property times emagazine january2015

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///// Issue 26 - January 2015 Zafer Taher, CEO, G&Co PHASE 1 TO BE DELIVERED EARLY NEXT YEAR Pg20 Pg18 Pg25 Pg34 2015 ? THE DEMAND-SUPPLY EQUATION THIS YEAR STAY CALM... AND BE POSITIVE MOHANAD ALWADIYA, MD, HARBOR REAL ESTATE, ABOUT OIL PRICE DIP. GETTING READY... AJMAN’S AL ZORA Magazine Search Awards Timely delivery is our priority '' '' EXPERTS ANALYZE

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///// Issue 26 - January 2015

Zafer Taher, CEO, G&CoPHASE 1 TO BE DELIVERED

EARLY NEXT YEAR

Pg20

Pg18

Pg25

Pg34

2015 ?

THE DEMAND-SUPPLYEQUATION THIS YEAR

STAY CALM...AND BE POSITIVE

MOHANAD ALWADIYA, MD,HARBOR REAL ESTATE,ABOUT OIL PRICE DIP.

GETTING READY...AJMAN’S AL ZORA

Magazine Search Awards

Timely delivery is our priority''

''

EXPERTS ANALYZE

*Less Royalty Fees

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&MANY MORE

*Less Royalty Fees

Following 30 Years of success as an industry leader, we are pleased to announce the launch of our unique Real estate Franchising Opportunities so that brokers and entrepreneurs like you, can enjoy the financial rewards and success you deserve.

Open Your Own Real EstateBrokerage?

COMMISSION*

CREDIBILITY

YOUR OWN BUSINESS

SUPPORTAfter three decades of experience, local knowledge and achieving results for the region’s top property owners, developers and investors, our success is now yours to benefit from.

the astecO sales & leasing BROkeRage FRanchise

To secure your exclusive opportunity call:

+971 600 54 [email protected]

As a Franchisee, you’ll get exclusive access to our enviable Sales & Leasing Listings:

EXCLUSIVE OR JOINT AGENT

&MANY MORE

FROM THE EDITOR

HAPPY NEW YEAR!New year brings new hopes and a lot of positivity. After the long holidays, Dubai’s real estate market is slowly getting into busier times. Yes it is a bit slow but it is stable, which is what the market needs right now. Stability is what everyone is looking for while making an investment. While the secondary market is gradually picking up, the off-plan market witnessed the first launch of the year and needless to say, the entire development was sold out in two hours. Dubai’s latest entrant in the property devel-opment sector, Danube Properties has launched its second project Glitz in Dubai Studio City, after the successful launch of Dreamz a few months back. Buyers comprising mostly end users lined up at the sales launch to buy their dream homes available at extremely affordable rates with attractive payment plans. I am sure we will witness more launches in the first quarter of this year.

In the first issue of 2015, Property Times features a new look and feel and better and richer content. In this issue, we have one of Dubai’s recent yet impact-ful developers on the cover; Zafer Taher , CEO of G&Co, which launched in less than two years; Mil-lennium Estates, Grand Views and now Millennium Square, in Meydan. A ‘Sold Out’ sign board is what every developer dreams of when they launch a new project. G&Co sold out the first two projects in record time and is expected to sell out the remaining units in their latestproject Millennium Square soon. What sets Zafer apart is, which is also the main reason why he made it to the cover of Property Times this

Binesh PanickerEditor-in-Chief & Co-Founder

P.O. Box: 76460, Dubai, UAE P.O. Box: 347431, Dubai, UAE

MEDIA LAB PUBLISHERS LLCOffice 135, B Block, Al Shafar investment Building, Near 3rd interchangeSheikh Zayed Road, Dubai, UAE, PO.Box: 235504, Tel: +971 4 33 86 724 Fax: +971 4 33 86 [email protected]

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month, is his commitment to deliver what he prom-ised his investors at the time of the launch. His first project Millennium Estates is expected to be ready six months before the due date, while the con-struction of Grand Views is also moving ahead at a rapid pace. Dubai needs more developers like this who not only launch high quality developments at extremely good rates with good payment plans but also strive to deliver the project on or before time.

