NEWS BRIEF 13 - Asteco Property Management...Established in 2014 by Hashim Ahmed, Savana Real Estate...

DUBAI | ABU DHABI | AL AIN | SHARJAH | JORDAN © Asteco Property Management, 2015 asteco.com | astecoreports.com

IN THE MIDDLE EAST FOR 30 YEARS

ASSET MANAGEMENT SALES LEASING

VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

RESEARCH DEPARTMENT

NEWS BRIEF 13 SUNDAY 29 March 2015





REAL ESTATE NEWS UAE

3 RICHEST REAL ESTATE TYCOONS IN MIDDLE EAST UAE MALLS PREPARE FOR LOCAL HOLIDAY INDULGENCE

DUBAI

DUBAI PROPERTY SECTOR THRIVING ON STRENGTH OF EXPO PROJECTS HOUSING LOAN BE INCREASED TO DH800,000

DUBAI’S RENTALS REMAIN STUCK ON A HIGH DUBAI'S UP TO BREAK GROUND ON DH1.5BN MOTORCITY PROJECTS HOW DUBAI'S BURJ KHALIFA INSPIRES SHANGHAI TOWER

TIPS TO SPOT ONLINE PROPERTY FRAUD; CLICK HERE FOR DUBAI RERA'S CHECK LIST...

NO 'BIG' DUBAI PROPERTY MARKET CORRECTION DUBAI TO BUILD AFFORDABLE HOUSES FOR PEOPLE EARNING DH3,000 TO

DH10,000 PER MONTH LIVE IN THE HEART OF OLD DUBAI FOR DH25M

ON THE MARKET: A TWO-BEDROOM APARTMENT IN AL SUFOUH, DUBAI RENDERINGS OF THE BOLLYWOOD PARKS THEME PARK IN DUBAI. THE

PROJECT IS SCHEDULED TO OPEN IN OCTOBER OF 2016. COURTESY DUBAI PARKS AND RESORTS

EMAAR RESIDENTIAL PROJECT AIMS TO CREATE DH2M A YEAR IN RENT FOR DUBAI CHARITY

ARABTEC SHARES PLUNGE NEARLY 10 PER CENT IN DUBAI AFTER PROFIT DIVES

DUBAI INVESTMENTS IN SAUDI PROPERTY JOINT VENTURE ABU DHABI

RENTS FOR PREMIUM APARTMENTS IN ABU DHABI TO RISE 5% THIS YEAR MISMATCH BETWEEN SALARIES AND RENTS, ABU DHABI RESIDENTS SAY

ALL ABOUT LOCATION AT ABU DHABI’S LATEST BEACHSIDE COMMUNITY ALDAR SELLS DH600M OF VILLA PLOTS IN ABU DHABI’S KHALIFA CITY

BAHRAIN

BAHRAIN, DUBAI COMPANIES INVEST IN ASTECO





BAHRAIN, DUBAI COMPANIES INVEST

IN ASTECO

SUNDAY 29 MARCH 2015

Bahrain real estate Company RightWay and Dubai-based Savana Real Estate are the latest to invest in the franchise of the Asteco brand in the Gulf region.

Asteco revealed that it has added its first GCC franchise outside of the UAE and the third Dubai

franchise to its growing portfolio.

Bahrain-based RightWay and Dubai's Savana Real Estate will now operate under the Asteco

brand following the signing of a franchise agreement with Asteco's licensing division, a statement said.

The division has been specifically created to offer franchise opportunities to qualifying real

estate companies, independent realtors, regional entrepreneurs looking to diversify their existing businesses, or launch a start-up in the property sector.

John Stevens, managing director, Asteco, said: "We have established relationships with two businesses which share similar ideologies and real estate acumen to that of Asteco. Both businesses are an ideal fit for our franchise model and I look forward to working with them

both as we move forward."

RightWay chief Angela Marino Al Farooq added: "To have the backing of a large, long-

established real estate firm such as Asteco will undoubtedly play a major role in supporting RightWay throughout our entire launch phase and beyond."

Established in 2014 by Hashim Ahmed, Savana Real Estate is a real estate brokerage agency

specializing in commercial real estate.

"Recognizing the important role Asteco has played in helping to develop the real estate sector

in the UAE was an integral part of our decision to join the Asteco brand, which has built an enviable reputation over the past 30 years. Adopting their business model and having access to an experienced team and influential network made the decision an easy one to make," said

Ahmed.

Asteco is the only locally established, full service real estate business in the region offering a

bespoke franchise opportunity.

In 2013/14, Asteco listed more than AED2.1 billion worth of property for sale and offered 1.5 million square feet of leasable space.

Source: The Saudi Gazette

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RENTS FOR PREMIUM APARTMENTS IN

ABU DHABI TO RISE 5% THIS YEAR

SATURDAY 28 MARCH 2015

Rental rates for premium apartments in Abu Dhabi are expected to rise more than 5 per cent in 2015 after going up 10 per cent in 2014 compared to 2013, according to Asteco, a real estate services company.

This puts rental rates for a prime two-bedroom apartment currently at around Dh175,000-Dh180,000 per annum, with apartments at low-end buildings reaching Dh90,000-Dh120,000,

Asteco’s latest report said.

The biggest increases in rental rates in 2014 were recorded on Saadiyat Island, and Reem Island’s Marina Square where recent hand-overs achieved high occupancy levels, leading to

rental increases.

Though rental rates are now considerably higher than they were during the same time last

year, they are still 41 per cent lower than in 2008 when they reached their peak just before the global financial crisis.

The increase in rental rates is due to the removal of the federal rent cap in November 2013, as

well as a strong demand in the market that is met with a relatively modest supply of quality product.

“There’s a stronger first half of the year than it was in the second half,” said Matthew Green, head of research at CBRE UAE, an international real estate consultancy.

“For good quality residential supply, we’re not in a massive undersupply but it’s not easy to get

hold of good quality apartments in good locations, and that is reflected in the price growth we’ve been seeing,” he said.

Supply is expected to enter the market in the next couple of years however, particularly in areas such as Reem Island, which is set to see a 25-30 per cent of all residential supply in the market at the time, Green told Gulf News.

Discussing the outlook for the rest of the year, Green said that growth is expected to continue, though oil prices and the global economy may affect demand by the end of the year if oil

prices don’t improve.

“These global events are a strain really because they basically generate negative sentiment, and obviously, that acts against investor decisions, and occupiers taking decisions on new

offices. But there still isn’t enough quality supply to push rents down at this point, and demand is high,” Green said.

Looking at the supply side this year, an estimated 4,700 apartment units are expected to be delivered, according to the Asteco report, with some of the major projects located on Reem

Island, and Airport Road.





The figure is higher than that supplied in 2014 when 4,000 apartment units came online.

At the end of 2014, Abu Dhabi’s total residential stock reached approximately 243,000 units,

according to Jones Lang LaSalle (JLL), a real estate consultancy.

