Property Times Magazine December 2014

///// Issue 25 - December 2014

PG 20

Empowering the Buyers & Renters in Dubai

to choose the best in the industry

PG 08

Recap of

2014

by REIDIN.com

PG 26

Arabian Ranches

Market Day

by Emaar

Community Management

PG 36

Where to invest in 2015?

Kunal Puri, La Capitale

Servicing Dubai’s

real estate industry for

2

Property Search just got better...

Years

Why use Lannhill when buying your property?

• Professional, reliable and knowledgeable brokers • Large portfolio of direct properties to choose from • Strong market presence and reputation

Why list your property exclusively with us?

• Open house arrangements • Our exclusive FOR SALE/RENT board outside your property • Accompanied viewings in our branded cars

For a complete suite of real estate services, contact us at : 901 Marina Plaza, Dubai Marina | Tel: +971 (4) 3657222 | Email: info@lannhill.com

|

ORN 2062

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FROM THE EDITOR

OUR TEAM BINESH Panicker

Editor-in-Chief & Co-Founder binesh@propertyonline.ae

JATIN Deepchandani

Head of Sales, Marketing & PR jatin@propertyonline.ae

SYED Ghayuor

Sales Manager syed@propertytimes.ae

THINKAL Bhal

Manager - Special Operations & Events thinkal@propertyonline.ae

RESHMI Raveendran

Sales, Marketing & PR Executive reshmi@propertyonline.ae

NYSAM K Shahul

Senior Graphic Designer nysam@propertyonline.ae

Binesh Panicker

Editor-in-Chief & Co-Founder

TOSEEF Ali Tidiwala

Accounts Executive ali@propertyonline.ae

TIME TO CELEBRATE OUR SECOND ANNIVERSARY AND THE LAUNCH OF AWARDS December is an extremely important month for all of us at Media Lab Publishers as it was in December 2014 that the first issue of Property Times was out.

This December, however, has given us one more reason to celebrate. The launch of Property Times Real Estate Awards 2015, held on 10th December at The Oberoi, Dubai, received an overwhelming response from the industry. I am extremely grateful to Marwan Bin Ghalaita, the CEO of Dubai’s Real Estate Regulatory Agency (RERA) for supporting this unique concept of awards for the market. The lines are now open for the real estate agencies to nominate themselves and I hope all those who believe they have been taking care of their customers will certainly choose to be a part of it.

In this issue of Property Times, we carry an exclusive article on the awards launch event. Also we have some interesting insights into how the market is expected to fare next year from leading experts from the industry apart from a special feature on the best areas to invest in next year by Kunal Puri, Managing Director of La Capitala Real Estate. Our contributor Neha Kaul talks to the residents of the Motory City community to analyze what is good

and what is not. Nicole Walter, our contributor, takes us through the Dubai Parks and Resorts project, which is expected to attract visitors from all over the world onceready, while she also analyses the growing competition between Fujairah and Ras Al Khaimah hospitality sectors in another article.

Finally there is some good news for expats who have been eyeing the real estate market in Sharjah with the launch of Tilal City. This issue carries an exclusive article on this mater development

by Tilal Properties.

Also in this issue is an exclusive coverage of Arabian Ranches Market Day, which was attended by hundreds of residents. Kudos to the Emaar Community Management team for organizing such events, which will enhance the community feel in the development.

Hope you will enjoy reading the second anniversary edition of Property Times.

KIRAN Reddy

E-magazine support kiran@propertyonline.ae

Srikanth Reddy

E-magazine support srikanth@propertyonline.ae

MANAF CK

Admin Exicutive manaf@propertyonline.ae

MARY Grace Antonio

Executive Assistant to Editor in Chief grace@medialabpublishers.com

CONTRIBUTOR Nicole Walter

Freelance Writer

Neha Kaul

Freelance Writer

PUBLISHER

MEDIA LAB PUBLISHERS LLC Office 135, B Block, Al Shafar investment Building, Near 3rd interchange Sheikh Zayed Road, Dubai, UAE, PO.Box: 235504, Tel: +971 4 33 86 724 Fax: +971 4 33 86 734 www.propertyonline.ae info@propertyonline.ae

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December 2014 Issue -25 /// 5

Meydan - Dubai

MILLENNIUM C O L L E C T I O N

CONSTRUCTION IS IN FULL SWING | AVAILABLE FOR RESALE

Millennium Estates | Meydan - Type A Type B Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 10% Premium

Actual villa image

Type B Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 20% Premium Type B Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 25% Premium Type B Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 20% Premium Type B Phase 3 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 15% Premium Type B Phase 3 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 10% Premium Type B Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft Plot: 12000 Sq.ft One of the Largest Plots North East / Vastu Facing 25% Premium Entrance Option to add Private Elevator Approx 250,000 cost.

Type C Phase 3 - 5 Bedroom + Maids + Drivers BUA: 5221 Sq.ft, Plot: 7000 Sq.ft

7% Premium

Millennium Estates | Meydan - Type B

Grand Views | Meydan - Villa

5 Bedrooms G+1 Villa BUA 6,993 SQFT, 2 living rooms + maids room + drivers room, Marble Flooring Most Areas, Parquet Flooring Bedrooms, Pogen Pohl Kitchens, Partial Stone External Cladding on the exterior.

6 Bedrooms G+2 Villa - BUA 6,044 SQFT, Marble Flooring, Parquet Flooring in bedrooms, Ceramic Floorings in Kitchen + toilets + Maids room + drivers room, Pogen Pohl Kitchen Appliances, Mixers from Grohe, Electric Garage, Internal Elevator + free terrace.

5 Bedroom G + 1 Villa Area 7,371 SQFT, 2 living rooms + maids room + drivers room Marble Flooring Most Areas, Parquet Flooring Bedrooms, Pogen Pohl Kitchens, Partial Stone External Cladding on the exterior

Grand Views | Meydan - Town house

4 Bedrooms G+1 Townhouse BUA 3,130 SQFT, Marble Flooring in entrance and staircase, ceramic floorings in bedrooms & living room, Pogen Pohl Kitchen appliances, mixers from Grohe.

toll free

millenniumestates.ae millenniumestates.ae/grandviews

800773 S

P

F

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24

08

Column by the Wolf of Real Estate

NEWS AND ANALYSIS: 2014 recap by REIDIN.com

41

10 Column by Nita Maru,

Ideal solutions for your home

TWS Legal Consultants

44

Villa segment in 2015 by SNS Properties

12

PROPERTY EXPERT: Dounia Fadi, elysian

50

Interview with Helen Penza Safai, Design Mobl

14

MORTGAGE EXPERT: Feyisesan Ekundare, MortgageMe

16

INTERIOR EXPERT: Adam Riccio, Under One Roof

18

20

Arabian Ranches Market Day

58

Force Majeure : Column on

by Jitheesh Thilak

60

LEGAL EXPERT: Jerry Parks, Taylor Wessing

Property Times People’s Choice Real Estate Awards 2015

52

Fujairah vs RAK hospitality sectors

Exclusive property listings

26

Where to invest in 2015?

36

Expats can now buy in Sharjah: Tilal City

December 2014 Issue -25 /// 7

46

News & Analysis

propertyonline.ae

RECAP: 2014

AHMET KAYHAN CEO, REIDIN.com

Property Times in association with REIDIN takes a look at how the Dubai real estate fared in 2014.

By Binesh Panicker December 2014 Issue -25 /// 8

Y

ear 2014 turned out to be a better year for the market as it witnessed the launch of a large number of big, medium and small scale projects announced by master developers such as Emaar Properties and Nakheel and other developers. New developers also made their foray into Dubai's real estate market including Danube Properties and Porto Fino Real Estate Development. While

the secondary market witnessed some ups and down throughout the year, the off plan sector continued to attract more and more buyers and investors with good quality products and payment plans. REIDIN, in this space, shares with Property Times readers exclusive and most up-todate data about how the villa and apartment communities in the freehold areas performed this year.

News & Analysis

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REIDIN.com is widely used by real estate agents and investors for reliable, well-researched information on the country’s real estate sector. REIDIN.com, founded in 2007, is a leading real estate information company focusing on UAE, Turkey and other emerging countries. REIDIN.com helps professionals and individuals easily access the real estate information they need to make more informed investment, purchase, sales, rent, mortgage, finance, development and management decisions. REIDIN.com ‘Data and Research Team’ together with a global network of information partners endeavours to provide high-end analysis and research support to its clients.

Source : REIDIN.com

December 2014 Issue -25 /// 9

Expert Advice

propertyonline.ae

Nita Maru LLB (Hons) UK Solicitor and Managing Partner TWS Legal Consultants

Dubai skyline

UPCOMING DIFC WILLS AND PROBATE REGISTRY: EARLY 2015 In my line of business, I often use the words of American author and academician John M. Richardson, Jr., “When it comes to the future, there are three kinds of people: those who let it happen, those who make it happen, and those who wonder what happened.”

A

s an expatriate in the UAE, you may be very concerned about creating wealth and using it wisely during your life here.

But it is more important to protect it - and your family - by deciding now what to do when faced with death.

In principle, the bank accounts of a deceased person will be frozen until all liabilities such as car, property and personal loans, credit cards, and business debts are cleared. Sometimes, a bank account can be ‘frozen’ within mere

hours of a fatality but the procedures for reactivating it are both lengthy and complex. Likewise, in the event of a shareholder’s death, local probate laws are applied to a business and the results may be unpleasant - shares do not pass automatically by survivorship, nor can another family member take over in lieu. Equally the dilemma of who’s to inherit property in the UAE in the event of death is usually confronted only when it’s found that the deceased left no will, that the estate heirs’ claims

QUALIFIED SOLICITORS DEDICATED TO PROTECTING YOU YOUR FAMILY AND YOUR ASSETS. Wills | Probate | Business Succession Planning | Company Formation | Contracts | Family & Divorce Matters

Expert Advice

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are being contested or that the current laws are unclear about properties purchased in this region.

In a landmark move following the pressing need for clarity on the current wills and inheritance legislation, we are pleased to welcome the upcoming regime from the DIFC: The ‘DIFC Wills and Probate Registry’, that should provide certainty for non-Muslim expatriates to pass on their Dubai estate in the event of death to their chosen beneficiaries.

1. The DIFC Wills and Probate Registry will mark the introduction of a new set of rules relating to succession and inheritance matters for non-Muslims with assets in Dubai.

2. The DIFC Wills and Probate Registry will provide a mechanism for non-Muslims with assets in Dubai to pass on their estates according to their wishes.

3. The rules governing the Wills and Probate Registry will complement existing UAE laws on inheritance for non-Muslims, and provide non-Muslims with the option and right to choose the way in which their estates are distributed.

4. The DIFC Wills and Probate Registry will be within the DIFC jurisdiction and will work with the DIFC Courts for the production of grants and court orders for the distribution of assets.

5. The DIFC will be the first jurisdiction in the MENA region, where non-Muslims can register a will under internationally-recognized common law principles.

6. By creating legal certainty for non-Muslim inheritance, the Wills and Probate Registry will encourage capital investment in Dubai and support economic growth.

Due to our established Wills and Inheritance Department and expertise in this area, we are pleased to have participated in the working group involved in formulating and contributing to the DIFC Wills

and Probate Registry Rules. It is hoped that the Registry will be functional by early 2015.

Expatriates that wish to prepare a DIFC Will or those that wish to have their existing Wills reviewed in light of these developments may wish to seek professional legal advice from lawyers licensed by the Government of Dubai Legal Affairs Department. We have recently featured in the media as part of the working group discussing the new DIFC Registry. Please see the links below to read the recent press coverage. http://gulfnews.com/news/gulf/uae/government/will-registry-for-expats-launched-by-difc-1.1421936 http://www.thenational.ae/business/economy/registry-forexpat-wills-set-for-launch-at-difc

For further information please contact: TWS Legal Consultants, Office Suite 3001, HDS Tower, J L T , Dubai.

Tel: +971 4 448 4284, Email: info@willsuae.com Website: www.twslegal.ae and www.willsuae.com Licensed by The Government of Dubai Legal Affairs Department and Registered with the Dubai International Financial Centre Courts’

Call: +9714-4484284 Email: info@willsuae.com Website: www.willsuae.com www.twslegal.ae

Expert Advice

propertyonline.ae

with property expert Our expert answers the queries about your real estate investments.

I am planning to invest in three 2-bedroom apartments in different communities in Dubai as an investment. I am looking at rental income and appreciation. Which areas would you recommend and why?

