Bahrain property prices and home rents flat as expats make a return

By: Gulf Property News Reporter

Bahrain's residential rents and property prices are showing signs of stabilising, helped by the fact that some projects have stalled or slowed, says the property consultancy Cluttons. "There has been an upturn in the number of new expats coming to Bahrain, specifically in the oil and gas industry, and it is understood that the international schools have waiting lists again, not seen since the beginning of last year," Cluttons said in its first-quarter report on Bahrain's residential market. "Having said this, demand ...

First club on Dubai’s The World islands to open this month

By: Gulf Property News Reporter

The first island on The World project is expected to get the final permit to open its shores for residents and tourists this week. The manager of the club, now rechristened, the Royal Island Beach Club, is confident of starting business before this month-end. "We are waiting for the final building permission from authorities, which we expect to get this week. Once we get the permission, we will officially open the club, which should be before the month-end," Reza Sinnen, Operations Manager ...

Burj Khalifa offices to be sold in online auction

By: Gulf Property News Reporter

An entire corporate floor in Dubai's Burj Khalifa, the world's tallest building, is to be sold in an online auction. The auction, the first of its kind for Dubai, will see the 110th floor going under the hammer with the minimum bid set at $5.4m. Bids must be submitted by June 28, said LFC International Real Estate Brokerage, a licensed auction and real estate brokerage which is conducting the auction. The auction will be conducted online on the Freedom Realty Exchange, an industry-leading online real estate auction platform, a statement said. “As far as notable real estate auctions, this one tops them all," said Bill Lange, president and CEO, LFC Group of Companies. “Regardless of the notoriety of the Burj Khalifa, the auction will attract serious buyers who understand that this is an once-in-a-lifetime opportunity to purchase an entire corporate floor in the Burj Khalifa ...

Dubai developer on The World’s Thailand island offers ‘full’ refund

By: Gulf Property News Reporter

Investors of Jasmine Garden project on the Thailand island on The World development have been offered a full refund by the developer through promissory notes, maturing in 2015, Emirates 24|7 can reveal. Imtiaz Khoda, project representative, Jasmine Garden Ltd, told this website that the project had had not been cancelled, but is “on hold.” “Jasmine Garden located on the Thailand island of the World is not a cancelled project and is currently on hold. “During these challenging times in residential real estate, it is important to adopt a flexible approach to the issues at hand in order to present viable solutions to the current purchasers in the project. “In close co-operation with Rera, we have offered a number of attractive solutions to current purchasers, inclusive of a full refund in the form of a promissory bond, maturing in 2015,” he added. Media reports earlier said ...

Burj Khalifa property prices fall to AED2,100 per square foot

By: Gulf Property News Reporter

Property prices for luxury apartments in the Burj Khalifa, the world’s tallest tower, have fallen to as low as AED2,100 per sq ft, real estate experts have told Arabian Business. High service charges coupled with distressed sales are being cited as the reason for the drop. “I am telling [my investors] to buy; AED2,000 per sq ft is a steal. I have been offered one [apartment] for AED2,100 and a second one next door for AED2,500,” said Manoj Prasad, CEO and managing director of the Dubai-based Signature Group. “I am even telling my family to invest. When it launched, it was a dream to have an apartment in the Burj Khalifa but that was for AED7,000 per sq ft and was not at a price that my investors wanted to invest. For my investors AED2,000 is a distressed buy,” he added. Owners are currently ...

India’s Sobha buys land in Dubai’s Meydan for mixed-use project

By: Gulf Property News Reporter

Indian developer Sobha Group has obtained eight million square feet of land at Meydan City for an undisclosed amount to build a mixed-use project, officials said at a press briefing. The project, Sobha City, will be located at Meydan City's Godolphin Parks area, near Al Khail Road. The project will include a cluster of luxury signature villas — the closest freehold villas to be made available to buyers near the central business district. Saeed H. Al Tayer, chairman of Meydan Group, said the deal reflects renewed investor interest in Dubai's real estate sector. "This is the biggest sale that we have concluded so far and it reflects a new era in the development of Meydan," Al Tayer said at a press briefing. "This is a pivotal step in the overall development of Meydan City and we are pleased to forge this relationship with the ...

Saudi developer set to restart Dubailand project

By: Gulf Property News Reporter

Saudi Arabia-based developer Al Hokair Group is planning to resume construction on its stalled Al Sahara Kingdom hotel and entertainment project in Dubailand in 2013, its deputy CEO has said. The Al Sahara Kingdom has been master-planned over a 50 million sq ft area in Dubailand, the delayed real estate development backed by Dubai Properties Group (DPG). The project is set to include two four-star hotels – to be run by Al Hokair-owned MENA Hotels & Resorts, an indoor theme park, restaurants, residential areas and a retail souk. “This is on hold now, but we will try to [restart construction] of the hotels and theme park in 2013, combined with the apartments and villas. This is our plan,” said Sami AM Al-Hokair in comments published by Hotelier Middle East. When asked when the firm expected the project to be completed, Al-Hokair said construction would ...

Nakheel to start sale of homes on Palm Jumeirah

By: Gulf Property News Reporter

  Nakheel will start selling townhouses on Palm Jumeirah next month, the developer's first residential project since the property market crashed in 2008, chairman Ali Rashid Lootah said. Nakheel announced a plan to build 102 townhouses on the island in September. The company will develop mid-range homes alongside the apartments and villas that comprise most of Palm Jumeirah's dwellings. "Not everyone wants a villa or an apartment," Lootah said in an interview at his office. "There's demand for townhouses on the beach, but we're careful not to increase the density on the palm." The Palm Residence project will test demand for property in a market in which prices have dropped by more than 65 per cent since their peak in mid-2008. This prompted Nakheel to write down the value of its real estate. Most of the project will be financed by sales agreed before construction work ...

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