David Dudley, regional director and head of Abu Dhabi office at JLL, said strong demand was

driven by job generation, which grew in 2014. It is expected to slow down this year, though, as the government may cut down spending due to falling oil prices.

Looking at key locations in Abu Dhabi, areas such as Al Bandar, Saadiyat Beach District,

Eastern Mangroves, Golf Gardens, and Al Gurm recorded the highest rental rates.

Source: Gulf News

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MISMATCH BETWEEN SALARIES AND

RENTS, ABU DHABI RESIDENTS SAY

SATURDAY 28 MARCH 2015

A common theme emerges when speaking to Abu Dhabi residents, rent prices are high, and are difficult to maintain.

Residents were also unaware of their rights as tenants, and the options they have should they

face an issue with their landlord, such as a dispute over rent, with Abu Dhabi Rent Committees readily available for both tenants and landlords to take their case to should they have a

complaint.

Ceejay Gamo, 34, from the Philippines, who works as a sales manager tells Gulf News that he

and his family, a wife and son share a room with another family, as he cannot afford any other means of accommodation. “Obviously I would like to have my own apartment, or even my own room for the family, but it’s impossible. The cost of renting an apartment by oneself is too

expensive and with my salary, I cannot afford it. I live with my family - my wife and son - which costs Dh 1,200 a month. We share the room with another family. If I had to rent the

room for myself, it would cost me Dh2,400, which will be too expensive, so we have no option but to share.”

Worried about the rent hikes that could take place in the near future, Ceejay says even his

current rent was increased after one year, which leaves him with no option but to look for another place to live in. “I have been here for a year now, and already witnessed an increase, I

was paying Dh 1,000 before, but now I have to pay Dh 1,200.”

Unsure about what awaits him in the form of yet another hike, and how soon, Ceejay says he is a worried man.

Given the situation, he believes there should be regulations in place that will check the housing market fluctuations that can be extreme sometimes. These regulations can help tenants

manage their rent budgets, and prevent landlords from gaining full control of the situation and do as they please with the prices. “I believe the government should regulate the market,” he says, “and should cap the increase at a maximum of five percent for the landlords like it was

before. There should also be a stipulation that the rent hike will occur every three years, or something along those lines instead of having an increase every year.

“If the landlords increase the prices by so much, what can people do about it? If people’s salaries are not going up but the rents are, it doesn’t leave them with many options.”

Was he aware of his rights as a tenant? Ceejay said he had no idea about his rights as a

tenant, and was not aware of the Abu Dhabi Rent Committees.

Dixon George, 34, from India, currently working as a housekeeping supervisor, had previously

lived with his family in a villa before having to move with his wife and two children to a one-bedroom apartment, due to the annual hikes in rent that had become too much to pay. “Previously, I was living in a villa, but year on year the landlord increased the rent and didn’t





give a reason for doing so, I lived in the villa for six years and started out by paying Dh 40,000. The rent eventually rose to Dh 90,000 and I couldn’t afford it, so I moved out.”

Dixon says he is currently looking out for a two-bedroom apartment, but even these units are at a premium and the rents are too high for him to manage successfully within his budget. “It

is very difficult to find an apartment in Abu Dhabi,” he says. “I can’t afford the prices at this moment but I keep looking to see if I can find something. Abu Dhabi, in comparison to other cities, is more expensive when it comes to rents. I have relatives living in Sharjah and Dubai,

and for the same type of apartment, they pay less than I do.”

Were it not for the fact that his wife is also working, Dixon says he would have been unable to

manage the costs on his own and would have been forced by circumstances to send his family back to India. “Currently I am already spending more than 50 percent of my earnings for the rent, and then there are all the other things you have to pay for, like school fees, essentials,

etc. On my own, I wouldn’t have been able to manage it.”

He also is concerned about the increase in electricity and water bills. “Earlier, the bill wouldn’t

go higher than Dh100, I would pay around Dh 50, but now those maintenance prices have doubled so those are the extra costs you have to pay for. We save as much as we can, keeping the lights off whenever it is required, just to keep the under control.”

Nias T., 29, from India, works as a store manager and currently lives in a studio flat with his wife and son. Nias says that in the last year alone while looking at rent prices, he’s seen a

major increase in rates. “Within the span of a year, there has been a big difference in prices, For example, last year, you could find a one-bedroom apartment for around Dh25,000 to

Dh30,000, but this year, the prices have gone up from Dh35,000 to Dh40,000.”

“I live in a studio with my family as the rents of a one-bedroom apartment are too much for me. I can’t afford them. I consider myself to be middle class, and at the moment, I wouldn’t

say my situation is hard or problematic, but it is not easy either. My wife doesn’t work so when you’re the only salary earner, it’s not easy.

Obviously, if both of us were to be working, we could have afforded to live in a one-bedroom apartment, but at the moment I can only afford a studio flat.”

The increasing cost of living also means that he cannot save much. Yet, he believes that there

should not be strict regulations imposed on landlords, and if they do increase rents unrealistically, it will only work against their best interests. “They should be able to do what

they like because, if they hike the rents too much, I will move out and go find another place. It’s the same with anybody else. A new tenant wanting to move in will be deterred by the high rents and look for some other place. In the end, this will only hurt the landlord. Which is why I

believe regulation for landlords are not necessary.”

However, he also conceded that regulations that call for a decrease in inflated rents would be

helpful. “If there was a decrease by five percent then that could help, and we could save more money.”

Like every other individual who equates increased rents with the need for a higher salary, Nias

too believes an increase in salary would help. “If rents go up, but the salary doesn’t, it makes things difficult. But increased salaries depend on the market, and how the company is doing.

Not every company can always raise salaries.”





Concerning his rights as a tenant and his legal options, Nias said he was unaware of it and it was the first time he said, that he had been informed of the Abu Dhabi Rent Committees.

Source: Gulf News

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3 RICHEST REAL ESTATE TYCOONS IN

MIDDLE EAST

WEDNESDAY 25 MARCH 2015

The Forbes Billionaire List for 2015 has included prominent names in the Middle East, including businessmen from the UAE.

Lamudi, an international property portal that focuses on the emerging markets, browsed

through the list and ranked the top three billionaires who are into the real estate business.

According to the firm, the top three richest tycoons in the Middle East are from Saudi Arabia,

United Arab Emirates and Lebanon.

Saudi Arabia's Prince AL Waleed Bin Talal Alsaud is named the region's richest real estate

tycoon, whose huge property portfolio is estimated to be worth at least $1 billion.

The real estate network has done some research into the property portfolios of the region's top three billionaires who have made all or part of their fortune in real estate.

1. Prince AL Waleed Bin Talal Alsaud, Saudi Arabia

Net worth: $22.7 billion

A member of the Saudi Royal family and chief executive officer of Kingdom Holding Company, Prince AL Waleed has invested in hotels and real estate. His portfolio includes a number of hotel brands, such as Four Seasons Hotels and Resorts, Movenpick Hotels and Resorts and

Fairmont Raffles Holding. "He has invested in some of the world's most iconic ultra-luxury hotels, owning the five-star Four Seasons Hotel George V in Paris and part of London's famous

Savoy Hotel," said Lamudi.

