Last week in real estate 16-22 June 2018
Another week has come and gone and we are officially in the peak of summer in the UAE. It’s not just the temperatures that have been soaring; the UAE property market has been on fire these past few days, post the celebrations of Eid. Here are some of the highlights of the latest UAE real estate news that were talking points among property enthusiasts in the country.
Azizi Star project in Al Furjan set for completion by the end of 2018
Continuing to make headlines in the UAE real estate news segments, prolific Dubai-based developer Azizi Developments, have confirmed that their project in Al Furjan is set for a 2018 completion date. This is the largest project in Al Furjan and interest is already high among investors. Once completed, the development will be adding over 400 new apartments in Al Furjan, including compact studios. one to three bedroom flats and even luxury penthouses.
“We are pleased to be nearing completion of our largest residential project in the thriving community of Al Furjan, a premier real estate development in New Dubai,” said Mirwais Azizi, chairman, Azizi Group. “Al Furjan offers fantastic connectivity, especially with its recent spate of infrastructure progress and development, promising an attractive return on investment for buyers and potential investors.”
The Millenium Binghatti Residences waterfront project enters phase two of construction
In an announcement to the Dubai property news segments, Binghatti Developers said that their ambitious waterfront project, Millenium Binghatti Residences have entered phase 2. The 29-storey beauty is taking shape at the stunning Dubai Canal and will add over 200 luxury apartments in Business Bay including studios, one and two bedroom flats.
“We are very pleased to launch the second sales phase of Millennium Binghatti Residences after the success observed during the first phase. Our latest project is a wise investment for both regional and international investors, with residents set to become part of a thriving community,” said Muhammad BinGhatti, CEO and Head of Architecture at Binghatti Developers. “The success observed during the first phase of the project’s sales strengthens the reputation of the Dubai property market as a safe-haven for property investments.”
Tilal Al Ghaf making waves for its sustainability goals
One of the most talked about aspects of the UAE real estate news is the country’s pioneering direction with respect to sustainable developments and initiatives. Taking a cue from this collective goal, leading retail, leisure and residential real estate developer, Majid Al Futtaim has announced their sustainability plans for the properties in Tilal Al Ghaf, their highly-anticipated project set to bring in a whopping 6,500 new freehold homes to the UAE property market.
The developers have announced their aspirations to win the ‘very good’ rating under the BREEAM sustainability accreditation programme. A significant 20% of the communities energy needs are set to be satisfied by renewable solar energy and any surplus electricity generated will be transferred to DEWA as a part of the SHAMS initiative to create more solar-powered homes in Dubai.
“Majid Al Futtaim sets itself apart by not just selling bricks and mortar, but also making a steadfast commitment to the community beyond delivering homes by setting long-term goals to enhance its green footprint,” said the CEO of Majid Al Futtaim Communities, Hawazen Esber. “We are taking an ambitious but practical, viable, and achievable approach to sustainability that will not only have environmental benefits but in the long-run will also deliver financial savings for residents to create a healthy and balanced community living.”
Tilal Al Ghaf is also being constructed with goals of reducing the carbon footprint by 55% and using more natural water for the project.
Marriott appointed by Aldar to manage Yas Island Hotel
Aldar announced that Marriott International will be operating one of their most strategically located hotels on Yas Island, which is currently billed as the Yas Viceroy. The update made waves in the real estate news in the UAE because this is one of the landmark building of Yas Island. From 1 July, this Yas Island hotel will be unveiled under the W Hotel branding after going through refurbishments. This will mark the debut of the first W Hotel property in Abu Dhabi and is set to feature the high standards the brand is known for. The move is seen as a strategic decision to capitalise on the popularity of the capital as a tourist destination with the launch of some new attractions in Abu Dhabi this year.
Commenting on the announcement, Talal Al Dhiyebi, CEO of Aldar Properties, said: “Appointing Marriott International to manage the operations of our Yas Island hotel supports our strategy to employ the most reputable international operators and reflects our active approach to the management of our portfolio. Marriott International’s experience will ensure guests have a memorable stay at our world-class hotel while driving value for our Asset Management business. Our enviable portfolio of 11 hotels, including the recently acquired Westin Abu Dhabi Golf Resort & Spa and Eastern Mangroves Hotel & Spa by Anantara, positions us well to drive the activation of Yas Island and Saadiyat Island, and cater for the increasing number of tourists visiting Abu Dhabi.”
Phase 4 of Nasma Residences in Sharjah Unveiled by Arada
Arada’s master community Nasma Residences was already getting a lot of attention in the UAE property news segments, thanks to the clean, modern design of the project and the high investor interest. Phase 4 of the project also launches the Bareem Townhouses which features elegant 2 and 3-bedroom homes and the Signature Villas collection with exclusive 4 and 5-bedroom houses. The development is expected to add affordable yet upscale properties in Sharjah, which is also developing into a sought-after investment hub.
HE Sheikh Sultan bin Ahmed Al Qasimi, chairman of ARADA, said: “With only one more phase to come before ARADA’s first project, Nasma Residences, is completely sold out, we are expecting a significant response from investors and end-users. The Bareem Townhouses at Nasma Residences are an excellent addition to the homes on offer at this well-designed community; they have been created with owners’ interests at heart, and we look forward to delivering them towards the end of next year.”
The project will introduce nearly 800 new houses in Sharjah, along with a community centre called Nasma Square, parks and a GEMS international school. It will be completed in 2019.
Following the property news in Dubai and the rest of the UAE is a great way for investors to keep a track of the latest projects in the country. It has been quite the exciting week for UAE real estate news enthusiasts. It’s not just the UAE real estate market that has been making headlines; the 6-week long summer shopping fiesta, Dubai Summer Surprises is also here, bringing exciting offers and deals to the public. So make the most of your weekend and check out the awesome deals at DSS.