Since you have the budget for three properties, we would recommend three different options, which can ensure a great ROI and capital gain. First option would be JLT (Jumeirah Lake Towers) because the rental income is good given the fact that it is very close to Sheikh Zayed Road and also a walking distance or/and a short drive to Dubai Marina and JBR Walk, The Beach. JLT will always maintain its value and be the choice of many working couples or families in Dubai. Second option will also be in JLT but this time we will offer a hotel apartment option that is due for completion by Q3 2015, this will ensure a great capital gain once ready or close to completion also hotel apartment when purchased off plan guarantees a great rental returns. Third option that we could advise you to go for is a two-bedroom townhouse in JVT or Springs. At the current market trends we can find a very good deal in these two areas that ensure a decent rental return and because it is a townhouse (double story home with garden) it is a desirable option for many small families.

Dounia Fadi

Managing Director elysian 04 323 4545 I have listed my villa with a real estate agency exclusively and we finalized the asking price together considering the market trends and transactions in the area.

However, the agency has not managed to find a buyer yet and they are forcing me to reduce the price. How do I get my pricing right? Is there any tool, which I can use?

Pricing your property correctly is the most important factor to consider when selling it. For us at elysian, it is part art and part science, because we look at every aspect when pricing a house. One of the very first steps to establishing what your property is worth are the asking price of local comparable properties and the prices achieved in recent sales transactions at DLD but we not only look at the identical properties in the same community as yours, we also compare it to the nearby communities that potential buyers could consider as well while looking at houses in your neighborhood. We also adjust the prices depending on plot size variances, views, upgrades and proximity to amenities.

What kind of services does your company provide to an overseas investor? Do you have property management services also? elysian is an award winning and one of the top real estate agencies in Dubai. We have local and international branches that offer a wide range of property choices and investments locally and internationally. elysian offers a great variety of services under one roof: buying, selling, renting, a full property management services solution for local and overseas customers with additional services such as property maintenance, interior design, currency exchange, etc.. elysian has over 60 qualified property consultants with a huge portfolio of high end properties in prime locations varying from luxury apartments, villas, penthouses and duplexes. elysian also has a dedicated commercial team that offers commercial properties all over Dubai and assist in obtaining any type of commercial licenses from different authorities with the assistance of qualified business consultants.

If you have any queries about buying or renting, please email at editor@propertyonline.ae December 2014 Issue -25 /// 12

BUY • SELL • RENT • PROPERTY MANAGEMENT

On accepting property finder’s Dubai’s most popular broker award 2014

We would like to extend our gratitude to all our customers locally and globally for their unwavering trust in us.

Thank you for making us the most popular real estate in UAE.

G l o b a l

elysian.luxury

AWARDED TOP 3 AGENCY IN DUBAI BY RERA & DLD

info@elysian.com www.elysianrealestate.com

Call us: 04 323 4545

Expert Advice

propertyonline.ae

with mortgage expert Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.

How much does a mortgage consultant charge and what are the services they provide in return?

What is the advantage of working with a consultant?

While both service types more or less offer similar services, mortgage consultants are different from mortgage brokers in that brokers like MortgeME are regulated by RERA while consultants are not. If there is a dispute, the broker's client can seek immediate recourse through RERA and can have the brokerage firm sanctioned, while the consultant's clients’ only avenue to recourse is through the courts. Mortgage brokers and consultants not only secure the mortgage deals that are best suited for the client’s profile; they also ensure that the application and property transfer processes are conducted seamlessly.

Some firms may also offer legal advisory services to cater to the client’s mortgage property purchase transaction. Most reputable firms maintain a relationship with their clients even after a mortgage has been executed. They update clients on changes in the mortgage rates as it applies to the client's existing mortgage obligations and they provide buyout and refinancing solutions to the client as and when required. Fees and charges can be from 0% to 1.5% of the mortgage loan and this depends on the level of difficulty in executing the mortgage transaction; the nature of the mortgage transaction; the level of the standard of service provided; and the client’s profile. Using a mortgage broker or consultant provides you access to the entire mortgage market, it saves you a lot of time and most importantly a significant amount of money.

Feyisesan Ekundare MortgageMe.ae Business Development Middle East/Africa M: +971 050 4168 548

What is the pre closure fee that banks charge usually? Is this charge still applicable if my buyer's bank is also the same? Please explain.

I am a salaried individual and am planning to buy a property in Dubai. Is salary transfer a must to secure a mortgage? Please explain.

According to the UAE Central Bank, full settlement (pre closure) fee should be 1% of the outstanding balance or AED10,000.00, whichever is the lesser amount. And yes, this is applicable even when it is an intra bank mortgage buyout transaction. It is pertinent to note that the interpretation of this Central Bank guideline varies from one bank to the other. It is best to ensure that your mortgage broker and the lending bank clarify these queries before to you sign up on a mortgage product.

No, a salary transfer is only applicable on certain mortgage products. You will find that some of the products offering the lowest rates are usually tied with a salary transfer.Having your salary transferred helps reduce your risk profile since the lending bank will be in a better position to monitor your primary source of income. In addition, you incur zero direct debit costs towards repaying your mortgage loan if your loan and salary accounts are domiciled within the same bank. Hope this explanation helps.

Emirates HillS

If you have any mortgage related queries please email editor@propertyonline.ae

December 2014 Issue -25 /// 14

WHY IS YOUR EQUITY JUST SITTING THERE DOING NOTHING?

Would you put money in bank at 0 interest?

Would you buy shares that didn’t make a gain?

WE CAN MAKE YOUR EQUITY WORK FOR YOU!

Expert Advice

propertyonline.ae

with interior expert Everything you need to know about property refurbishment, conversions and permissions.

I manage a lot of properties and currently have a requirement of renovating 22 villas.

Do you have in house designers or do you outsource such services?

We often take on property owners portfolio’s for renovation. We have designers who will create 3D images for you to look at how your bathroom, kitchen and furniture such as fitted wardrobes, walk-in dressing room and vanities could look. This service includes choosing the style of wood, tiles, colour and finish, etc. So you know exactly what the finished project will look like. Our process is to sit with the owner and create a plan to renovate the various properties over a specific period, usually tying in with when their tenants lease expire, so we can agree a project timeline so the property can be fully refurbished and back on the market as quickly as possible. We can also do renovations while the tenant is in site but obviously this takes longer and is disruptive to the tenant who is often against this process.

The major transformations that help a property to rent quicker or sell is to fit a new modern kitchen. For projects of this type where the owner does not want to spend a lot on a brand name kitchen, but still want a high end finish which is a cost effective, modern upgrade, we recommend our locally made Contempo range, which can be measured, manufactured and fitted in a matter of a few weeks.

Adam Riccio

Operations director Under One Roof 04 323 2722 I have a 1,200 sq ft office in JLT, which I bought recently, and now want to completely redo the interiors. What kind of permissions do I need and how long does it usually take?

You will need to submit CAD Drawings for the remodeling you intend to undertake to the master developer and in some cases to the municipality as well depending on the nature of the renovations.

Often for commercial fit outs, it is also necessary to involve the Civil Defense to ensure fire prevention systems are not adversely affected. Due to the complexity, approvals can sometimes take up to 12 weeks, as one approval cannot be sought without getting the other first. A reputable fit out company should be able to takecare of all of this for you in-house with their own qualified engineer. In our case, we undertake all of the approvals as part of the contracted price, aslong as what is being sought is approved.

If for some reason the project is not approved, only then do we make a charge as a contribution for the work undertaken in trying to obtain the approval.

I have a number of areas where the space is a small alcove or recess. I wanted to fill them with bespoke, tailor made fitted furniture such as walk-in wardrobes, cupboards, vanity cabinets, chest of drawers and so on. Is this something you can do?

We do a lot of this with our clients now and it is a very popular request. We have our own designers who will come to your home to measure the space in question. They will then work with you to create a 3D image giving the exact look and feel you want and also that meets the functionality you require in terms of number of shelves, drawers, etc as well as the style of finish you are looking for eg. distressed wood, natural oak look or high gloss. Once the design is signed off we manufacture the bespoke pieces in our factory here in Dubai and supply and install. As we have our own factory we can usually supply and install within two weeks if required at prices far below retail off the shelf pieces.

Arabian Ranches

If you have any queries about renovations or conversions, please email at editor@propertyonline.ae

December 2014 Issue -25 /// 16

Expert Advice

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with legal expert Our expert answers the legal queries about buying and renting properties.

Jerry Parks

Partner Taylor Wessing I recently attended an event organised by Dubai developer in Europe. Although I was interested in purchasing a couple of units, I wasn't sure about the legality of papers I sign in Europe. How does it work usually?

Agreements signed outside the UAE can in principle be valid and enforceable in the UAE. Usually agreements relating to UAE property are expressed to be subject to UAE law and to the jurisdiction of the UAE courts. As with any significant investment, it’s important to carry out some level of due diligence on the entity from which you intend to buy.

This includes ensuring you are purchasing from a developer that is registered as such with RERA in Dubai (which can be checked on the Dubai Land Department’s website).

Further, you should also confirm that the agreement is being signed by a duly authorised representative of the developer and not an individual with no authority to bind the company. Finally, if you are unsure of any of the paperwork being provided to you or the process of buying property in Dubai, you should take a step back and consult a lawyer before signing anything.

I am an investor looking for hotel properties in Dubai. Do you work with such big investors and what kind of services you offer them?

We do work with individuals and companies looking to invest in hotel properties in Dubai. We advise on all aspects of hotel acquisition and development, including plot purchases, developer registration, construction contracts, completed building purchases, hotel management agreements and all forms of investment models, such as rental pools, timeshare, and fractional ownership. We also advise on ancillary issues such as the strata aspects of mixed use developments, and lease and licence agreements with third party operators such as restaurants and clubs.

Jumeirah Park, Dubai

My tenant is refusing to pay the revised rent as per the RERA rental index. What are my options as a landlord to evict the tenant?

Whether you are entitled to seek the eviction of your tenant will depend on whether you have correctly served the appropriate notice on that tenant. If a notice to increase the rent has been correctly served (and the law states that in these circumstances at least 90 days notice needs to be given) then your tenant is obliged to pay the revised rent. If the tenant refuses to do so, you are likely to have grounds to seek eviction. If that is the case, you will need to serve a further notice demanding that the rent be paid and thereafter, assuming it remains unpaid, bring a claim in the Rent Dispute Settlement Centre for eviction.

Note that this area of law, whilst one that effects many non-legal folk, is particularly complicated in terms of its notice periods and methods of service of notices. It is for these reasons that we recommend you to take legal advice before initiating legal action.

If you have any legal queries about buying or renting, please email at editor@propertyonline.ae December 2014 Issue -25 /// 18

Cover Story

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FIRST TIME IN THE MIDDLE EAST: PUBLIC VOTES FOR BEST REAL ESTATE AGENCIES IN DUBAI

The MortgageMe team

Property Times People’s Choice Real Estate Awards 2015 empowers the thousands of buyers, investors and tenants to choose the best real agencies in town through an online voting platform at www.propertyonline.ae. By: Nicole Walter/freelance writer

I

t is time for the public to make their voices heard by voting for the best Dubai real estate agents hopefully raising the bar of services provided in the emirate. Mohanad Alwadiya, the MD of Harbor Real Estate reckons the ‘Property Times People’s Choice Real Estate Awards’ would introduce a credible platform, which quality service providers, be it in brokerage or property management, would want to be part of. “Everybody will be looking forward to be recognized by this award because it will provide them with a live testimonial from the public as a credible measure of quality and not based on leveraging advertising or relationships,” he says.

“I am excited to know what people will think of us and others. The market needed this to recognise best performance in the industry and to raise the level of professionalism in the industry, it is good it is being introduced by a magazine of this calibre,” Mohanad Alwadiya adds. Property Times has brought together an esteemed independent advisory panel to ensure transparency and eliminating any bias in the voting process.

“I want to be on this panel to make sure it is really the people make the decision and not editor in chief, the advisory panel like has happened before, but the people. So, I really believe this is something different, new and unique in this region and it is time that the owners, tenants and residents of the property get an opportunity to make a decision,” says Jeevan D’Mello, Senior Director of Emaar Community Management.

Ahmet Kayhan, CEO of Reidin, also on the advisory panel, welcomes the absence of a jury, and the categories of which there are six the best in overall performance, buyers’ choice, sellers’ choice, renters’ choice, property management, and the top five.

“I believe the award helps to empower professional brokers, I want them to do their job properly to raise the standards. As long as people take advantage and vote and the brokers understand the value of a platform like this, it could change the market like they have done in Europe. It could kick start a mainstream brokerage rating system the brokers, the numbers of the transactions in the market are not enough to sustain all the brokers in the market,” he says.

