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UAE’s second tallest tower set for Q1 2015 handover

Sheffield Holdings Limited has declared that their plan to assemble the second tallest tower in the UAE is in excess of 80 percent complete.

Its Marina 101 undertaking, which remains at 425 meters, is ready to be the tallest tower in Dubai Marina and the second tallest tower in the UAE.

The organization said in an announcement that the normal handover of the lodging piece of the building is foreseen to be in ahead of schedule 2015.

UAE's second tallest tower set for Q1 2015 handover

Emulating the regards and the affirmation of its fulfillment, handover of the lodging lofts and private units will then start, the announcement said.

Upon finish, the tower will house a sum of 420 lodging rooms and inn flats, 60 three-room private units, eight duplexes and a five-star inn.

The tower will likewise offer well being clubs and swimming pools on distinctive levels, alongside other relaxation offices.

“A large portion of the tower has as of now been finished and counterfeit ups of the lodging condo and private units are prepared for survey by financial specialists and intrigued end clients.

Abuali Malik Shroff, administrator of Sheffield Holdings Limited, said: “Financing in tasks close consummation has demonstrated that a quick ROI will happen by handover. We accept that it is an open door for speculators to seize at this phase of development and exploit this business sector practice model.”

A year ago, Sheffield Holdings proclaimed that its Marina 101 venture will be marked Dream Dubai Marina and will be overseen in relationship with Wyndham Hotel Group, the world’s biggest inn supplier.

Modernization in every side of development rising at its peak in Dubai along with the property developments advancing at a progressive rate offering spectacular properties for sale/rent. Several apartments for sale/rent with varied choice of selection guiding investors, buyers make the right selection and properties for sale in Dubai are popular for their exclusivity and distinctive features owned only by the homes for sale in Dubai. Dubai properties always making statements in the property industry all around the world.

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Rent relief? Dubai likely to get 28,000 new residential units in 2014

Just 9,700 units were conveyed in Dubai in 2013, yet about 28,000 new units are relied upon to be finished in the not so distant future, as indicated by the most recent Jones Lang Lasalle (JLL) report.

“At the end of 2013, the aggregate private stock in zones checked by us remained at around 365,000 units, with an excess of 9,700 private units conveyed as the year progressed,” JLL said in its Q4 report.

Growing Overseas Dubai

Actually, the supply was 26 percent less than 2012.

The last quarter saw the giving over of around 950 private units for the most part conveyed outside Central Dubai and included Whispering Pines estates in Jumeirah Golf Estates, Cappadocia living arrangements and Dana Tower in Jumeirah Village, City Oasis in Silicon Oasis, notwithstanding various structures and manor mixes in Dubai Sports City.

In 2014, JLL appraises that around 28,000 extra units will be conveyed, an expansion of roughly 8 for every penny over the current stock. Nonetheless, it illuminates that actually some of these tasks may be deferred past their planned culmination dates.

Dubai land represents very nearly 33 for every penny of the advertised future supply, with around 16,000 private units expected before the end of 2016.

Different ranges that ought to see significant private consummations are Dubai Marina (4,200 units); Dubai Sports City (3,700 units); IMPZ (3,000 units); Business Bay (2,700 units) and Dubai Silicon Oasis (2,600 units).

Rents and Prices:

JLL expects leases and costs will keep on increasing throughout 2014, yet the rate of development will decrease from the levels saw throughout 2013.

The private part finished the year on an extremely solid note, with both costs and leases on the ascent. It got an additional support from the Dubai’s Expo 2020 win.

The Reidin deal list climbed 22 for every penny year-on-year (yoy) as of November 2013, with condo beating the manor area.

The flat deal value file expanded by 25 for every penny (yoy), however is 6 for every penny short of what the crest of August 2008.

The estate value record went up by 15 (yoy) and is 9 for every penny underneath its crest quality. Throughout the year, costs enhanced the most in Palm Jumeirah, International City and Jumeirah Lakes Towers.

On the renting front, the Reidin rent list climbed by 17 for every penny (yoy) and six for every penny quarter-on-quarter with lofts outflanking manors.