We also have, in this issue, a wide gamut of articles such as a study on the demand and supply equa-tion in the market this year, a look residents and commercial property owners’ views at Discovery Gardens, Ajman’s latest development Al Zora etc apart from, of course, our regular Q & A’s and other useful columns.

In the meanwhile, the nominations for Dubai’s first ever People’s Choice Real Estate Awards are pick-ing up momentum with many leading real estate agencies expressing their confidence to win maxi-mum votes from the people of Dubai. I would like to wish the nominees all the very best and I appreci-ate their willingness and excitement to be a part of something, which will make a huge impact in the market in the years to come.

Happy reading!

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BINESH PanickerEditor-in-Chief & Co-Founder [email protected]

JATIN DeepchandaniHead of Sales, Marketing & PR [email protected]

SYED GhayuorSales [email protected]

THINKAL BhalManager - Special Operations & [email protected]

RESHMI RaveendranSales, Marketing & PR [email protected]

NYSAM K ShahulSenior Graphic [email protected]

TOSEEF Ali TidiwalaAccounts [email protected]

KIRAN ReddyE-magazine [email protected]

SRIKANTH ReddyE-magazine [email protected]

MANAF CKAdmin [email protected]

MARY Grace AntonioExecutive Assistant to Editor in [email protected]

January 2015 Issue -26 /// 5

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U L T R A L U X U R I O U SS E M I D E T A C H E D V I L L A S

Luxury living, delivered. REALTYRedefined to Reality

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Live in Meydan’s firstSemi Detached Villa community

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Each villa is designed to be an end unit and has3 sides access around it with adequate space forlandscaping and a swimming pool.

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On booking After 6 months of booking After 12 months of booking10%

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Project RERA # 1612

4 & 5 Bedroom Semi Detached Villaswith Maids room, Size 3,479 sqft

08NEWS AND ANALYSIS: Glitz by Danube sold out

10NEWS AND ANALYSIS:

Update on Remraam by REIDIN.com

12Column by Nita Maru, TWS Legal Consultants

14PROPERTY EXPERT: Dounia Fadi, elysian

16MORTGAGE EXPERT:

Feyisesan Ekundare, MortgageMe

18Column by the Wolf of Real Estate

32Meet the agents

46Manchise: Column on by Jitheesh Thilak

52Exclusive property listings

G&Co surges ahead

2015: Dubai market

Al Zora comes alive

More hotels coming up in Dubai20 26 34 41

January 2015 Issue -26 /// 7

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OUT IN2HOURS

GLITZ BY

DANUBE

January 2015 Issue -26 /// 8

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The very first day of the Danube Properties sales launch for their second realty venture Glitz by Danube, saw all their apartments sold out within the first two hours of sale with constant requests

coming in. A sales meet organised for investors at the Grand Hyatt Dubai, saw an overwhelming number of reg-istered prospective buyers. Danube Properties, the prop-erty development arm of Danube Group established in 2014, was started with the aim to build Luxury residential property for the middle-income group. The division’s first project Dreamz, with 171 luxury townhouses, were sold out within the first day of the sales launch and received more than 2,000 enquiries prior to the launch. Glitz by Danube, a project worth AED300 million, saw that number increase fourfold.

Rizwan Sajan, Founder and Chairman of Danube Group, commented, “We are very pleased with the response to our second project and it has further cemented our rep-utation as a developer of people’s choice. Danube Proper-ties was launched to develop luxury homes at affordable prices in the market and we have successfully managed to do so with both our projects. The construction business has always been the key for driving growth in the country’s economy. According to the Q2, 2014 report by Business Monitor International, construction projects worth AED778 billion are under construction in the UAE. The recent announcement of the Expo 2020 reflects the growing strength of the Emirates and expected boost in the econ-omy. “Being a leader in the building material industry, we have been associated with a diversified portfolio of prop-erties in the UAE. It is because of our years of experience that we have an unwavering faith in Dubai’s real estate market and chose to step into a different realm of the property market. As an organization, we are excited and ready to extend our committed support to the nation, to position UAE’s pioneering role as a solid repository which will bring business and promote growth in the economy,” Rizwan added.

