DUBAI World’s real estate arm, Limitless LLC, officially started operations at it new regional office here at UOB Plaza yesterday. It will use Singapore as a base to look for new investment opportunities here and in the region.
On route to Hanoi for the ground-breaking ceremony of its US$220 million Halong Star mixed development project in Vietnam, Limitless CEO Saeed Ahmed Saeed said yesterday: ‘Without doubt, South-east Asia is one of the most exciting and dynamic regions for Limitless. Its fast-growing economy presents us with endless opportunities to demonstrate our core skills of master planning large-scale, balanced projects and waterfront development.’
To date, Limitless, which was established in July 2005, has a portfolio of five real estate projects worth about US$100 billion. Three are in the Middle East, with the others in India and Vietnam.
Limitless has considered development sites in Singapore, including the first parcel at Marina View, although it decided not to put in a bid eventually.
‘We took strategic position on Marina View and decided it was not the right time to tender for it,’ said Philip Atkinson, regional director (South-east Asia) at Limitless.
Mr Atkinson added: ‘The Singapore market now is buoyant and fast paced, and we would take a cautionary view.’
Dubai World, through its subsidiary Istithmar, has however, recently acquired a one-third stake in the government land sales development site now known as South Beach, which is estimated to cost a total of $2.5 billion.
Mr Saeed would not say what its expected target rate of returns would be for its projects but added: ‘Different countries have different hurdle rates.’
Like its parent company, Limitless will mostly fund its investment with equity but Mr Saeed said that it could also raise debt from the capital markets.
Limitless is also likely to be looking at emerging markets around the world as this is where large-scale projects that can leverage on its town-planning skills will be.
Particularly bullish on the two huge markets, Mr Saeed said: ‘India and China will probably need new homes for the next 100 years.’
Source : Business Times - 11 Dec 2007
Showing posts with label Dubai. Show all posts
Showing posts with label Dubai. Show all posts
Wednesday, December 12, 2007
Friday, November 2, 2007
Dubai’s man-made Palm islands is preparing to float $800 million (£384 million) of its luxury housing in what could be a prelude for a $60 billion
Artificial islands being pushed towards a float
James Rossiter in Dubai
The company behind Dubai’s man-made Palm islands is preparing to float $800 million (£384 million) of its luxury housing in what could be a prelude for a $60 billion listing of the entire business, The Times has learnt.
Nakheel, whose projects include the Palm Jumeirah island, wants to spin off about 50,000 beach-side apartments into a real estate investment trust (Reit) that it will then float on both Dubai’s nascent stock market and either the London or Singapore exchanges.
Chris O’Donnell, chief executive of Nakheel, said: “We are actively working on Reit structures here as we have residential property on the balance sheet. It is ideal for us to create a Reit.”
A decision whether to have the dual listing in either Singapore or London will be made “within three to six months”, Mr O’Donnell added, ready for a flotation and share offering that could raise up to $500 million.
Background
Behind Tussauds is next private equity giant
Rock rescue could take up to six months
Towers reach for the sky as Dubai booms
BP offers Abu Dhabi green solution
Och-Ziff seeking cash on eastern horizon
There are no losers around here
The fact that Gulf investment funds and Western private equity firms are getting together should be no surprise
Brown’s conjuring trick lacks magic touch
The bottom line is companies are not states
Background
Dubai fund snaps up $1.25bn Och-Ziff stake
Baugur teams with Dubai retailer for Saks bid
Arcapita sells water company
Bahrain banks focus on going by the book
Forte trains sights on Gulf expansion
Emirates get Western bugbear
Hothouse petrodollar economy in frantic dash for gas to keep the lights on, the water desalinated and the air chilled
BP offers Abu Dhabi green solution to chronic gas shortages
Middle East can leave oily old cycle in the past
Towers reach for the sky on a daily basis as Dubai booms
Related Links
Twenty-five shaping tomorrow’s world
Crossing investors’ palms with silver
A decision whether to float Nakheel or not is tied in with a $3.5 billion Islamic-compliant debt financing the company issued last December.
The company, which is chaired by Sultan Ahmed bin Sulayem, one of the three top advisers to Sheikh Mohammed bin Rashid al-Maktoum, Dubai’s ruler, has 2 billion square feet of housing, shops and hotel projects under development.
Mr O’Donnell is keen to emulate the model Investa used for its growth for his plans to broaden Nakheel’s core property development business into large-scale letting and real estate investment fund management.
The first stage of that development involves spinning off into a Reit what Mr O’Donnell said was “$600 million to $800 million of residential assets; we would retain between 30 per cent and 50 per cent”.
Barclays Capital and Dubai Islamic Bank (DIB) are expected to be among the front-runners to pitch for work connected with the flotation.
James Rossiter in Dubai
The company behind Dubai’s man-made Palm islands is preparing to float $800 million (£384 million) of its luxury housing in what could be a prelude for a $60 billion listing of the entire business, The Times has learnt.
Nakheel, whose projects include the Palm Jumeirah island, wants to spin off about 50,000 beach-side apartments into a real estate investment trust (Reit) that it will then float on both Dubai’s nascent stock market and either the London or Singapore exchanges.
Chris O’Donnell, chief executive of Nakheel, said: “We are actively working on Reit structures here as we have residential property on the balance sheet. It is ideal for us to create a Reit.”
A decision whether to have the dual listing in either Singapore or London will be made “within three to six months”, Mr O’Donnell added, ready for a flotation and share offering that could raise up to $500 million.
Background
Behind Tussauds is next private equity giant
Rock rescue could take up to six months
Towers reach for the sky as Dubai booms
BP offers Abu Dhabi green solution
Och-Ziff seeking cash on eastern horizon
There are no losers around here
The fact that Gulf investment funds and Western private equity firms are getting together should be no surprise
Brown’s conjuring trick lacks magic touch
The bottom line is companies are not states
Background
Dubai fund snaps up $1.25bn Och-Ziff stake
Baugur teams with Dubai retailer for Saks bid
Arcapita sells water company
Bahrain banks focus on going by the book
Forte trains sights on Gulf expansion
Emirates get Western bugbear
Hothouse petrodollar economy in frantic dash for gas to keep the lights on, the water desalinated and the air chilled
BP offers Abu Dhabi green solution to chronic gas shortages
Middle East can leave oily old cycle in the past
Towers reach for the sky on a daily basis as Dubai booms
Related Links
Twenty-five shaping tomorrow’s world
Crossing investors’ palms with silver
A decision whether to float Nakheel or not is tied in with a $3.5 billion Islamic-compliant debt financing the company issued last December.
The company, which is chaired by Sultan Ahmed bin Sulayem, one of the three top advisers to Sheikh Mohammed bin Rashid al-Maktoum, Dubai’s ruler, has 2 billion square feet of housing, shops and hotel projects under development.
Mr O’Donnell is keen to emulate the model Investa used for its growth for his plans to broaden Nakheel’s core property development business into large-scale letting and real estate investment fund management.
The first stage of that development involves spinning off into a Reit what Mr O’Donnell said was “$600 million to $800 million of residential assets; we would retain between 30 per cent and 50 per cent”.
Barclays Capital and Dubai Islamic Bank (DIB) are expected to be among the front-runners to pitch for work connected with the flotation.
Wednesday, October 31, 2007
CATHAY Organisation has teamed up with Emaar Malls Group LLC, a wholly owned subsidiary of Dubai’s Emaar Properties PJSC, in a major joint-venture dea
CATHAY Organisation has teamed up with Emaar Malls Group LLC, a wholly owned subsidiary of Dubai’s Emaar Properties PJSC, in a major joint-venture deal that could see the local cinema chain operating cineplexes in as many as 150 shopping malls across the Middle East and beyond.
This deal makes Cathay - which also operates cinemas in Malaysia - the first Singapore exhibitor to expand beyond South-east Asia. It was picked from several international contenders to take up a 25 per cent stake in Reel Entertainment LLC, which will design and manage cineplexes in the 150 shopping malls that Emaar Malls Group plans to open across the Middle East, North Africa and the Indian subcontinent.The first two cineplexes are scheduled to open late next year.
The first will be Dubai’s largest cineplex, with 22 screens, in The Dubai Mall - a shopping complex in Emaar’s US$20 billion Downtown Burj Dubai development, which will also house the world’s tallest tower.
When it opens, The Dubai Mall will also be one of the world’s largest malls, with a floor area of 12.1 million square feet - about eight times the size of VivoCity.
The next one will be an eight-screen cineplex in the Dubai Marina Mall. That makes it a total of 30 screens and a ‘total investment of US$30 million’, said Choo Meileen, Cathay’s executive director, in an exclusive interview. ‘Our share is 25 per cent - US$7.5 million.’
There will also be a management contract, in which Cathay will take care of the day-to-day running of the cinemas.
Ms Choo says the partnership with Emaar - the largest property developer in the Middle East - paves the way for the Cathay group to expand into areas it would not have been able to penetrate on its own. ‘It gives us an opportunity to make use of the expertise we have gained over the years, which is what I’ve always wanted to do - that is, manage cinemas for people,’ she said.
Even if not all 150 malls have cineplexes, the scope is still amazing, said Ms Choo. ‘When we did our research, we found that there was no one big chain throughout the Middle East. That is because many of the cinemas are stand-alone (single- screen), mom-and-pop operations. So the potential for the cineplex is very great. This joint venture will change the way cinemas are run in the Middle East.
‘This deal plays a significant role in Cathay’s long-term investment, added Ms Choo. ‘The Singapore market is already saturated - it’s a very mature industry in terms of cineplexes. But in the Middle East it’s like being in the 1980s, or 20 years before cinemas became cineplexes.’
Rashid Zakaria Doleh, chief executive officer of Emaar Malls Group LLC, said: ‘This joint venture supports Emaar’s overall Vision 2010 to become one of the world’s most valuable companies through aggressive expansion strategies. The ultimate goal of the joint venture is to be the biggest and best provider of world-class lifestyle and entertainment across the region.’