The flat rental record enhanced by 18 for every penny (yoy), yet stays 14 for every penny lower than its record estimation of Q3 2008, while the manor rental file arrived at its most elevated worth since the production of the list in January 2009, climbing by 13 for every penny (yoy).

“The Dubai private business finished the year with an expansion in both rental qualities and deal costs crosswise over just about all zones.

“Accomplishment in securing Expo 2020 has further supported notion that is creating leases and costs to expand at unsustainable levels,” JLL said.

“The fast value development, return of hypothesis and the predominance of money purchasers could interpret into intemperate value development or over advancement that, if not oversaw deliberately, could bring about an air pocket that would be destructive to the Dubai private segment in the more drawn out term,” the consultancy cautioned.

Innovation and every aspect of development rising at its peak in Dubai along with the property developments advancing at a progressive rate offering spectacular properties for sale/rent.  Several apartments for sale/rent with varied choice of selection guiding investors, buyers make the right selection and properties for sale in Dubai are popular for their exclusivity and distinctive features owned only by the homes for sale in Dubai. Dubai properties always making statements in the property industry all around the world.

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The Mumbai Metro – A real estate game changer

By Ramesh Nair, COO – Business, JLL India

Several years after New Delhi, the country’s political capital, witnessed a transformation with the implementation of the Delhi Metro, the financial capital of Mumbai is set to experience a similar phenomenon with the imminent commissioning of the Versova Andheri-Ghatkopar (VAG) corridor of the Mumbai Metro. With equity participation from Reliance Infra and Veolia (a French transportation major), this PPP initiative has all the hallmarks of a game-changer for the city’s transportation and realty landscape.

The Mumbai Metro – A real estate game-changer

Many facts about the VAG have already been well documented : A project investment of $720 million, a fleet of 16 rakes with 4 fully air-conditioned coaches with an individual capacity of 375 passengers, travel time reduced to 21 minutes from the current 90 minutes between Versova and Ghatkopar – and of course, improved East-West connectivity. However, the impact on the Mumbai realty market is likely to be far more pronounced.

Transportation infrastructure economics have historically proven to have a positive impact on real estate values in a city like Mumbai – residential and commercial properties located close to transportation infrastructure tend to command a premium. Independent analyses of pricing reveal that proximity to a Metro station can single-handedly account for a 22 per cent variation in land values, the other factors being location, distance of the land from the central point and income groups.

On the back of the execution of a string of surface transport infrastructure projects – viz. the Jogeshwari-Vikhroli Link Road (JVLR), the Santacruz Chembur Link Road (SCLR) and the Wadala-Chembur Monorail – the VAG corridor will further stoke the already buoyant Mumbai realty market.

Each of these transportation infrastructure initiatives have had a tonic effect on the adjoining realty micro markets – for example the expected implementation of the Monorail had pumped up property prices in Chembur and Wadala by more than 100per cent in a short span of 4 to 5 years. This also applies to the SCLR, with which the Chembur micro-market again witnessed a perceptible price rise due.

The areas which will benefit from Metro connectivity have already seen price rises of 400per cent over the past eight years, and this trend is set to continue with this imminent launch.

A more detailed impact analysis follows below:

Near-Term Impact
Developers’ interest in projects near the Metro has been increasing since the start of construction. With the commencement of the project, the surrounding region will definitely experience a certain boom in terms of new offerings and price hikes. Rates on both the commercial and residential market will increase, as the properties of northern SBD, BKC and SBD central are the most preferred locations for investors.

Medium – Term Impact
Intra and inter-connectivity in SBD North and the Eastern suburbs will increase tremendously, given the capacity of 7 lakh passengers per day added by the Metro. Concurrently, East-West connectivity will benefit the maximum by this project, which will reduce the burden on JVLR and SCLR (the current East-West corridors).

Travelling to the Eastern suburbs and Navi Mumbai from the Western suburbs and SBD North and back will become faster and more convenient. Among the series of mega-projects such as the Eastern Freeway, SCLR and Monorail in the past one year, the Metro is the biggest so far. The combined effect reflect positively on Mumbai’s real estate market – the residential and retail markets in Andheri, Jogeshwari and Ghatkopar will witness tremendous growth, especially those near the Metro stations.

