The Residences at Business Central “Topped Out”

Luxury developer DAMAC Properties has “topped out” its 21 storey mixed-use residential project, The Residences at Business Central, which is located on the waterfront, opposite the Burj Khalifa.

The construction milestone represents a significant turning point in the delivery schedule of the project, with work now beginning on the external cladding and interior fit out. Read more

Largest Dubai landlord wins second Owner Association property management contract

Global standards knowledge qualifies largest Dubai landlord to manage the Association of Silicon Boulevard

Wasl properties LLC, the property management arm of wasl Asset Management Group (‘wasl’), the largest real estate management company in Dubai, today announced it has been selected by the interim association general assembly and Ecostar International Holdings FZCO for association management services. This is wasl’s second association management contract win since the recent launch of this business line. Read more

Tamweel launches limited time offer on Deyaar projects in Business Bay

• Select Deyaar projects in Business Bay to be offered at optimal flat rate
• Financing offered exclusively by Tamweel, with 48-hour approval process
• No additional fees from either developer or finance provider
• Limited-time offer to be launched during Cityscape Global 2011

Two of the most-recognised names in the UAE property and financial sector have partnered to offer residents a unique opportunity to buy a home in the strategically located Business Bay area of Dubai.

Deyaar Development, the regional real estate company, and Tamweel, the UAE-based Islamic home finance provider, are jointly offering ready units at four Deyaar projects in Business Bay at an optimal flat rate – with no additional fees from either the developer or the finance provider. Read more

Two months rent-free deals for grab

Nakheel is offering up to two months rent-free in residential properties located in lower-priced developments in a bid to attract more tenants. Other developers have been practicing the same since some time, offering to tenants fourteen months leasing contracts for the annual rental value.

Great rental deals with one or two-months free periods on leases can be found in Dubai, not only in Discovery Gardens and International City, where rents start from AED25,650 and AED17,100 a year, but even in upscale business districts as DIFC and the Business Bay. Read more

ASGC Announces Completion of Windsor Manor

Al Shafar General Contracting (ASGC) announced today the completion of Windsor Manor – a luxury residential tower enjoying a scenic lakeside setting in the heart of Dubai’s corporate hub Business Bay. Overlooking the Dubai Mall and iconic Burj Khalifa, the AED 620 million development by Deyaar has been conceived and designed to seduce the discerning few offering upscale leisure and lifestyle facilities.

Mr Bishoy Azmy, CEO, ASGC said, “Windsor Manor is a prestigious address that is endowed with exceptional style and comfort. It is all about exclusivity and has a wow factor that makes it a great place to live.” Read more

Residential rents continue to fall in Dubai

Landmark’s new report on the Dubai market for June 2010 found that lower limits for a one bedroom apartment on the Palm Jumeirah were down 6% since the advisory’s previous report in April. One bedroom properties in Jumeirah Lakes Towers have dropped by 10% while in lower quality areas such as International City, upper limits for both studios and one-bed apartments decreased on average by 22%.

Prime areas ,with a limited supply pipeline,  also are experiencing additional rent declines. Downtown Dubai has seen further rent drops due to continued supply entering the market in near by areas like Business Bay and Sheikh Zayed Road, the report noted.

“While these areas are not of comparable quality to Downtown Dubai, the impact on this increased supply is evident, lower limits for two beds in Downtown Dubai are falling five percent, at the same time that lower limits in Business Bay and Sheikh Zayed Road have fallen by 12% and 6% respectively since the beginning of May,” Jesse Downs, Landmark’s Director of Research & Advisory Services said. Read more

Deyaar hands over The Citadel, first commercial tower delivered in Business Bay

Seventh Deyaar project delivered in 2009, meeting company pledge
AED 700 million premium office tower comprises 565,000 square feet of office space and 29,000 square feet of retail

Deyaar Development PJSC, a regional real estate company dedicated to innovation, customer care and long-term sustainable growth, announced today that it is handing over all units at The Citadel, its AED 700 million, 41-storey commercial tower located in the Business Bay master development. The Citadel is now the first commercial tower to be delivered by any developer in Business Bay, and is one of the first real estate projects of any kind to be handed over in this strategically located area of Dubai.

Fulfilling the company’s earlier stated commitment to hand over seven projects in 2009, The Citadel comprises 565,000 square feet of office space, including 406 state-of-the-art contemporary commercial units and 29,000 square feet of retail space. Located just minutes from Sheikh Zayed Road, the upcoming airport in Jebel Ali, and major shopping malls and business clusters in Dubai, facilities at The Citadel include 24-hour security and ample parking space, among others.

The Citadel is not only developed by Deyaar but also managed by the company – one of the country’s largest and most experienced property managers. Deyaar is also managing five of the six projects it has handed over this year, which include Madison Residency in the Technology, E-Commerce and Media (TECOM) free zone and the Coral, Jade, Ruby and Sapphire Residences at Dubai Silicon Oasis. Read more

Deyaar to hand over The Citadel in August

1. Seventh Deyaar project to be delivered in 2009
2. AED 700 million premium office tower located in Business Bay
3. Project comprises 565,000 square feet of office space and 29,000 square feet of retail
4. Customer orientation to be held on July 18

Fulfilling its commitment to hand over seven projects in 2009, Deyaar Development PJSC, a regional real estate company dedicated to innovation, customer care and long-term sustainable growth, today announced that it will hand over in August all units at The Citadel, its premium 41-storey commercial tower located in the Business Bay master development.

The Citadel comprises 565,000 square feet of office space, including 406 state-of-the-art, contemporary commercial units, and 29,000 square feet of retail. The project is strategically located within minutes of Sheikh Zayed Road, the upcoming airport in Jebel Ali, and all major shopping malls and business clusters in Dubai. The Citadel is one of the first projects to be delivered in the Business Bay master development.

“With the handover of The Citadel, Deyaar will have successfully fulfilled its handover commitments for 2009,” said Markus Giebel, Chief Executive of Deyaar. “At Deyaar, we have consistently set high benchmarks of quality and value in our projects, and The Citadel is no different. As one of the largest developers in Business Bay, Deyaar’s projects occupy a place of prominence within this master development. We are confident that the design and quality of The Citadel will prove to be extremely beneficial to all businesses and commercial establishments operating from the tower.” Read more

Property Prices Roundup

It is no secret to any one that property prices are falling. Through the mail are coming many offers, some of which are listed bellow.

• Palm Jumeirah, Garden Home Villa  – AED 1700 per sq.ft
• International City – from AED 800 to AED 1086 per sq.ft
• Jumeirah Lake Towers – from AED 1000 to AED 1300 per sq.ft
• Al Furjan Townhouses – AED 1029 per sq.ft
• Burj Dubai Lake Hotel (The Address) – from AED 2550 to AED 3050 per sq.ft
• Business Bay, Executive Towers – AED 1250 per sq.ft
• Dubai Marina – from AED 880 to AED 1600 per sq.ft
• Jumeirah Beach Residence – from AED 1350 to AED 1800 per sq.ft

DAMAC introduses new payment plans

Property Consultant from DAMAC Properties told  DubaiChronicle.com that the company is introducing new more flexible and affordable payment plans, along with various  discounts. For some developments property buyers are now requested to pay 40% in installments during the construction period and 60% upon completion of the project.

DAMAC’s move in the current crisis in the property market is inline with the new strategies to easy  mortgage payments introduced by other major developers as Emaar.

The new payment schemes ultimately works for the benefit of the end users, as  the premium DAMAC projects, not only in Business Bay,  will become affordable for larger number of individuals .

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