2. Majid Al Futtaim, UAE


Running one of the largest commercial property developers in the region and ranked as the second richest person in the UAE, Majid Al Futtaim is the second richest real estate tycoon in

the Middle East, according to Lamudi.

His Majid Al Futtaim Group has presence in a dozen of countries in the Middle East and North Africa (Mena). His property portfolio includes 17 shopping malls and 11 hotels across the Mena

region, while his retail developments attract 175 million shoppers every year.

3. Bahaa Hariri, Lebanon


Taking the third place is the son of assassinated former Lebanese Prime Minister Rafik Hariri. Bahaa Hariri has a number of property developments in Jordan, Saudi Arabia and Lebanon. "As

the founder of the Horizon Group, Hariri is working with the Jordanian government on commercial and residential development in central Amman," said Lamudi.





One of the projects associated with Hariri is the $423 million development called The Boulevard in Amman's downtown district Abdali that was unveiled in 2014. His other projects

that are still under development are the upscale mixed-used Verdun Gardens set and Place Verdun mall, both in Beirut.

Source: Gulf News

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DUBAI PROPERTY SECTOR THRIVING

ON STRENGTH OF EXPO PROJECTS


The big tenders awarded last year and currently underway are keeping the construction sector ticking along nicely in Dubai. And to an extent that more than compensates for any slackness in new project awards during the first quarter of this year.

“A fair number of last year’s contracts were huge — some of them truly iconic — and released by Dubai’s largest semi-governmental organisations such as Meraas,” said Dr Saleh M.

Chehade, chief contracting officer at the Projects Unit of Juma Al Majid Group .

“These projects are in the main driven by the need to have all deliverables in place well before the Expo 2020 event. This is the reason why Dubai’s construction industry is discounting any

impact on sentiments that have to do with oil prices.”

The majority of the ongoing projects have tight 24-36 month completion schedules — another

factor that could rule out the possibility of any slack creeping in.

“Even otherwise, we are projecting a pick-up in pace from the second half of this year itself,” Chehade said. “The wheel of new project activity will have to keep running over the next two

years with the Expo dateline in mind.”

The Juma Al Majid Group’s construction division started the year with Dh2.4 billion worth of

business. Its primary interests are in electromechanical works, fit-outs and interiors, supplying firefighting equipment.

“[Of the Dh2.4 billion order book] several projects have made progress and the residual value

is about Dh1.2 billion,” Chehade said. “Usually we have a residual order book of above Dh1 billion.”

Around 80 per cent of its order book relate to projects in Dubai. More recently, contracts have also been won in Saudi Arabia and Qatar.

The average value of an electromechanical contract is between Dh50 million to Dh100 million,

while fit-outs deals also tend to be of a similar size. While supplying firefighting equipment and related services are smaller in scale, averaging between Dh10 million to Dh20 million, they

command the best margins.

According to Chehade, his firm could consider joint ventures if the size of the projects handled exceeds Dh100 million, both within the mandate of an individual project or an extended one

for strategic benefits.

Source: Gulf News

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HOUSING LOAN BE INCREASED TO

DH800,000

TUESDAY 25 MARCH 2015

Housing loans offered by the Zayed Housing Programme must be increased to Dh800,000 from the current Dh500,000 following Cabinet approval and President His Highness Shaikh Khalifa Bin Zayed Al Nahyan’s final endorsement, members of the Federal Council told Abdullah Bel

Haif Al Nuaimi, Minister of Public Works and Chairman of Zayed Housing Programme.

The FNC’s demand to increase the salary ceiling for housing grant applicants to Dh20,000 from

the current Dh10,000 was turned down due to the country’s policy to build houses for citizens, the Cabinet said in a letter signed by Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs.

The House has repeatedly pressed for the housing loans and grants offered by the Programme to be increased.

Hamad Al Rahoumi, a representative from Dubai, said housing loans should be increased so that citizens are not forced to borrow from banks at high interest rates.

‘Fast-track buildings’

The minister said the Housing Programme offers loans and grants of between Dh500,000 and Dh750,000 each, stressing that the ceiling on loans are constantly reviewed to meet the needs

of citizens.

The programme offers several services, including houses built according to high technical standards, interest-free loans to buy additional homes and non-refundable housing grants.

Members of the House demanded the government fast-track the building of 40,000 houses ordered by Shaikh Khalifa in 2008.

They also demanded an increase in the budget of the Shaikh Zayed Housing Programme.

Members of the Federal National Council have demanded that a backlog of more than 45,000 applications for housing loans and grants be cleared.

Source: Gulf News

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DUBAI’S RENTALS REMAIN STUCK ON A

HIGH


Even Dh80,000 won’t get you far when it comes to finding a two-bedroom apartment in Dubai. And the way the rental market is behaving, that sum would force a prospective tenant to look to the outer suburbs or even some of the northern emirates.

“It has become extremely challenging for “single-income families” with one or two children” and in certain occupations such as teaching or nursing to come upon an “affordable” two-

bedroom apartment in Dubai, according to analysis by ValuStrat Consulting, an advisory firm.

The best that someone in a secretarial position or a nurse can hope to rent is a studio, while an accountant or a school teacher will have to make do with a one-bedroom apartment.

Eating into salaries

The firm based its findings by looking at Dubai’s demographic trends, headline inflation rates,

residential stock supply and current rent levels. It also worked the numbers using salary surveys cutting across job categories and commuting distances between the place of work and the residence.

According to the research, on average up to 38 per cent of an individual’s income can be taken up by rentals.

While Dh80,000 would have been enough to rent a 150 square metre two-bed unit with views of the Burj Khalifa, the same privilege would cost Dh180,000, according to Haider Tuaima, Research Manager at ValuStrat.

“There is a substantial demand for family-friendly two- and three-bedroom apartments in Dubai for decades to come, creating opportunities for intuitional investments, REITs [real

estate investment trusts], housing associations as well as employers to invest in affordable rental stock.”

On its part, Dubai Municipality has proposed affordable housing quotas for all new residential

developments that go on sale.

This is in addition to the allocation of 100 hectares in Muhaisnah Fourth, Al Quoz Third and Al

Quoz Fourth to develop rental units for more than 50,000 people earning Dh3,000 to Dh10,000 a month.

“Expanding the infrastructure and developing new townships is expected to take several

years… meantime we expect continued substantial demand for investment in affordable and family friendly rental stock,” said Tuaima.

Only government intervention can create the massive housing capacity needed to stanch the spike in Dubai’s rental levels. Rents — and the demands of landlords — have remained





obdurate to any sharp correction, even as the sales side of the property market has seen transaction levels go down significantly in the last two quarters.