Ali Al Suwaidi, Managing Partner, PHI FM Strategic Consultancy Services & MEFMA Board Member, concurs that the award would promote best practice and maybe lead

December 2014 Issue -25 /// 20

Binesh Panicker, Mrs. Matseliso Shogole, HE Manabile Shogole

Alessia Sheglova (Dacha Real Estate), Douni Fadi (Elysian Real Estate)

Cover Story

propertyonline.ae

Delegates from the US and South Africa

- Consul General of South Africa

Nadia Batt ( Lannhill Real Estate)

Jordan Gounov, Tina Tzoneva (dudu Real Estate)

Laura Anderson, Paul Birley, Sarah Uttley (Exclusivelinks)

December 2014 Issue -25 /// 21

Cover Story

propertyonline.ae

Ahmet Kayhan (Reidin), Binesh Panicker, HE Thosaporn Moonlasartsathorn, Consul General- Thailand, Ali Al Suwaidi (MEFMA Board Member), Jeevan D' Mello (Emaar)

Team Media Lab Publishers

Advisory Panel

Ali Al Suwaidi MEFMA Board Member & Managing Partner - PHI FM Strategic Consultancy Services

December 2014 Issue -25 /// 22

Jeevan D’Mello Senior Director Emaar Community Management

Ben Churchill CEO, Urbanise

Ahmet Kayhan CEO, REIDIN

Dr. Georges Maurice International Real Estate Professional, Speaker & Instructor (Senior Consultant to DREI)

propertyonline.ae

Binesh Panicker, Sanjay Manchanda (Nakheel), Jatin Deepchandani

Sehba Khan (Pacific Ventures) , Mohanad Al wadiya ( Harbor Real Estate)

Kamran Ali, Parvez Palekar (Splendour Homes)

Julie Hermon (Sloanes Real Estate), Muby Astruc

awards.propertyonline.ae

to a star rating system like the one MEFMA is working on, as well as help unify the different aspects of real estate development, from design, over construction to sale and maintenance. “Being part of the advisory board will help us develop the right criteria and help the real estate industry understand that facility management is an important component, real estate agents need to understand the challenges, which come with representing a building. The award brings industry players together to think about serving the client, not just sell and run to create a sustainable industry, creating a bridge with developers and contractors in terms of what we need to create for clients. People engagement can help us fill gaps and do even better. We all have one goal to enhance the value of the asset to make the whole equation sustainable for everyone, from an economic as well as social aspect,” he explains. “I think it is going to be a very tough competition everyone is eager to win it we’re going to be really watching you and I hope we will all learn from this experience,” Al Suwaidi adds.

Dr. Georges Maurice, Senior Consultant to Dubai Real Estate Institute (DREI) reassures voters that the advisory board will be looking at quality in terms of nominating brokers. “Everyone will want to be at the top, its quality what we’ll be looking at we don’t care about quantity. Dubai has the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, we’re looking for long-term achievement. We’re all in for the best to come,” he emphasizes.

The public will be able to log onto propertyonline.com as soon as the agencies nominated have been vetted according to set of stringent criteria. After a 45 days of voting process and independent verification of the results by the advisory panel winners are expected to be announced in April during an award ceremony. “It is a great concept, now we just hope that people will vote but there will be a lot of people lobbying, because this a great award to win as they can say it is the people who say we’re the best. People have to go and vote regardless of being prompted,” Mario Volpi, MD at Ocean View Real Estate cautions. “You have to be high profile visually for people to remember you, most agents will have to do a bit lobbying to get their name out there, saying that they will be embracing this. But it could potentially make the market a better place if you do everything for the right reasons,” he concludes.

December 2014 Issue -25 /// 23

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Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the Official Training & Certification Arm of the Dubai Land Department

T

he year of 2014 could be considered as one of the most important periods in Dubai’s real estate history.

Year 2014 demonstrated to the world that the real estate industry in Dubai has achieved a level of maturity that enabled it to successfully manage the huge risks associated with being the hottest real estate market in the world without succumbing to, what in the recent past, would have been an inevitable and resounding crash. Which is not to say that there hasn’t been a slowdown … of course there has, but this time the slowdown has not been the harbinger of panic and distress witnessed in years past, but rather a phase of review and consolidation that has been welcomed by virtually all industry stakeholders as common sense dictates that the growth rates of 30% experienced in 2013 were unsustainable. So, in that regard, a

Dubai's skyline

December 2014 Issue -25 /// 24

slowdown is welcome in the interests of a more sustainable and profitable future and, perhaps more tellingly, the necessity of a slowdown has been recognized by industry stakeholders and policy makers throughout the emirate.

This time it is different and not a repeat of the calamitous events of the Global Financial Crisis. The slowdown can be attributed to a number of factors, some of them deliberately implemented to manage market in danger of overheating: Capital inflows seeking a safe haven were sure to weaken; alternative investment opportunities were sure to emerge as prices started to rise; the implementation of the 4% transfer fee along with developer's proactive attempts to limit speculative practices had an initial effect; the new law regarding rental price increases has also had an effect and, understandably, some investor ner-

vousness and trepidation has led to some hesitancy to buy into a market that they feel is at its peak. Add to the list the implementation of the new mortgage laws and there is a pretty compelling suite of causal factors for the slowdown.

So, given the current state of play, what is likely to shape the industry in 2015?

For a start, the development of the policy, regulatory and legal framework will continue. Year 2014 has demonstrated that authorities, policy makers, stakeholders and most investors are determined to ensure that Dubai’s real estate industry becomes a model of sustainable and profitable growth. To achieve this, 2015 will see a continuation of focused oversight, policy development, credit controls, implementation of legislation to protect investors and tenants and an increasing focus

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on the professional development and ethical standards of industry participants.

All this bodes well for an industry, which is on the fast track to full maturity. Year 2015 will also see increasing levels of investment by the government, corporations and entrepreneurs as the continued focus of economic policy and resources on building the economic pillars of Tourism, Trade and Finance gathers pace. Much of the investment in infrastructure will be in preparation for the 2020 World Expo and all its effects. In a sense, 2015 can be seen as a launching pad for the industry as it plays its part in a period of strong economic growth. Having established its resilience and maturity, the event,which will most shape the industry going forward is the 2020 World Expo. Year 2015, as the first year of a 5 year countdown to the event, will see a significantly more intense focus on the requirements and opportunities that the 2020 World Expo will bring the industry and economy as a whole ‌ from new transport systems to waterfront developments, from multi-billion dollar theme parks to affordable housing developments that the emirate needs to accommodate a rapidly expanding population. The event will be the biggest ever to be held in the emirate and, understandably, one that will play an important role is helping shape world an opinion of Brand Dubai.

Economically, the potential benefits are enormous. In 2014, the confidence and enthusiasm generated from successfully capturing the event generated additional impetus to an industry already well on the way to recovery and with the Expo expected to generate about $23 billion of GDP between 2015 and 2021 from infrastructural investment, job, population growth and a massive increase in tourist revenues, the importance of the year in laying the foundations for a successful event cannot be understated. For Real Estate, hosting the World Expo will provide the impetus for the industry to enjoy continued growth and the predictable surge in demand for accommodation of all types, from labor camps to apartments to executive Villas, for the additional 270,000 or so new job holders.

In 2015, investor demand will drive much of the value appreciation on the

Dubai Marina

back of renewed confidence in an economy which has already shown robust growth in 2014. However, initial end user demand is likely to increase for accommodation, both villas and apartments, with close proximity and easy access to the Expo 2020 site itself.

The demand for this type of property will continue to increase in the run up to the launch and duration of the expo.

2015 will also see office and commercial space, some located within the Jebel Ali free zone, benefit from a rise in demand as operations are commenced for those companies involved in the initial construction or preparatory phases. It is likely that new developments will commence on the southern areas of Dubai, with close proximity to the expo site

while the area surrounding Dubai World Central is also likely to be in focus for developers as logistics, storage and transport service providers look to set up shop.

2015 will be remembered as the first year of a new era characterized by strong economic growth, major investments in economic initiatives and infrastructural development, a robust and expanding, yet sustainable real estate industry and a rapid population growth rate driven by economic opportunity. In this respect, the achievements of 2015 will have a huge bearing on the degree of success enjoyed by the emirate over the next decade. A critical year indeed.

Sheikh Zayed Road

December 2014 Issue -25 /// 25

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A COMMUNITY GATHERING Arabian Ranches Market Day, organized by Emaar Community Management, attracted hundreds of residents. By Reshmi Raveendran

Hazem Movkaddem

Zia Batliwalla

Ellen Rosenbaum

How long have you been living in the Ranches?

10 years

How long have you been living in the Ranches?

3 years

How long have you been living in the Ranches?

2 years

How is Arabian Ranches being managed?

The community is good, security is excellent, and landscaping is wonderful.

How is Arabian Ranches being managed?

It’s just amazing. Emaar has a great name in the market and that’s the reason for us to buy the property.

We never had to worry about the security or waste disposal.

How is Arabian Ranches being managed?

The community is well maintained in every aspect, our stay in Arabian Ranches has been a great experience.

How do you find the market day?

It’s a great concept and the Emaar Community Management has executed it really well.

December 2014 Issue -25 /// 26

How do you find the market day?

We participated for the first time and it was great fun for kids and brings the community together in a very enjoyable way.

How do you find the market day?

It’s a great opportunity to meet everyone in the community and to have a great time.

Winners of the Property Times lucky draw December 2014 Issue -25 /// 27

Market

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December 2014 Issue -25 /// 28

Natasha de Redder How long have you been living in the Ranches?

9 years How is Arabian Ranches being managed?

It is one of the best communities in Dubai and I would never ever live in any other community but this.

How do you find the market day?

The market day is amazing! I have been in various ones over the years and every ECM staff does a fantastic job. That’s one of the things that makes people like Ranches. And Emaar always delivers the best !

Randy Briegoos How long have you been living in the Ranches?

2 months How is Arabian Ranches being managed?

The ECM staff is doing a very good job.

How do you find the market day?

It’s very nice and we found a spot for ourselves this time and the response is very good so we are planning to do it again.

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Hotel Lapita : Dubai Parks and Resorts

DUBAI PARKS & RESORTS TAKES SHAPE The chance to enjoy a serious dose of entertainment is edging closer as Dubai Parks & Resorts is working to bring the region’s largest leisure and entertainment destination to life. By Nicole Walter/freelance writer

W

ith a workforce of 2,500 on the ground today, increasing to 6,000 by May and 6,500 by end of 2015, the 25 million square feet entertainment hub Dubai Parks & Resorts is sure to complete in time before winter 2016 kicks in. “Between us, and our consultants, including Samsung and Hill International, we have a team of 250

December 2014 Issue -25 /// 30

managing the project on-site, which is on budget and on schedule. We could work 24/7 to catch up if we fall behind, apart from in summer of course,” remarks Paul la France, Chief Projects Officer at Dubai Parks and Resorts, adding that only few buildings required piling, such as DreamWorks and Raj Mahal. “We have mainly light weight structures, the soil is good here, and the

water table 20 feet down, which helps,” he adds.

Attractions Once open the parks are expected to welcome 6.7 million visitors staying an average of 6.5-7 hours within its first full operational year 2017 touring the 73 attractions, most already ordered,

have to stick to a certain global look as agreed with the brands but can change the attractions from a technical point of view to make them better,” Paul points out.

spanning the three theme parks; Motion gate™, LEGOLAND® Dubai, and Bollywood Parks™, the first to open globally.

Motiongate will have 27 attractions.

Dreamworks will be a largely air-conditioned space, featureing among others Smurf Village, Shrek, Madagascar, and a 1,000 seat Sony theatre. Spanish firm Parques Reunidos will operate, both, Motiongate and Bollywood Parks, the latter’s centrepiece is the 850-seats theatre Raj Mahal, impressing with Broadway style shows at night, and home to 16 attractions, as well as indoor stunt shows. Merlin Entertainments meanwhile will look after Legoland, similar to the one in Malaysia, but adapted to the UAE’s climate, most of the 40 rides and attractions will be enclosed with a roof structure to guarantee shading. “We

Setting it up A lot of thought has gone into the cooling throughout the park, which has its own district cooling plant. “Every outdoor attraction has a thirty minutes air-conditioned queue. Singapore is open all year round and it is hot and rains like crazy there, equally in Tokyo kids ride in the snow, so although we won’t have the same amount of customers in summer, we’re confident that it will be functional here,” reasons Paul. The project’s DEWA sub-station will already be operational by the next July, says Paul and with good reason.

“It its really key for us, to test and adjust the rides we need permanent power,” he explains.