Long-Term Impact

Long-term value capture would be possible through increase in FSI. If the proposal of granting FSI of 4 to areas near the Metro is approved, it will have a far-reaching impact and potentially transform the entire landscape of areas surrounding the Metro.

Micro-Market Wise Impact:

CBD – Already losing out to BKC and SBD Central, SBD North will now also pose a strong contender as a business destination alternative to CBD. Absorption could reduce due to the trend of shifting away from CBD, which will lead to a correction in prices.

SBD Central – SBD North might not be able to compete with BKC, but it will pose a challenge to SBD Central. Residential and commercial spaces in SBD North may start becoming preferred over SBD Central, especially when favourable prices are found in SBD North.

SBD BKC – BKC will remain largely unaffected – even factoring in the effect of the Metro on SBD North, the advantages that BKC already has will keep it firmly in the #1 position. Absorption and prices will remain steady.

SBD North – The maximum positive effect will be seen in SBD North, as the Metro runs across its entire width, covering practically all the important destinations. Absorption and supply are set to increase rapidly along with capital and rental values. The residential market in certain key areas will see a boost in activity, especially in Andheri West.

Western Suburbs – The Metro will also have a positive impact on the Western suburbs due to the faster connectivity to the Eastern suburbs. Absorption rates and supply will increase marginally. Residential markets will also take off in areas closer to the Metro.

Eastern Suburbs – Besides SBD North, this micro-market is going to see the maximum impact from the Metro. Rental and capital values are set to increase as absorption rates move up. The residential market in areas like Ghatkopar will derive the maximum benefit.

Thane-Navi Mumbai – If at all, Thane and Navi Mumbai will see only a marginal positive impact, as commuting to the Western suburbs and SBD North and back becomes faster. Otherwise, these markets are will remain largely unaffected.

The commissioning of the VAG corridor of the Metro is like to transform the dynamics of the Mumbai transportation, as well as its realty market. In conjunction with the SCLR and the Monorail, the Metro is certainly poised to become a major game-changer for realty investments in Mumbai.

Resource : EconomicTimes

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Dubai named best in the world for shopping malls and hotels

Dubai has been known the ultimate end of the line on the planet for shopping and hotel living and service, as per Trip advisor’s second yearly Cities Survey.

burj-al-arab-restaurants-skyview-bar-01-hero

The review, by the world’s biggest travel site, dissected more than 54,000 reactions from late surveys with Tokyo named best general experience.

It discovered Dubai positioned first for shopping – in front of New York City and Paris – and first for the best lodgings, in front of Cancun in Mexico and Bangkok.

The emirate is a most loved among voyagers searching for a shopping occasion and is the destination to the world’s biggest mall, Dubai Mall.

Dubai Mall

It is likewise home to a plenty of extravagance lodgings, including the seven-star Burj Al Arab.

On the other hand, Dubai positioned least for social encounter behind other low positioning urban areas Sharm el Sheik in Egypt and Punta Cana in the Dominican Republic. The top ends of the line for society were Rome, Vienna and Paris.

Recently Dubai tourism boss uncovered their new goal – to make the emirate the most visited city on the planet.

One year into the conveyance of Dubai’s Tourism Vision for 2020, critical and initial steps have been taken to accomplish the focus of pulling in 20 million yearly guests by 2020, heading the tourism power to set the new aspiration.

Helal Saeed Almarri, chief general of Dubai’s Department of Tourism and Commerce Marketing (DTCM), said that if a development rate like that attained in 2013 is kept up – a 10.6 percent year-on-year build likening to 11 million inn visitors – Dubai will surpass London, which as of now pulls in 16 million sightseers yearly.

The TripAdvisor overview discovered Tokyo scored most elevated no matter how you look at it, positioning in the main 10 in 13 of 16 classifications.