“We have not seen rents come down… but what has happened is the rental growth has stopped,” said Robin Teh, Country Manager at Chestertons MENA.

“Rentals have remained at same levels over the past quarters. Tenants are also refusing to accept more increases, particularly expats with families who are faced with multiple expenses such as school fees and other government fees.

“At current levels, rentals are being perceived as unaffordable by majority of residents.

“Landlords are more receptive to the idea of accepting multiple cheques, with four being a

norm. However, the market is still in transition mode.”

Source: Gulf News

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DUBAI'S UP TO BREAK GROUND ON

DH1.5BN MOTORCITY PROJECTS

TUESDAY 25 MARCH 2015

Union Properties (UP), a Dubai-based developer, will commence construction of Dh1.1 billion The Vertex, a five high-rise towers, in MotorCity by early next year, a company spokesperson told Emirates 24|7.

“The enabling works contract will be awarded by November and we will break ground early next year,” the official said.

The project consists of five towers of between 45 and 30 storeys, which will be linked by a podium. It will house 700 units and 66,000 square feet of retail space.

“We will launch one tower as one phase within a gap of six months, respectively. We expect to complete the first tower in early 2018.”

MotorCity, spread over nearly 38 million square feet of land on the Emirates Road, comprises

components such as Dubai Autodrome, Business Park MotorCity, Uptown MotorCity, Green Community MotorCity and an amusement park.

Separately, the developer is also planning to commence work on a new Dh430 million residential project, comprising four buildings with 200 residential units, in MotorCity.

“We will commence work in September with the project slated for completion in 2017,” the

spokesperson said.

UP, listed on Dubai Financial Market, has commenced work on phase 3 of Green Community at

Dubai Investments Park (210 residential villas and 22 duplex apartments) with the project likely to be finished by June 2017.

Earlier this month, company chairman Khalid bin Kalban told Emirates 24|7 reported that they

were planning to build a rental portfolio of Dh500 million over the next five years.

In February, the developer sold Auto Mall, MotorCity master, for Dh525 million to Texture

Global Investments. It will pay 3 per cent, or Dh0.03 per share, in cash dividend, resulting in a payout of Dh120 million, compared to Dh40 million that was paid in 2002, besides paying five per cent as bonus share for 2014.

Source: Gulf News

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HOW DUBAI'S BURJ KHALIFA INSPIRES

SHANGHAI TOWER TUESDAY 25 MARCH 2015

The 828-metre Burj Khalifa, the world’s tallest tower in Dubai, UAE, is the inspiration behind

the design of 632-meter Shanghai Tower, China’s tallest, and the world’s second tallest tower.

“In the time that I spent working on the Burj Khalifa, it became the basis for the conceptual design of the Shanghai Tower.

“The lessons learned on the first project made the second project possible,” Marshall Strabala, Chief Architect of Shanghai Tower told Emirates 24|7.

“If I had not been the studio head on Burj Khalifa, the Shanghai Tower would not look like it does today," he reveals.

The 121-storey tower in Shanghai, built at an estimated cost of Dh15.41 billion, will be inaugurated early next month, while Burj Khalifa, costing around Dh5.5 billion, was opened in 2010.

Though the two towers do not look at all alike, there were several similar things about the two projects.

Strabala lists the similarities below:

# Gross floor area

The GFA in Shanghai Tower is 540,000 square metres, while Burj Khalifa has about 500,000

square metres.

# Wind engineering

The towers are designed with inward spiral shape that is aimed to reduce the overall wind loads. Tall buildings are more likely to be governed by wind loads than earthquakes.

# Integrated design

The projects are an integration of structural engineering and architectural design.

#Vertical transportation

Both the towers use sky lobbies and shuttle elevators to reduce the size of the core.

# Exterior wall

The skyscrapers use a double-skin system. Burj Khalifa has three small entry pavilions with a

double skin, while the Shanghai Tower uses this double-skin concept over the entire tower.

There is about the same total amount of exterior wall in both projects.

#Use and/or Function

The towers are technically mixed-use towers, not a single-use project.

Strabala, however, points a few differences, as well.





The exterior wall of Burj Khalifa is a single wall of reflective insulated glass units (IGU), while the Shanghai Tower is a double skin design and has a similar IGU wall on the inside, with a

laminated glass wall on the outside.

“This create a ‘thermos bottle-effect’ to reduce energy costs,” he asserts.

Strabala was the chief architect and produced the winning design on the two competitions 2006 and 2007 for the tower.

Between 2006 and 2010, he was the only director of design for the interiors firm Gensler, and

led the design team as the chief architect of the tower.

From 2010 to present, he was hired directly by the client, as their chief architect, and continues today in that role.

According to the architect, the Shanghai Tower will be the third and final piece in Lu Jia Zui, the Central Business District in Pudong.

The first building, ‘Jin Mao’, represents China's past.

The second building, or the World Financial Center signifies the present, while the third and final structure the Shanghai Tower embodies the future.

On the question of sustainability, he mentions both the towers are designed to the highest standards in each country, and since every place has different climatic requirements it is almost impossible to compare them.

“Is a house at the South Pole more energy efficient than a house at the equator?

“Each building, the Shanghai Tower and the Burj Khalifa, was designed to a very high level of

energy insulation and energy use reduction, but the reality is in the total energy used over time, and this is almost impossible to acquire.”

Has a ‘twist ‘in the Shanghai Tower impacted space utilisation? The architect does not believe

so.

“For the Burj Khalifa, the twist or spiral is more subtle. The inward spiral shape is made from

the setbacks of the balconies, so there is no reduction is quality of space, just less space on each zone.

“For the Shanghai Tower, the double skin creates a space between the inner skin and the outer

skin.

“The inner skin is a series of rounded floor plates that are almost identical in size and shape for

each zone.

“This allows for easy of letting,” he says, giving the following examples.

Zone 2: inner floor plate is one floor of 6,540m2, and 11 floors of 4,650m2.

Zone 3: inner floor plate is one floor of 5,630m2, and 12 floors of 3,950m2.

Zone 4: inner floor plate is one floor of 4,850m2, and 12 floors of 3,380m2









“The inner skin was designed for the function it contains, the lower zones are deep lease spans

for the office uses. While the two top zones are for hotel rooms and are much narrower.

“The outer skin is completely independent from the inner skin, and creates the visual twist.

“This outer skin was planned to be designed for wind load reduction and insulation value. The maximum distance from the inner skin to the outer skin is about 12 metres and the minimum distance is less than 500 millimeters,” Strabala adds.

The Shanghai Tower

Construction: November 2008

Completion: April 2015

Building Height: 632 metres, 2,073 feet

Floors: 124 (122 public floors)

Function: Office, hotel, retail, observation deck

Total gross area: 538,000 square metres

Below Grade Area: 144,000 square metres

Office area: 240,000 square metres

Hotel area: 53,000 square metres

Retail area: 95,000 square metres

Observation area: 6,000 square metres

Sky lobbies: 5 (4 in the office zone and one for the hotel)

Hotel: 25 floors

Office: 66 floors

Source: Emirates 24/7

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TIPS TO SPOT ONLINE PROPERTY

FRAUD; CLICK HERE FOR DUBAI

RERA'S CHECK LIST...