Meanwhile, Etisalat has been contracted to takecare of powering a seamless digital experience for visitors, including registration, smart parking, connected transport, online ticketing and digital payment. While 35% of the infrastructure works have already been completed and over 55% of the construction contracts awarded, buildings have also started to come out of the ground. The Raj Mahal is the most advanced building over ground, whilst work at Motiongate, Legoland and the themed Lapita Hotel, meaning welcome in Polynesian, is also progressing fast. No to forget what Paul terms the soul of the project – Riverpark, featuring three areas, a French Village, India Gate and the Californian styled Citywalk offering F&B from all over the world.

“Riverpark is the centrepiece, everything revolves around the lake and emanates from here, with bridges linking to each theme park,” he emphasizes.

Riverpark will become the default entry and exit point to the park, after crossing the new flyover on Sheikh Zayed Road, where the RTA will build three lanes coming from Dubai and two lanes going back to Abu Dhabi with a bridge over both to guarantee easy access. “We funded and initiated the design of the roads, but construction is under the control of RTA,” adds Paul. By 2018 a metro station will also emerge.

“It is there but won’t open in 2016, as

“Between us, and our consultants, including Samsung and Hill International, we have a team of 250 managing the project on-site,which is on budget and on schedule.

We could work 24/7 to catch up if we fall behind, apart from in summer of course,” Paul la France, Chief Projects Office, Dubai Parks and Resorts.

its really geared for Expo as well,” he explains, adding that coming from the flyover the landscaped and themed entry would become an experience in itself. For now public transport will be limited to taxis and buses, which will drop off visitors in the dedicated parking, at Riverpark which also has a VIP car park, to a catch the tram to get around. While the current Dubai Parks & Resorts master plan has room left for expansion in Legoland and Bollywood, such as a water park for the former, and both have room for hotels, if and when demand warrants it, Paul alludes to future development beyond this phase. “The surrounding areas belong to Meraas, although we have first right of refusal on that land, anything is possible in terms of future theme parks, such as Six Flags if it were to become a reality,” he hints.

REGISTER FOR NEW LAUNCHES +971 52 88 66 288

T: 04 395 75 45 F: 04 395 75 46 www.candourproperty.com info@candourproperty.com

December 2014 Issue -25 /// 31

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LIFE IN MOTOR CITY Neha Kaul catches up with residents of apartment and villa communities in Motor City who share with us their views of the communities. By Neha Kaul/freelance writer

A

prized project of Union Properties, Motorcity Dubai is a niche destination development, based on a unique automobile and motor sport theme that includes residential, business, sports and leisure opportunities.

MotorCity is developed over a land of approximately 38,000,000 sq.ft. and is located just off the Sh. Mohd. Bin Zayed Road.

As the tagline suggests, “Live it....

Work it....Play it”, Motorcity Dubai was conceived as a year-round destination for motorsports fans worldwide. The community is built to inherently offer residents and users a combination of entertainment, dining and retail within a multi-use environment, while being a pedestrian-friendly space, with easy access to all amenities.

“My husband and me moved here from Canada about four years ago. And this was where we moved in.

At the time, the villa and the community were relatively new. But since then, we have never wanted to move or live anywhere else!”

Tracy Zankl, a villa resident of the Green Community.

December 2014 Issue -25 /// 32

Tracy Zankl and family

A Resort called home: Villa life in Green Community Motorcity Green Community Motorcity is a family home development by Union Properties that includes family villas, townhouses, and bungalows. Modeled along the lines of their flagship community development, Green Community Dubai Investments Park, the Motorcity project offers villa residents unparalleled greenery and resort style living amenities. The development encompasses landscaped gardens, water features, stone streets and walkways in a relatively traffic free environment, to create the laid-back and relaxed environs of a holiday resort. The ‘family home’ theme is reflected in all the home styles on offer, including luxury villas, family villas, townhouses, and bungalows.

The gated community is reputed for its balance of modern and traditional architectural forms amid dense natural greenery, providing residents a peaceful and tranquil space for living. The adjoining lake, with its interwoven marketplace offering retail,

dining and recreation options, completes the ‘getaway’ mood, and has residents hooked to the place! “My husband and me moved here from Canada about four years ago. And this was where we moved in. At the time, the villa and the community were relatively new. But since then, we have never wanted to move or live anywhere else!” says Tracy Zankl, a villa resident of the Green Community.

Compared to other villa communities residents feel the Green Community offers great value for money due to the upscale feel it manages to evoke, by way of the spacious villas, the design and architecture, not only of the homes themselves, but the community as a whole, the maintenance of the natural greenery as well as the upkeep of the recreational facilities like gymnasiums, parks and paths. “It has everything we could ask for as a family. From the pools and exercise rooms to the walking and cycling paths and parks for our kids. Our rent is in line with many other popular expat communities and

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“Five years back when we were looking for a bigger place to live, we happened to visit a Motorcity apartment. And with one look, we were sold!! We were pleasantly surprised by the spacious apartments, the greenery, the parks, kids playgrounds, the look and feel of the place, unlike other places we had seen in Dubai.” Nikolina Tomova, Resident, Uptown Motorcity.

Motorcity

when we've checked around - the layout and size of our villa, lots of storage, good use of space, great amenities - all still brings good value for the rent in our opinion” adds Dane Zankl. The greenery is a big plus as well as residents feel in most communities around the world it is hard to find a balance where kids can grow up safe, in modern, natural green surroundings. And through it all, the community still manages to exude luxury while being comfortable, is what residents believe.

Parking once again emerges as a standard woe, though specifically for the main Motorcity retail area, where peak times can sometimes create a vision of double-parked cars on the street. Among other areas of improvement, district cooling by Emicool and DEWA are seen as the key culprits in high billing amount, even with minimal usage. “We wish there wasn't district cooling with Emicool. Our combined Emicool and DEWA bills can get quite high, even with our small garden. Also they need better parking at the Motor City shops” feels Tracy. Surprisingly service providers Serve U were seen as being professional and responsive, partly owing to the “maintenance contracts” most villas are under.

While the occasional noise from the Autodrome is also cited as a slight irritant on race days and nights, residents are quick to point out that the benefits far outweigh the problems. Ease of access, owing the new over-bridges and seamless link-in traffic streams from Sheikh Zayed Road add to the lure of the community. “The noise from the Autodrome can be a little disruptive at times but we still feel the place is great. The location is fantastic, close to many international schools. More and more facilities are opening up all the time - several options for groceries, restaurants and medical clinics.

Its close to the Sports City, so sports activities are just round the corner. The access from Sheikh Zayed Road or Sh. Mohd.

Bin Zayed road is also very smooth now.

I don’t think we have seen better neighborhoods even when we have looked out”

December 2014 Issue -25 /// 34

adds Dane. With potential plans for further developments around the master-community, Motorcity will continue to be the quintessential “home away from home” for its expat residents.

The Ups and Downs of apartment living in Uptown Motorcity Uptown Motorcity, the residential community of the master-development comprising apartment buildings primarily, is a quiet secluded haven for those seeking a high quality of life away from the madding crowd.

Offering an abundance of parks, walking and cycling tracks, swimming pools, gym facilities and play areas complete with kid friendly equipment, this lush green community has rapidly gained favor among buyers and tenants alike over the last few years. “My husband and I are originally from Bulgaria and South Africa. When we first moved to Dubai we had taken up a place in Greens.

Five years back when we were looking for a bigger place to live, we happened to visit a Motorcity apartment. And with one look, we were sold!! We were pleasantly surprised by the spacious apartments, the greenery, the parks, kids playgrounds, the look and feel of the place, unlike other places we had seen in Dubai” says Nikolina Tomova, Resident, Uptown Motorcity.

The cobbled paths, laden with a variety of flowers, the copper street lanterns and the English street names evoke the feel of a high-end London neighborhood. And with the Dubai Autodrome and Kartodrome right next door, and Tennis and Cricket Sports academies a stone’s throw away, there is never a dearth of thrilling, fun, sporty and adventurous activities around. The ease of access, being located just off the Sh. Mohd. Bin Zayed road, the dedicated parking spots and the extra storage room per apartment are the added perks driving the popularity of the community. “After a long day at work, you want to drive back to a place that is welcoming, is easy to access and brings to you some peace and quiet,

without having to struggle to find a parking spot! Unlike other congested areas of Dubai, Motorcity is a beautiful haven that we look forward to coming home to” adds Nikolina. Replete with multiple groceries, laundry service providers, salons, spas, kids entertainment, education and training, schools and nurseries, as well as retail and dining amenities, this ‘city within a city’, negates the need to travel outside the community for everyday or special requirements.

“Over the past few years, the community has developed really well. There is a host of dining options available, across various cuisines. Other conveniences and facilities like laundries, door-to-door grocery deliveries and a variety of talent development and education options have also sprung up and made life more comfortable”, feels Joey Tomova.

On the other end of the spectrum, there are a few niggles that are bothering residents. Parking for guests appears to be in short supply and seems to be a constant concern for residents. While the overall maintenance and security and safety get a vigorous nod of approval from most residents, a few feel that some of the gymnasiums need renovation to ensure machines are in perfect working order across the community. Complaints against the service providers Serve U also seem to be another problem, with inefficiency and cost issues being cited as key concerns. “I think the UP Management need to be more approachable and flexible if we need to fix something in the apartment. Their service providers, Serve-U, are very expensive and non-responsive. And if we get our own maintenance company, for even minor plumbing or electrical work, we need to pay AED200/- for an NOC!!” adds Nikolina. However, residents seem happy to ignore and overlook these minor struggles in exchange for the bliss the place provides. “We have recently bought our own apartment here. It makes good investment sense as we know we are happy, our kids are happy and we are going to be here in the community for a long period of time”, concludes Joey.

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Kunal Puri Managing Director La Capitale Real Estate

Are you planning to invest in Dubai and still confused about which communities to invest in? Kunal Puri, Managing Director of La Capitale Real Estate, an experienced real estate expert in Dubai, outlines the best areas for buyers and investors in 2015.

Ready Properties

Studios in Sports City and IMPZ – They range between AED480,000 to AED650,000 and has a decent return of AED43,000 to AED55,000 as rental; i.e. giving an approx. gross return of 7% to 8% on investment and demanding a total down payment (including bank, commission, registration, etc.) approx. AED200,000/onwards.

Reasons to buy – Good location Easy entry and exit  New retail areas coming up Easy to maintain Rent and sell Gives high return on investment if you want to move to bigger apartment.

December 2014 Issue -25 /// 36

End users | Investors

If you have been living in Dubai for over 3 years and you have been renting, then it’s time for you to start looking at buying a place so you can start using your rent towards a mortgage and make an asset. Since resources are always limited and expenditures are high one should start looking at a basic example of taking small steps at a time. For investors looking for rental income and price appreciation, the following communities will be an ideal choice.

One-bedroom in Greens – They range between AED1.1 million to AED1.25 million and has a decent return of AED70,000 to AED105,000 as rental; i.e. giving an approx. gross return of 6.5% to 7% on investment and demanding a total down payment (including bank, commission, registration, etc.) approx. AED390,000/onwards.

Reasons to buy – Excellent location Matured community Easy entry and exit very close to Mall Of World Easy to maintain and sell Always in demand Well known developer Ideal for family living.

Two-bedroom in JLT – The range starts from AED1.4 million onwards and has a decent return of AED110,000 onwards as rental; i.e. giving an approx. gross return of 6.5% to 7% on investment and demanding a total down payment (including bank, commission, registration, etc.) approx. AED500,000/- onwards.

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Three-bedroom in Dubai Marina – The range starts from AED1.8 million onwards and has a decent return of AED180,000 onwards as rental; i.e. giving an approx. gross return of 7% on investment and demanding a total down payment (including bank, commission, registration, etc.) approx. AED650,000/- onwards.

Reasons to buy – Excellent location High-end community On Sheikh Zayed Road (life line of Dubai) Extremely close to the beach High demand area Ample retail and recreation in community Biggest marina in the world.

Reasons to buy – Great Location Matured community Infrastructure has improved On Sheikh Zayed Road (life line of Dubai) Easy to maintain and sell High demand area Parks and lakes in community Lot of retail area.

Two-bedroom in JVC – They range from AED1,000 per square feet onwards and most of the developers offers attractive payment plan. The down payment ranges from 15% to 20% of the property value, with addition of registration and commission, etc.

Reasons to buy – Good up-coming location  Close proximity to SZ Road (life line of Dubai) Close proximity to matured communities like Springs Al Barsha and Lakes Easy entry and exit to all major roads Close to Mall Of World, will be a good community on delivery.

