqueness.

Having delivered over 30,000 units across the globe with a presence in 90 countries spread across Asia, Africa, Middle East and Europe, the Memon Group of Companies is presently commemorating its 30th year of delivering unique offerings and services to its global customers. In addition to its extensive expertise in the real estate market, the Group has also built a strong reputation for its unwavering support for various causes such as poverty alleviation, environmental conservation and academic development. As a socially-aware international corporation, the Group has devoted 19 years in support of the Rabia Charitable Foundation and the Rabia Relief Fund.

RTA opens five new metro stations mid-October ,Al Tayer: Stations to open include Business Bay, First Gulf Bank, Sharaf DG, Nakheel and Jumeirah Lake

RTA opens five new metro stations mid-October

Al Tayer: Stations to open include Business Bay, First Gulf Bank, Sharaf DG, Nakheel and Jumeirah Lake Towers stations

 22 trains deployed in peak time, 16 trains off-peak time
 Service frequency 6 minutes in peak time, 8 minutes off-peak time
 28 feeder buses to link the new stations with the neighbourhood

Roads & Transport Authority – Mohammed Al Munji:

The Roads & Transport Authority (RTA) is poised to open five new metro stations on the Red Line of the Dubai Metro, bringing the total number of stations opened to 26 stations.

“Stations to be opened include Business Bay, First Gulf Bank, Sharaf DG, Nakheel and Jumeirah Lake Towers stations, and the remaining three stations will be opened upon completion of real estate and investment projects around them; as they have been especially constructed to serve these projects in which construction works are still underway,” said Mattar Al Tayer, Chairman of the Board and Executive Director of the RTA.

Al Tayer added: “Through the Metro operating company, RTA has finalized all trial technical tests of the metro; which included testing the communication systems, auto operation systems, power feed, air-conditioning, onboard electronic systems, lighting systems and the integration & coordination between various subsystems and components. RTA has also finalized the training of front-end and customer service employees deployed at the new stations to attend to various systems. These employees have already joined up their duties in different locations several days ago following the completion of intensive training courses in the fields of customer service, implementation of rules and regulations introduced by the RTA for safeguarding the project facilities, and the enforcement of law against offenders.
RTA Chairman of the Board and Executive Director confirmed that the new stations were ready to receive passengers. “22 trains will be deployed during peak time and 16 trains will be in operation during off-peak time, and the service frequency (headway) will be 6 minutes during peak time and 8 minutes during off-peak time. RTA has carried out site surveys covering the neighbourhood of all stations to be opened shortly and accordingly opened new bus routes to feed the metro stations. 28 buses are being deployed to link the metro stations with the surrounding areas and the service is set to run at 13-20 minutes frequency,” he elaborated.

Al Tayer commented on the criteria upon which the new stations have been selected for opening and said: “Stations have been selected based on the extent of population density in the locality served by each station so as to provide convenient services to the inhabitants in the neighbourhood, availability of commercial activities in the area served by each station, availability of government activities in the vicinity of each station, and the projected number of passengers at each station. Nakheel Station is one of the stations expected to be busy with commuters considering its proximity to the American University in Dubai, and the mega residential projects in the vicinity of the station,” added Al Tayer.

Commenting on the metro ridership Al Tayer said: “From 9/9/2009 to 9/9/2010, the Dubai Metro lifted 30.22 million persons and the daily ridership is estimated as 130 thousand passengers. This number is set to rise with the opening of the new five stations to as much as 150 thousand passengers, and the number of the metro users is poised to receive a further big boost with the operation of the Green Line in August 2011; which will serve vital areas with commercial & government activities and huge population density”.

“The huge investments pumped by the Government of Dubai to uplift the infrastructure of transportation sector has paid dividends and proved both successful and effective. The number of users of public transport means, including the Dubai Metro, public buses, water transport and taxis, is approaching one million passengers per day. There is also an improvement in the culture of using public transport by all segments of the community and the drive was particularly helped by the metro service,” stated Al Tayer.