The spacious homes range in housing area from 470 to 1,645 square feet in each apartment block of eight levels. The apartments feature contemporary design, luxury and comfort within a setting of lush landscape. Each flat will come with a fully fitted and equipped kitchen and high standard finish from the country’s largest building mate-rials and interiors supplier, Danube. The apartment block will include some amenities like roof top golf course, lei-sure deck with a barbeque station, kids play area cum party hall, state-of-the-art health club and much more. Making this sale more attractive is the payment plan being offered by Danube to long-term investors and end-users, which requires the buyer to pay 10% down payment followed by 15% in 60 days. The balance amount is paid in 75 equal monthly installments of only 1% each.

January 2015 Issue -26 /// 9

AHMET KAYHAN

CEO, REIDIN.com

Remraam’s growth as a family-oriented community over the past six months has been primarily due to the facilities and amenities on offer for residents. By Binesh Panicker

REMRAAM CONTINUES TO AMUSE AND RISE

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Located on the new Emirates Road (erstwhile Dubai Bypass Road), Remraam, developed by Dubai Properties Group, reg-istered the maximum growth in terms of rentals at 25% in RERA’s latest Rental Index; a testimony to the growing popu-

larity of the community.

Well maintained lawns, pools, tennis courts etc are some of the highlights of this community, which is now easily accessi-ble from differentparts of Dubai. Property Times, is association with REIDIN, brings you the latest update in terms of rentals and prices in this community as well as how it has fared over the past few months.

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January 2015 Issue -26 /// 10

Source : REIDIN.com

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 & Research Team’ together with a global network of information partners endeavours to provide high-end analysis and research support to its clients.

NEW

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24/7 SECURITY

LUSH GREEN SURROUNDINGS

SPACIOUS CHILDREN'S PARK

THREE SWIMMING POOLS

BASKET BALL AND TENNIS COURTS

BBQ AREA IN EACH CLUSTER

SPACIOUS TERRACE IN SOME APARTMENTS

15 MINUTES FROM AL MAKTOUM INTERNATIONAL AIRPORT

25 KMS FROM EXPO 2020 VENUE

RENTAL RATES OF REMRAAM

STUDIO 2 BEDROOM

1 BEDROOM 3 BEDROOM

UPCOMING GEANT SUPERMARKET AND OTHER OUTLETS

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January 2015 Issue -26 /// 11

Nita MaruLLB (Hons) UK | Solicitor and

Managing PartnerTWS Legal Consultants

Nita Maru, a Solicitor and Managing Partner of TWS Legal Consultants shares some legal advice regarding the above.

THE UAE INHERITANCE SYSTEM

Wills | Probate | Business Succession Planning | Company Formation | Contracts | Family & Divorce Matters

QUALIFIED SOLICITORS DEDICATED TO PROTECTING YOUYOUR FAMILY AND YOUR ASSETS.

Call: +9714-4484284 Email: [email protected]: www.willsuae.comwww.twslegal.ae

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As if expat life were not fraught enough with challenges and complications, families of those who invest in properties here

face further complications in the said event that the property owner passes away intestate.

How different is the UAE inheritance sys-tem with that of other countries?

In the UAE, inheritance for Muslim nation-als is guided by Sharia laws, while the law of the deceased’s home country can be applied for non-Muslim expatriates. Sha-ria is not a codified law and is capable of adaption, development and further inter-pretation. Matters of inheritance coming before the Dubai courts are heard by one or more judges. Juries are not used. Further-more, unlike in some Western jurisdictions, there is no system of precedent in Dubai or the UAE.