FRIDAY 27 MARCH 2015

The property listing almost looks too good to be true - it is in the perfect location, has beautiful photos and is well below your budget. You send off an enquiry and receive a quick response:

the landlord is currently overseas and cannot show you the home. But if you can wire through a deposit as soon as possible, the property is yours.

For many people who have tried to rent a property online, this scenario might sound all too familiar. While new technologies have made it easier than ever before for property seekers to get all the information they need to supercharge their house hunt, the Internet has also made

it easier for online fraudsters to target both buyers and renters.

There have been cases in the past where gullible renters have fallen victim of real estate

scams in the UAE. Emirates 24|7 has reported on it with the Real Estate Regulatory Agency, the legal arm of Dubai Land Department, requesting people to verify the following information before renting an apartment:

* Check the trade license of the real estate company

* Check it’s approved activities according to its license from DED

* Check registration number and the brokers’ license from Rera

* All the above information can be found on DLD’s website: www.dubailand.gov.ae

Lamudi, an online property listing website, has compiled a guide to help online property seekers avoid falling victim to a scam.

# Always insist on inspecting the property

Never agree to make any payments upfront or sign a contract without first inspecting the property. Viewing the property and meeting the agent in person are the best ways to

guarantee that the listing is legitimate.

#Verify the identity of the person you are dealing with

Take steps to check the agent you are dealing with is a licensed broker or agent. In the first

instance, a simple online search can help you detect a scam. Try searching for the property’s address, the name of the agent and their email address.

#Avoid listings that have been posted multiple times





One common scam is for fraudsters to copy an existing (and legitimate) listing of a property for sale and repost it as a rental, with their own contact details attached. Look out for duplicate

listings, which have different asking prices.

#Never give away your personal information or documents

You should never be asked to provide your bank account details or personal identification documents to someone over the Internet. Importantly, never provide your credit card verification code to anyone.

#Remember that if it sounds too good to be true, it probably is

One of the most important rules in real estate is that if a deal sounds too good to be true, it

most likely is. Be sceptical about any online listings for attractive properties, which are very well priced for the area. Scammers often use these very low prices to lure property seekers.

#If you detect a scam, get in touch

Focus your search on properties listed by well-known real estate agencies and trusted classifieds websites. Once you have detected a possible scam on a real estate search website,

notify the platform immediately.


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NO 'BIG' DUBAI PROPERTY MARKET

CORRECTION

MONDAY 23 MARCH 2015

A 'significant' price correction in Dubai’s real estate market has been dismissed this year by a senior executive of Sobha Group, which is involved in building two mega developments worth Dh48 billion ($13.10 billion) in the emirate.

"Dubai is not going to see any significant price correction though the real estate market has been moving sideways in the past few months," company Vice-Chairman Ajay Rajendran told

Emirates 24|7 in an exclusive interview.

Sobha Group will commence construction in the second quarter of 2015 with the handover of its first units in the Hartland project commencing in 2017. (Supplied)

“People are continuously being attracted to the emirate. Though people may come with a six-month to one-year time horizon, they tend to extend their stay when they see what the city

offers - the conveniences, comfort, security and opportunities.

“So why should someone say there is a ‘big’ correction around the corner if your apartments and villas are being occupied by users.

“The economy is too encouraging growth with population growing consistently by 5.0 to 5.5 per cent every year. We believe that is enough to manage the supply expected in the market.”

Data released by Dubai Statistics Centre shows the non-labour population jumped by over 7 per cent in 2012 and 2013, while the number of households grew by 7.6 per cent in both years.

In 2015, nearly 20,000 to 25,000 new units are expected, though the ground reality has been that the market has never seen the actual supply matching the estimate.

Softening overdue

Rajendran, however, stated that price stabilising was timely.

“Prices had gone down below replacement costs and had to recover. We saw prices recovering

50 to 60 per cent in the past three years and so the stable prices that we are witnessing today is timely. ”

Is the market softening affecting sale of luxury properties?

“We are in a phase where there still are transactions happening, we are still seeing value buyers writing cheques, end users writing cheques and fewer speculators writing cheques. So

in many ways it is a more maturing phase of the market,” he added.

Earlier this year, JLL, a real estate consultancy, said prices could decline by five to 10 per cent

in 2015, with Standard and Poor’s Ratings Services too stating prices to soften in the secondary market as well.





Project handover

Sobha Group will commence construction in the second quarter of 2015 with the handover of

its first units in the Hartland project within Mohammed Bin Rashid Al Maktoum (MBR) City in 2017.

The Hartland International School, however, will open in September 2015.

Launched in July 2014, the mega development comprises villas and apartments along with two international schools, nurseries, three hotels, mosques, a clubhouse, retail community centre

and restaurants.

New sales offices

Rajendran disclosed the company would be opening five overseas sales offices to attract new investors in the coming months.

These offices will be located in London, Singapore, Riyadh, Doha and Kuwait City.

“Our target is to sell our Dubai projects but the short-term focus will be on Hartland.

“We expect the new offices to play an important role in reaching Sobha’s name to the overseas

market and enable us to inform investors on the kind of projects that we are doing in the emirate,” he added.

The company, in a joint venture with Meydan Group, is also developing ‘Mohammed Bin Rashid

City - District One’, a mixed-use project in the MBR City.

The project consists of 1,500 luxury villas, a 350,000sqm water park and the world’s largest

crystal lagoon with man-made beaches, retail and leisure zones, and sports attractions.


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DUBAI TO BUILD AFFORDABLE HOUSES

FOR PEOPLE EARNING DH3,000 TO

DH10,000 PER MONTH


Dubai has allocated over 100 hectares of land for affordable housing, mostly to meet the demand for dwellings for people earning between Dh3,000 and Dh10,000 per month, a senior

government official told Emirates 24|7 in an exclusive interview.

“In just three areas — Muhaisnah 4, Al Qouz 3 and 4 — we allocated land in excess of 100

hectares for affordable housing and that will take up more than 50,000 people. “We have many more areas where similar housing will come up,” said Abdulla Mohammed Rafia, Assistant Director General for Engineering and Planning Sector, Dubai Municipality.

Abdulla Mohammed Rafia, Assistant Director General for Engineering and Planning Sector, Dubai Municipality. (Supplied)

For the first time, the civic body defined affordable housing in Dubai as “living space for people whose salary is between Dh3,000 to Dh10,000 per month”.

“Usually in any city, you will have to provide between 15 and 20 per cent of the total housing

units in the affordable range and if you don’t then you will have that kind of influx of people coming in and going out every morning and evening.”