Mr Doleh said that the company has plans after The Dubai Mall. ‘We are currently developing Cairo Gate, the largest mall in Egypt, in addition to two other developments: Uptown Cairo and New Cairo City. All three malls will have cinemas upon completion in the next five years. Beyond Egypt, key markets on the horizon with a cinema operation are Morocco, India, Pakistan, Syria, Saudi Arabia and Turkey.’
Currently, Cathay manages 41 cinema screens in Singapore and 33 in Malaysia. Ms Choo said that, thanks to the partnership with Emaar, ‘Reel Entertainment could become one of the biggest cinema exhibitors in the world’.
Source : Business Times - 30 Oct 2007
This deal makes Cathay - which also operates cinemas in Malaysia - the first Singapore exhibitor to expand beyond South-east Asia. It was picked from several international contenders to take up a 25 per cent stake in Reel Entertainment LLC, which will design and manage cineplexes in the 150 shopping malls that Emaar Malls Group plans to open across the Middle East, North Africa and the Indian subcontinent.The first two cineplexes are scheduled to open late next year.
The first will be Dubai’s largest cineplex, with 22 screens, in The Dubai Mall - a shopping complex in Emaar’s US$20 billion Downtown Burj Dubai development, which will also house the world’s tallest tower.
When it opens, The Dubai Mall will also be one of the world’s largest malls, with a floor area of 12.1 million square feet - about eight times the size of VivoCity.
The next one will be an eight-screen cineplex in the Dubai Marina Mall. That makes it a total of 30 screens and a ‘total investment of US$30 million’, said Choo Meileen, Cathay’s executive director, in an exclusive interview. ‘Our share is 25 per cent - US$7.5 million.’
There will also be a management contract, in which Cathay will take care of the day-to-day running of the cinemas.
Ms Choo says the partnership with Emaar - the largest property developer in the Middle East - paves the way for the Cathay group to expand into areas it would not have been able to penetrate on its own. ‘It gives us an opportunity to make use of the expertise we have gained over the years, which is what I’ve always wanted to do - that is, manage cinemas for people,’ she said.
Even if not all 150 malls have cineplexes, the scope is still amazing, said Ms Choo. ‘When we did our research, we found that there was no one big chain throughout the Middle East. That is because many of the cinemas are stand-alone (single- screen), mom-and-pop operations. So the potential for the cineplex is very great. This joint venture will change the way cinemas are run in the Middle East.
‘This deal plays a significant role in Cathay’s long-term investment, added Ms Choo. ‘The Singapore market is already saturated - it’s a very mature industry in terms of cineplexes. But in the Middle East it’s like being in the 1980s, or 20 years before cinemas became cineplexes.’
Rashid Zakaria Doleh, chief executive officer of Emaar Malls Group LLC, said: ‘This joint venture supports Emaar’s overall Vision 2010 to become one of the world’s most valuable companies through aggressive expansion strategies. The ultimate goal of the joint venture is to be the biggest and best provider of world-class lifestyle and entertainment across the region.’
Mr Doleh said that the company has plans after The Dubai Mall. ‘We are currently developing Cairo Gate, the largest mall in Egypt, in addition to two other developments: Uptown Cairo and New Cairo City. All three malls will have cinemas upon completion in the next five years. Beyond Egypt, key markets on the horizon with a cinema operation are Morocco, India, Pakistan, Syria, Saudi Arabia and Turkey.’
Currently, Cathay manages 41 cinema screens in Singapore and 33 in Malaysia. Ms Choo said that, thanks to the partnership with Emaar, ‘Reel Entertainment could become one of the biggest cinema exhibitors in the world’.
Source : Business Times - 30 Oct 2007
Friday, October 19, 2007
Dubai World factor in IDR
Dubai World factor in IDR
MMC Corp Bhd group chief executive Feizal Ali tells StarBiz about the business proposition behind the RM16bil memorandum of understanding with Dubai World and how the project will create a new petrochemical and maritime industry in Johor
How did this partnership come about and please brief us about the project?
In the course of doing business in the Middle East, we developed relationships with various infrastructure groups, including Dubai World. Being an infrastructure and utilities group, we recognised potential synergies that can be drawn between MMC and Dubai World.
Dubai World’s subsidiary, DP World, is one of the largest global port operators and another subsidiary, Nakheel, has practically transformed Dubai into one of the most vibrant cities in the region, through the creation of unique projects, such as The Palm Islands and The World.
Dubai World also has a very strong track record in the development of logistics parks.
When executives from Dubai World visited South Johor during the last three months, they became aware of the tremendous potential of the Iskandar Development Region (IDR) and South Johor generally. They were very interested in our landbank of 2,255 acres at Tanjung Bin as well as the 500 acres next to the Port of Tanjung Pelepas (PTP), which had been earmarked for industrial development, and we had discussions on the possibility of working together to jointly develop these lands.
Our discussions led to the recent signing of an MoU with Dubai World, and we are now working on developing a maritime centre masterplan for our land, that will comprise oil terminal activities, drydocks, shipyards, conventional cargo handling facilities, logistic parks and real estate development.
We view this project as being in line with the call of Prime Minister Datuk Seri Abdullah Ahmad Badawi and Johor Menteri Besar Datuk Abdul Ghani Othman to develop the South Johor corridor.
This development will create a new petrochemical and maritime industry with an estimated gross development value of RM16bil, which we hope will become the next engine of growth for South Johor and at the same time complement IDR.
What is Dubai World’s role in this project?
We had developed our own masterplan for the development of this land. We recognised, however, that this is a greenfield project and working with a strong strategic partner would enable us to take this project to the next level.
In Dubai World, we found a company with proven project management experience, marketing strength and a global footprint that enable us to reach out to the international market.
Dubai World brings to the table a brand that has been very successful not only in Dubai but also in other parts of the world. We believe our partner brings strength and credibility to this project as well as the requisite expertise and experience to jointly develop this area to a level that is on par with other international endeavours.
From our perspective, the participation of a premier brand such as Dubai World reflects its trust in MMC’s ability to deliver world class projects and also underscores MMC’s position as an emerging global utilities and infrastructure group.
What equity stake will Dubai World take in this project?
We are in the midst of discussing our masterplan in detail with Dubai World. We will come to an agreement on the equity structure of this partnership once this masterplan has been agreed upon by both parties.
What do you think persuaded Dubai World to join MMC in this project?
Dubai World chairman Sultan Ahmed Bin Sulayem has said they see a bright future for this exciting multi-faceted development. He expressed the view that an integrated maritime centre will improve efficiency and Dubai World appeared very keen to capitalise on the opportunities within the region as well as in Malaysia’s vibrant and rapidly growing economy.
What is the timeline for the development?
Work on Tanjung Bin land will begin right after acceptance of the masterplan by both parties next year. We expect the project to be fully developed by 2012.
What is the value of the Tanjung Bin land?
The average offer that we have received, on an “as is where is” basis, is RM20 per sq ft on a 30-year lease. However, we do not wish to completely sell or lease all of the land in one go just to record one-off gains.
Instead, we want to plan this project well and maximise the use of the land by building supporting infrastructure and services to support the entire project, which will also allow us to generate recurring income.
In our initial study, the cost of developing the infrastructure and services required would be about RM2.5bil. This would include an industrial port, three oil jetties and supporting infrastructure. This proposal is, of course, subject to regulatory approvals from the Federal and state governments. Naturally, the value of the land will increase with these supporting facilities in place.
Are there any environmental concerns?
The area earmarked for development is outside the area identified as a wetland sanctuary under RAMSAR.
Expert opinion confirms that the proposed development is balanced and will not damage the RAMSAR site. As part of our corporate social responsibility, we will ensure that the development will not, in any way, compromise the environment.
In developing the masterplan, particular attention will continue to be given to preserve the RAMSAR site. We will have very stringent requirements to ensure that all emissions will be in full compliance with all environmental requirements.
In fact, we are already in dialogue with the Malaysian Nature Society and other NGOs on how we can work together. Our plans will also take into consideration the overall environment including the views of experts, professionals and NGOs to ensure that the goal of a balanced development is achieved. We will also pay serious attention to the wishes of the state government.
A good example of a balanced development is PTP. We built this world-class port while successfully preserving the surrounding environment. PTP works closely with the Fisheries Department on dugong programs to preserve the species.
Together with NGOs such as the SOS committee, PTP is also involved in monitoring the sea grass bed, which is the habitat for seahorses. Our experience shows it is entirely possible to preserve the environment while building a world-class facility and that continues to be our objective as a responsible corporate citizen.
MMC Corp Bhd group chief executive Feizal Ali tells StarBiz about the business proposition behind the RM16bil memorandum of understanding with Dubai World and how the project will create a new petrochemical and maritime industry in Johor
How did this partnership come about and please brief us about the project?
In the course of doing business in the Middle East, we developed relationships with various infrastructure groups, including Dubai World. Being an infrastructure and utilities group, we recognised potential synergies that can be drawn between MMC and Dubai World.
Dubai World’s subsidiary, DP World, is one of the largest global port operators and another subsidiary, Nakheel, has practically transformed Dubai into one of the most vibrant cities in the region, through the creation of unique projects, such as The Palm Islands and The World.
Dubai World also has a very strong track record in the development of logistics parks.
When executives from Dubai World visited South Johor during the last three months, they became aware of the tremendous potential of the Iskandar Development Region (IDR) and South Johor generally. They were very interested in our landbank of 2,255 acres at Tanjung Bin as well as the 500 acres next to the Port of Tanjung Pelepas (PTP), which had been earmarked for industrial development, and we had discussions on the possibility of working together to jointly develop these lands.
Our discussions led to the recent signing of an MoU with Dubai World, and we are now working on developing a maritime centre masterplan for our land, that will comprise oil terminal activities, drydocks, shipyards, conventional cargo handling facilities, logistic parks and real estate development.
