Real Estate

News in brief

Bloom Central ... a mixed-use project.

Bloom completes 25-storey complex in Abu Dhabi

Bloom Properties has completed a 25-storey mixed-use project comprising two blocks in the heart of Abu Dhabi, UAE. The first block of Bloom Central includes the Marriott Executive Apartments Downtown Abu Dhabi that consists of 64 serviced one-, two- and three- bedroom apartments, as well as 49 two- and three-bedroom Bloom Residences and 7,000 sq m of premium office space spread across five storeys. The second is home to Bloom Hospitality’s first hotel property in Abu Dhabi, the Marriott Hotel Downtown Abu Dhabi, a 315-room five-star hotel managed by Marriott Hotels.

Bloom Central is also home to the headquarters of Bloom Holding and other companies in Abu Dhabi.


Majid Al Futtaim wins ‘Green Star’ status for third year

Majid Al Futtaim, a regional shopping mall, retail and leisure pioneer, says it has won the Green Star status for the third year in a row by the Global Real Estate Sustainability Benchmark (GRESB) scheme.

Identifying leaders in the real estate sector, GRESB compared more than 700 key players of the industry against various sustainability indicators such as management, policy and disclosure, risks and opportunities, monitoring and EMS, performance indicators, building certifications, stakeholder engagement and new construction and major renovations, says the company.

Majid Al Futtaim Properties has improved its performance since 2013, from 56 per cent in 2013 to 78 per cent in 2016, according to GRESB. The Middle East retail pioneer is the sixth best performing non-listed company in the retail sector in Asia, it adds.

Majid Al Futtaim says this global recognition of its sustainability leadership clearly demonstrates the successful implementation of the sustainability strategy across the business – aiming to create prosperous communities, high performing assets and enabling its property arm to pioneer standards.

Ibrahim Al Zu’bi, the head of sustainability at Majid Al Futtaim Properties, says the company has now reached almost 75 per cent of its 2018 sustainability goals, and holds eight green building certifications.


Diyar Al Muharraq seals $366m project finance deal

Diyar Al Muharraq has signed a Murabaha contract worth $366 million with a group of local banks in order to provide financial liquidity to develop its Deerat Al Oyoun project in Bahrain.

The agreement was signed by the developer with leading lenders including Al Salam Bank – Bahrain, Kuwait Finance House, Bank of Bahrain and Kuwait and Al Baraka Islamic Bank of Bahrain at a ceremony held at the Four Seasons Bahrain Bay Hotel in Bahrain.

The participating banks will fund Deerat Al Oyoun – which costs approximately $700 million – with $366 million in the form of partial funding.

Diyar Al Muharraq will bear the responsibility for financing and constructing all units of the social housing project as well as the initial infrastructure and public utilities.

Located in the heart of Diyar Al Muharraq, Deerat Al Oyoun will span across 1.2 million sq m and will comprise an ideal residential community with integrated community services centres and green pack spaces.


First Group wins award for Dubai hotel

Millennium Place JVT Dubai, an upcoming hotel from The First Group, has received a Highly Commended Award in the Best New Hotel Design & Construction category at the 2016-17 Africa & Arabia Property Awards.

The striking 34-storey glass-clad hotel property, which is scheduled to open in 2019 and will be managed by Millennium Hotels & Resorts, is the group’s fourth hotel currently under development in Dubai, with other projects located in Dubai Marina, Business Bay and Jumeirah Village Circle (JVC).

A British-owned international hotel and property development company based in Dubai, The First Group said the property eclipsed a host of high-profile rivals to receive the honour, which was judged by an esteemed panel of more than 70 internationally recognised architectural and design experts.

The First Group’s hotel portfolio includes the prestigious Wyndham Dubai Marina, which is managed by the world’s largest hotel operator, Wyndham Hotels Group.

The awards recognition follows the recent appointment of Indian Test cricket legend Sunil Gavaskar as The First Group’s newest ambassador. 

The 599-room Millennium Place JVT Dubai has been designed with business and leisure guests in mind, with facilities including two restaurants, a spa, business centre, and a rooftop clubhouse with swimming pool, gym, steam rooms and a sundeck.