New York City, the main US city assessed, topped the schedule for fabulous restaurants and nightlife and came next for best general experience. Barcelona came third.

Other high positioning urban areas were Singapore, which was number one for solace voyaging alone, and second for taxi administration, cleanliness of boulevards, simplicity of getting around and family-neighborliness; Rome, which bested the arrangement of attractions/things to do.

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Dubai’s DMCC turn out to be UAE’s largest free zone

As stated by the executive chairman of (DMCC) – The Dubai Multi Commodities Center has turned into the UAE’s biggest free zone, exceeding Jebel Ali

Dubai's DMCC

DMCC now has more than 7,330 presently registered, with an amount of 200 organizations joining every month and a preservation rate of 94 percent, said Ahmed Bin Sulayem in an announcement.

Dubai Multi Commodities centre dmcc

He said DMCC likewise remains the UAE’s rapidly developing free zone, including that it was aiming on 10,000 organizations by 2015.

Bin Sulayem said: “We are currently the UAE’s biggest and rapidly developing free zone with in excess of 7,330 dynamic organizations – we remain consigned to more development keeping in mind the end goal to bond Dubai as the worldwide destination for products exchange and enterprise.

“We are well on our approach to meeting our goal of 10,000 organizations by 2015.

“Our extension arrangements, including the DMCC business park and the world’s tallest commercial tower, will pander to huge enterprises looking to get to new markets and will be the following stage in DMCC’s and Dubai’s development.”

DMCC as of late declared arrangements to manufacture the world’s tallest business tower to coddle proceeded interest.

The development of the tower and 107,000 sq m business park will include an extra 50 percent of business space or 743,224 sq m to the current 2.9 million sq m of developed region.

Canister Sulayem included: “We keep on innovating and balancing key trading units over the globe to further backing Dubai’s yearning investment advancement program. Presently, we are focusing on serving markets along the new Silk Route and have turned into a solid facilitator of exchange for product utilizing nation which is in African and expending countries in Asia, Asian, Europe, South America and the US.”

A third of DMCC part organizations are from South Asia, a third from the Middle East (along with UAE), and a third from Western Europe and North America.

Gautam Sashittal, chief operating officer, DMCC, said: “In 2014 which is presently, around a 95 percent of the organizations that have decided to work from the DMCC Free Zone are new to Dubai, which moreover shows DMCC’s and Dubai’s relentless advance as a business terminus where Sme’s and multi-nationals much the same can use complete service tool stash, trade with trust and develop their business.”

With 65 blended use business and residential towers and around 220 retail outlets in operation, there are as of now more than 75,000 individuals working and living inside Jumeirah Lakes Towers.

The conversion of one of its lakes into a 55,000 sqm community park and the street arranges inside the advancement are because of be finished before this current year’s over.

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14th edition of Indian property show opens in Dubai

Three-day exhibition features 40,000 properties worth Dh16 billion for NRIs.

The 14th edition of the Indian Property Show kicked off on Thursday with 40,000 properties from across the country on offer. The properties, spread over four district pavilions, is worth Dh16 billion.

Bollywood filmmaker Arbaaz Khan opened the three-day property event at the Dubai International Convention & Exhibition Centre.

14th edition of Indian property show opens in Dubai

Bollywood filmmaker Arbaaz Khan opened the three-day property event at the Dubai International Convention & Exhibition Centre.

The exhibition targets the needs of NRIs in the Middle East, and features the latest projects in India as well as diverse offerings from India’s top developers. Exhibitors at the show include some of the best Indian real estate developers, construction companies, banks and real estate agents.

With over 150 developers, there are properties to suit every budget from across India. Either it’s someone’s dream home or ideal investment, the show brings properties from Delhi, Noida, Greater Noida, Gurgaon, Punjab, Mumbai, Navi Mumbai, Pune, Chennai, Jaipur, Bengaluru, Mangalore, Kochi, Ahmedabad, Coimbatore, Hyderabad, Nagpur, Lucknow, Goa and many more cities.

Visitors at the show are entitled to get free advice on any of their property related matter whether it’s for new property purchase; concerns related to existing property, tenancy laws etc.