We view this project as being in line with the call of Prime Minister Datuk Seri Abdullah Ahmad Badawi and Johor Menteri Besar Datuk Abdul Ghani Othman to develop the South Johor corridor.
This development will create a new petrochemical and maritime industry with an estimated gross development value of RM16bil, which we hope will become the next engine of growth for South Johor and at the same time complement IDR.
What is Dubai World’s role in this project?
We had developed our own masterplan for the development of this land. We recognised, however, that this is a greenfield project and working with a strong strategic partner would enable us to take this project to the next level.
In Dubai World, we found a company with proven project management experience, marketing strength and a global footprint that enable us to reach out to the international market.
Dubai World brings to the table a brand that has been very successful not only in Dubai but also in other parts of the world. We believe our partner brings strength and credibility to this project as well as the requisite expertise and experience to jointly develop this area to a level that is on par with other international endeavours.
From our perspective, the participation of a premier brand such as Dubai World reflects its trust in MMC’s ability to deliver world class projects and also underscores MMC’s position as an emerging global utilities and infrastructure group.
What equity stake will Dubai World take in this project?
We are in the midst of discussing our masterplan in detail with Dubai World. We will come to an agreement on the equity structure of this partnership once this masterplan has been agreed upon by both parties.
What do you think persuaded Dubai World to join MMC in this project?
Dubai World chairman Sultan Ahmed Bin Sulayem has said they see a bright future for this exciting multi-faceted development. He expressed the view that an integrated maritime centre will improve efficiency and Dubai World appeared very keen to capitalise on the opportunities within the region as well as in Malaysia’s vibrant and rapidly growing economy.
What is the timeline for the development?
Work on Tanjung Bin land will begin right after acceptance of the masterplan by both parties next year. We expect the project to be fully developed by 2012.
What is the value of the Tanjung Bin land?
The average offer that we have received, on an “as is where is” basis, is RM20 per sq ft on a 30-year lease. However, we do not wish to completely sell or lease all of the land in one go just to record one-off gains.
Instead, we want to plan this project well and maximise the use of the land by building supporting infrastructure and services to support the entire project, which will also allow us to generate recurring income.
In our initial study, the cost of developing the infrastructure and services required would be about RM2.5bil. This would include an industrial port, three oil jetties and supporting infrastructure. This proposal is, of course, subject to regulatory approvals from the Federal and state governments. Naturally, the value of the land will increase with these supporting facilities in place.
Are there any environmental concerns?
The area earmarked for development is outside the area identified as a wetland sanctuary under RAMSAR.
Expert opinion confirms that the proposed development is balanced and will not damage the RAMSAR site. As part of our corporate social responsibility, we will ensure that the development will not, in any way, compromise the environment.
In developing the masterplan, particular attention will continue to be given to preserve the RAMSAR site. We will have very stringent requirements to ensure that all emissions will be in full compliance with all environmental requirements.
In fact, we are already in dialogue with the Malaysian Nature Society and other NGOs on how we can work together. Our plans will also take into consideration the overall environment including the views of experts, professionals and NGOs to ensure that the goal of a balanced development is achieved. We will also pay serious attention to the wishes of the state government.
A good example of a balanced development is PTP. We built this world-class port while successfully preserving the surrounding environment. PTP works closely with the Fisheries Department on dugong programs to preserve the species.
Together with NGOs such as the SOS committee, PTP is also involved in monitoring the sea grass bed, which is the habitat for seahorses. Our experience shows it is entirely possible to preserve the environment while building a world-class facility and that continues to be our objective as a responsible corporate citizen.
Dubai World bullish on US$5bil deal with MMC
Dubai World bullish on US$5bil deal with MMC
DUBAI: Dubai World chairman Sultan Ahmed Bin Sulayem said the company was “extremely optimistic” about the US$5bil maritime centre to be jointly developed with MMC Corp Bhd in Johor.
“Our combined experience and global network will enable us to deliver a project that will benefit maritime industry players and complement the Malaysian Government’s Iskandar Development Region initiative,” he said in a statement.
“We are also keen to enhance the port infrastructure in the area. Our subsidiary, DP World, is one of the largest global port operators and we also have a strong record in the development of logistics parks.”
The statement said the memorandum of understanding was signed in Dubai on Sept 24 to develop a maritime centre masterplan for areas in south Johor, including MMC’s 2,255-acre landbank in Tanjung Bin.
On its partnership with MMC, Sultan Ahmed said: “We have a strong partner in MMC, which is a key infrastructure player in Malaysia, especially in south Johor, through its ownership of two ports and 3,000-acre landbank in that strategic area.
“There are tremendous synergies between Dubai World and MMC and we look forward to working closely with MMC and jointly develop the project on a fast-track basis that will be on par with other world-class developments.”
Dubai World is a Dubai government-decree entity that has been the growth engine for the United Arab Emirates with over 50,000 employees and offerings in more than 100 locations.
DUBAI: Dubai World chairman Sultan Ahmed Bin Sulayem said the company was “extremely optimistic” about the US$5bil maritime centre to be jointly developed with MMC Corp Bhd in Johor.
“Our combined experience and global network will enable us to deliver a project that will benefit maritime industry players and complement the Malaysian Government’s Iskandar Development Region initiative,” he said in a statement.
“We are also keen to enhance the port infrastructure in the area. Our subsidiary, DP World, is one of the largest global port operators and we also have a strong record in the development of logistics parks.”
The statement said the memorandum of understanding was signed in Dubai on Sept 24 to develop a maritime centre masterplan for areas in south Johor, including MMC’s 2,255-acre landbank in Tanjung Bin.
On its partnership with MMC, Sultan Ahmed said: “We have a strong partner in MMC, which is a key infrastructure player in Malaysia, especially in south Johor, through its ownership of two ports and 3,000-acre landbank in that strategic area.
“There are tremendous synergies between Dubai World and MMC and we look forward to working closely with MMC and jointly develop the project on a fast-track basis that will be on par with other world-class developments.”
Dubai World is a Dubai government-decree entity that has been the growth engine for the United Arab Emirates with over 50,000 employees and offerings in more than 100 locations.
Saturday, October 6, 2007
Singapore's Established construction companies that struggled through the stormy late 90s are now experiencing a robust turnaround
SINGAPORE: It’s not just property developers who are riding the current industry boom.
Established construction companies that struggled through the stormy late 90s are now experiencing a robust turnaround, and are commanding price tags which are up to 20 percent higher than their smaller peers.
That’s because there are not enough of them to go around in a market awash with developers who want only the best for their projects.
The larger number of projects is an obvious factor, but there is another key reason for the squeeze. A number of contractors had gone bust, and for those still around, most have been down-sized.
Kunalan Sivapuniam, managing partner at Emirates Tarian, said: “Developers are very cautious about quality. We are also faced with discerning buyers who want to pay for quality. So you have to look for quality contractors. If you look at category A or grade one contractors, there are not that many now.”
Industry watchers said that going forward, top grade construction firms may command premiums higher than now.
Song Seng Wun, regional economist at CIMB-GK Research, said: “At this juncture, we are at the beginning of the upturn of the construction cycle. I suspect in the coming few years, the construction firms will do quite well.”
Developers say higher costs could be passed down to home buyers.
Emirates Tarian’s Kunalan Sivapuniam said: “It’s hard to say how much of that is going to be passed on. It’s a question of whether they are in a hurry to launch the projects, in which case they have to bite the bullet.
“If you have developers that are able to hold on to their projects and launch them over a longer period of time, then they would be able to pass on a lot of this, because the market is rising.”
As this demand bulge moves further down the pipe, industry players say related services like interior design and electrical fittings can also look to rosy days ahead.
According to some estimates, the value of construction contracts awarded this year will hit more than S$20 billion.
Established construction companies that struggled through the stormy late 90s are now experiencing a robust turnaround, and are commanding price tags which are up to 20 percent higher than their smaller peers.
That’s because there are not enough of them to go around in a market awash with developers who want only the best for their projects.
The larger number of projects is an obvious factor, but there is another key reason for the squeeze. A number of contractors had gone bust, and for those still around, most have been down-sized.
Kunalan Sivapuniam, managing partner at Emirates Tarian, said: “Developers are very cautious about quality. We are also faced with discerning buyers who want to pay for quality. So you have to look for quality contractors. If you look at category A or grade one contractors, there are not that many now.”
Industry watchers said that going forward, top grade construction firms may command premiums higher than now.
Song Seng Wun, regional economist at CIMB-GK Research, said: “At this juncture, we are at the beginning of the upturn of the construction cycle. I suspect in the coming few years, the construction firms will do quite well.”
Developers say higher costs could be passed down to home buyers.
Emirates Tarian’s Kunalan Sivapuniam said: “It’s hard to say how much of that is going to be passed on. It’s a question of whether they are in a hurry to launch the projects, in which case they have to bite the bullet.
“If you have developers that are able to hold on to their projects and launch them over a longer period of time, then they would be able to pass on a lot of this, because the market is rising.”
As this demand bulge moves further down the pipe, industry players say related services like interior design and electrical fittings can also look to rosy days ahead.
According to some estimates, the value of construction contracts awarded this year will hit more than S$20 billion.
Friday, September 28, 2007
Jumeirah to open its first European resort
Jumeirah to open its first European resort
(DUBAI) Jumeirah Group, the hotel management company owned by Dubai’s government, leased a property being built in Mallorca, Spain from a German real estate fund to gain its first European resort and spa.
The 120-room Jumeirah Port Soller resort is held on a ‘long-term’ lease from the WestInvest Interselect fund, Jumeirah said in a statement posted on its website yesterday.
The resort, due to open in 2010, is being built by WingField Corp and was bought for WestInvest by Deka Immobilien GmbH, according to the statement.
Jumeirah is expanding outside Dubai, where it manages the sail-shaped Burj al-Arab hotel. The company has urban hotels in London and New York, and aims to expand its network five-fold to 57 properties by 2011, chairman Gerald Lawless had said in May.