“Using mass transportation brings about a host of benefits & advantages that include the physical & psychological comfort of the user, minimizing crashes, economizing on fuel & maintenance costs of private vehicles and ridding the public from the hassles of finding parking spaces for their vehicles; which has become a challenge facing most modern cities worldwide. Besides that, the use of public transportation effectively reduces environmental pollution resulting from the use of massive numbers of private vehicles,” said Al Tayer in a concluding statement.

Photo captions:
- Mattar Al Tayer
- Stations ready to receive passengers

Effective strata law key to future of Dubai real estate

Effective strata law key to future of Dubai real estate

New law will not necessarily bring down community service fees but will be cost-effective, regulated and transparent says property solutions expert

The effective introduction of the Strata Law is essential to regulate transparent community service charges which will improve investor confidence especially in the residential market, according to the head of property solutions at Dubai-based MAG Group.

Mazen Falhout, General Manager of MAGme Property Solutions, a division of MAG Group, said, “The Strata Law will not necessarily mean service charges will come down due to the technical, administrative and legal requirements of the Law but owners will be able to appoint their chosen management company, thus regulating both the cost and level of service required,” said Falhout.

The law transfers responsibility for property maintenance from developers to owners through the establishment of owners’ associations. The rules are legally binding and give owners a greater say in the management of communal areas, including choosing maintenance companies and helping to solve disputes between owners and developers. Owners also risk losing their property if service fees are not paid. However, there have been suggestions it will renew investor confidence in the Dubai housing market as it will provide transparency across the board.

There has been apprehension among some owners that the Strata Law, will create a potential rift between developers and owners as responsibility for community areas, whether it be in an apartment building or villa complex, are handed-over.

It is understood from the regulations that Owners’ Associations will take responsibility for all maintenance issues within six months of a new development project’s completion. For existing developments that process will start as soon as practically possible, within the existing time frame.

“It will be interesting to see which existing developments have made adequate provisions, by way of a sinking fund, for major maintenance work such as replacing chiller units or overhauling lifts, which may not normally be required for up to ten years,” said Falhout.

In addition the law states that the residents’ committee must consist of at least five members but some homeowners are reluctant to sign up because they are cautious about taking responsibility for any issues.

“Current owners want property values to appreciate, so it is vital that developments are maintained professionally, with best value for money and therefore it is within the owners own interests to get involved. As with any new administration it might be time-consuming initially but once policies and procedures are in place the process will become easier,” said Falhout.

However, Falhout has warned that owners must address the long-term impact of decisions and Owners’ Associations have to choose the best contractors and or service providers, which may not be the cheapest, but will represent best value.

“Because rents have become more competitive over the past 12 months, service charges can, on the surface seem inflated since only about 10% of fees are spent on visible services such as cleaning and security.

But when it comes to air conditioning or swimming pools, preventative maintenance is always the most cost-effective. As a guide, owners should expect to spend between 15% and 25% of rental income on service charges,” explained Falhout.

“The future of the property market in Dubai rests with the Strata Law being effectively implemented and managed. Homeowners will benefit in the long-run by taking ownership of their own community and ultimately their investment,” added Falhout.

Photo caption: Mazen Falhout, General Manager – MAGme Property Solutions.

About MAGme:
MAGme is a member of Moafaq Al Gaddah Group (MAG Group) and focuses on providing maximum benefits to investors and customers. Its range of services include; brokerage, snags and rectification, property management, owners association management and financial services.

About the MAG Group

The Dubai-based Moafaq Al Gaddah Group of Companies (the MAG Group) was established in 1978 and has grown into a multinational organisation with 18 offices in eight countries throughout Europe, the Middle East and Asia.

In the past five years the MAG Group Properties has invested in 12 properties at various stages of development across the residential, commercial and industrial sectors. The company focuses on projects that provide long-term benefits to investors and customers.