End users

Off-plan properties

Two-bedroom in Al Furjan – They range from AED1,000 per square feet onwards and most of the developers offers attractive payment plan. The down payment ranges from 20% of the property value, with addition of registration and commission, etc.

Reasons to buy – Good up-coming location Close proximity to Abu Dhabi Close proximity to Ibn Battuta Mall Close proximity to matured communities like The Gardens and Discovery Gardens Al Furjan Villas community is ready Will be value for money on delivery.

December 2014 Issue -25 /// 37

Villas – Total Investment starts from AED1.7 million including all charges, with payment plan.

Dubailand – Reem community - Mira and Mira Oasis – these two options are very lucrative when it comes to investing in not ready property. The asking premiums have come to a very realistic level and most of these properties are either 40% or 50% paid.

The construction work has already started, which one can see even while driving through the Al Khudra road. The main reason for investing in this community is the amenities which are featured in the master plan, and these are currently not available in even many ready communities. This community is even supported by banks with mortgage available for upto 50% of the property original price.

Investors

Off Plan

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Apartments – Total Investment starts from AED1.7 million including all charges, with payment plan.

Downtown – Burj Vista – The location and the original price at which the apartments were initially sold in in this building gives it an edge over others off plan projects available in heart of Downtown. The payment plan also compliments the investor so they can stagger their payment over a time easily. There are two towers and a few units in tower 1 have amazing views of Burj Khalifa.

However, the units with Business Bay and sea views are also extremely lucrative investment, due to initial low selling price. One delivered, the branded residence will be stand out from many existing options, so it places the perfect platform for short and long term investments.

Investors

Off Plan

Apartment – Total Investment starts from AED2.7 million including all charges, with payment plan.

December 2014 Issue -25 /// 38

Downtown – Fountain Views – The View, Dubai Mall extension below the towers (Location) and the name “Address” attached to it provides an unbeatable investment, whether for short or long term. There are one-, twoand three-bedrooms available with full Burj Khalifa and Dubai Fountain view. There are three buildings ; the center being a hotel and the other two on either side being residential. All units have Burj views (except the one-bedroom in building 3); however, front units have full Dubai Fountain and Burj Khalifa views. The reasonable initial selling price of units along with very low availability of units in the secondary market, attracts strong demand in this project.

The construction of Dubai Mall Extension over which these three building are located, has already started. This is a MUST BUY property in Dubai, if the budget allows.

Market

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Dubai's skyline We all want to invest and Real Estate is one of the safest investments; as it holds its value and gives long term returns. But looking at current ongoing correction, many buyers (investors / End users) ask why we should buy; as everyone is skeptic whether to buy or not. Truly there are more than enough reasons to invest in Dubai Real Estate Market, if you are not a speculator. But remember like every coin has two sides; similarly the current market situations has two sides. Yes there has been over 10 to 15% correction in price in different areas, but the brighter side is the Market is moving towards more stability, the right property price is achievable, flippers who increase the market price are reducing, a Buyer can put an offer and the Sellers are considering it and finally End user (Finance buyer) can buy houses to live.

- One of the main reasons which we tend to ignore is the POPULATION GROWTH. If we look at the number of vacancies in Dubai currently available, it seems like Dubai is recruiting the whole world.

- Another main one is the immense growth of tourism in Dubai. Many of us don’t know Dubai is expecting 15 million tourists in 2015.

- Dubai has achieved 6.1% GDP growth in 2014 and expecting 4.5% growth in 2015; which clearly shows that the fundamentals are strong and the Economy is on a very stable path.

- The World Expo 2020; offers an un-parallel opportunity to Dubai in every sector

December 2014 Issue -25 /// 40

and will only take the current market to an un-imaginable level.

- We all tend to ignore this; however we have to see how busy the streets, the malls, the beaches, the school, the parks have become.

I’m not being over optimistic and not ignoring that the oil price has gone down, the share market is also showing signs of slowing down and most of the old stalled projects are reviving and even new projects has been added.

However; if you consider and thoroughly review below points before investing; then you will

Greens, Dubai

definitely gain good returns.

1- Why you want to invest?

Look deeper at the Real Reason of buying; not because everyone is buying.

2-What are your current fixed financial commitments for next 2 to 3 years?

Don’t try to buy with your 1 year saving as it will be very difficult to sustain.

3- How much can you Invest COMFORTABLY? Ensure that you leave some income aside for rainy day while investing. Don’t leverage to maximum.

4- In which area can you buy?

We all want to buy in the area where we rent, but rethink; can you actually afford it, as renting only 6 to 7% of property value.

5-What is the time duration of investment?

When investing give minimum 2 to 3 years; its real estate, not stock market.

6- What is your EXIT STRATEGY? When buying; always decide the date of sale of that property, or you will never be able to get the best from your investment.

7- Personal Attachment Never get personally attached to a PROPERTY; remember it’s an Investment.

90% of first home buyer move out of their houses in first 4 to 5 years.

Always remember; best investment is the one which is BOUGHT AT RIGHT PRICE.

IDEAL SOLUTIONS FOR YOUR HOME In conversation with Kamel Chehade, Sales Director at Ideal Standard MENA. By Binesh Panicker

INTRODUCING THE MOST OPULANT AND MULTILINGUAL TEAM OF REAL ESTATE PROFESSIONALS

Each SNS consultant is specially trained to focus in their areas

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deal Standard, founded more than 100 years ago, is one of the largest sanitaryware producers in the world with its head quarters in Brussels, the capital of Belgium. The company operates in over 30 countries and has about 10,000 employees. Ideal Standard also works with well knows designers to develop innovative products which are sold under strong international brands such as Ideal Standard and Jado as well as leading local brands including Armitage Shanks (UK), Ceramica Dolomite (Italy), Porcher (France) and Vidima (Eastern Europe).

Property Times caught up with Kamel Chehade, Sales Director at Ideal Standard MENA during the Big 5 exhibition held in Dubai recently. Kamel says the company’s aim is to offer world-class products to the customers in the MENA region. He adds that he is extremely

optimistic about the growth in Dubai’s construction sector with so many new developments being announced. He believes Dubai is the central hub for the MENA region and dictates the market trends in the region.

Have you done any projects in Dubai?

If yes please give us the details along with future projects.

We are proud to say that we have been part of some of the most prestigious projects in Middle East. Specifically in Dubai you will see our products in Burj Al Arab, Burj Khalifa, DXB Dubai airport, Marina Mall and many others. As for the future, we will supply sanitary ware to the biggest Villa project worldwide AKOYA – Villas by Damac .

Other than that, we are working on big list for the next years and we have

E N Q U I R Y

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The UAE’s economy is one of the fastest-growing economies and third–largest construction industry in the Middle East.

The construction industry ranks next after oil and trade in UAE. several projects in negotiation at the moment. As you can understand, they are commercially-sensitive so I can’t go into too much detail.

What makes Dubai different from other world markets that you operate in and how do you look at the future of the construction industry in Dubai given the fact that Dubai will be hosting Expo 2020?

The UAE’s economy is one of the fastest-growing economies and third–largest construction industry in the Middle East. The construction industry ranks next after oil and trade in UAE. More than 6,000 construction companies operate in the country, with most construction activities taking place in Abu Dhabi and Dubai. According to the Dubai Chamber of Commerce and Industry, the construction industry is expected to contribute 11.1% to the UAE’s GDP in 2015, as compared to 10.3% in 2011. Public sector investments in energy, communications and transport infrastructure December 2014 Issue -25 /// 42

are expected to be the key drivers for growth in the industry over the forecast period Dubai has become the Hub for Middle East with the biggest commercial and housing investments. The political stability, the lifestyle, the location, the ease of doing business in Dubai are some of the main reasons to invest. Based on all indicators Dubai is back again and Expo 2020 will create new business.

Please tell us something about the product range you have and the pricing for the UAE markets ?

We are a total bathroom solution provider with a range of products that includes high quality ceramic sanitary ware, sanitary brass, bathing & wellness solutions as well as furniture and accessories. We hold one of the biggest ranges in ceramic and brassware. Our company can cover all product ranges, from medium to luxury.

TEL: +971 (0)4 277 80 02

|

E-MAIL: info@stockholmre.com

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WEBSITE: www.stockholmre.com

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Springs

VILLAS: TOP COMMUNITIES All the main villa communities of Dubai have benefitted from the growth in values over the past 12 months ranging from 10% to 34%. Palm Jumeirah , Arabian Ranches, The Lakes and Jumeirah Village have all seen YOY growth of above 20%.

By Sanket Khanna, Sales Director, SNS Properties

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n 2015, the villa segment is expected to witness a variance in performance wherein some areas are expected to continue to witness capital appreciation whereas others might record fall in prices. As per a research in Q3 2014, the average transaction values in Arabian Ranches, Lakes and Victory Heights increased by 10%, 8% and 7% respectively. Conversely, the villa prices on the Palm declined by 5% over the same period. With the mortgage market expected to open up in 2015, a lot of end user mortgage buyers will have resources to explore new homes; following which the off plan villa and townhouse sales are expected to be slow but steady across 2015 with clients having a choice in a range of project offerings from reputed developers like Emaar (Arabian Ranches Extension), Damac (Akoya), Dubai Properties Group (Mudon -2 and 3), Pacific Ven-

December 2014 Issue -25 /// 44

tures (Royal Estates) and Indigo Properties (Zen), etc. Bargain hunters should expect good deals with low premiums on projects nearing completion in the next one or two years on previously sold out projects like Jumeirah Park Nova and Mudon.

Villa rentals Rentals are expected to follow the same trend as apartments with some popular communities with high occupancy levels showing a continuation of rental growth witnessed over previous quarters, whereas others have seen landlords having to drop asking rents following long periods of vacancy. As per a report published by Abu Dhabi Islamic Bank (ADIB).

In the last two quarters of 2014, Jumeirah Islands and Mirdiff have seen rents increasing by 5% and 2%

respectively, whereas Springs and Meadows along with premium villas on Palm Jumeirah have seen a slight correction in the rental prices, ranging from -3 to -4%.

Viilla Sales All of the main villa communities in Dubai have benefited from growth in values over the last 12 months ranging from 10% to 34%. Over the last three months, the villa segment of the market has witnessed a very similar trend to that of the apartment segment with a variance in performance, which has seen some areas continuing to witness capital appreciation whereas others have recorded a fall in prices.

A research by MPM shows that average transaction values in Arabian Ranches, The Lakes and Victory Heights increased by 10%, 8% and 7%

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respectively during the last quarter of 2014. Conversely, villa prices on Palm Jumeirah declined by 5% over the same period.

The most expensive villas (on a per sq.ft. basis) in Dubai are found on Palm Jumeirah with average values in Q3 2014 standing at AED2,532 per square foot with an average price of AED15.7 million. The most expensive villa was sold at AED48 million.

About 37% of villa and townhouse transactions completed in the last three months were within the Springs and Meadows area, followed by Arabian Ranches with 21% of all transactions in this segment of the market.

Recommendations-Naseemtownhouses and Rahat villas by DPG are good value for money for mid range villas.

-Bargains with low premium in Jumeirah Park Nova by Nakheel are recommended.

Dreamz By Danube

December 2014 Issue -25 /// 45

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Tilal City

SHARJAH OPENS THE DOOR TO EXPAT OWNERSHIP: TILAL CITY Now expats can own a plot and build their own home in Sharjah. By Nicole Walter/freelance writer

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s demand for housing in Sharjah drives up rental values, developers are responding to government efforts paving the way for increased property investment in the emirate.

Tilal City has emerged as the first scheme in compliance with the recently passed Executive Council Resolution No.26, which sets out that UAE resident expatriates can own property on a 100-year leasehold basis in dedicated investment zones. The mixed-use community, launched by Tilal Properties, a JV between Sharjah Asset Management and Eskan Real Estate Development, covers an area of 25 million square feet, ideally located on Emirates Road (E-611) close the Sharjah Airport (D-88) turnoff and within easy reach of all major roads, as well as the university.

The project “The development is a completely new product for Sharjah, a whole lifestyle offered within one area, and backed up

December 2014 Issue -25 /// 46

by trustworthy partners with a proven track record. It is also the first project of Tilal Properties,” says Suzanne Eveleigh, Head of Cluttons’ Sharjah office, which has been appointed the exclusive sales and marketing manager for the project.

“Equally the architectural concept is new to Sharjah a contemporary Mediterranean and Arabic style. Properties are and not crammed into a tight space but a lot of green spaces incite to walk, socialize and kids to play. The mix of low-rise G+5 apartment buildings, villas and townhouses is refreshing,” she adds. Instead of building the properties, the developer has split the land into five zones and reserved 13 million square feet as sellable land, a total of 1,800 plots, with the remainder dedicated to public spaces.