Other highlights consist of series of Free Seminars that are designed to offer interesting insights and analysis for the attending delegates and are conducted by some of the most influential property industry gurus, and legal advisers. Know Your City, a new addition to the list of seminars giving visitors industry insights into new developments in India’s bigger cities also was a big hit last time and the organisers have brought it back with more insightful sessions this time around.

“Investment in Indian property sector is best investment amongst all asset classes for various reasons including highest LTV, tangibility, less volatility, rental income and appreciating asset. And the icing on the cake is that Indian property market is huge and yet affordable compared to international investment destinations. Capital appreciation on real estate in India is far higher than the high-yielding deposits for non-resident Indians (NRIs)”, Sunil Jaiswal, CEO Sumansa Exhibitions, organisers of Indian Property Show, said at the news conference.

Investors Clinic CEO Honey Katiyal commented: “Real estate sector has always been at the top of investment opportunity watch-list of Non-Resident Indians. A place in the homeland also gives a sentimental support and sense of security, which is another reason for their investment in real estate. NRIs invested over $2 billion in Indian real estate in 2013. They spent at least 35 per cent more in real estate across the country in 2013 compared with the previous year and made for almost 12 percent of total apartment sales in the top seven cities. This $2 billion investment does not include Punjab, Gujarat and Kerala states where a bulk of repatriation happens.”

According to the World Bank, India led remittance flows globally, receiving $70 billion in 2013, which eventually leads to investments in real estate, informed Katiyal.

Rajesh Life Spaces director Pratik Patel said: “NRI’s usually look for a property that can replicate their standard of living regardless whether the property will be utilised for end use or taken purely from an investment point of view. They don’t like to compromise on standards, convenience of lifestyle options and most importantly security. Any property with the said features and ranging anywhere between Dh600,000 to Dh1.5 million is popular with them.”

Source : khaleejtimes

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Exclusive Dubai Expo 2020 plans disclosed

The Dubai Electricity and water Authority will make an expenditure of AED 20bn ($5.4bn) on three key developments in order to keep up with the demand that will for services during World Expo 2020. As States by the government corporation the biggest part of the spending will be on a clean coal plant which will have a value of AED 13bn with a volume of 1200 megawatts.

Saeed Al Tayer the CEO of and managing director of DEWA stated that Dubai already possess huge reserves of water and electricity, this advancement is focussed on adding on more sustainable development. The new development will upsurge Dewa’s power production capability by 20 percent. Mohamed Lahouel – Dubai Economic Department chief economist told during a summit that this international event will in Dubai will increase the earning of small and medium sized business up to AED90bn. Lahoel further mentioned that Dubai is aiming a growth rate of 5 percent for the upcoming 5 years with macro stability.

Exclusive Dubai Expo 2020 plans disclosed

He also mentioned that Dubai is anticipating visitor’s rate to 10 percent every year till 2020, this growth rate of visitors will continue to progress and it witness 20 million visitor target nevertheless of expo 2020. He says with the quantity of infrastructure, construction and sales there will be AED90bn prospect for Dubai’s SMEs Dubai Municipality planning department evaluated the emirates population progress and thy estimate it to progress from 2.3 million to 2.8 million by 2020 Najeeb Mohammad Saleh – head of planning department says the development should cross Emirates Road and this measure is undertaken to ensure adequate infrastructure to handle with the arrival of populaces Saleh said to Gulf News that to further asses which trend will the city progress in , they have incorporated the set-up of compact city and this is already implemented and accepted.

So all the forthcoming developments and projects, if it’s by the property developers or the government, it will be inside the city and should not surpass Emirates Road. Plans that have been already launched after the economic crisis have already discovered Dubais altered development priority.

As said by Jones Lang LaSalle CEO Middle East and Africa Alan Robertson: One of the fascinating things about the Mohammed Bin Rashid City is that lot of planning were initially going to be in Dubai land but now it the planning has been modified and incorporated into MBRC which is reversed into the centre of Dubai. He further says that it is a thoughtful strategy to change the expansion back in for infill.

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