Last Week In Real Estate: 20 January To 26 January
Another week has come to an end and the UAE real estate landscape continues to evolve. Like every week, Bayut.com brings the latest UAE property news from the industry to you. Read on for all the latest updates in the UAE property market.
Expo 2020 awards AED 670M Construction contract
The mega-event that has UAE excited is less than a 1000 days away. Expo 2020 recently awarded two major construction projects to Laing O’Rourke, a UK-headquartered building company. The builders won the contract for construction of Leadership and Media Pavilions, along with the ‘hammerhead’ access road. This road will lead up to Al Wasl Plaza which is also the focal point of the Expo 2020 site.
Ahmed Al Khatib, Senior VP of Real Estate and Delivery at Expo 2020 said: “We are delighted to announce Laing O’Rourke as the main contractor for these two important contracts. The company was selected from among strong international competitors due to its keen understanding of our technical and commercial requirements.”
The construction of these projects will begin on January 28 with expected completion by October 2019. As per these timelines, the project will be complete a full year before Expo 2020 starts.
mina by Azizi to be delivered ahead of schedule
UAE-based developer Azizi announced on Wednesday that its Dubai Palm Jumeirah project, Mina, will be delivered earlier than the expected delivery date. Mina by Azizi has 178 fully-furnished serviced apartments and penthouses with panoramic sea views and private beach access which will be complete by Q3 of 2018.
Farhad Azizi, the CEO, said: “It’s very pleasing to announce the increased pace of progress of our second and most ambitious project on the Palm, Mina by Azizi. Constructing quality homes and delivering to our customers on time is at the core of Azizi Developments’ business.”
Furthermore, the AED 780M development will span over 11,244 sq.m which will also include a total retail area of 1,532 sq.m.
Dubai To Host first Arab land conference
The inaugural Arab Land Conference will take place from 26 to 28 February 2018 in Dubai. This conference aims to address key land-related issues faced in Arab countries. Discussions will surround several aspects including conflict resolution, and maximization of land and real estate to benefit individuals and society.
Director General of Dubai Land Department (DLD), His Excellency Sultan Butti bin Mejren, explained that choosing Dubai to host the conference was not just because of its strong position in the real estate arena. It was also because of its pioneering activities in sustainable development and on-going efforts to go green.
Damac properties announces new luxury living project
Earlier this week, DAMAC properties announced the launch of Reva Residences, the developer’s latest luxury project in Business Bay. Located on the south ridge of Business Bay, this development will also offer spectacular views of Dubai Canal. The premium Dubai property will offer one and two bedroom apartments with world-class amenities and 24 hours concierge.
Senior VP at DAMAC Properties, Niall McLoughlin, said earlier this week: “Business Bay has become the bustling centre of Dubai’s business, leisure and entertainment district, and Reva Residences promises to live up to the neighbourhood’s lavish lifestyle proposition, from its elegant interiors to its breath-taking views.”
Arada awards infrastructure contract for Aljada
One of the newest players on the UAE real estate scene, ARADA, recently awarded the infrastructure design contract for its Aljada project. Leading professional services firm Jacobs Engineering Group won the contract, which is part of the AED 1.2 billion project. Jacobs will manage all aspects of the infrastructure development including roads, water, power and drainage.
At a sales value of AED 25 billion, the urban community will be a master-planned destination for residential, commercial and recreational spaces. This is also Sharjah’s largest mixed-use development project of this scale.
ARADA Chairman Sheikh Sultan bin Ahmed Al Qasimi said: “This is a significant milestone for Aljada, as we continue to work towards breaking ground on this megaproject by the end of the first quarter.” He expressed his happiness to partner with Jacobs, a company with an excellent track record around the world.
Sheikh Mohammed visits Dubai Creek Tower site
Dubai’s next tallest tower, Creek Tower, received a visit from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who was there to review progress on the construction.
Developer Emaar recently set a new milestone in the construction of Dubai Creek Tower, with the foundation’s pile cap reaching the highest point. The foundation pile has about 25,000 tonnes of concrete till date. Back in 2016, Sheikh Mohammed also marked the ground-breaking of Dubai Creek Tower.
Dubai Creek Tower is located in the heart of 6km Dubai Creek Harbour square. Currently, it employs about 450 skilled workers. Designed by architect and engineer Santiago Calatrava Valls, the tower will also have several observation decks to provide unrivalled views of the city.
DLD Announces Completion Of Buildings Classification Project
Dubai Land Department (DLD) completed the first phase of the buildings classification project. This comprehensive project commenced in 2015 to provide a proper classification of properties in Dubai by surveying land plots within the emirate. The first phase focused on old (non-freehold) areas of Dubai.
Due to a lack of data in this arena, this important study aimed to examine the current state of each land plot, record the number of buildings, and classify them based on the purpose of use. This database also contained relevant images of land plots, vacant or occupied. The comprehensive data also allows developers and real estate brokers in Dubai to classify properties based on standard DLD classifications.
There you have it, the latest UAE property news. On a different note, wondering what to do over the weekend? How about exploring the city with a visit to these Dubai heritage sites? Or better yet, pick a bbq spot and head out with your friends to make the most of this pleasant weather.
Happy Friday, folks!