“For now we are land, not real estate, developers. There is no land available in Sharjah, serviced by infrastructure to international standards in place, as required to make it easy for the investor to come and build,” Haysam Jazairi,

Business Development Executive Director at Tilal Properties.Suzanne underlines the advantages of buying a plot, which can be reserved with a 10% deposit, and another 15% payment upon signing the sales and purchase agreement (SAP) and from there paying equal instalments until the land is handed over when the last 20% are due, rather than a ready-made property. “Owners don’t have to pay a lot upfront, and have time to develop their property themselves, find the finance, for example. They have two years until the handover of the plots to decide what they want to build, luxury or not, choose their inside layout and so on,” she explains. Villa plots start at AED110 per square foot and the larger residential and commercial building plots at AED180 per square foot, according to Cluttons.

Master plan The developer already has the master plan in terms of what type of buildings

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A villa in Tilal City

can go where and the design clearly mapped out. Buyers have to stick to the architectural guidelines in terms of the outer look, as well as the authority’s building codes. “We’ve designated what goes where on the land, whether it is the homes, or schools and sports clubs, as well as community centres and mosques dotted all over the community. A mall will lead into a walk with cafes, shops and restaurants and green area around it where people can enjoy a picnic,” Haysam details. Tilal Properties has started infrastructure works at a cost of AED2 billion to get the serviced plots ready for handover by end 2016, whilst the municipality will take care of the landscaping.

“There are no service charges in our community because this is an open, not a gated community, once we’re done with the infrastructure the municipality will look after the green areas, so all that residents will have to pay is the municipality fees and utility charges,”

December 2014 Issue -25 /// 48

he explains. The project will also have its very own SEWA sub-station. “A very important feature, as Sharjah has had problems with electricity supply, it will be connected from day one. The developer has thought of absolutely everything,” remarks Suzanne.

While plot sales are underway, the developer has already taken bookings for commercial areas, and is in discussions with several schools, according to Jazairi, some remaining practicalities surrounding construction and completion are being sorted out.

“We have two years to think about the best possible way to put construction packages together for investors, but we will only recommend them,” says Haysam. And in terms of a deadline to build ones home, or larger building, he reckons that commercial developers will be fast, as they would want to provide their facilities as soon as possible to the expected 65,000 residents.

“We haven’t put anything in a contract yet, we may do so in the future, as of course we would like the community to finish together. For now, the verbal agreement is encouraging everyone to complete building within two to three years after the plots have been handed over,” Haysam says.

Sub-developers, small, medium and large have shown an overwhelming interest, according to the developer.

“We would like to give everyone an opportunity to buy, and are especially looking after the smaller developers or investors who would put a small apartment building, or a couple of villas, on a plot of 5,000 to 14,000 square feet,” he emphasizes. The developer is also targeting serious investors. “Using Cluttons as our marketing agency they are making sure via strict guidelines that we attract individual owners and developers avoiding speculators,” he adds. A current proposed 20% ceiling on the volume of sales to non-Arabs per scheme could also help to limit the market’s exposure to an extent, as this ruling was likely to translate into a slow, but steady rate of deals, according to Cluttons’ Winter 2014 residential market outlook. Considering that apartment rents have risen by 35% compared to the same period in 2013 and villa rentshave climbed by 29% during the first three quarters of this year, on the cusp of breaching an affordability threshold, and high rents in Dubai are encouraging moves to Sharjah, plus the Air Arabia expansion, according to Cluttons, demand is likely to be high to get onto the property ladder. Suzanne points out that the development offers something for everyone. “Anybody living in the Sharjah, or neighbouring emirates, will be interested in buying. By the time Tilal City is finished prices will still be reasonable and of a quality not seen before in the emirate,” she adds.

The research supports the developer’s plans to come up with similar schemes. “We are looking at future projects but we have enough to deal with for the time being with Tilal City,” Haysam remarks. Suzanne reckons that other developers will be watching its success and may well add their own projects to the menu. “I believe there will be more master-planned communities in Sharjah in the future,” she concludes.

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A THING OF BEAUTY IS A JOY FOREVER As furniture designs continue to evolve, comfort emerges as the ultimate luxury. By Neha Kaul/Freelance writer

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n the words of the acclaimed fashion designer Donna Karan, “Design is a constant challenge to balance comfort with luxe, the practical with the desirable.” Interior spaces have, for time immemorial, been associated with function and comfort. Over the years, the need to infuse aesthetics into spaces and form gave birth to a plethora of architectural and interior design styles and practices. Decor and design of interiors has come a long way since, with a blend of fashion trends and the luxe movement influencing and inspiring its transformation.

A part of this revolution has been a focus on designing furniture lines with a delicate balance of luxury, form, art and function, often at the cost of comfort. The eternal quest of interior designers has thus

been the search for this elusive equilibrium. And this is what EDRA brings to the shores of Dubai. A luxury Italian brand, that comes complete with a range of select living, dining and bedroom pieces, reflecting character, timeless beauty and skilled craftsmanship, to deliver contemporary modern furniture that is luxurious, classy, user friendly and comfortable and flexibly complementing various decor patterns.

The range is exclusively available at the spacious swanky Design Mobl showroom in JLT. The brainchild of Helen Penza Safai, Design Mobl was launched a year back to cater to the discerning fashion connoisseurs of Dubai, with a handpicked selection of unconventional, luxurious, designer furnitures. “Back in Switzerland, where I graduated from the Academy of Design, the focus was always on inte-

grated spaces. There was no separation of a living room to receive guests formally, with a T.V. lounge room for the family to relax. So the furniture styling was always semi-formal or casual and cozy. But when I moved here to Dubai 5 years back, I saw the clear distinction between a Majlis and a family space, and realized that a brand like EDRA that could succinctly marry classy form with absolute comfort was the perfect to meet the specific cultural needs for decor in the region” says Helen Penza Safai, General Manager, Design Mobl, Dubai.

Originally Iranian, Helen’s training and professional experience with classic design elements and interior decorating protocols in Europe were the key drivers for her to identify the need gap in the

Dubai market for high-end, ageless, luxury furniture pieces, that went beyond being mere artsy decor collectibles, to functional designer antiques. The EDRA collection consists of limited and unique pieces for each furniture segment, and they add new designs only once every 3 years, while continuing to create, support and sell the old classic designs they first started with 27 years back. “EDRA is the Cartier of luxury furniture. It’s ageless. These pieces are keepsakes. You keep them forever. Even after 50 years you will still find the company supporting you to change fabrics, touch up the polishing or provide matching pieces for your decor. You know these pieces will become antiques - the older they get, the richer they become” adds Helen.

EDRA was founded in 1987 in Tuscany, a land rich in history, culture, art and artisanal mastery. The name derives from the Greek word ‘exedra’, meaning a meeting place for philosophical discussion. EDRA proposes original designs that are modern and contemporary, born of an unprecedented union of tradition and innovation, craftsmanship and technology, inspired by a continuous quest for high performance, new forms, new fabrics, new technology and new materials.

Design Mobl also boasts a slick range of other Italian luxury furniture brands and is the official distributor for the Middle East for Dilmos. Meritalia, Savio Firmino and Longhi among others. Increasingly becoming the favored choice of interior designers and decorators looking for one-of-a-kind furniture masterpieces and accessories, Design Mobl will continue to bring to the region international furniture classics that blend casual chic with luxurious elegance.

“EDRA is the Cartier of luxury furniture. It’s ageless. These pieces are keepsakes. You keep them forever. Even after 50 years you will still find the company supporting you to change fabrics, touch up the polishing or provide matching pieces for your decor. You know these pieces will become antiques - the older they get, the richer they become.” Helen Penza Safai, Design Mobl

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Radisson Blu Fujairah

FUJAIRAH'S NATURAL CHARM VS RAK'S NEW OFFERING An analysis on the rising competition between Fujairah and Ras Al Khaimah hospitality sectors. By Nicole Walter/freelance writer

December 2014 Issue -25 /// 52

Hospitality

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another and strengthened the overall market awareness and appeal of the Northern Emirates.

However, Christopher Hewitt, Senior Consultant at TRI Mideast concurs that to increase the number of visitors to the emirate, accessibility needs to be increased, notably via expanding the capacity of Fujairah airport.“Although the tourism authorities in the two emirates have their own approach to promoting and developing the tourism products, they benefit from crossing over of exposure and visitors as international travellers explore the various attractions and destinations in both emirates,” he adds. From a hotel operator's point of view, much has already been done improving access, in particular the roads. RAK’s direct charter flights actually supports the beach hotels in Al Aqah and Dibba, says Janet Fitzner, General Manager of the Radisson Blu Resort – Fujairah (Dibba). “Ras Al Khaimah is indeed a competition for us with several new hotels competing on affordable beach vacation

T

he chilled emirate of Fujairah has long been a favourite getaway to relax, do a spot of diving and enjoy activities in the mountains however its beach resorts have faced some competition from those in Ras Al Khaimah (RAK). “Fujairah beach hoteliers have to focus on group leisure tourism, which is low rated and

price sensitive against increasing competition from neighbouring RAK, which has some additional attractions such as golf courses and its theme park, not to mention an international airport,” says John Podaras, Partner at Hotel Development Resources (HDR).

TRI Consulting believes that RAK and Fujairah rather complemented one

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T: 04 395 75 45 F: 04 395 75 46 www.candourproperty.com info@candourproperty.com

December 2014 Issue -25 /// 53

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Fujairah Rotana Resort

solutions,” Janet though admits. “However, our advantage comes from our region being blessed with a more natural setting, more beautiful beaches, spectacular diving and snorkelling spots, all with the backdrop of the Hajar Mountains. Ras Al Khaimah, for me, is still a city, whereas we are positioned more as a relaxing beach destination,” she adds.

“Ras Al Khaimah is indeed a competition for us with several new hotels competing on affordable beach vacation solutions.However, our advantage comes from our region being blessed with a more natural setting, more beautiful beaches, spectacular diving and snorkelling spots, all with the backdrop of the Hajar Mountains. Ras Al Khaimah, for me, is still a city, whereas we are positioned more as a relaxing beach destination.” Janet Fitzner, General Manager, Radisson Blu Resort – Fujairah (Dibba).

December 2014 Issue -25 /// 54

Rising competition Occupancy at the resorts dotted along the Al Aqah and Dibba beach stretch experienced healthy occupancies in 2012 and declined to 72% in the last year, thanks to the new resorts popping up in RAK taking a share of the European group leisure market, according to the HVS Market Pulse, published in March this year. However, this has actually had a positive effect on hotel performance as hoteliers go into gear finding alternative clients at the full leisure rate, resulting in a higher ADR in 2013 of $151(AED555) up from $137 (AED503) in 2012, raising their RevPAR from $108 (AED397) to $111 (AED408).

Still the authors of the report believe that as Europe, Russia and the CIS accounts for 54.4% of total demand in Fujairah, future success for its hospitality industry depends on diversifying the guest make up. UAE residents came in second at 27.4%, followed by other GCC nationals, other Arab countries and Asian guests.

“The Al Aqah hotels are dependent on the situation in competitive markets such as Egypt and Turkey, and the ability of Fujairah to position itself in the right price bracket to attract that sector of group leisure until it can evolve amenities and become attractive to a more selective market,” remarks John.

“The challenge facing hoteliers along this coastline is extending occupancy beyond the weekend/holiday peaks of the UAE/GCC residents or the 2-3 day stays of the multi-city international visitors,” he adds.

Janet is confident, remarking that the Radisson Blu has shown improved results year after year, with last year being the best performing year since 2011. “The UAE tourism authority is doing a fantastic job in promoting the country as a top tourist destination, and the increased number of flights from various international destinationsalso increases the number of incoming guests from different markets across Europe and Eastern Europe, CIS and the new markets of China and Africa,” she cites as one reason. And as far as the future is concerned, Janet reckons that major projects like the Expo 2020 and the corresponding population growth in Dubai and Abu Dhabi, Fujairah benefitted from people wishing to escape from the cities to the east coast for weekends and vacations.

While the guests at the hotel are mainly from the CIS, specifically Ukraine, Germany, and increasingly from other European countries such as the UK, Scandinavia and Eastern Europe, UAE residents dominate the weekends, public holidays and school vacations.

“The average length of stay is between four and fourteen nights and is generally combined with a stay in our other hotels in Abu Dhabi and Dubai.

