NEWS BRIEF 25 - Asteco Property Management · PDF file 2016-05-29 · Reem Island...

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Transcript of NEWS BRIEF 25 - Asteco Property Management · PDF file 2016-05-29 · Reem Island...

  • 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 25 SUNDAY 21 June 2015

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

    IN THE MIDDLE EAST FOR 30 YEARS Page 2

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    REAL ESTATE NEWS UAE

    NEW UAE STATE BANK TO PUSH HOUSING, JOB CREATION POLICIES

    TURN YOUR UAE PROPERTY INTO HOTTEST ONLINE LISTING: 3 KEY STEP

    DUBAI LOWER PRICES, HIGHER YIELDS: RIGHT TIME TO INVEST IN DUBAI

    PROPERTY? PROPERTY FLASH SALE… WILL INDIAN EXPATS IN UAE GO FOR IT?

    EMIRATI TOURISTS ON THE COMEBACK TRAIL TO EGYPT UK’S AUKETT SWANKE BUYS DUBAI ARCHITECTURE PRACTICE

    WORLD’S TALLEST COMMERCIAL TOWER IN DUBAI MOVES STEP CLOSER AS BURJ KHALIFA ARCHITECT APPOINTED

    DAMAC OPENS WOMEN-ONLY SALES OFFICE IN DUBAI DANUBE PROPERTIES’ GLITZ 3 DEVELOPMENT LOSES SHEEN AS DUBAI MARKET SLOWS

    DUBAI AND ABU DHABI TENANTS LOCKED IN LIMBO AS LANDLORDS SEEK RENT ADVANTAGE

    WHERE ABU DHABI AND DUBAI TENANTS CAN GET RENTAL HELP NEW APP LISTS TOP 100 PROPERTY BROKERS IN DUBAI

    DIFC AIMS TO MAKE RETAIL STRIP GO-TO DESTINATION DAY AND NIGHT PROPERTIES AROUND METRO STATIONS APPRECIATE UP TO 41%, SAYS

    RTA DUBAI REALTY’S SECONDARY MARKET CAUGHT IN A BIND

    DUBAI REALTY WEIGHED DOWN BY LUXURY LAUNCHES

    ABU DHABI ABU DHABI EXPECTED TO LAUNCH 'RENT INDEX' BY YEAR-END

    ABU DHABI’S REEM ISLAND TO BE HOME TO 210,000 RESIDENTS IN NEW MASTER PLAN

    ABU DHABI RAISES TOURIST TARGET AFTER INCREASE IN CHINESE AND ‘STAYCATIONERS’

    LOUVRE ABU DHABI MOVES CLOSER TO COMPLETION

    FUTURE OF REEM ISLAND IN ABU DHABI REVEALED

    NORTHERN EMIRATES SHARJAH TARGETS TOURISTS FROM EASTERN AND CENTRAL EUROPE

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

    IN THE MIDDLE EAST FOR 30 YEARS Page 3

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    ABU DHABI’S REEM ISLAND TO BE

    HOME TO 210,000 RESIDENTS IN NEW

    MASTER PLAN

    MONDAY 15 JUNE 2015

    Reem Island could eventually be home to up to 10,000 hotel rooms, 210,000 residents and thousands of

    office workers.

    A new master plan for the 8.5 million square metre island was unveiled by Abu Dhabi’s Urban Planning

    Council (UPC) yesterday that sets out development limits for the island.

    It states that an expected 1.4 million square metres of office space, 850,000 square metres of retail and

    lots of community facilities, including three new hospitals, will be built.

    The plan has been created by the island’s three master developers – Tamouh, Reem Investments and

    Aldar Properties — which is, in turn, approved by the UPC.

    Already, 15 per cent of the buildings covering 20 million square metres at Reem Island are either built

    or under way, and there are 20,000 residents.

    Tamouh, which is the biggest developer on the island, controlling 57 per cent of the land, has completed

    3,500 residential units at its 14-tower Marina Square project.

    “As of today, more than 95 per cent of them are occupied,” said managing director Joe Ong, adding that

    the community should eventually house 10,000 people. Elsewhere on Reem Island, Tamouh expects to

    deliver 4,500 new homes over the next four years at the City of Lights project, where seven of a total of

    17 towers are being built. The first, the 56-storey LX Tower office building, has recently been handed

    over.

