Real Estate News
Talaat Moustafa plans Saudi project
Jihad Sawaftah, finance director of Egypt's biggest developer by market value, Talaat Moustafa Group, has said the firm plans to launch its first project in Saudi Arabia within three months to target the country's young, wealthy buyers, Reuters has reported. 'We are focusing on Saudi Arabia,' he told the news service. 'The land is there, the demand is there. And, don't forget, that is where the money is.' The company wants 40% of its real estate sales to come from Saudi Arabia by 2014, and is shifting into the hotel business to diversify away from Egyptian home sales, Sawaftah added. More »
Nakheel says World Islands not sinking
Dubai-based developer Nakheel has dismissed a media report that its 300 man-made islands shaped like a map of the world are sinking, Reuters has reported. Britain's Daily Mail's website said that a picture from the US space agency NASA suggested that the islands were merging together and appeared to be sinking. 'Speculative reports suggesting that The World islands are sinking are wholly inaccurate,' the developer said in a statement. The load-bearing capacity of The World islands' reclaimed land mass is about twice that of mainland Dubai, Nakheel noted. More »
Tiger Woods' Dubai project to be completed
The Tiger Woods Dubai golf course and luxury-home complex, which has been delayed by the emirate's property slump, will be completed as planned, Bloomberg has reported. 'We haven't decided yet on a date for its completion or delivery to the market, but the project is ongoing,' Dubai Properties Group Chief Executive Officer Khalid Al Malik told the news service. Work on the course, designed by Woods and originally due to be finished by September 2009, has gotten as far as the eighth hole, he said. Plans for the 55 million-square-foot Tiger Woods Dubai include 287 luxury villas and mansions, a boutique hotel and a clubhouse. 'Part of the project is sold and the other part will go to the market once it's completed because we believe it's better to do it then,' Al Malik said. 'We are moving on with that plan and we are continuing the project without a doubt.' More »
Arabtec wins $193m contract
Dubai-based Arabtec Holding said it has been awarded a Dhs710m ($193m) building contract by Abu Dhabi-based Tasameem Real Estate Co, Bloomberg has reported. The contract is for building Tasameem's 'P17 Tower' on Sheikh Zayed Road, the construction firm said. More »
Union Properties to reschedule $1.5bn debt
Khalid bin Kalban, CEO of Union Properties has said an agreement has been reached with creditors of the developer to reschedule Dhs5.5bn ($1.5bn) in debt, Arabic daily al-Ittihad has reported. The company also signed agreements for additional loans to finance the completion of its current projects, he told the newspaper. More »
Dubai Land Department launches online registration
Dubai's Land Department has announced the launch of new services including an immediate online registration procedure. The new registration process will allow property transactions to be completed securely and promptly. "By offering real estate buyers, investors and professionals procedures which are quick, simple, connected and allow instant access to on the spot reports we are giving them the confidence and assurance they need to invest in Dubai property,' said Sultan Bin Butti Bin Mejren, Director General of the Land Department. More »
Egypt to raise mortgage market value
Moustafa El-Haiawan, board chairman of Egypt's Mortgage Finance Fund has said that the country plans to raise its mortgages market to EGP10bn within the next three years, up from the current EGP4bn, Reuters has reported. "The size of Egypt's mortgages market does not commensurate with the size of its real estate market," El-Haiawan said. Mortgages in Egypt represent well under 1% of GDP, partly because of a complex property registration process that makes it hard for lenders to secure the right to sell a property in case of default. More »
Moody's lowers Aldar rating to Baa2
Moody's Investors Service has downgraded the ratings for Abu Dhabi-based developer, Aldar Properties and its debt instruments, due to the impact that the weaker commercial and residential property market. Ratings for the Abu Dhabi developer and its Trust Certificates (sukuk) and the guaranteed Notes have been lowered to 'Baa2' from 'A3'. The rating agency said it has kept the ratings on review for further possible downgrade as part of the ongoing review of government support for Abu Dhabi and UAE corporates. More »
Barwa to float QR1.5bn tender for Barwa City
A QR1.5bn tender will be floated this month by Qatari developer, Barwa Real Estate to provide amenities for its Barwa City project, Reuters has reported. Khalid al-Nasr, the project's managing director said the contract will include the largest mall and hospital in the country. Phase one of Barwa City, estimated at QR7.3bn, will be completed in June 2011, Nasr said, adding the second phase will be larger than the first, but did not give a value or timeframe for completion. More »
Damac to hand over six projects in 2010
Dubai-based real estate developer, Damac Properties has announced that it will complete and deliver six of its projects during 2010. The six projects offer over 3,000 new residential and commercial units. The projects include Damac's Emirates Gardens development and Tuscan Residences at Jumeirah Village South, Lago Vista at IMPZ, XL Tower and Business Tower at Business Bay and Smart Heights at Tecom. More »