In addition we also target, and see, increased demand for day outings for team building events, family gatherings, as well as meeting and event busi-

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Hospitality

industrial sector thanks to its important maritime connections sitting strategically at the entrance to the Persian Gulf, well established as a tax-free refuelling and re-supply base. “Fujairah is being established as a significant port for the UAE’s major exports and imports, unencumbered by any potential issues in the Hormuz Straits. In addition, the city has acquired a new site for its free-zone extension towards Kalba, and is actively marketing it to various European destinations looking to attract light industrial companies there,” adds John. This may have been a consideration for Accor to open the Novotel, Adagio and ibis cluster in the city this year.

“This increased the city’s existing inventory by over 40% and has had an impact on overall occupancy. The city now needs to focus on growing corporate demand by attracting companies to Fujairah, and increasing its commercial activities,” remarks John, adding that the leisure sector in the city was rather in decline despite some successful efforts byHilton in this respect. “It will take some time, probably two to three years before the additions to supply in the city can be absorbed by demand growth,” John concludes.

Hotel Hilton Ras Al Khaimah

ness from Dubai and Abu Dhabi based companies,” Janet details.

Diversifying the customer base is crucial for the beach properties, more so in light of the Fairmont in Dibba planning to open next year. According to HVS the Intercontinental Al Aqah is also still on the cards and the new hotels will put pressure on occupancies.

John concurs, remarking that sufficient attractions and entertainment to keep tourists there for one to two weeks was essential. “The challenge of course, other than evolving a financial plan that can carry the initial investment over the benefit of increased tourism spend in the wider area, is that of integrating the tourism inventory and attractions with the many residential areas and second homes on that coast, much favoured by Abu Dhabi’s elite,” he adds.

Expansion Janet is confident that the emirate’s nature and interesting heritage sites December 2014 Issue -25 /// 56

remain a winning formula. “We are aware this has to be sustained, developed and professionally promoted and the local authorities are working on a long term strategic plan to boost tourism which in turn will affect the growth of the local economy,” she says. ''The situation is easier for the Fujairah city hotels, where the Millennium is expected to open next year, as it is less dependent on international travellers, 30% versus 70% at the beach'', says Christopher. “I believe there is room for further expansion in both, the city and beach markets. Each submarket has their own characteristics and nuances, which will allow them to attract a growing number of visitors in the coming years,” he remarks, pointing out the extensive menu of activities, including hiking and mountain biking. City properties on the other hand attract more business guests around 31 percent of total demand; still occupancies there came under pressure in 2013, according to HVS. The city has a thriving

Fujairah beach hoteliers have to focus on group leisure tourism, which is low rated and price sensitive against increasing competition from neighbouring RAK, which has some additional attractions such as golf courses and its theme park, not to mention an international airport.” John Podaras, Partner, Hotel Development Resources (HDR).

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Column

Jitheesh Thilak BA, LLB (Hons). LLM (Int. Economic Law) Solicitor (England & Wales), Advocate (Supreme Court of India) e: jthilak@gmail.com

EBOLA AND ARAB SPRINGS- EVENTS OF FORCE MAJEURE AND ITS EFFECT ON HOTEL OPERATIONS IN THE MIDDLE EAST

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he recent Ebola outbreak and the ongoing unrests in Iraq, Egypt and Libya, have all raised concerns for those who have hotel operations in Africa and the Middle East. As hotel operators consider the potential impact of these calamities and evaluate whether they can vary the performance of their contractual obligations (specifically to circumvent the “performance test” that continues to be a prominent provision in a standard hotel management agreements in the region), force majeure has naturally been at the forefront.

Force majeure is a legal concept that derives from Roman law (vis maior cui resisti non potest) and is present in many civil law systems. Common law doctrines of frustration of contract and impracticability are analogous (but not identical) to force majeure. The principle of force majeure is included in the UNIDROIT Principles of International Commercial Contracts, Article 7.1.7(1) of which provides- “Nonperformance by a party is excused if that party proves that the nonperformance was due to an impediment beyond its control and that it could not reasonably be expected to have taken the impediment into account at the time of the conclusion of the contract or to have avoided or overcome it or its consequences” Therefore it is pertinent that the parties to the hotel management agreement who wish to rely upon force majeure should seriously consider including a provision in their contract in accordance with the general principles of contract law that may apply to the hotel management agreement. Where parties include a force majeure clause in theircontract, the consequences of an exceptional event will ultimately be determined by the precise construction and interpretation of that clause. As a result the scope

December 2014 Issue -25 /// 58

and extent of the force majeure clause in any hotel management agreement are of paramount importance when dealing with the unexpected or uncontrollable. A typical force majeure clause permits a party to extend, suspend and/or terminate the performance of the hotel management agreement when an extraordinary event occurs beyond the parties’ control.

Most force majeure clauses stipulate that the disruptive event must have an actual impact on the operator’s ability to fulfil their contractual obligations before an event can be relied upon to excuse from the performance tests. Further, some force majeure clauses require that the event is unforeseeable to succeed as an enforceable force majeure provision. Where such a requirement exists, it would be difficult for an operator for example to contend that intensified disruption is unforeseeable if that operator knowingly chose to commence operations of the hotel at a time when the area was already affected by significant unrest.

Many clauses adopt a non-exhaustive list of events or circumstances that would qualify as force majeure and typically include, amongst others, “acts of God; earthquake, fire, flood or other natural physical disasters”, “acts of war” and “riot, insurrection, rebellion, sabotage or acts of terrorism”, commercial issues including “economic downturns, inability to obtain workforce, delays in obtaining material”. Some parties attempt to include broad provisions in their force majeure clause, with wordings such as “any other event”.

However, such phrases should be adopted with caution.

In addition to considering contractual provisions regarding force majeure, a party should also examine relevant principles of the applicable law. (The applicable law will normally be stipulated in the hotel management agreement itself.) Unless the hotel

management agreement provides expressly that its force majeure clause supplants the analogous provisions of the applicable law, the contract is likely to be interpreted as supplementing the law on this issue. If a hotel management agreement does not have a force majeure provision, the parties will need to look to the narrow doctrine of frustration which may abruptly nullify the hotel management agreement, if performance becomes impossible, or look to other available remedies. In light of the recent events noted above it is advisable that owners review and analyze their force majeure clauses in order to manage the impact of extraordinary events. Useful list of issues that needs to be considered includes: i. setting out in detail in the definition of force majeure in the hotel management agreements to include all possible circumstances which may constitute a force majeure event; ii. clarifying the exact procedure that is to be followed by the party invoking the force majeure; iii. listing the reliefs and remedies that the parties may seek in the event of force majeure (e.g., suspension of operations, termination, nullification of the performance test etc. ); iv. setting out whether there are obligations to reasonably mitigate the impact of an event of force majeure and stipulate a concrete notice procedure; v. setting out parameters, timeframes and procedures for termination in case of prolonged effect in an event of force majeure.

When drafting a force majeure clause in a hotel management agreement, often the best resolution is to allow the parties to sail through the event force majeure in a practical fashion keeping in consideration of the long term benefit of the hotel protecting the owner’s interest and upholding the goodwill and brand equity of the operator.

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JLT

S P E C I A L I S T Tel +971 4 422 5750 | www.exclusive-links.com

INDIGO TOWER  1 BED APARTMENT  AREA SQ.FT: 829.68  VIEW: SZR AED 1.35 MILLION ARMADA TOWER 3  1 BED APARTMENT  AREA SQ.FT: 896.96  VIEW: EMIRATES HILLS AED 1.2 MILLION ARCH TOWER  3 BEDS APARTMENT  AREA SQ.FT: 1852  VIEW: JLT AED 2.4 MILLION X1 TOWER  1 BED APARTMENT  AREA SQ.FT: 1050  VIEWS: JLT AED 1.5 MILLION LAKE CITY  1 BED APARTMENT  AREA SQ.FT: 830  VIEWS: SZR AED 1.1 MILLION GOLD CREST VIEWS 2  3 BEDS APARTMENT  AREA SQ.FT: 1650  VIEW: JLT AND JUMEIRAH ISLANDS AED 1.95 MILLION SABA 3  STUDIO – FURNISHED  AREA SQ.FT: 534  VIEW: PARK VIEW AED 950 K MADINA TOWER  1 BED FURNISHED APARTMENT  AREA SQ.FT: 1028  VIEWS: JLT AED 1.47 MILLION LAGUNA MOVENPICK  2 BED APARTMENT + MAIDS  AREA SQ.FT: 2048  VIEW: FULL LAKE VIEW AED 2.6 MILLION

Rahul Rajan - Client Manager +971 50 640 6191 | rahul@exclusive-links.com Brokers ID: 24611

Tel +971 4 4537375 | www.pennington.ae info@pennington.ae | ORN No. 12512

FOR RENT V ILL A – R E F : R - 17 10  3 B E DS + ST U DY  A R E ASQ . F T. : 2 , 4 5 6  LA N DSC A P E D G ARD EN A E D : 1 6 5,0 0 0 VILL A – R E F : R - 169 9  2 B E DS + ST U DY  A R E A S Q . F T. : 1 ,79 4 G A R D E N A E D : 1 4 5,0 0 0 VILL A – R E F : R - 16 0 9  2 B E DS + ST U DY  A R E A S Q . F T. : 1 , 69 0  G A R D E N / PA R K A E D : 1 2 5,0 0 0 F O R SA L E V ILL A – R E F : S 1 566  2 B E D + ST U DY  A R E A S Q . F T. : 1 , 69 1 G A R D E N A E D : 2 ,079, 9 95 V ILL A – R E F : S 1 3 85  2 B E D + ST U DY  A R E A S Q . F T. : 1 ,78 4  LA N DSC A P E D G ARD EN A E D : 1 , 979, 9 95 VILLA FULLY UPGRADED – REF: S 1396  2 B E D + ST U DY  A R E A S Q . F T. : 1 ,70 0  LA N DSC A P E D G ARD EN A E D : 2 , 2 9 9, 9 95 VILL A – R E F : S 1 4 28  3 B E DS + M A ID + STU DY  A R E A S Q . F T. : 2 ,73 4 G A R D E N A E D : 3 ,70 0,0 0 0 V ILL A – R E F : S 1 568  2 B E DS + ST U DY  A R E A S Q . F T. : 1 ,79 1 G A R D E N A E D : 2 ,1 0 0,0 0 0

S P E C I A L I S T

COMMUNITY SPECIALIST

SPRINGS

COMMUNITY SPECIALIST

PALM JUMEIRAH S P E C I A L I S T

SNS PROPERTIES Tel +971 4 395 7593 | www.snsprop.com

Bobby Singh (Bob)

+971 55 2167736 | bob@snsprop.com RERA ID – 27401

BUILDING

BEDROOM

SQ.FT

RENT PRICE (ONWARDS)

SALE PRICE (ONWARDS)

SHORELINE

1 BR 2 BR 3 BR

1184 SQ FT 1650 SQ FT 2260 SQ FT

120K/YR 150K/YR 190K/YR

1.45 million 2.2 million 3.1 million

GOLDEN MILE

1 BR 2 BR 3 BR

1324 sq ft 1874 sq ft 2454 sq ft

130 k / yr 160k / yr 190k / yr

1.6 million 2.25 million 3.2 million

MARINA RESIDENCE

2 BR 3 BR

1800 SQ FT 2250 SQ FT

155K/YR 190K/YR

2.5 million 3.5 million

OCEANA/TIARA

1 BR 2 BR 3 BR

1400 SQ FT 2184 SQ FT 2600 SQ FT

150K/YR 205K/YR 250K/YR

1.9 million 3.4 million 4.35 million

GARDEN HOME VILLA

4 BR 5 BR

5000 SQ FT 5500 SQ FT

400K/YR 420K/YR

9.4 million 10.3 million

SIGNATURE VILLA

6 BR 7 BR

7000 SQ FT 7500 SQ FT

690K/YR 900k/Yr

17.5 million 18 million

STUDIO IN BALQIS RESIDENCE, 749 SQ FT, PRICE RANGING FROM AED 1,750,000 ONE BEDROOM WITH BIG TERRACE AVAILABLE IN KEMPINSKI WITH 1822 SQ FT, PRICE RANGING FROM AED 7,367,856 TWO BEDROOM WITH HUGE TERRACE AND BIG LIVING ROOM IN KEMPINSKI WITH 3710 SQ FT, PRICE RANGING FROM AED 15,026,921 TWO BEDROOM IN ANANTARA RESIDENCE WITH 1771 SQ FT, PRICE RANGING FROM AED 4,095,000 4 BEDROOM TOWNHOUSE IN KEMPINSKI RESIDENCE, 8057 SQ FT WITH GOLDEN PACKAGE, SELLING PRICE 21.8 MILLION

Tel +971 4 3396222 | www.spfrealty.com

MILLENNIUM ESTATES PHASE 3  TYPE C  5 BEDS + MAID’S + DRIVERS  AREA SQFT: 5221 AED 7% PREMIUM PHASE 1  TYPE B  5 BEDS + MAID’S + DRIVERS WITH 2 LIVING ROOMS  AREA SQFT: 6993 AED 20% PREMIUM PHASE 1  TYPE B  5 BEDS + MAID’S + DRIVERS WITH 2 LIVING ROOMS  AREA SQFT: 6993 AED 25% PREMIUM PHASE 1  TYPE B  5 BEDS + MAID’S + DRIVERS WITH 2 LIVING ROOMS  AREA SQFT: 6993 AED 20% PREMIUM PHASE 3  TYPE B  5 BEDS + MAID’S + DRIVERS WITH 2 LIVING ROOMS  AREA SQFT: 6993 AED 15% PREMIUM PHASE 3  TYPE B  5 BEDS + MAID’S + DRIVERS WITH 2 LIVING ROOMS  AREA SQFT: 6993 AED 10% PREMIUM PHASE 1  TYPE B  5 BEDS + MAID’S + DRIVERS WITH 2 LIVING ROOMS  AREA SQFT: 6993 AED 25% PREMIUM PHASE C  TYPE C  5 BEDS + MAID’S + DRIVERS  AREA SQFT: 5221 AED 7% PREMIUM

S P E C I A L I S T

COMMUNITY SPECIALIST

MEYDAN

COMMUNITY SPECIALIST

04 4308902

COMMUNITY SPECIALIST

www.castlesplaza.com

Nishan 05 55 91 97 59 | BRN 9350 | nishan@castlesplaza.com

4 Bedroom

4 Bedoom, Legacy

BUA: 3,062 sq.ft. net Plot: 7,800 sq.ft.