However, there are many uncertainties regarding real estate inheritance issues. Unlike other jurisdictions, the UAE does not practice ‘right of survivorship’ (prop-erty passing on to surviving joint owner upon death of the other, as would be the case in Commonwealth jurisdictions), and the local courts will need to make the final decisions.

What are the most common inheritance concerns of clients who own property here and what are the solutions?

The most common concerns are from expa-triates that have bought property here either in their sole name or jointly with their spouse. They are confused as to which inheritance

ria law principally operates by a system of forced heirship or reserved shares.

Whereas the Civil Code states, in one part, that the law of the home country applies to matters of inheritance, in another part it states, that where a will made by a non-Mus-lim involves the disposal of real estate in the UAE, then UAE law applies. This is consistent with the fact that in general, in the UAE, the law of the state where property is located applies to real property rights. This conflict has caused confusion amongst non-Mus-lims as to the inheritance of their property upon their demise. To clarify the position The Personal Status Law 2005, was passed to add clarity to the terms of the Civil Code. Legal opinion in the UAE remains divided on whether this conflict is real or not. Conse-quently, expats are becoming more receptive to the idea of owning property in an offshore company which is not subject to Sharia law for the distribution of assets after death, because technically, a company cannot die, even when an individual does. Property owned by expatriates is often contended in the courts after death, whereas those which are legally owned by a company will never be. In real terms, the death of a homeowner can often cause a family grief and trauma due to lengthy inheritance processes, but these can be avoided, if the unencumbered freehold property is legally owned by a company instead.

Why is it important for expats living in the UAE to have a will, and what are the consequences of not having a will in place?

For expats living in the UAE, there is a very simple reason to make a will. The Govern-ment of Dubai’s official website states that

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laws apply to their assets upon their demise, and usually assume that the laws of their native coun-try automatically prevail over local Sharia laws. Inheritance laws in Dubai are not as straightforward nor the same as those back in the/ in some Western countries. If an expatriate owns property in Dubai and passes away, the laws of their home country may not apply to their assets held within the UAE, especially those that are fixed and immovable. Matters of inheritance in the UAE are governed by Federal Law No. 5 of 1985 regarding the law of Civil Transactions in the UAE (the “Civil Code”), and by Federal Law No. 28 of 2005 regarding the UAE Personal Affairs Law (the “Personal Affairs Law”). As a general rule, inheritance issues for Muslims are dealt with in accordance with Sha-ria, whereas for non-Muslims, the law of the deceased’s home country can apply. Succession under Sha-

Wills | Probate | Business Succession Planning | Company Formation | Contracts | Family & Divorce Matters

QUALIFIED SOLICITORS DEDICATED TO PROTECTING YOUYOUR FAMILY AND YOUR ASSETS.

Call: +9714-4484284 Email: [email protected]: www.willsuae.comwww.twslegal.ae

TWS Legal ConsultantsOffice Suite 3001,

HDS Tower, J L T , Dubai. Tel: +971 4 448 4284

Email: [email protected] Website: www.twslegal.ae

and www.willsuae.com

FOR FURTHER INFORMATION

PLEASE CONTACT:

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‘the UAE Courts will adhere to Sharia law in any situation where there is no will in place’. This means that if you die without a will or a succession plan, the local courts will exam-ine your estate and distribute it according to Sharia law. All personal assets of the deceased, including bank accounts, will be frozen until liabilities have been discharged. A wife who has children will qualify for only one-eighth of her deceased husband’s estate, and without a will or estate planning

will work with the DIFC Courts for the production of grants and court orders for the distribution of assets. As the grant is issued by the DIFC Court, it will be directly enforceable in Dubai without the need to go through the Dubai Courts. Also, as a “common law” jurisdiction, the use of the DIFC procedure would allow for testamentary freedom for dispo-sitions for non-Muslim expatriates and a speedy and orderly admin-istrative process of a deceased non-Muslim’s estate in Dubai.The DIFC will be the first jurisdiction in the MENA region, where non-Mus-lims will be able to register a will under internationally-recognized common law principles.