Spanish hotel prices rose the most in four years last month, led by rate increases on the Balearic islands including Mallorca, the Spanish government said in a report yesterday.
Source: Business Times
(DUBAI) Jumeirah Group, the hotel management company owned by Dubai’s government, leased a property being built in Mallorca, Spain from a German real estate fund to gain its first European resort and spa.
The 120-room Jumeirah Port Soller resort is held on a ‘long-term’ lease from the WestInvest Interselect fund, Jumeirah said in a statement posted on its website yesterday.
The resort, due to open in 2010, is being built by WingField Corp and was bought for WestInvest by Deka Immobilien GmbH, according to the statement.
Jumeirah is expanding outside Dubai, where it manages the sail-shaped Burj al-Arab hotel. The company has urban hotels in London and New York, and aims to expand its network five-fold to 57 properties by 2011, chairman Gerald Lawless had said in May.
Spanish hotel prices rose the most in four years last month, led by rate increases on the Balearic islands including Mallorca, the Spanish government said in a report yesterday.
Source: Business Times
$1.69 billion purchase of the prime development site at Beach Road, Dubai World Group’s (DWG) investment arm, Istithmar
FRESH from its recent $1.69 billion purchase of the prime development site at Beach Road, Dubai World Group’s (DWG) investment arm, Istithmar, said that it is planning to set up a major joint venture Asian real estate operation to be based in Singapore.
The group’s chief investment officer, Yu Lai Boon, said that the joint venture would be undertaken in partnership with a Singapore-based global financial company.
DWG has recently diversified its portfolio with several high-profile investments worldwide, including stakes in European aerospace giant EADS, the Barneys New York retail chain, and the MGM Mirage entertainment company and half of its CityCenter development.
Asked if the company’s one-third stake in the Beach Road site had to do with the softening of the real estate market in the Middle East, Dr Yu said that it had been invited to participate by its joint venture (JV) partner, City Developments Ltd (CDL). Dr Yu added: ‘Asia is the most important area of focus for us.’
Istithmar’s new real estate vehicle will be its second after the announcement in June of a US$50 million hotel joint venture with CDL, called Tune Hospitality Investments.
Istithmar also has a stake in the CDL Hospitality Trusts, and in the past year has made seven real estate investments in the region.
DWG’s real estate portfolio is currently worth US$60 billion in terms of asset and development value. In Asia, it is committing US$30 billion in India alone and expects to expend the same amount in China, Dr Yu said.
And apart from Singapore, it also has investments in Vietnam and Thailand.
The third partner in the South Beach development is the El Ad Group (EAG), run by Israeli billionaire Yitzhak Tshuva.
EAG may be an as-yet unfamiliar name here, but it is no stranger to CDL. Apart from buying The Plaza Hotel in New York from CDL executive chairman Kwek Leng Beng and his partner in 2004, EAG is also a joint venture partner with CDL on its upcoming Leonie Hill luxury condo development.
With the global economy still in the throes of a credit crunch, real estate investments here had been expected to slow down. Yet, EAG president and CEO Miki Naftali said: ‘The quality and range of our properties have tended to insulate us from pressures associated with the so-called global credit crisis.’
He added that ‘credit remains available to us’.
EAG has a real estate portfolio worth over US$7 billion, and it expects to invest in Asia ‘as part of our worldwide strategy of adding value’.
Mr Naftali also said that it is seeking opportunities to introduce the iconic Plaza brand here, as well as in Tokyo, Shanghai and Beijing.
Other investors from the Middle East that have made an impression here this year include Emirates Investment Group, which has a stake in the upcoming Ritz-Carlton Residences in Cairnhill, and Kuwait Finance House, which bought two blocks at Reflections @ Keppel Bay.
Source : Business Times - 28 Sep 2007
The group’s chief investment officer, Yu Lai Boon, said that the joint venture would be undertaken in partnership with a Singapore-based global financial company.
DWG has recently diversified its portfolio with several high-profile investments worldwide, including stakes in European aerospace giant EADS, the Barneys New York retail chain, and the MGM Mirage entertainment company and half of its CityCenter development.
Asked if the company’s one-third stake in the Beach Road site had to do with the softening of the real estate market in the Middle East, Dr Yu said that it had been invited to participate by its joint venture (JV) partner, City Developments Ltd (CDL). Dr Yu added: ‘Asia is the most important area of focus for us.’
Istithmar’s new real estate vehicle will be its second after the announcement in June of a US$50 million hotel joint venture with CDL, called Tune Hospitality Investments.
Istithmar also has a stake in the CDL Hospitality Trusts, and in the past year has made seven real estate investments in the region.
DWG’s real estate portfolio is currently worth US$60 billion in terms of asset and development value. In Asia, it is committing US$30 billion in India alone and expects to expend the same amount in China, Dr Yu said.
And apart from Singapore, it also has investments in Vietnam and Thailand.
The third partner in the South Beach development is the El Ad Group (EAG), run by Israeli billionaire Yitzhak Tshuva.
EAG may be an as-yet unfamiliar name here, but it is no stranger to CDL. Apart from buying The Plaza Hotel in New York from CDL executive chairman Kwek Leng Beng and his partner in 2004, EAG is also a joint venture partner with CDL on its upcoming Leonie Hill luxury condo development.
With the global economy still in the throes of a credit crunch, real estate investments here had been expected to slow down. Yet, EAG president and CEO Miki Naftali said: ‘The quality and range of our properties have tended to insulate us from pressures associated with the so-called global credit crisis.’
He added that ‘credit remains available to us’.
EAG has a real estate portfolio worth over US$7 billion, and it expects to invest in Asia ‘as part of our worldwide strategy of adding value’.
Mr Naftali also said that it is seeking opportunities to introduce the iconic Plaza brand here, as well as in Tokyo, Shanghai and Beijing.
Other investors from the Middle East that have made an impression here this year include Emirates Investment Group, which has a stake in the upcoming Ritz-Carlton Residences in Cairnhill, and Kuwait Finance House, which bought two blocks at Reflections @ Keppel Bay.
Source : Business Times - 28 Sep 2007
Friday, September 14, 2007
Dubai 9 eyes real estate sector in three countries
Dubai 9 eyes real estate sector in three countries
DUBAI-BASED property developer Dubai 9 is assessing investment opportunities in the real estate sector in China, India and Malaysia, managing director Hayan Merchant said.
“We are still in the early stages of seeing what we can offer these markets, including the Iskandar Development Region (IDR).
Whatever we do has to fit into our business model of developing residential, commercial and real estate for tourism activities,” he said yesterday.
Several Middle Eastern groups have made commitments to develop real estate at IDR.
Property prices are expected to rise further in Asian cities and developers that are able to capture new lifestyle trends stand to win in markets away from their home turf.
Hong Kong’s Shui On Group chairman and chief executive Vincent H.S. Lo said developers needed ideas that catered to the needs of the younger generation.
DLF Ltd chairman Kushal Pal Singh said there was a huge gap in demand and supply in India’s office and residential units.
He cautioned that while there was huge scope for foreign companies to invest in India, there was a need to select the right partner.
Merchant said the boom in construction activities and real estate in Dubai was sustainable although a bubble was predicted a few years ago.
“The bubble will not burst but minor corrections can be expected in the property sector,” he added.
Hong Leong Group executive chairman Kwek Leng Beng said he would continue to invest in Singapore on expectation of further upside in the property market.
“Singapore is becoming a global city with many people buying high-end condominiums,” he said.
Macau continues to face challenges from emerging casinos but Melco International Development Ltd chairman and CEO Lawrence Ho said the group had a strategy in place to ensure Macau remained the region’s gaming hub.
DUBAI-BASED property developer Dubai 9 is assessing investment opportunities in the real estate sector in China, India and Malaysia, managing director Hayan Merchant said.
“We are still in the early stages of seeing what we can offer these markets, including the Iskandar Development Region (IDR).
Whatever we do has to fit into our business model of developing residential, commercial and real estate for tourism activities,” he said yesterday.
Several Middle Eastern groups have made commitments to develop real estate at IDR.
Property prices are expected to rise further in Asian cities and developers that are able to capture new lifestyle trends stand to win in markets away from their home turf.
Hong Kong’s Shui On Group chairman and chief executive Vincent H.S. Lo said developers needed ideas that catered to the needs of the younger generation.
DLF Ltd chairman Kushal Pal Singh said there was a huge gap in demand and supply in India’s office and residential units.
He cautioned that while there was huge scope for foreign companies to invest in India, there was a need to select the right partner.
Merchant said the boom in construction activities and real estate in Dubai was sustainable although a bubble was predicted a few years ago.
“The bubble will not burst but minor corrections can be expected in the property sector,” he added.
Hong Leong Group executive chairman Kwek Leng Beng said he would continue to invest in Singapore on expectation of further upside in the property market.
“Singapore is becoming a global city with many people buying high-end condominiums,” he said.
Macau continues to face challenges from emerging casinos but Melco International Development Ltd chairman and CEO Lawrence Ho said the group had a strategy in place to ensure Macau remained the region’s gaming hub.
Friday, August 10, 2007
Keeping it real on real estate trends
Am I surprised to see that institutional investors in the Gulf Cooperation Council have given a strong endorsement to the region's listed financial institutions, which have dislodged real estate as the most attractive sector, according to a survey conducted by HSBC?
Not really.
For me, the more interesting aspect of the findings was that real estate listed companies come second to the financial sector as the most attractive sector for investors in the region.
Real estate has had its day, rather years, and still is having a splendid run, with huge demand from foreign investors, many of whom happened to be European expats moving to enjoy the sunny climes and sandy beaches of the Gulf.
The demand for real estate moved into high gear with the freehold laws being brought into force and investors getting full entitlement for the properties they were buying.
And because of these factors, funds chased real estate projects, and real estate listed companies did (and are still doing) remarkably well.
It's not difficult to get into the minds of the institutional investors. With lots of supply coming on in 2008-09, real estate is expected to slow down.
By how much is another matter. Various research reports have played it safe on guessing that, but nobody is expecting a crash.