    “Probably by the end of the year, two more blocks will be delivered. Our sub developer, Hydra

    Properties, will be delivering three more blocks. So we are talking about five more blocks within a year,”

    he said, adding that these would comprise 2,000 homes.

    Aldar Properties, which controls about 20 per cent of the land, has already built The Gate Towers and

    the Sun and Sky Towers at Shams Abu Dhabi on the island. When its new 408-unit Meera Shams Abu

    Dhabi and schemes by sub-developers are added, it has about 3,500 units either completed or under

    construction.

    Reem Investments, which also owns about one fifth of the land, only started on its first project – to build

    42 villas – last year.

    However, the company’s vice president of strategic development, Saeed Al Yabhouni, said that its

    strategy had changed over the past 12 months.

    Initially, it planned to just develop infrastructure and sell the plots to third parties, but it started

    developing its own land last year.

    “There are some other projects coming into the pipeline,” said Mr Al Yabhouni.

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

    IN THE MIDDLE EAST FOR 30 YEARS Page 4

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    “We are going to build another project, which is mainly residential and retail. It will be hopefully by the

    end of next year or the first quarter of next year. We are now on detailed design. It will be apartments –

    a tower.”

    An initial master plan was created for the island ten years ago, when a total investment of over $30bn

    was envisaged.

    The UPC’s executive director for urban development and Estidama, Mohamed Al Khadar, said the new

    plan involves much more collaboration between the parties.

    “We are very excited about what this means for the future of Abu Dhabi,” he said.

    The three developers now have to submit their own detailed plans to the UPC for approval. Mr Ong said

    that Tamouh’s, which is being worked up by Arup, could be ready by August.

    Source: The National

    Back to Index

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

    IN THE MIDDLE EAST FOR 30 YEARS Page 5

    ASSET MANAGEMENT SALES LEASING

    VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION

    EMIRATI TOURISTS ON THE COMEBACK

    TRAIL TO EGYPT

    MONDAY 15 JUNE 2015

    Tourism from the UAE to Egypt is on the rise as affordability lures holidaymakers.

    The number of Emirati tourists grew by 49.8 per cent up to April compared to the same period last year,

    according to the Egyptian Tourism Authority (ETA).

    The affordability of rooms compared to Dubai and an improving security situation mean tourists are

    returning to the country.

    ETA also expects to open its Arabian Gulf headquarters in Abu Dhabi in July.

    Some hotels in Dubai report feeling the effect of Egypt’s tourism recovery.

    “When Egypt was closed, a lot of Saudi tourists used to come to Dubai, now that segment has gone

    missing,” said Samir Arora, the general manager of the four-star Ramada Downtown Dubai.

    “Egypt is also taking some [of the UAE’s] internal tourists over longer holidays, and it would be

    interesting to see how the UAE market reacts to the last 10 days of Ramadan holidays, whether people

    would stay here or go overseas.”

    Sharjah online travel agent Musafir.com says it has seen a 14 per rise in tourist numbers to Egypt so far

    this year compared to a year ago.

    “We have seen a slight increase in onward tourism to Egypt from the UAE but the customers are still

    apprehensive due to the political situation,” said Raheesh Babu, the general manager at Musafir.com.

    “With the stabilised political situation now, we expect to see a hike in tourism after Ramadan, mainly

    due to affordable hotel rates, flight connectivity and cultural tourism.”

    On The Go Tours in London has seen an increase of between 10 and 20 per cent in Emirati and expat

    tourists from the UAE coming to Egypt year on year.

    “Emirati families look to give their children a cultural experience, something more than a fantasy world

    or a shopping holiday, and holidays are normally a week in length,” said Simone Wilkins-Keshk, the

    head of product and operations for On the Go Tours in Cairo.

    In April, room rates in Dubai fell 12.8 per cent year on year across four and five-star properties to touch

    US$373.78, according to Hotstats data. During the same month, rooms in the Red Sea resort of Sharm

    El Sheikh were going for less than $49.

    Arabs comprised 17 per cent of the total number of tourists who visited Egypt during the first four

    months, compared with 15 per cent in the same period last year.

    The number of Saudi and Kuwaiti tourists are also on the rise by 69.9 per cent and 37.1 per cent

    respectively during the same period year on year.

    Last month the Egyptian tourism agency launched a campaign called Masr Qariba, which means Egypt is

    close, to increase