A living room within Studio One.

A living room within Studio One.

Nakheel opens first hotel at Ibn Battuta Mall

The first of two Nakheel hotels at Ibn Battuta Mall in Dubai opened last month, marking another major milestone in the developer’s Dh3 billion ($816.5 million) hospitality expansion programme.

The 372-room hotel is managed by Premier Inn Hotels.  It is the second in a diverse range of 14 Dubai hotels by Nakheel and one of two at the world-famous Ibn Battuta Mall, which is currently undergoing a Dh700-million ($190.5 million) expansion. Nakheel’s first hotel, at Dragon Mart, opened earlier this year.

 Premier Inn Dubai Ibn Battuta is directly connected to both the mall and the Ibn Battuta Metro station. Hotel facilities include an all-day restaurant, Costa coffee shop, swimming pool, gym and business centre with meeting and conference rooms. Guests can also enjoy free, 24-hour wi-fi access.

Nakheel chairman Ali Rashid Lootah says: “This is one of 14 projects in our hotel pipeline that will bring more than 5,200 new hotel rooms to Dubai by 2020. I am delighted to partner with Premier Inn – a globally-renowned operator with a solid track record – for our first hotel at Ibn Battuta, and immensely proud of the teams who have worked to deliver it on schedule.”

Premier Inn is also the operating partner for Nakheel’s second hotel at Dragon Mart, due to open in 2018.


Select unveils new residential tower in Dubai

Select Group has launched its 14th project, Studio One, a 31-storey residential development to be built at an estimated cost of Dh450 million ($122 million) at Dubai Marina in Dubai, UAE.

The project features studios and one-bedroom apartments and a limited number of two-bedroom apartments. The deconstructed themed, urban and efficient floor layout of Studio One is inspired by the growing segment of customers that demand high-quality residences in premier communities at attractive rates.

Apartments range from 360 sq ft to 1,100 sq ft and feature full length windows and stunning sea and marina views.

Prices of studios start from Dh574,000 ($156,230) onwards, one-bedroom from Dh899,000 ($244,688) and two-bedroom apartments from Dh1.34 million ($364,719). The Studio One project is likely to be completed in December 2018.


New real estate company launched in Dubai

Emirati entrepreneur Mohammed Bin Zaal has launched KAO, a new company, that aims to create livable spaces which reflect the lifestyles of a new, forward-thinking generation of UAE residents.

KAO will seek to redefine what urban communities mean in the region with spaces that are designed to enhance work, rest and play, explains Bin Zaal, the former CEO of luxury developer Al Barari.

Under the KOA umbrella, Bin Zaal will be developing unique residential communities, retail concepts, and introduce a new approach to working spaces.  

Bin Zaal points out that KOA’s properties will include residential, commercial, retail spaces that are regionally unmatched in terms of new design, special services, and access to culture, nature and real buzzing communities.

KOA’s debut project ‘Canvas’ will be a showcase of the company’s ethos in terms of design, finish and facilities. Located near Mohammed bin Rashid Gardens, the seven-floor property will boast 70 apartments, each promising perfect sunset and Dubai city views. 

Canvas will preserve the ecological balance and sustainability of the local area through landscaping focused on celebrating the region’s indigenous plant species.

Canvas is offering studio, one-, two- and three-bedroom apartments. The sales of Canvas units will begin this month (November) with an expected completion date of December 2017.


SRG launches $191m residential project in Dubai

SRG Holding  has launched a new Dh700-million ($191 million) residential project called Marquise Square at Business Bay in Dubai, UAE.

A striking 29-floor development, Marquise Square will boast 384 apartments with impressive views of the world-famous Burj Khalifa tower once the project is completed in 2018.

About 62 per cent of the building’s 384 apartments will be studios with prices starting from Dh895,000 ($243,600), says SRG Holding.

A leading player in the region, SRG Holding has extensive operations in property development and management, hospitality, wholesale trading, and investments.

The company has roped in top global developers and property operators Select Property Group as the exclusive sales agent for Marquise Square.

Just seconds from the waterfront of Dubai Canal, Marquise Square will feature a podium-level swimming pool, hi-tech gymnasium and cinema room.