The current residential supply in the emirate stands at 377,000, JLL, a real estate consultancy’s data discloses, with experts predicting between 20,000 and 25,000 new units to

be delivered this year.

Rafia reiterated the municipality’s role was only limited to allocating land and issuing guidelines for affordable housing and it refrains from enforcing the regulations on developers.

“We will give the guidelines and developers should follow them, but if they don’t, we will not be forcing them as we don’t want to interfere, or else, we have to interfere as the government.

“That happened before in the late 1970s and early ’80s and it worked. We built so many houses in Dubai.”

He expected government-owned real estate companies to compensate for lack of affordable

housing if master developers did not take up these developments.

A concern for the official was that mismanagement, greed and middlemen had resulted in the

affordable developments post their completion did not cater to the respective segment.

“Our business is to provide land for that [affordable housing] purpose and we will try to keep it for that purpose, but when these are developed the purpose changes sometime due to

mismanagement, greed and middlemen driving the prices up.





“The entities may earn money, but that is not profitable for the city as it loses money in rectifying other problems such as traffic.”

Emirates 24|7 reported earlier that a few government and private developers have launched “freehold” housing projects for people earning between Dh15,000 and Dh25,000 per month,

but the municipality move is intended to cater to the need on the rental side.

Last week, Dubai Investments Chief Executive Officer Khalid bin Kalban told this website that the property market was to gain momentum in 2016 with affordable housing category

outshining the luxury segment.


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DUBAI INVESTMENTS IN SAUDI

PROPERTY JOINT VENTURE


Dubai Investments, a diversified company, has formed a joint venture with the Saudi-Lebanese firm Red House to manage and develop a property project in Saudi Arabia.

This will be the company’s first foray outside the UAE.

The developer of the Dubai Investments Park will have a 50 per cent stake in a joint venture to develop the Riyadh Investment Park mixed-use project in the Saudi capital.

“The decision to launch a joint venture company in Saudi Arabia is a major step forward in our journey to expand our international operations,” said Khalid bin Kalban, the chief executive of

DI.

“Saudi Arabia is a strategic market in our growth plans, and offers unmatched growth potential – especially in the real estate sector.”

The park, which will include warehouses, commercial showrooms, offices and other facilities, will stretch over 11 million square metres and be developed over two phases. DI did not say

when the project would start or give a cost.

But Mr. Kalban this month said that it would start this year.

DI is also planning to venture into Uganda to set up an investment park in Luanda, the chief

executive said.

The firm plans to float at least one unit next year and has prepped up three subsidiaries for an

initial public offering, he said. DI shares closed down 0.44 per cent at Dh2.27 in Dubai.

Source: The National

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ARABTEC SHARES PLUNGE NEARLY 10

PER CENT IN DUBAI AFTER PROFIT

DIVES SUNDAY 22 MARCH 2015

Shares in Arabtec fell to their lowest price in more than 14 months on Sunday as investors reacted to the company’s surprise fourth-quarter loss.

The UAE’s largest listed contractor startled the market by revealing a Dh94.4 million loss for the final three months of 2014, compared with a Dh122.1m profit the same period a year prior, sending shares plummeting 9.92 per cent in trading to close at Dh2.36 each.

The shares of the Burj Khalifa builder are at their lowest level since 15 January 2014 – dropping below even their June low in the aftermath of the departure of the former chief

executive Hasan Ismaik.

Net profit for the year fell more than 48 per cent to Dh241.6m from Dh468.3m in 2013 as general and administrative expenses ballooned almost 75 per cent to Dh749.9m from a year

earlier as Mr. Ismaik guided the company through an ambitious expansion drive at the beginning of last year.

In a statement to the market, Arabtec said that its board of directors had “expressed dissatisfaction” with the increase in expenses which it said “prompted the board to intervene at the right time in June last year and instruct the carrying out of a restructuring process to curb

the unnecessary expenses that do not achieve positive returns”.

However, analysts said that many of the expenses are likely to have arisen from a spate of

redundancies following a companywide restructuring after Mr Ismaik’s departure last summer, and will have been exacerbated by lower building margins in Saudi Arabia and the UAE.

“Arabtec has been seeing bad results for at least the last three quarters but the thing about

these results is that profits turned negative for the first time,” said Allen Sandeep, director for research at Naeem Brokerage. “The results were worse than we were expecting and below

market consensus, which was reflected in the share price fall.”

The company, in which the Abu Dhabi fund Aabar Investments has a 36.11 per cent stake, was the biggest faller on the Dubai Financial Market General Index. The index declined 1.37 per

cent.


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EMAAR RESIDENTIAL PROJECT AIMS TO

CREATE DH2M A YEAR IN RENT FOR

DUBAI CHARITY


Al Noor Special Needs Centre is set to be given Dh2 million a year in rent collected from the eight-storey Beit Al Noor Endowment residential building.

The Emaar Foundation worked with Awqaf and Minors Affairs Foundation (Amaf) to build the Dh25 million, 42-apartment building in Al Warqa. The annual rental income will go towards

funding the centre and its training programmes for people with special needs.

The building will feature a rooftop landscaped deck, adult and children’s swimming pools, health club, two levels of basement parking and several retail stores and food and beverage

outlets on the ground level.

“Beit Al Noor Endowment sets a new model in supporting the community through a long-term

and sustainable initiative led by public private partnerships,” said Mohamed Alabbar, chairman of Emaar Properties.

“It will benefit the Al Noor Centre in supporting and achieving its mission to provide valuable

training for individuals with special needs.”

Tayeb Abdulrahman Al Rais, secretary general of Amaf, said the project would set a

benchmark for how the business sector could work with philanthropic organisations to make a difference in the community.

“As a non-profit organisation which heavily subsidises school fees, our biggest challenge is to raise sufficient funds every year to cover our operating costs and to invest in innovative training facilities to help our students undertake productive careers and live life with dignity,”

said Khalid Al Halyan, chairman of the board at Al Noor Centre.


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ALDAR SELLS DH600M OF VILLA PLOTS

IN ABU DHABI’S KHALIFA CITY


Aldar, Abu Dhabi’s largest listed property developer, has sold more than Dh600 million worth of land plots at its latest housing project.

Aldar sold 281 villa plots at its 690,000 square metre Al Merief master-planned community to

be built in Khalifa City close to Masdar City and Al Raha Beach.

The developer said that it had sold all 281 of the plots, which are only eligible to be sold to

Emiratis, in one week via off-market sales. It said that buyers made down payments for the plots worth between 50 and 100 per cent of the purchase price. The purchases will generate Dh600m for Aldar as the sales complete.

Aldar said that the plots varied in size between 1,000 and 1,500 sq metres, and cost an average of Dh2.1 million.

“We are seeing unprecedented demand for infrastructure-enabled land in Abu Dhabi as the emirate continues to develop and the economy grows,” said Mohammed Al Mubarak, the Aldar chief executive.