With this scenario in the offing, it's not surprising that institutional investors are going for the listed companies in the financial sector, comprising both commercial and investment banks.
"With real estate developing fast and banks maturing, interest in the latter is bound to develop," says Mohammad Ebeid, head of institutional sales at EFG-Hermes. "And of course, this increasing interest in the banking sector has come about because of growing demand for Islamic financing, especially sukuk. Generally the demand for sukuk is big."
The banking sector is picking up in regions like Qatar, Oman and Abu Dhabi. Most of the banks in Abu Dhabi have lagged behind those in Dubai in the last few years. That has to do with the fact that Abu Dhabi is not having the same scale of real estate developments as in Dubai. But now the banks in Abu Dhabi are picking up, growing their asset base and loan books.
Qatar, for example, says Ebeid, is expected to have the highest GDP per capita (of about $80,000) within the next three to four years. Lots of expats are going to move into the country, spiking the demand for retail projects. "More and more banks are needed to serve these people, and the expectation among analysts is that the banking sector will see a healthy growth."
Institutional investors normally greet such kind of signals positively before it really happens, and that's the trigger for such kind of demand for the banking sector.
Not really.
For me, the more interesting aspect of the findings was that real estate listed companies come second to the financial sector as the most attractive sector for investors in the region.
Real estate has had its day, rather years, and still is having a splendid run, with huge demand from foreign investors, many of whom happened to be European expats moving to enjoy the sunny climes and sandy beaches of the Gulf.
The demand for real estate moved into high gear with the freehold laws being brought into force and investors getting full entitlement for the properties they were buying.
And because of these factors, funds chased real estate projects, and real estate listed companies did (and are still doing) remarkably well.
It's not difficult to get into the minds of the institutional investors. With lots of supply coming on in 2008-09, real estate is expected to slow down.
By how much is another matter. Various research reports have played it safe on guessing that, but nobody is expecting a crash.
With this scenario in the offing, it's not surprising that institutional investors are going for the listed companies in the financial sector, comprising both commercial and investment banks.
"With real estate developing fast and banks maturing, interest in the latter is bound to develop," says Mohammad Ebeid, head of institutional sales at EFG-Hermes. "And of course, this increasing interest in the banking sector has come about because of growing demand for Islamic financing, especially sukuk. Generally the demand for sukuk is big."
The banking sector is picking up in regions like Qatar, Oman and Abu Dhabi. Most of the banks in Abu Dhabi have lagged behind those in Dubai in the last few years. That has to do with the fact that Abu Dhabi is not having the same scale of real estate developments as in Dubai. But now the banks in Abu Dhabi are picking up, growing their asset base and loan books.
Qatar, for example, says Ebeid, is expected to have the highest GDP per capita (of about $80,000) within the next three to four years. Lots of expats are going to move into the country, spiking the demand for retail projects. "More and more banks are needed to serve these people, and the expectation among analysts is that the banking sector will see a healthy growth."
Institutional investors normally greet such kind of signals positively before it really happens, and that's the trigger for such kind of demand for the banking sector.
Wednesday, August 1, 2007
Dubai, boom or bust?
Dubai, boom or bust?
31 July 2007
Peter Penhall, CEO of Gowealthy Holdings gives a run down of the Dubai property market and how it compares to the rest of the world.
Mature international markets are going through the natural mode of settling into corrections. To take examples of current housing markets, the US is seeing prices falling for the first time in 11 years with around 4.2 million unsold homes at the end of April. The annualised rate of second hand home sales is also falling by 2.6 per cent to 5.99 million in April, compared to the UK, Ireland, Spain, Denmark, the Netherlands and Australia, where recent price increases have been the largest. Even relatively new to fame, markets such as India are experiencing a cooling in the real estate prices. In any investment market prices eventually revert to a long term average. Home prices are cheaper in absolute and relative terms in Dubai and there is still some way to go, before the notion of a ‘bubble’ can be stamped on.
A rough parallel could be drawn between the Dubai freehold property market and Singapore. In Singapore rental prices are similar to Dubai, but property purchase prices are double. Whether that is going to happen in Dubai, or will Dubai rentals collapse due to oversupply, sending property prices lower is up for argument. It may be a little premature to make a definitive judgment on this critical point. However, we can draw some conclusions.
A quick view of the global property markets in recent years throws up certain consistencies such as static rentals and rising property prices. This can be attributed to falling interest rates, which have increased the real value of rentals and therefore property prices. The Dubai property market has yet to adjust to this, perhaps because the mortgage market is still relatively underdeveloped, and most Dubai property is still bought with cash.
As and when Dubai banks further develop their mortgage lending portfolios to something nearer to normal world levels, a possible expansion of local credit may push up property prices, unless the supply Vs demand equation changes.
The current rental yields, for example are quite high by global standards, at 7% to 10%, which still reflects the fact that the Dubai property market is still relatively under-matured. A longer term return to normalcy would mean either a drop in rentals or a hike in property prices. There are documented studies in the market that show that the Dubai real estate market will first undergo some kind of a correction downwards in capital and rental prices due to oversupply in 2008-9 (EFG – Hermes).
One thing is certain, in the long run, Dubai rental yields will be more in line with international yield patterns. Also, as mentioned earlier, the rapidly maturing mortgage market will see home prices being driven up and result in a drop in rental yields.
‘Will demand match supply?’ This is the million dollar question, and there is no doubt that in the medium-term, demand will sustain at current levels at least. The Dubai Statistic Department figures point to a Dubai population growth of just over 100,000 in 2006, with roughly 50% having a mid-end to high-end home owning potential. With a widely accepted practice of 2.5 people per unit, this would have meant a requirement of around 20,000 units of accommodation.
A shortfall in deliveries by around 10,000 to 15,000 units as per industry learnings, means that there is further pent-up demand this year in addition to the 2007 demand that has arisen due to normal population growth itself. If we follow the same logic, then a demand of around 30,000 to 35,000 units come into play this year which is not too far away from the deliveries that are being predicted for 2007. With many property owners having bought property as second homes and others having the luxury of holding on to their property in case of lower-than-expected rental yields, there will be unoccupied spaces contributing to lower and slower supply growth.
However, if the 139,000 units that the EFG Hermes report counted for scheduled delivery in 2008 do actually enter the market next year, the market will clearly be quickly saturated, and the correction predicted by the report and Standard Chartered Bank among others will be a reality by then.
The buyer demographic is seeing a definitive shift from the typical buy-to-let investor to the end-user segment. The recent spate of property launches and associated mortgage lending facilities and patterns are also a further indicator of this fact and have added to the comfort of the owner-occupier. With rentals and associated expenses in Dubai still showing no signs of cooling down, an increasing number of mid-end home buyers are entering into the market with increasing frequency.
For further information on the Dubai property market and the array of properties on offer visit gowealthy.com.
31 July 2007
Peter Penhall, CEO of Gowealthy Holdings gives a run down of the Dubai property market and how it compares to the rest of the world.
Mature international markets are going through the natural mode of settling into corrections. To take examples of current housing markets, the US is seeing prices falling for the first time in 11 years with around 4.2 million unsold homes at the end of April. The annualised rate of second hand home sales is also falling by 2.6 per cent to 5.99 million in April, compared to the UK, Ireland, Spain, Denmark, the Netherlands and Australia, where recent price increases have been the largest. Even relatively new to fame, markets such as India are experiencing a cooling in the real estate prices. In any investment market prices eventually revert to a long term average. Home prices are cheaper in absolute and relative terms in Dubai and there is still some way to go, before the notion of a ‘bubble’ can be stamped on.
A rough parallel could be drawn between the Dubai freehold property market and Singapore. In Singapore rental prices are similar to Dubai, but property purchase prices are double. Whether that is going to happen in Dubai, or will Dubai rentals collapse due to oversupply, sending property prices lower is up for argument. It may be a little premature to make a definitive judgment on this critical point. However, we can draw some conclusions.
A quick view of the global property markets in recent years throws up certain consistencies such as static rentals and rising property prices. This can be attributed to falling interest rates, which have increased the real value of rentals and therefore property prices. The Dubai property market has yet to adjust to this, perhaps because the mortgage market is still relatively underdeveloped, and most Dubai property is still bought with cash.
As and when Dubai banks further develop their mortgage lending portfolios to something nearer to normal world levels, a possible expansion of local credit may push up property prices, unless the supply Vs demand equation changes.
The current rental yields, for example are quite high by global standards, at 7% to 10%, which still reflects the fact that the Dubai property market is still relatively under-matured. A longer term return to normalcy would mean either a drop in rentals or a hike in property prices. There are documented studies in the market that show that the Dubai real estate market will first undergo some kind of a correction downwards in capital and rental prices due to oversupply in 2008-9 (EFG – Hermes).
One thing is certain, in the long run, Dubai rental yields will be more in line with international yield patterns. Also, as mentioned earlier, the rapidly maturing mortgage market will see home prices being driven up and result in a drop in rental yields.
‘Will demand match supply?’ This is the million dollar question, and there is no doubt that in the medium-term, demand will sustain at current levels at least. The Dubai Statistic Department figures point to a Dubai population growth of just over 100,000 in 2006, with roughly 50% having a mid-end to high-end home owning potential. With a widely accepted practice of 2.5 people per unit, this would have meant a requirement of around 20,000 units of accommodation.
A shortfall in deliveries by around 10,000 to 15,000 units as per industry learnings, means that there is further pent-up demand this year in addition to the 2007 demand that has arisen due to normal population growth itself. If we follow the same logic, then a demand of around 30,000 to 35,000 units come into play this year which is not too far away from the deliveries that are being predicted for 2007. With many property owners having bought property as second homes and others having the luxury of holding on to their property in case of lower-than-expected rental yields, there will be unoccupied spaces contributing to lower and slower supply growth.
However, if the 139,000 units that the EFG Hermes report counted for scheduled delivery in 2008 do actually enter the market next year, the market will clearly be quickly saturated, and the correction predicted by the report and Standard Chartered Bank among others will be a reality by then.