Ibn Battuta Gate offers holistic living solution

Ibn Battuta Gate offers holistic living solution

Apartments, a five-star hotel, customised offices and a shopping mall, provide ideal work-life balance in the heart of new Dubai – it even has its own Metro station

Dubai-based property management company Asteco, today announced that the apartments at Ibn Battuta Gate are now available for lease, offering residents a perfect balance between comfort and convenience thanks to its proximity to new state-of-the-art offices, leisure amenities and five-star service.

Adjoining the recently-opened Ibn Battuta Gate hotel, which is managed by Swiss hotel operator Mövenpick, featuring the iconic 60-metre gateway arch, and a stone’s throw from the mall, the complex provides superior living with annual rents starting from just AED 70,000 in an environment that fosters a healthy work-life balance.

The apartment building which consists of 156 stylish one- and two-bedroom apartments, spread over ten floors, is just 400 metres from the new Ibn Battuta Metro station, which provides direct links to Dubai World Trade Centre and Dubai International Financial Centre.

“The apartments offer luxury living at an affordable price. In addition, tenants also have the unique choice of using either the Mövenpick’s pool and health club or the state-of-the-art leisure facilities within the apartment building,” said Camilla Van Der Merwe, Head of Sales and Leasing at Asteco, which is managing the flagship mixed-use development on behalf of building owners Seven Tides.

Meanwhile, the office tower, located at the opposite end of the archway, spans 454,000 square feet across 11 floors and is perfectly positioned to attract businesses from both Dubai and Abu Dhabi. In addition, all Ibn Battuta tenants have access to dedicated secure covered car parking, located underneath the building.

“Living within walking distance of work is not often feasible, especially in a climate such as we have in the UAE, but Ibn Battuta Gate allows people to do just that. However, we are also seeing more and more people commuting between Dubai and Abu Dhabi, and this development is perfectly placed to service both markets, as well as the more local commercial hubs of Jebel Ali Free Zone and Dubai Media and Internet cities,” said Van Der Merwe.

Annual rents at the apartments include access to the five-star Mövenpick hotel’s swimming pool and gym, in addition to 24-hour security, internet connection, satellite television, utility bills and parking. Each apartment also features with built-in wardrobes, lavishly finished bathroom, and solid wood floors in the bedrooms and marble flooring in the main living area.

Another attraction, Ibn Battuta shopping mall spans 1.3 kilometres in length and features more than 250 retail outlets, a hypermarket and over a dozen food and beverage outlets, in addition to a 21-screen cinema.

Photo caption 1: Inside an Ibn Battuta Gate apartment.
Photo caption 2: The Ibn Battuta Gate complex.

About Asteco

Founded in Dubai in 1985, Asteco is a major regional real estate services firm and the one of the largest property services company in the United Arab Emirates. Asteco offers clients independent market analysis, design development consultancy and valuation services, sales and leasing services, as well as asset and property management services.

RTA female staff explore sky high views from Burj Khalifa

RTA female staff explore sky high views from Burj Khalifa

Roads & Transport Authority – Nashwan Atta’ee:

The Women Committee, Roads & Transport Authority (RTA) has recently held a unique entertainment tour for as many as 120 RTA female employees and wives of RTA employees, to the top of Burj Khalifa during which they enjoyed a thrilling sky-high view of the Dubai City from the tallest man-made structure in the planet.

Commenting on the visit, Dr. Aysha Al Busmait, Chairwomen of RTA Women Committee, said: “Through its members & ambassadors in various agencies, RTA Women Committee has proved once again its ability to take the initiative and organize distinguished events far from contrasting opinions and controversial issues despite the large number of participants involved in this event; thus succeeded in boosting some core values and concepts campaigned by the RTA. The group travelled from Al Rashidiya Metro Station on board the Dubai Metro and came back to RTA premises on board public transport buses”.

The tour, which will remain live in the memories of all participants, included taking a lunch high in the sky, attending water shows, a tour of the tower and taking memorable photos. The event was also a good communication and orientation platform for RTA female staff and wives of RTA employees who meet for the first time under the umbrella of the Women Committee.