“Al Merief marks the next phase of Aldar’s development plan and furthers our strategy to monetise our land bank, and de-risk our developments”

The Al Merief project is Aldar’s first sales launch this year, and will include low-rise apartment blocks as well as a school operated by Aldar Academies, shops, parks and a petrol station.

Last month Aldar said it was planning to press ahead with the construction of 7,300 homes in

the capital over the next five years. There are some concerns that falling oil prices could delay government projects and reduce housing demand in Abu Dhabi.

According to the property broker Knight Frank, with about 51 per cent of Abu Dhabi’s GDP dependent on the oil sector, the capital is far more exposed than Dubai to short-term oil shocks.

Oil prices slumped from more than US$115 a barrel in June to a low of US$46.59 on January 13, before recovering to above $55. The Brent Crude price stood at $55.11 at 4pm UAE time.

As oil prices slumped at the end of last year, Aldar’s shares also fell, hitting Dh1.98 on December 16 from Dh4.12 on September 18, before substantially recovering at the start of 2015. The company’s share price rose 3.9 per cent to stand at Dh2.35.


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RENDERINGS OF THE BOLLYWOOD

PARKS THEME PARK IN DUBAI. THE

PROJECT IS SCHEDULED TO OPEN IN

OCTOBER OF 2016. COURTESY DUBAI

PARKS AND RESORTS


Dubai Parks and Resorts has signed a deal with Mumbai-based Wizcraft International Entertainment to create a show for the upcoming Bollywood Parks – one of three theme parks

that will open in Jebel Ali in 2016.

No financial details were provided, but the Dubai Parks and Resorts chief executive Raed Al

Nuaimi said this month that the company would sign about Dh2.5 billion in projects this year.

The shows will be held in the Broadway-style Rajmahal Theatre coming up within the theme park. The 60,000 square foot stage will feature VIP boxes and exclusive lounges.

The Rajmahal Theatre will feature daily live performances similar to Wizcraft’s Kingdom of Dreams in Delhi.

The company said it would source local talent as well as Bollywood celebrities to perform in the shows.

The Wizcraft director Viraf Sarkari said the company was looking forward to the creation of the

“largest Bollywood musical ever produced”.

Wizcraft will also plan galas and film premières.

The Bollywood area will be a “celebration of Mumbai’s famous film industry”, according to the Dubai Parks and Resorts website.

Similar to Disney World’s It’s a Small World area, Bollywood will have an Indian theme featuring classic Mumbai cinematic rides, retail outlets stocked with items from India and native cuisine.

“We are committed to providing an unforgettable experience for our guests, and we have partnered with the most creative minds in the industry,” Mr Al Nuaimi said.

Major contracts have been signed with big-name companies for the other parks.

The European attractions operator Merlin Entertainments signed on to operate Legoland, and DreamWorks Animation will help to introduce the Hollywood-themed Motiongate.





In addition to the theme parks, Lapita, a Polynesian-themed family resort, will also open, helping the overall concept to attract an estimated 6.7 million visitors during its first

operational year in 2017.

Shares of Dubai Parks and Resorts yesterday fell 2.57 per cent to Dh0.834 along with the

broader decline on the Dubai bourse.


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UAE MALLS PREPARE FOR LOCAL

HOLIDAY INDULGENCE

THURSDAY 26 MARCH 2015

Dubai malls are cashing in on an influx of Saudi and Iranian holiday makers.

Nakheel’s Ibn Battuta Mall has already had more than a 10 per cent increase in visitors over the past 10 days and is hosting live shows at the shopping centre to keep the crowds

entertained.

The Iranian New Year, Nowruz, was March 21, while the Saudi Arabian spring break began on

March 24. In a further boost for the sector, many UAE schools broke up yesterday.

“Ibn Battuta Mall has welcomed about 200,000 people per weekend since the Saudi Arabian spring break began earlier this month, compared to an average 180,000,” said Omar Khoory,

the director of Nakheel Retail. “This weekend is likely to be even busier, with the start of the UAE spring break adding to the crowds. Nakheel is laying on a range of live entertainment this

weekend and next, including daily live performances. Live roaming acts will also weave their way through the 1.3 kilometre long mall.”

Retail sales are still growing strong in the UAE, according to Euromonitor figures. Retail sales,

excluding grocery stores, amounted to just below US$33 billion in last year. Emaar, the owner of The Dubai Mall and Marina Mall, said its shopping malls, retail and hospitality businesses

contributed more than 54 per cent of its total revenue, bringing in Dh5.36bn in the fourth quarter of last year, a 12 per cent increase on 2013.

“It’s hugely positive for the UAE because these neighbours enjoy what the UAE has to offer,”

said Matt Jay, a retail and commercial agent at the property consultants CBRE. “Our malls have always been good at celebrating Eid and Christmas, but the developers are now far more

conscious of regional holiday dates and putting on events and entertainment that supports those breaks. The developers have been marketing their offers and destination malls as a place of family fun, targeting the countries directly, and more traffic usually means more

trade.”


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ALL ABOUT LOCATION AT ABU DHABI’S

LATEST BEACHSIDE COMMUNITY


Located on a thin strip of land at the far end of Saadiyat Island, the Hidd Al Saadiyat development is Abu Dhabi’s latest luxury beachside community.

Suprisingly for a city built on a collection of islands, few existing housing schemes in the

capital are built with beach access.

“At Hidd Al Saadiyat it is all about location,” says Mahmoud Dandashly, commercial director for

the private development company Saadiyat Development and Investment Company which is developing the 1.5 million square metres project that will one day be home to 4,000 people.

“Here we have seven kilometres of private beach, so even if you are in a villa not next to the

water, you are never more than a few minutes walk from the sea.”

But with the smallest villas starting at Dh7 million and larger homes marketed for around

Dh40m, Hidd Al Saadiyat is hardly a place for your average beach bum.

The largest villas, dubbed “beach palaces” by the developer, comprise just over 29,000 sq feet – that’s almost the size of a small school. For this you get a seven-bed mansion with the

option to add another two bedrooms if you wish.

Even nosing around a slightly more modest 14,000 sq ft seven-bed “Beach Mansion”, it’s hard

not to be awestruck by its sheer size.

Villas come with separate indoor and outdoor kitchens, a driver’s room, a formal majlis big enough to play a game of five-a-side football and a separate family living space.

The master bathroom, with its huge marble hamam-style bath and enormous shower is, again, an impressive size. Looking around the show villas on the first day of marketing, it’s obvious

no expense has been spared with the developer. A staff of about 50 were on hand to guide visitors around, including a cohort of kandura-clad men clutching golden coffee pots and cups.

So, I ask Mr Dandashly, where he is going to find nearly 500 millionaires willing to part with

their hard-earned cash?

“The local market,” he says quickly. “We’ve already sold around 70 per cent of the villas off

plan and we expect there will be a lot of demand for the rest.”

Q&A

What will the finished scheme look like?

