Dubai Municipality To Use RERA Index

Dubai Municipality has come up with a new set of rules for the house owners of Dubai. The owners will now have to pay 5% Dubai Municipality (DM) housing fee, even if the property is vacant, provided there is a DEWA connection.

The Dubai Municipality has also mentioned that it is not ready to withstand any kind of cheating the residents are showcasing by listing rents which are very much below the prevailing market rates for the specific region. According to municipality, it will be forced to use RERA, the Real Estate Regulatory Agency, rent index if any kind of malpractice is witnessed.

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Pier Walk Sold Off By Quintain Estates

Quintain Estates and Development, a British property investor, has sold off Pier Walk which is situated at Greenwich Peninsula to the Germany-based DekaBank. The property is situated in a location which is close to Canary Wharf of London. DekaBank is the leading open-ended fund manager of Germany.

A whopping £97.1 million ($154.4m; Dh567m) was paid in cash by Deka Immobilien GmbH in exchange for the property, which is almost 6% up from the face value of the property that had been evaluated during March 2010. The investment yield will stand at 5.9%.

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Jumeirah To Manage Egyptian Luxury Resort

Dubai-based luxury hospitality firm, Jumeriah Group, has disclosed on Monday, 02.08.2010, that it will be overseeing a new deluxe resort located in Egypt. The luxury hospitality organization has mentioned that a deal has been struck with Egypt’s leading development company, Palm Hills Development for the management of Jumeirah Gamsha Bay Resort. The Jumeriah Resort is situated in the Palm Gamsha resort constructed by PHD on Red Sea, Egypt.

Jumeriah will be managing 250-room multi-purpose hotel of Palm Gamsha. It is a comprehensive community and has 20 artificial islands designed as a sea horse. The resort is situated to the north west of Hurghada airport at a distance of 47 km.

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REIDIN.com index reveals 6.99% increase in Dubai villa sales price between Q2 2009 and Q2 2010

REIDIN.com, the leading real estate information company covering emerging markets has today announced the June figures of its Sales Price Index for Dubai (SPID) part of its INDEXFocus-UAE product, an online database of proprietary real estate indices for UAE designed to accurately track price fluctuations in the residential real estate market.

INDEXFocus is a service dedicated to providing real estate indicies and other benchmark data. Sales Price Index for Dubai (SPID) is launched by REIDIN.com based on the actual transactions in an exclusive partnership with the Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD). The service provides the Dubai market with a series of indices and data sets that can help improve transparency across the market and help real estate professionals to benchmark and analyse residential price trends.

Power and water cut from 1,654 Dubai homes in H1

Nearly 4,400 houses in Dubai have been found violating building and construction rules during the first half of 2010 as part of the One Villa, One Family campaign, a senior official has said. Omar AbdulRahman, head of Building Inspection Section at Dubai Municipality, said that 40,707 houses in Dubai had been inspected since start of the initiative aimed at reducing overcrowding in properties in the emirate.

AbdulRahman said about 1,654 houses had had its power and water cut off as a result of violations. He added that surprise visits in coordination with various government departments would continue and fines would be imposed. He said violations included bachelors staying in family areas, and multiple families staying in one house.

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The Nation Investor Planning Two Private Equity Deals

Abu Dhabi-based investment service provider, The National Investor, has plans for closing two “substantial” private equity deals by 2010 end. “We have capital to invest; we generally do about two deals a year and we will do the same this year”, said the TNI private equity director Yahya Jalil.

He also mentioned that TNI was honing on ‘something substantial’ at present, but declined to disclose the details of the massive transactions.

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Abu Dhabi To Have 73,000 New Homes By 2013

According to reports from the UAE newspaper, The National, 20% of the new residential properties being developed in Abu Dhabi, the capital of UAE, will be set aside to meet the housing requirements of middle income group while the rent of a studio will be as minimum as Dh 25,200 per annum. Michael White, who is a senior planning manager at Urban Planning Council, Abu Dhabi, has mentioned that the initial set of homes which are being developed in sync with the new rules will be launched in the real estate market “probably within the next year or two”.

According to the council, out of the 73,000 homes slated to be constructed by 2013, 15,000 will be earmarked for middle income group. The rents will be somewhere around 35% of the income of the household. For those who want to enjoy reduced rent rates, the income should be within the upper ceiling of Dh 252,000.

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Drake & Scull Wins Dohaland Flagship Cooling Project

The 182-million-Qatari-riyal worth design and development contract for the two cooling plants at Dohaland’s Musheireb project has been awarded to Drake & Scull International’s arm, Drake & Scull Water and Power. The firm will be responsible for the comprehensive design and development of these cooling plants which have cooling towers and chiller plants. The district cooling has a refrigeration capacity of 29,250 tonnes.

According to Mohammad Masoud Al Merri, Director-Projects, Dohaland, “We are delighted to award the design and build contract to Drake and Scull for the district cooling plants for the Musheireb project”. According to the contract, the designing and building of hilled water reticulation network having valves and valve chambers, the mechanical electrical and plumbing services, testing and commissioning of the plants will all be taken care of by Drake & Scull.

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