The buyer demographic is seeing a definitive shift from the typical buy-to-let investor to the end-user segment. The recent spate of property launches and associated mortgage lending facilities and patterns are also a further indicator of this fact and have added to the comfort of the owner-occupier. With rentals and associated expenses in Dubai still showing no signs of cooling down, an increasing number of mid-end home buyers are entering into the market with increasing frequency.
For further information on the Dubai property market and the array of properties on offer visit gowealthy.com.
Monday, July 16, 2007
Dubai World eyes real estate acquisitions in US and Asia
Dubai World eyes real estate acquisitions in US and Asia
Web posted at: 7/13/2007 8:52:48
Source ::: REUTERS
SINGAPORE • Dubai World, the investment holding firm of the Dubai government, said its real estate arm is looking to expand in the United States and Asia and is set to make an acquisition soon.
“We like the market in Singapore and we’re evaluating opportunities here. We are looking at China, Vietnam, Thailand,” Dubai World Chairman Sultan Ahmed Bin Sulayem told Reuters on the sidelines of a press briefing yesterday.
Dubai World’s real estate firm, Nakheel Group – the developer of three palm-frond shaped islands off Dubai’s coast – recently said it would launch an international arm to pursue projects outside of Dubai.
In December last year, it sold the world’s largest Islamic bond, raising $3.52bn.
Asked what the timeframe was for Nakheel’s next acquisition, Sulayem said he hopes “that it can come within the next few months,” adding these would be in Asia and the US.
Dubai World holds a multi-billion dollar portfolio that includes British ports operator P&O and has been taking on considerable debt to fund its acquisitions for its various businesses.
The investment firm’s private equity arm, Istithmar, has also been buying up US property aggressively. Last year, it bought a 73 per cent stake in the Mandarin Oriental New York, acquired retailer Loehmann’s, the Knickerbocker Hotel in New York, and office block 280 Park Avenue in April.
Istithmar and Nakheel have also said that they plan to develop tourist resorts and real estate projects in African nations including Kenya and Mozambique to tap rising leisure demand.
Istithmar recently made an $825 million offer for New York luxury retailer Barneys in June, but its bid could be scuppered by Japan’s Fast Retailing, which later offered $900 m.
Sulayem said Dubai World has no plans to list its ports operator, dismissing earlier news reports that it was seeking a public float.
“I don’t believe listing is an option now. Not at the current time, no,” he said.
In November 2005, Dubai Ports World, the investment firm’s port operator and the world’s third-largest container port operator, said it was planning an initial public offering (IPO) within two years.
Its holding company issued a $3.5bn Islamic bond, or sukuk, convertible into shares in any IPO.
“We evaluate what is the most efficient way of financing and if we prove that listing part of it will be cheaper, then we’ll do it. So far, we’ve proven that issuing bonds is better for us,” Sulayem said.
Sulayem was in Singapore to finalise the acquisition of Singapore shipyard firm Pan-United Marine by Dubai Drydocks World, the global maritime arm of Dubai World.
Dubai Drydocks said in a statement that it has received acceptances of approximately 84.8 per cent of shares in Pan-United Marine.
Web posted at: 7/13/2007 8:52:48
Source ::: REUTERS
SINGAPORE • Dubai World, the investment holding firm of the Dubai government, said its real estate arm is looking to expand in the United States and Asia and is set to make an acquisition soon.
“We like the market in Singapore and we’re evaluating opportunities here. We are looking at China, Vietnam, Thailand,” Dubai World Chairman Sultan Ahmed Bin Sulayem told Reuters on the sidelines of a press briefing yesterday.
Dubai World’s real estate firm, Nakheel Group – the developer of three palm-frond shaped islands off Dubai’s coast – recently said it would launch an international arm to pursue projects outside of Dubai.
In December last year, it sold the world’s largest Islamic bond, raising $3.52bn.
Asked what the timeframe was for Nakheel’s next acquisition, Sulayem said he hopes “that it can come within the next few months,” adding these would be in Asia and the US.
Dubai World holds a multi-billion dollar portfolio that includes British ports operator P&O and has been taking on considerable debt to fund its acquisitions for its various businesses.
The investment firm’s private equity arm, Istithmar, has also been buying up US property aggressively. Last year, it bought a 73 per cent stake in the Mandarin Oriental New York, acquired retailer Loehmann’s, the Knickerbocker Hotel in New York, and office block 280 Park Avenue in April.
Istithmar and Nakheel have also said that they plan to develop tourist resorts and real estate projects in African nations including Kenya and Mozambique to tap rising leisure demand.
Istithmar recently made an $825 million offer for New York luxury retailer Barneys in June, but its bid could be scuppered by Japan’s Fast Retailing, which later offered $900 m.
Sulayem said Dubai World has no plans to list its ports operator, dismissing earlier news reports that it was seeking a public float.
“I don’t believe listing is an option now. Not at the current time, no,” he said.
In November 2005, Dubai Ports World, the investment firm’s port operator and the world’s third-largest container port operator, said it was planning an initial public offering (IPO) within two years.
Its holding company issued a $3.5bn Islamic bond, or sukuk, convertible into shares in any IPO.
“We evaluate what is the most efficient way of financing and if we prove that listing part of it will be cheaper, then we’ll do it. So far, we’ve proven that issuing bonds is better for us,” Sulayem said.
Sulayem was in Singapore to finalise the acquisition of Singapore shipyard firm Pan-United Marine by Dubai Drydocks World, the global maritime arm of Dubai World.
Dubai Drydocks said in a statement that it has received acceptances of approximately 84.8 per cent of shares in Pan-United Marine.
Friday, July 13, 2007
Dubai World, the investment holding firm of the Dubai government, said its real estate arm is looking to expand in the United States and Asia
Dubai World, the investment holding firm of the Dubai government, said its real estate arm is looking to expand in the United States and Asia and is set to make an acquisition soon.
‘We like the market in Singapore and we’re evaluating opportunities here. We are looking at China, Vietnam, Thailand,’ Dubai World Chairman Sultan Ahmed Bin Sulayem told Reuters on the sidelines of a press briefing on Thursday.
Dubai World’s real estate firm, Nakheel Group — the developer of three palm-frond shaped islands off Dubai’s coast — recently said it would launch an international arm to pursue projects outside of Dubai.
In December last year, it sold the world’s largest Islamic bond, raising US$3.52 billion.Asked what the timeframe was for Nakheel’s next acquisition, Mr Sulayem said he hopes ‘that it can come within the next few months,’ adding these would be in Asia and the US.
Dubai World holds a multi-billion dollar portfolio that includes British ports operator P&O and has been taking on considerable debt to fund its acquisitions for its various businesses.
The investment firm’s private equity arm, Istithmar, has also been buying up US property aggressively. Last year, it bought a 73 per cent stake in the Mandarin Oriental New York, acquired retailer Loehmann’s, the Knickerbocker Hotel in New York, and office block 280 Park Avenue in April.
Istithmar and Nakheel have also said that they plan to develop tourist resorts and real estate projects in African nations including Kenya and Mozambique to tap rising leisure demand.
Istithmar recently made an US$825 million offer for New York luxury retailer Barneys in June, but its bid could be scuppered by Japan’s Fast Retailing , which later offered US$900 million.
In November 2005, Dubai Ports World, the investment firm’s port operator and the world’s third-largest container port operator, said it was planning an initial public offering (IPO) within two years.
Its holding company issued a US$3.5 billion Islamic bond, or sukuk, convertible into shares in any IPO.
Mr Sulayem was in Singapore to finalise the acquisition of Singapore shipyard firm Pan-United Marine by Dubai Drydocks World, the global maritime arm of Dubai World.
Dubai Drydocks said in a statement that it has received acceptances of approximately 84.8 per cent of shares in Pan-United Marine.
Source: The Business Times, 12 July 2007
‘We like the market in Singapore and we’re evaluating opportunities here. We are looking at China, Vietnam, Thailand,’ Dubai World Chairman Sultan Ahmed Bin Sulayem told Reuters on the sidelines of a press briefing on Thursday.
Dubai World’s real estate firm, Nakheel Group — the developer of three palm-frond shaped islands off Dubai’s coast — recently said it would launch an international arm to pursue projects outside of Dubai.
In December last year, it sold the world’s largest Islamic bond, raising US$3.52 billion.Asked what the timeframe was for Nakheel’s next acquisition, Mr Sulayem said he hopes ‘that it can come within the next few months,’ adding these would be in Asia and the US.
Dubai World holds a multi-billion dollar portfolio that includes British ports operator P&O and has been taking on considerable debt to fund its acquisitions for its various businesses.
The investment firm’s private equity arm, Istithmar, has also been buying up US property aggressively. Last year, it bought a 73 per cent stake in the Mandarin Oriental New York, acquired retailer Loehmann’s, the Knickerbocker Hotel in New York, and office block 280 Park Avenue in April.
Istithmar and Nakheel have also said that they plan to develop tourist resorts and real estate projects in African nations including Kenya and Mozambique to tap rising leisure demand.
Istithmar recently made an US$825 million offer for New York luxury retailer Barneys in June, but its bid could be scuppered by Japan’s Fast Retailing , which later offered US$900 million.
In November 2005, Dubai Ports World, the investment firm’s port operator and the world’s third-largest container port operator, said it was planning an initial public offering (IPO) within two years.
Its holding company issued a US$3.5 billion Islamic bond, or sukuk, convertible into shares in any IPO.
Mr Sulayem was in Singapore to finalise the acquisition of Singapore shipyard firm Pan-United Marine by Dubai Drydocks World, the global maritime arm of Dubai World.
Dubai Drydocks said in a statement that it has received acceptances of approximately 84.8 per cent of shares in Pan-United Marine.