Rented @195K till Mrach 2015 Back to back Package 5

Regional BUA: 4,335 sq.ft. Net Plot: 8,500 sq.ft.

Back to Back, Vacant Close to park and community Centre, Away from Cables

Package 2A BUA: 4,335 sq.ft.

Plot 8,100 sq.ft.

Back to back Close to park Vacant

V I L L A

3 Bedroom Small, Legacy V I L L A

V I L L A

J UMEIRAH P ARK S PECIALIST

SP: AED 4,100,000

SP: AED 5,800,000

SP: AED 6,000,000

5 Bedroom

3 Bedroom Large, Regional

3 Bedroom Small, Legacy

Package 4A BUA: 3,562 sq.ft.

Plot: 5800 sq.ft.

Back to back Opp to park Owner occupied

Package 3 BUA: 3062 sq.ft.

Plot 7400 sq.ft.

Single row Opp to park Owner Occupied

Regional BUA: 4,900 sq.ft. net Plot: 8,900 sq.ft.

Vacant on Transfer Close to park

SP: AED 6,900,000

SP: AED 4,500,000

SP: AED 4,100,000

COMMUNITY SPECIALIST

RERA # 203

GENERAL LISTINGS GENERAL LISTINGS

RERA # 203

04 4308902 www.castlesplaza.com

Oksana Dobrovolska | BRN: 11556 | Mobile: 050-4252031 | oksana@castlesplaza.com

ARABIAN RANCHES - MIRADOR

SP: AED 11,000,000/-

Type 12, 7 Bedrooms + study + maid’s, Plot: 18,600 sq.ft., BUA: 6,911 sq.ft., Opposite to pool & park on the cul de sac, upgrades done by arabtec, 8 bedrooms all ensuite upgraded 3 seperate kitchens drivers quarters and outside guest quaters / Gym, 80 ft luxury swimming pool, jacuzzi, majlis area with outisde entertainment, children Astro Turk play area, vacant on transfer

ARABIAN RANCHES - ALBARARI

SP: AED 14,000,000/-

6 bedrooms + study with En-Suite + maid’s Room Plot: 10,970 sq.ft., BUA: 12,701 sq.ft.

1 Basement, Garage Spaces 3 Style D9, Vacant

GENERAL LISTINGS

RERA # 203

04 4308902 www.castlesplaza.com

ALBARARI

DUBAI MARINA WHARF

6 Bedrooms + Study with En-Suite 1 + Maid’s 1 Basement | Garage Spaces 3 | BUA 12,701 sq.ft.

Plot 10,970 sq.ft. | Style D9 | Vacant

2 Bedrooms | BUA 1,493.83 Sea View | High Floor Sea and Marina view | Vacant

SP: AED 14,000,000 Oksana | BRN 11556 | Mob 050 42 52 031

SP: AED 2,000,000 Rajeev | BRN 24907 | Mob 050 81 06 767

MIRADOR

PRIME MEADOWS

7 Bedroom + Study + Maid’s | Plot 18,600 sq.ft. | BUA 6,911 sq.ft. | Opposite to Pool & Park On the Cul De Sac | Upgrades done by Arabtec | 8 Bedrooms all Ensuite Upgraded 3 Seperate Kitchens | Drivers Quarters and Outside Guest Quaters | Gym | 80 ft Luxury Swimming Pool | Jacuzzi | Majlis Area with Outisde Entertainment | Children Astro Turk Play area | Vacant on transfer | SP: AED 11,000,000/-

Oksana | BRN 11556 | 050 42 52 031

SPORTS CITY

Olympic Park | 1 BR | BUA 987 sq.ft. |Golf Course | Rented Royale Residence 1 | 2 BR Duplex | BUA 2,052 sq.ft. | Full Golf Course | Vacant Royale Residence 1 | 1 BR | BUA 1,040 sq.ft.| Swimming Pool | Vacant Royale Residence 1 | 2 BR | BUA 1,503 sq.ft. | Full Golf Course | Vacant Royale Residence 1 | 2 BR | BUA 1,502 sq.ft. | Golf Course | Community | vacant

Pavi | BRN 9821 |Mob 050 30 66 767

Type 14 | 4 Bedroom + Maid’s BUA 4,099 sq.ft. | Plot 5,813 sq.ft.

Single Row | Rented till November 2014

SP: AED 6,099,000/Aman | BRN 6621 | Mob 050 46 99 519

THE GREENS

SP: AED 1,100,000/SP: AED1,650,00/SP: AED 832,000/SP: AED 1,352,700/SP: AED 1,201,536/-

2 Bedrooms | 2.5 Bathroom BUA 1,378 sq.ft. | Fully Furnished Full Canal View | Vacant

SP: AED 2,100,000 Aman | BRN 6621 | Mob 050 46 99 519

BULK DEALS AVAILABLE FOR OFF PLAN PROJECTS IN CULTURAL VILLAGE | JVC | JVT | SPORTS CITY More Details Call 050 62 55 710

GENERAL LISTINGS GENERAL LISTINGS

050 888 9510 admin@lacapitaledubai.com www.lacapitaledubai.com

High FloorESTATE SOLUTIONS BEYOND REAL

Best Price

Premium 0%

DUBAI MARINA

JLT

VIDA HILLS

Blakely Tower | 2 BR + Balcony 1361 sq. ft. | Full Marina View

Global Lake View | 3BR + Balcony 1660 sq. ft. | Marina and SZR View

BLDG B2 | 3 BR 2152 sq. ft. | Full golf course View

AED 2,400,000

Ref: 53716 Stans

AED 2,100,000

Largest Unit

Ref: 53637 Vivian

OP 3,723,888

Premium 7%

Ref: 53447 Nick

Brand New

GREENS

HILLS

JLT

Panorama Tower | Largest 2 BR + Study 1351 sq. ft. | Race Course view

BLDG A2 | 3 BR + Balcony 1775 sq. ft. | Full golf course View/JLT View

Furnished Studio 541 sq. ft. | Pay 239K | Hotel Apartments

AED 2,150,000

Ref: 53643 Sherilyn

OP 2,915,888

Ref: 53593 Nick

AED 758,600

Must See

High Floor

Ref: 53695 Kunal

Good Price

DUBAI MARINA

JBR

JLT

Marina Park | 1 BR + Balcony 720 sq. ft. | SZR View

Shams 4 | 3 BR + Maid 1805 sq. ft. | Pool and park View

Goldcrest Views 2 | 1 BR + Study 912 sq. ft. | Jumeirah Island, lake view

AED 1,050,000

Ref: 53454 Nick

AED 2,590,000

Ref: 53718 Kunal

AED 1,250,000

Ref: 53693 Vivian

EMAAR GOLD & DIAMOND PARK, BUILDING 3 (GROUND FLOOR) OFFICE 3007

NEED HELP IN Wants to process for JAFZA Company

Investors visa process in 6 weeks

CALL 050 888 9510 28% Premium

Below Market Price

Best Price

JVC

MIRA

SPRINGS

Westar Les Castelets | 3 BR + Maid 3700 sq. ft. | Community View

3 BR + Maid | Phase 3 | Type 3M 2180 sq. ft. | Back To Back View Ref:53364 53454 AED 1,000,000 Ref: OP 1,220,888 Nick Ravish

Springs 9 | 2 BR + Study 1650 sq. ft. | Road View | Type 4M

AED 4,100,000 2,300,000

Ref: 53653 Arpana

AED 1,800,000

Large Plot

Below Market Price

Ref: 53648 Kunal

Moving Fast

SPRINGS

SPRINGS

DUBAILAND

Springs 10 | 2 BR + Study 1700 sq. ft. | Type 4M

Springs 5 | 3 BR + Study 2300 sq. ft. | Back To Back View | Type 3E

Mudon | Type B | 4 BR + Maid 3786 sq. ft. | Single Row View

AED 1,750,000

Ref: 53580 Stan Vivian

AED 2,700,000

Furnished

Ref: 53687 Stan Arpana

AED 3,100,000

Ref: 53719 Kunal

Actual View

Best Price

JLT

DUBAI MARINA

PALM JUMEIRAH

Icon 1 | 1 BR + Balcony 880 sq. ft. | Emirates Hill View

Bonaire Tower | 2 BR +Study 1244 sq. ft. | Marina and Sea View

Marina Residence | 2 BR + Maid 1808 sq. ft. | Road and Atlantis view

AED 4,100,000 105,000

AED 2,550,000

Ref: 53370 Natalia

Ref: 52490 Stans

AED 2,550,000 Ref: 53720 Kunal

BRN 12509, 25799, 25854, 25970, 27809, 28162, 28163, 29161, 30070,30010 & 30662

GENERAL LISTINGS

GENERAL LISTINGS

Office 501, Barsha Business Square, Al Barsha 1, PO Box: 392590, Dubai, UAE. : +971 4 3994 603 : www.splendourhomes.ae

MOTOR CITY

SPLENDOUR HOMES Real Estate Brokers ORN 15285

MOTOR CITY

Al Hebiah Community, 5BR villa for sale Plot: 10,400 Sqft, Maids Room + Laundry Room + Storage Room, Selling Price: AED 7,200,000, Email: Kerrouchi@splendourhomes.ae

DIFC

DIC

3BR+Maid+Majlis+Store+Laundry Terraced Apartment, Full Lake View BUA: 3326 Sqft, Vacant Selling Price: AED 3,100,000 Email: Kamran@splendourhomes.ae

JUMEIRAH PARK

Index Tower, 2BR with terrace Higher floor, Full Burj view BUA: 2000 sqft Selling Price: 4,500,000 Email: sana@splendourhomes.ae

AL FURJAN

JUMEIRAH ISLAND

3BR Large, Legacy Plot : 6853 sqft, BUA : 3527 sqft Selling Price: AED 4,600,000 Email: sana@splendourhomes.ae

4BR Villa, Entertainment Foyer Plot: 10784 Sqft BUA : 5382 Sqft Selling Price: AED 9,000,000 Email: sana@splendourhomes.ae

DISCOVERY GARDENS

5BR Villa, Dubai Style / Type A BUA: 4561 Sqft, Plot: 6500 Sqft Selling Price: 4,800,000, Landscaping done Email: saif@splendourhomes.ae

Zen Building Studio, BUA: 549 Sqft Selling Price: AED 615,000 Email: saif@splendourhomes.ae

G+5 Plot next to DWC Airport Plot: 47,312 Sqft, BUA: 85,162sq.ft Residential use, Selling Price : AED 9,500,000 Email: Kerrouchi@splendourhomes.ae

JLT

Green Lakes 1 2BR + Maids, BUA: 1680 Sqft Selling Price: AED 2,300,000 Email: parvez@splendourhomes.ae

For more information please contact: Kerrouchi 056-4540233

Kamran 055-1060746

Sana 056-4540231

Saif 056-4540230

Parvez 055-3688052

GENERAL LISTINGS

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