RTA opens a key bridge at the 1st Interchange, Sh Zayed Rd

RTA opens a key bridge at the 1st Interchange, Sh Zayed Rd


Roads & Transport Authority – Mohammed Al Munji:
The Roads & Transport Authority (RTA) has opened yesterday one of the key bridges in the 1st Interchange of Sheikh Zayed Road, linking Al Safa Street with the Financial Center Street, thus ensuring smooth flow of traffic inbound from the Financial Center area to Al Safa Street towards Al Wasl Street as well as providing a curved path leading back to Sh Zayed Rd in the direction of Deira.

Commenting on the event, Nabeel Mohammed Salih, Director of Roads Department, RTA Traffic & Roads Agency, said: “By opening this phase, RTA has completed almost 85% of construction works in the main bridges and roads of the 1st Interchange at Sheikh Zayed Project; which is one of the key and most sophisticated projects currently undertaken by the RTA. Last May RTA opened bridges crossing Sheikh Zayed Road providing free traffic flow from Al Safa Street to the Financial Center Street and vice versa, and smooth traffic flow from Al Safa Street towards Dubai through these bridges. All works in the project will be completed and fully opened for traffic by the end of December 2010”.

“The 1st Interchange on Sheikh Zayed Road is one of the biggest interchanges in the Emirate, and the total length of bridges currently underway measures 3 km. Tunnels in the project extend 850 meters and the overall cost of the project, which is carried out by the Italian Salini Co., is around 617 million dirham,” said Nabeel.
“The significance of this project is underlined by its vital location on Sheikh Zayed Road in the vicinity of Burj Khalifa and the Financial Center. It provides these districts with a link with the main surrounding roads such as Sheikh Zayed Road, Financial Center St. and Al Safa St. This area is considered one of the busiest in Dubai with considerable importance attached being on Sheikh Zayed Road and bordering these vital and important districts for Dubai in the fields of tourism, economy and investment,” added Al Nabeel.

It is worth-mentioning that the 1st Interchange on Sheikh Zayed Road allows seamless traffic movement in both directions of Al Safa Street and Financial Center Street, and links Sheikh Zayed Road as well as the Upper & Lower Decks of the Financial Center Street. The project encompasses construction of a tunnel linking the road passing at the back of Mazaya Center with the Road passing behind the high rises overlooking Sheikh Zayed Road in addition to widening Al Safa Street, and improving the intersections thereon up to Al Wasl Road.

Captions:
- Nabeel Mohammed Salih
- layout of parts opened in the project

Al Tayer inspects Al Khawaneej Bus Depot

Al Tayer inspects Al Khawaneej Bus Depot

Roads & Transport Authority:
H.E. Mattar Al Tayer, Chairman of the Board and Executive Director of Roads & Transport Authority (RTA), has recently inspected Al Khawaneej Bus Depot which was inaugurated by the RTA in early August to serve 16 public transport routes shuttling over several districts across Dubai Emirate; including 5 Dubai Metro stations feeder service. During his tour, Al Tayer was accompanied by the CEO of Public Transport Agency Essa Abdul-Rahman Al Dosari in addition to other directors & managers of the Agency.

Al Tayer stated: “Al Khawaneej Bus Depot is considered a milestone in broadening and upgrading public transport network in Dubai Emirate; as it serves a plenty of Dubai Metro stations feeder routes, and passes across a number of districts throughout the Emirate”.

“The inauguration of this depot aims to widen and improve public bus transport, meet the requirements of passengers using this type of public transport, encourage more passengers to use the Dubai Metro, and enhance the integration of public transport network in Dubai Emirate,” said Al Tayer.

He continued: “The inauguration of this station culminates elaborate studies and site surveys undertaken by the RTA to assess the requirements of public bus riders, link the metro stations with public transport routes in Dubai, and address the transportation needs of all districts in the vicinity of the metro stations.
“The opening of Al Khawaneej Bus Depot also aims to distribute the bus routes according to districts close to the bus depots to ensure better utilization of the existing resources, enhance the efficiency and reduce the operational cost so long as the Depot is in close proximity to the starting points of the bus routes. It is anticipated that the operation of this Depot will cut the operational costs by as much as 1.5 million dirham per annum,” added Al Tayer.