Source: The Business Times, 12 July 2007
Thursday, July 12, 2007
Dubai World, the investment holding firm of the Dubai government, said its real estate arm is looking to expand in the United States and Asia
Dubai World, the investment holding firm of the Dubai government, said its real estate arm is looking to expand in the United States and Asia and is set to make an acquisition soon.
‘We like the market in Singapore and we’re evaluating opportunities here. We are looking at China, Vietnam, Thailand,’ Dubai World Chairman Sultan Ahmed Bin Sulayem told Reuters on the sidelines of a press briefing on Thursday.
Dubai World’s real estate firm, Nakheel Group — the developer of three palm-frond shaped islands off Dubai’s coast — recently said it would launch an international arm to pursue projects outside of Dubai.
In December last year, it sold the world’s largest Islamic bond, raising US$3.52 billion.Asked what the timeframe was for Nakheel’s next acquisition, Mr Sulayem said he hopes ‘that it can come within the next few months,’ adding these would be in Asia and the US.
Dubai World holds a multi-billion dollar portfolio that includes British ports operator P&O and has been taking on considerable debt to fund its acquisitions for its various businesses.
The investment firm’s private equity arm, Istithmar, has also been buying up US property aggressively. Last year, it bought a 73 per cent stake in the Mandarin Oriental New York, acquired retailer Loehmann’s, the Knickerbocker Hotel in New York, and office block 280 Park Avenue in April.
Istithmar and Nakheel have also said that they plan to develop tourist resorts and real estate projects in African nations including Kenya and Mozambique to tap rising leisure demand.
Istithmar recently made an US$825 million offer for New York luxury retailer Barneys in June, but its bid could be scuppered by Japan’s Fast Retailing , which later offered US$900 million.
In November 2005, Dubai Ports World, the investment firm’s port operator and the world’s third-largest container port operator, said it was planning an initial public offering (IPO) within two years.
Its holding company issued a US$3.5 billion Islamic bond, or sukuk, convertible into shares in any IPO.
Mr Sulayem was in Singapore to finalise the acquisition of Singapore shipyard firm Pan-United Marine by Dubai Drydocks World, the global maritime arm of Dubai World.
Dubai Drydocks said in a statement that it has received acceptances of approximately 84.8 per cent of shares in Pan-United Marine.
Source: The Business Times, 12 July 2007
‘We like the market in Singapore and we’re evaluating opportunities here. We are looking at China, Vietnam, Thailand,’ Dubai World Chairman Sultan Ahmed Bin Sulayem told Reuters on the sidelines of a press briefing on Thursday.
Dubai World’s real estate firm, Nakheel Group — the developer of three palm-frond shaped islands off Dubai’s coast — recently said it would launch an international arm to pursue projects outside of Dubai.
In December last year, it sold the world’s largest Islamic bond, raising US$3.52 billion.Asked what the timeframe was for Nakheel’s next acquisition, Mr Sulayem said he hopes ‘that it can come within the next few months,’ adding these would be in Asia and the US.
Dubai World holds a multi-billion dollar portfolio that includes British ports operator P&O and has been taking on considerable debt to fund its acquisitions for its various businesses.
The investment firm’s private equity arm, Istithmar, has also been buying up US property aggressively. Last year, it bought a 73 per cent stake in the Mandarin Oriental New York, acquired retailer Loehmann’s, the Knickerbocker Hotel in New York, and office block 280 Park Avenue in April.
Istithmar and Nakheel have also said that they plan to develop tourist resorts and real estate projects in African nations including Kenya and Mozambique to tap rising leisure demand.
Istithmar recently made an US$825 million offer for New York luxury retailer Barneys in June, but its bid could be scuppered by Japan’s Fast Retailing , which later offered US$900 million.
In November 2005, Dubai Ports World, the investment firm’s port operator and the world’s third-largest container port operator, said it was planning an initial public offering (IPO) within two years.
Its holding company issued a US$3.5 billion Islamic bond, or sukuk, convertible into shares in any IPO.
Mr Sulayem was in Singapore to finalise the acquisition of Singapore shipyard firm Pan-United Marine by Dubai Drydocks World, the global maritime arm of Dubai World.
Dubai Drydocks said in a statement that it has received acceptances of approximately 84.8 per cent of shares in Pan-United Marine.
Source: The Business Times, 12 July 2007
Friday, June 29, 2007
Dubai funds first direct offering in Malaysia
Saturday June 30, 2007
Dubai funds first direct offering in Malaysia
KUALA LUMPUR: Islamic funds distributed by Dubai's financial centre will be the first foreign funds to be offered directly to Malaysians under new rules that take effect on July 1.
Investors currently had to go through a feeder fund in Malaysia to gain exposure to foreign funds, the Securities Commission said. But the new guidelines, designed to ease marketing and distribution of foreign funds, will change that.
Malaysian and Dubai authorities signed a pact on March 27 to allow approved Islamic funds to be sold in their respective jurisdictions.
Foreign funds included, among others, retail unit trust funds or mutual funds, real estate investment trusts or private funds, whether unlisted or listed on an exchange, the regulator said.
The Dubai International Financial Centre, set up by the government of the Gulf Arab emirate to build a financial services hub there, was the first foreign jurisdiction recognised by Malaysia, the SC said in a statement.
“The list of recognised jurisdictions is set to expand with the signing of future mutual recognition agreements,” it added, but gave no details.
The pacts would also allow Malaysian manufactured funds to be offered and distributed in recognised jurisdictions, it said. – Reuters
Dubai funds first direct offering in Malaysia
KUALA LUMPUR: Islamic funds distributed by Dubai's financial centre will be the first foreign funds to be offered directly to Malaysians under new rules that take effect on July 1.
Investors currently had to go through a feeder fund in Malaysia to gain exposure to foreign funds, the Securities Commission said. But the new guidelines, designed to ease marketing and distribution of foreign funds, will change that.
Malaysian and Dubai authorities signed a pact on March 27 to allow approved Islamic funds to be sold in their respective jurisdictions.
Foreign funds included, among others, retail unit trust funds or mutual funds, real estate investment trusts or private funds, whether unlisted or listed on an exchange, the regulator said.
The Dubai International Financial Centre, set up by the government of the Gulf Arab emirate to build a financial services hub there, was the first foreign jurisdiction recognised by Malaysia, the SC said in a statement.
“The list of recognised jurisdictions is set to expand with the signing of future mutual recognition agreements,” it added, but gave no details.
The pacts would also allow Malaysian manufactured funds to be offered and distributed in recognised jurisdictions, it said. – Reuters
Wednesday, June 27, 2007
Emirates Tarian to launch $400 mln Asian fund
SINGAPORE (Reuters) - Singapore-based Emirates Tarian Capital will launch a Sharia-compliant investment fund worth over $400 million targeting Asian properties across all sectors, its managing director said on Wednesday.
"It will look at properties across the region. It will look mostly at commercial and residential and not so much at hospitality because of the sharia compliance (requirements)," Kunalan Sivapuniam said in an interview at the Reuters Real Estate Summit in Singapore.
Sharia or Islamic law prohibits the leasing of real estate for purposes such as alcohol production or pornography.
The investment firm is 60-percent owned by Emirates Investments Group, one of the investment firms such as Dubai World and Istithmar to have emerged from the oil-rich United Arab Emirates.
Kunalan said the fund would be managed by an independent fund manager with listed property trusts in Singapore.
"It will look at properties across the region. It will look mostly at commercial and residential and not so much at hospitality because of the sharia compliance (requirements)," Kunalan Sivapuniam said in an interview at the Reuters Real Estate Summit in Singapore.
Sharia or Islamic law prohibits the leasing of real estate for purposes such as alcohol production or pornography.
The investment firm is 60-percent owned by Emirates Investments Group, one of the investment firms such as Dubai World and Istithmar to have emerged from the oil-rich United Arab Emirates.
Kunalan said the fund would be managed by an independent fund manager with listed property trusts in Singapore.
Monday, June 25, 2007
Business centre sold out
Business centre sold out
DUBAI: Dubai-based property developer Memon Investment has completely sold out its first commercial venture, the Cambridge Business Centre, weeks after it was launched.
The 80 million dirhams development is located in Dubai Silicon Oasis, and is set for completion in 2009.
Designed by the Adnan Saffarini Office, the development is based on classical British architecture. The 10-storey tower will house 108 small, medium and large offices, with facilities including Wi-Fi technology, keyless entry, mood lighting and a hi-speed internet connection amongst others.
Commercial tenants will have a choice of 11 retail shops, cafes and restaurants, banking facilities and a travel agency. In addition there will be a rooftop health club with communal swimming pool, steam and sauna, juice bar and separate gyms for men and women.
DUBAI: Dubai-based property developer Memon Investment has completely sold out its first commercial venture, the Cambridge Business Centre, weeks after it was launched.
The 80 million dirhams development is located in Dubai Silicon Oasis, and is set for completion in 2009.
Designed by the Adnan Saffarini Office, the development is based on classical British architecture. The 10-storey tower will house 108 small, medium and large offices, with facilities including Wi-Fi technology, keyless entry, mood lighting and a hi-speed internet connection amongst others.
Commercial tenants will have a choice of 11 retail shops, cafes and restaurants, banking facilities and a travel agency. In addition there will be a rooftop health club with communal swimming pool, steam and sauna, juice bar and separate gyms for men and women.
Friday, June 22, 2007
Damac to expand property investments in the Far East
Damac to expand property investments in the Far East
BY JOSE FRANCO
21 June 2007
DUBAI — Damac Properties, one of the leading real estate developers in the UAE and whole Middle East, will announce within the next 12 months, new property investments in Malaysia and Singapore to expand its portfolio in the Far East.
Peter Riddoch, CEO of Damac, said the planned investment in the two Southeast Asian countries would be in addition to the company's project in the Far East — the Dh4.41-billion ($1.2 billion) mixed-use twin-towers in China's Tianjin Province.
A part of Damac Holding, Damac Properties is rapidly expanding its residential, leisure and commercial development projects in the Middle East, North Africa, Egypt, Morocco, Jordan, Lebanon, Qatar and the Far East.