The project has been divided into two phases. The first will comprise 453 luxury villas, while the second will be slightly more accessible to your average buyer, comprising 15 low-rise

apartment buildings with between 800 and 1,000 apartments. The project will also eventually





include three mosques, a school, women’s centre, shops and restaurants, marina, yacht club, five-star resort and a collection of parks and beaches.

How many of these villas have been built?

Construction of the villas is now 40 per cent complete, according to SDIC, while 78 per cent of

the infrastructure in the first phase has been completed. The first phase is scheduled for completion at the end of 2016.

Do the villas in phase one come with a swimming pool?

Yes, that’s a standard in all but the two smallest villa types, where they can be added by owners if they choose.

How many different types of villas are there?

In total there are eight different types of villas in the project, combining different sizes, layouts and designs.

What is SDIC?

Saadiyat Development and Investment Company is a privately owned Abu Dhabi-based

development company. Hidd Al Saadiyat is its first project, and it does not disclose its exact ownership or funding.


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ON THE MARKET: A TWO-BEDROOM

APARTMENT IN AL SUFOUH, DUBAI


Annual rent for a two-bedroom apartment in Al Sufouh, Dubai

Features the unfurnished 1,230-square-foot apartment is in Cloud 9, a new 12-storey residential building featuring 60 one- and two-bedroom properties, near Knowledge Village.

Pros Living areas are spacious. Communal facilities include a swimming pool and gym. There’s a dedicated parking area, with visitors’ parking for guests. You get views of the sea and Burj Al

Arab. The American School of Dubai is about a kilometre away.

Cons There isn’t much entertainment — cafes, restaurants or shops — but you’re a short drive from the beach, Knowledge Village and Media City, Mall of the Emirates and Madinat Jumeirah.

They say this building is of a very good quality, with a good finish.

We say with easy access on to Sheikh Zayed and Al Sufouh roads, it’s very conveniently

located. It’s also very attractively priced.

Contact Better Homes, 600 522233.


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LIVE IN THE HEART OF OLD DUBAI FOR

DH25M


If you want to live in the heart of old Dubai, this villa offers the perfect opportunity. The five-bedroom residence on a quiet street in Al Safa 2 is on the market for Dh25 million.

Yes, I know the canal is being built down that end of town and traffic is a nightmare as they

dig up Safa Park, but it won’t always be like that. And when the construction work is finished, you’ll have a canal on your doorstep.

While the location might not be Downtown Dubai or Uptown Marina, it’s where old school Dubai lives and resides with access to the beach and the burgeoning retail and F&B outlets.

The house is surrounded by a high wall guaranteeing privacy for the established gardens that

feature lush vegetation and a beautiful private pool which is both chilled and heated allowing year-round usage. There is also an outside Jacuzzi for those who enjoy the trappings of luxury

and lounging in exquisite surroundings. The garden has a semi-tropical feel with wonderful covered terraces allowing formal outside dining or chilling with friends in a poolside hang out.

There is a small gym overlooking the water next to the terrace. The villa itself has five

spacious and bright bedrooms with built-in wardrobes, en suite bathrooms and, in most cases, access to a terrace.

The villa is pristine with a high-level of finishing and wood panelling throughout. There is a huge reception room with an ultra-modern kitchen, a wonderful vestibule with a wide sweeping staircase, and a master bedroom with a walk-in wardrobe and en suite bathroom.

There is a separate servant’s quarters, large enough for two people and equipped with a bathroom and functional kitchen.

The villa also offers access to a one-bedroom private suite with a kitchen. It allows a family to have guests stay in their own self-contained space and also enjoy the camaraderie and conviviality of family living.

The villa occupies just shy of 10,000 square feet and is offered with all white goods.

Q&A

Thomas Bunker, manager of Off Plan Sales for Better Homes tells Andrew Scott more about the five-bed villa on sale in Safa, Dubai:

I thought only GCC nationals could buy in the Jumeirah area?

That is true unless you have a very close friend who is local. The owner of this property is a European expat that has such an arrangement and he is in sole charge of the sale.

You don’t often see these types of villas come on the general market.





The problem is that when they do come for general sale, the word gets out and a prospective buyer finds that he is some way related to the seller and can avoid paying the two per cent

commission to agents by buying it privately. Two per cent commission on Dh25 million is Dh500,000 so it is understandable, I would do it myself if I had the opportunity. It is set in the

heart of Jumeirah between Al Wasl Rd and Sheikh Zayed Rd situated perfectly for access in and out of the city.

Dh25m sounds a lot though even for such a great location.

The seller has actually dropped the price by Dh5m. It has been on the market for six months. I think it’s worth Dh35m but the market at the moment is challenging. The finishing in the villa

is by far above most others. It is a classic style with care and attention shown to all aspects. It is a conservative US style interior – almost Martha Stewart inspired.


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With 30 years of Middle East experience, Asteco’s Valuation & Advisory Services

team brings together a group of the Gulf’s

leading real estate experts.

Asteco’s network of offices in Abu Dhabi, Al Ain,

Dubai, Northern Emirates, Qatar, Jordan and the Kingdom of Saudi Arabia not only provides a deep

understanding of the local markets but also enables us to undertake large instructions where we can quickly apply resources to meet clients requirements.

Our breadth of experience across all the main property sectors is underpinned by our sales, leasing and investment teams transacting in the market and

a wealth of research that supports our decision making.

John Allen BSc MRICS

Director, Valuation & Advisory

+971 4 403 7777

[email protected]

Julia Knibbs MSc

Manager – Research and Consultancy - UAE

+971 4 403 7789

[email protected]

VALUATION & ADVISORY

Our professional advisory services are conducted

by suitably qualified personnel all of whom have

had extensive real estate experience within the

Middle East and internationally.

Our valuations are carried out in accordance with

the Royal Institution of Chartered Surveyors

(RICS) and International Valuation Standards

(IVS) and are undertaken by appropriately

qualified valuers with extensive local experience.

The Professional Services Asteco conducts

throughout the region include:

• Consultancy and Advisory Services

• Market Research

• Valuation Services

SALES

Asteco has established a large regional property

sales division with representatives based in UAE,

Saudi Arabia, Qatar and Jordan.

Our sales teams have extensive experience in the

negotiation and sale of a variety of assets.

LEASING

Asteco has been instrumental in the leasing of

many high-profile developments across the GCC.

ASSET MANAGEMENT

Asteco provides comprehensive asset

management services to all property owners,

whether a single unit (IPM) or a regional mixed

use portfolio. Our focus is on maximising value

for our Clients.

OWNER ASSOCIATION

Asteco has the experience, systems, procedures

and manuals in place to provide streamlined

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Consultancy Services to residential, commercial

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comprehensive and encompass everything

required for the successful completion and

handover of units to individual unit owners.

NEWS BRIEF 13 - Asteco Property Management...Established in 2014 by Hashim Ahmed, Savana Real Estate...

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