Real Estate News
Mortgage Rescue Returns To Senate; House Vote Friday (Investor's Business Daily)
Investor's Business Daily - The $700 billion financial rescue plan seemed back on track Wednesday after lawmakers added a higher deposit insurance limit and several tax breaks. More »
Trends & Innovations - Wednesday (Investor's Business Daily)
Investor's Business Daily - Spare bedrooms across the country are filling up with family members, according to new U.S. Census data. The number of U.S. heads of households who share their homes with parents, siblings or other relatives grew 42% from 2000 to 2007. Experts say factors behind the trend include higher housing costs, the economic slump and the fact that intergenerational households are more common in the nation's increasing immigrant population. It's not just the elderly moving in with their children; the number of parents under age 65 who have moved in with their kids rose 75%. More »
'Wings' unveiled for Abu Dhabi
Kuwait-based developer Dar Al Dhabi Real Estate has announced plans to build the 'Wings' project in Abu Dhabi. The mixed use development will feature two 300m tall towers on the southern part of Reem Island. The $1.9bn project will feature one residential tower and one commercial building, which will have 6,000sqm of retail space. More »
Tristar wins Arabian Canal works
Tristar Transport & Contracting has been awarded the contract for the first phase of earthworks on its $11bn Arabian Canal project. Works involves removing more than 200 million cubic metres of earth - to be re-used to form new landscapes, including valleys and hills up to 200 metres high - along a nine kilometre stretch of the waterway's route. More »
Memon to build Frankfurt tower
Memon Investments has launched a Dhs338m tower called 'Frankfurt Sports Tower I' (FST I) in Dubai Sports City. With a German-inspired ambience, the tower is designed by Al Hatmy Consultants to comprise 224 units, including 140 studios, 56 one-bedrooms and 28 two-bedroom apartments within a total built-up area of 177,378sqft. The tower is scheduled for completion by the first quarter of 2011. More »
Colliers set up investment unit
Colliers International has added an investment services unit to its UAE business operations, launching a dedicated Capital Investment Division. The unit aims to provide investors with access to the firm's market intelligence and network of clients when investing in the global real estate market. More »
ADIH to buy Chinese property
Abu Dhabi Investment House has set up a joint venture with Shanghai Construction (Asia) Co to build projects in China, Gulf News has reported, citing Abu Dhabi Investment House Managing Director Rashad Janahi. The new firm will have capital of $6bn and plans to acquire 16 real estate projects across China. More »
UBS expects small profits in third quarter (AFP)
AFP - Switzerland's biggest bank UBS, one of the worst-hit by the subprime crisis, said Thursday it expects a small profit for the third quarter after sharply cutting its US mortgage-related positions. More »
US Senate approves economic bailout plan (AFP)
AFP - The US Senate on Wednesday approved a 700-billion-dollar Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market. More »
Judge hands 10-year sentence for foreclosure scam (Reuters)
Reuters - A New York man was sentenced on Wednesday to 10 years in prison and will forfeit $2.5 million for his part in a home foreclosure "rescue" scheme targeting distressed homeowners. More »