Earlier, Damac announced its current projects in the UAE and other countries worth $30 billion including, among others, the $16-billion property development in Egypt and the $120-million in Lebanon.
Yesterday, the company unveiled its first branded tower, Damac Heights, located at Dubai Marina overlooking the Palm Jumeirah. The launch of the 90-storey tower is part of the company's promotion during the annual Dubai Summer Surprises (DSS), the 72-day long shopping and retail extravaganza that kicks off today.
Company officials said the Dh2.5-billion project, whose design is being finalised, would be completed during the first-quarter of 2011. The projects designer is the international architectural firm, Aedas.
Damac Heights will have 60 floors of one-, two- and three-bedroom apartments and 25 floors of duplexes and townhouses while the first five levels would house the parking space, restaurants, gym, swimming pool and other luxury lifestyle facilities.
"This lifestyle has my signature on it," said Hussain Sajwani, chairman of Damac Holding, of Damac Heights. "We have created a very special series of limitless luxury residences that carry the unmistakable signature of the Damac standard in luxury."
In a statement, Damac said that a purchase of Dh350,000 worth of property at any of its projects would entitle the buyer to enter into a fortnightly raffle draw during the DSS period. Five luxury cars are at stake — one Bentley Continental, two Aston Martin V8 Vantage Coupes and two Lamborghini Gallardo Coupes. It added that those interested get 14 days to pay 20 per cent of the price of any Damac apartments to be eligible for the raffle draw.
In the recent annual Dubai Shopping Festival (DSF), Damac announced an Dh87-million promotion that included one brand-new Eclipse 500 Jet, worth Dh5.5-million, given to one of the first 700 buyers of Damac Properties during the celebration.
BY JOSE FRANCO
21 June 2007
DUBAI — Damac Properties, one of the leading real estate developers in the UAE and whole Middle East, will announce within the next 12 months, new property investments in Malaysia and Singapore to expand its portfolio in the Far East.
Peter Riddoch, CEO of Damac, said the planned investment in the two Southeast Asian countries would be in addition to the company's project in the Far East — the Dh4.41-billion ($1.2 billion) mixed-use twin-towers in China's Tianjin Province.
A part of Damac Holding, Damac Properties is rapidly expanding its residential, leisure and commercial development projects in the Middle East, North Africa, Egypt, Morocco, Jordan, Lebanon, Qatar and the Far East.
Earlier, Damac announced its current projects in the UAE and other countries worth $30 billion including, among others, the $16-billion property development in Egypt and the $120-million in Lebanon.
Yesterday, the company unveiled its first branded tower, Damac Heights, located at Dubai Marina overlooking the Palm Jumeirah. The launch of the 90-storey tower is part of the company's promotion during the annual Dubai Summer Surprises (DSS), the 72-day long shopping and retail extravaganza that kicks off today.
Company officials said the Dh2.5-billion project, whose design is being finalised, would be completed during the first-quarter of 2011. The projects designer is the international architectural firm, Aedas.
Damac Heights will have 60 floors of one-, two- and three-bedroom apartments and 25 floors of duplexes and townhouses while the first five levels would house the parking space, restaurants, gym, swimming pool and other luxury lifestyle facilities.
"This lifestyle has my signature on it," said Hussain Sajwani, chairman of Damac Holding, of Damac Heights. "We have created a very special series of limitless luxury residences that carry the unmistakable signature of the Damac standard in luxury."
In a statement, Damac said that a purchase of Dh350,000 worth of property at any of its projects would entitle the buyer to enter into a fortnightly raffle draw during the DSS period. Five luxury cars are at stake — one Bentley Continental, two Aston Martin V8 Vantage Coupes and two Lamborghini Gallardo Coupes. It added that those interested get 14 days to pay 20 per cent of the price of any Damac apartments to be eligible for the raffle draw.
In the recent annual Dubai Shopping Festival (DSF), Damac announced an Dh87-million promotion that included one brand-new Eclipse 500 Jet, worth Dh5.5-million, given to one of the first 700 buyers of Damac Properties during the celebration.
Merrill Lynch & Co plans to raise funds to invest in real estate and infrastructure, chasing rivals Goldman Sachs Group and Morgan Stanley in offering clients alternatives to takeover funds.
‘There’s no doubt the infrastructure space is an opportunity that’s clearly evolving,’ Ahmass Fakahany, co-president of Merrill, said yesterday at a news conference in Dubai, United Arab Emirates. The size of the funds ‘depends on the opportunities’, Mr Fakahany said, declining to be more specific.
The New York-based company, the world’s third-largest securities firm by market value, aims to invest its own and clients’ capital in the funds, Mr Fakahany said. Pension funds, other institutional investors and wealthy people are putting more money into real estate, which can produce better returns than investing in corporate buyouts.
They are also pouring money into funds that invest in toll roads and other infrastructure as more governments around the world sell assets to private investors. Morgan Stanley, the largest property investor among Wall Street banks, is raising US$8 billion for its sixth high-return real estate fund, which will invest mainly in Asia and Europe.
Source: The Business Times, 21 June 2007
‘There’s no doubt the infrastructure space is an opportunity that’s clearly evolving,’ Ahmass Fakahany, co-president of Merrill, said yesterday at a news conference in Dubai, United Arab Emirates. The size of the funds ‘depends on the opportunities’, Mr Fakahany said, declining to be more specific.
The New York-based company, the world’s third-largest securities firm by market value, aims to invest its own and clients’ capital in the funds, Mr Fakahany said. Pension funds, other institutional investors and wealthy people are putting more money into real estate, which can produce better returns than investing in corporate buyouts.
They are also pouring money into funds that invest in toll roads and other infrastructure as more governments around the world sell assets to private investors. Morgan Stanley, the largest property investor among Wall Street banks, is raising US$8 billion for its sixth high-return real estate fund, which will invest mainly in Asia and Europe.
Source: The Business Times, 21 June 2007
Saturday, June 9, 2007
Discovery Gardens, Dubai
Discovery Gardens, Dubai
Overseas property - Dubai property
Discovery Gardens, DubaiA new community of spacious, multi-sized apartments, Discovery Gardens is paradise for anyone who's ever wanted to live among a choice of lush foilage, desert blooms or beautifully manicured lawns.
Capturing the rich diversity of nature and inventive landscaping, this unique community features Zen, Mediterranean, Contemporary, Cactus, Mogul and Mesoamerican courtyard gardens.
Discovery Gardens puts residents at the centre of the new Dubai - from the world's largest themed mall - The Gardens Shopping Mall where a variety of dining options and fine retailers can be found alongside everyday necessities; Dubai Marina - offering a vibrant evening destination; and the beach - to Dubai's top business parks – Dubai Internet & Media City, and Jebel Ali Free Zone.
Our offering of Mogul Gardens feature a unique style and lush environment that will appeal to residents, and to investors looking for the highest possible investment return. The apartments in Mogul Gardens are exquisitely designed using marble and ceramic tiles from around the region, with maple finishing and attractive lighting to bring warmth and comfort.
Location
Discovery Gardens is located between Sheikh Zayed Road and Emirates Road, and is central to everything Dubai has to offer. Residents will enjoy close proximity to exceptional shopping and leisure activities in nearby Jumeirah, as well as being only minutes away from Jebel Ali Free Zone, an international business hub.
Developed by Nakheel, Dubai's foremost developer, they have invested over $10 billion in iconic projects such as The Palm, The World and International City. Nakheel projects are the embodiment of Dubai’s dreams for tomorrow. From high-rise suites overlooking the Arabian gulf, the creation of iconic investment opportunities, or communities of spacious homes near exceptional shopping, Nakheel delivers with quality, experience and a unique sense of place.
In addition to the beautiful landscaping this community offers, Discovery Gardens will feature a variety of amenities and activities, including community swimming pools, tennis courts, a football pitch, expansive parking and trails for cycling and jogging.
Key facts
Prices from AED 300,000
Completion March 2008
Unit types Studio and one bed apartments
Overseas property - Dubai property
Discovery Gardens, DubaiA new community of spacious, multi-sized apartments, Discovery Gardens is paradise for anyone who's ever wanted to live among a choice of lush foilage, desert blooms or beautifully manicured lawns.
Capturing the rich diversity of nature and inventive landscaping, this unique community features Zen, Mediterranean, Contemporary, Cactus, Mogul and Mesoamerican courtyard gardens.
Discovery Gardens puts residents at the centre of the new Dubai - from the world's largest themed mall - The Gardens Shopping Mall where a variety of dining options and fine retailers can be found alongside everyday necessities; Dubai Marina - offering a vibrant evening destination; and the beach - to Dubai's top business parks – Dubai Internet & Media City, and Jebel Ali Free Zone.
Our offering of Mogul Gardens feature a unique style and lush environment that will appeal to residents, and to investors looking for the highest possible investment return. The apartments in Mogul Gardens are exquisitely designed using marble and ceramic tiles from around the region, with maple finishing and attractive lighting to bring warmth and comfort.
Location
Discovery Gardens is located between Sheikh Zayed Road and Emirates Road, and is central to everything Dubai has to offer. Residents will enjoy close proximity to exceptional shopping and leisure activities in nearby Jumeirah, as well as being only minutes away from Jebel Ali Free Zone, an international business hub.
Developed by Nakheel, Dubai's foremost developer, they have invested over $10 billion in iconic projects such as The Palm, The World and International City. Nakheel projects are the embodiment of Dubai’s dreams for tomorrow. From high-rise suites overlooking the Arabian gulf, the creation of iconic investment opportunities, or communities of spacious homes near exceptional shopping, Nakheel delivers with quality, experience and a unique sense of place.
In addition to the beautiful landscaping this community offers, Discovery Gardens will feature a variety of amenities and activities, including community swimming pools, tennis courts, a football pitch, expansive parking and trails for cycling and jogging.
Key facts
Prices from AED 300,000
Completion March 2008
Unit types Studio and one bed apartments
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