“It took the RTA 15 months to complete this vital project at a cost of 121 million dirham. The facility has a capacity to house 284 buses and comprises a waiting yard, an air-conditioned maintenance workshop providing all types of preventive & regular bus maintenance (including maintenance of engines, electrical systems, and air-conditioning systems), a fully fledged painting workshop, a refueling station and a washing bay,” said Al Tayer in a final remark.

Worth-mentioning that the five metro stations feeder routes principally serve Al Rashidiya Station as Route (F3) starts off Al Rashidiya Metro Station (4), and passes across several districts including Mirdiff Interchange, Mirdiff Private School (1), and Mirdiff Uptown Center (1). Route (F4) starts off Al Rashidiya Metro Station (5) and passes across Imam Abu Haneefa Mosque at Mirdiff, Mirdiff City Center, Al Rashidiya and other districts. Route (F5) starts off Al Rashidiya Metro Station (5) and passes across Muhaisnah (1), Al Mizher, and Al Arabi Center, whereas Route (F6) starts off Lulu Village, Muhaisnah (4), Head Office of Public Transport Agency, and Al Kawakeb School. Route (F10) starts off Al Rashidiya Metro Station (2) and passes through several districts including the entry leading to Al Warqaa (1), the Grand Mosque at Al Warqaa, and Al Jahiz Boys School at Rashidiya among others.

Captions:
- Mattar Al Tayer inspecting the station

Asteco launches Buy Dubai

Asteco launches Buy Dubai

Interior fit-out company to source 80% of products from local suppliers, supporting UAE businesses and giving customers more control over quality and delivery times

Leading property management company Asteco has launched its exclusive furnishing subdivision, Buy Dubai, which is supporting the UAE economy by sourcing 80% of products from local manufacturers.

APM Design and Furnishing Department specialises in space planning, fit-out and project management for hotel and private apartments, transforming an empty shell into a vibrant and cosy living area with bespoke furniture and accessories, in just four weeks rather than the three to four month wait for furnishings bought overseas.

“Asteco was founded in Dubai and as such we believe in supporting the community that has enabled us to build a successful business. It can often be tempting to buy abroad but when shipping and import taxes are taken into consideration the savings are not always as great as they first appear. Supporting local suppliers, who can find it difficult competing in a crowded marketplace, also enables us to better manage the standard of all products to ensure customers receive a quality service synonymous with the Asteco brand,” said Kerrin Matthey, Head of Design Furnishing at Asteco.

Clients can choose from a number of themes, including contemporary and Balinese, as well as colours and price points for their apartment. Asteco Property Management will then source products, whether they are sofas, handmade rugs, mirrors or soft furnishings and fit them in the property ready for owners, or tenants, to move in.

The packages, which offer average delivery times of four weeks rather than 3-4 months if furniture is bought from overseas firms, can also add lasting value to properties. They are offered in various markets across the Middle East, including Abu Dhabi and Qatar, in addition to Dubai.

“Many items can be locally sourced, including furniture, table wear, mirrors and artwork and clients are amazed when we tell them their furnishing is manufactured in Dubai and timeline for delivery is about one month. But more than this, it allows us to easily check on the process, or send things back in the rare cases they do not meet our standards,” said Matthey.

“In these challenging times many designers look beyond Dubai for a cheap quick fix but finding the cheapest solution can be a false economy as in most cases quality and longevity are compromised. By using locally skilled tradesman and home grown supplies, we benefit when it comes to delivery schedules and quality control,” Matthey added.

The company has already successfully fitted out a number of commercial and high-end properties, including signature villas for the Manchester United team on Palm Jumeirah, whose furniture was produced by Dubai-based joiners. They have also secured contracts for the Sama Tower show apartments and Y Tower in Abu Dhabi.

Photo caption 1: A Buy Dubai furnished apartment in the Oceana complex on Palm Jumeirah.
Photo caption 2: An apartment in Sama Tower fitted out by Buy Dubai

About Asteco
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.

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