If my husband dies, will our joint bank accounts get frozen?

In principle, the government will freeze accounts until all liabilities of your husband are cleared such

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as loans, credit cards and business debts; this can happen within 1 hour of a fatality! The procedure for reactivating the accounts is complex.

Mr Jones and Mr Davies are business partners and equal shareholders in a

LLC company in Dubai, in the fash-ion / clothing trade. Their business is

growing rapidly and they are extremely successful. Mr Jones is concerned

that in the event of death of either one

of them what the implications are.

In the event of a shareholder’s death, local probate laws are

applied to a business, but the results may

be unpredict-able as shares

do not pass automatically

by survivorship, nor can another family member take over in lieu. However, we can

secure arrangements to avoid lengthy local probate and guarantee

business continuity.

At TWS, we understand the implications and importance of planning for the future as an expat in the UAE. Can you afford not to talk to them ?

in place, this distribution will be applied automatically. Even shared assets will be frozen until the issue of inheritance is determined by the local courts. There is also no automatic transfer of shares where businesses are concerned.

Recently I have heard about the upcoming DIFC Wills and Probate Registry . How does the impending Registry help expatriates with assets in Dubai?

The upcoming DIFC Wills and Probate Registry will provide a mechanism for non-Muslims with assets in Dubai only to pass on their estates according to their wishes. 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; they will have the freedom to distribute their assets as they wish. The DIFC Wills and Probate Registry will be within the DIFC jurisdiction and

If you have any queries about buying or renting, please email at [email protected]

Our expert answers the queries about your real estate investments.

w i t h p r o p e r t y e x p e r t

Depending on the number of bed-rooms you require the area would dif-fer. I always advise clients to purchase

from a good developer, as later when you plan to resell it will be so much easier to do so. With AED1.5 million you can purchase a one bed-room or studio in the Marina or Downtown area. However, the one bedrooms with the best developers still exceed the AED1.5 million mark and a studio would be more realistic. The good developers include Emaar, Trident, Damac and Select Group. The prices for their one bedrooms with a good view usually start at AED1.6 million up to as high as AED2.3 million. To conclude, I would advise purchasing a unit in the most popular areas, so that whether the market is up or down will still be sought after. These area include Marina, JBR, Downtown and Palm Jumeirah.

This will depend on whether you are an investor or an end user. As an investor keeping the Down-

town units will be a better choice especially if you are the first owner who have bought directly from the developer or at very reason-able premium from the secondary market as renting and receiving the rent will allow you to achieve a high ROI, also at the time of selling; your money will not be stuck in one place and you may sell one and keep one. If, however, you are an end user acquiring a villa will be a better choice, as you will have bigger space with less annual service charges to pay. Captain gain can also be achieved if the location of the villa is very strategic.

I am a mortgage buyer with a budget of AED1.5 million. Which areas and what type of properties

would you recommend?

I would personally recommend going for off plan as most of the off plan properties from Emaar are branded

as either The Address or Vida, The prices are still lower then ready assets in the same area.

You also do not expose your capital up front as you follow payment plan and If you invest in the right off plan project your capi-tal gain is higher annually compared to the ready properties appreciation, most impor-tantly your future ROI is higher than the one you receive from ready assets.

You can off load and resell off plan assets quicker and easier then the ready one. When buying off plan you have better choice on the unit size, location and view.

My friends are advising me to invest in off plan properties rather than ready properties. What is the

right thing to do if I am looking at it as pure investment?

I have a couple of properties in Downtown. Is it a good idea to sell them and buy a villa in an estab-

lished community?

Dounia FadiManaging Directorelysian04 323 4545elysian

Maral Khalil Mira Martinova

Sheikh Zayed road, Dubai

elysian

January 2015 Issue -26 /// 14

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PROPERTYPROPERTYM A N A G E M E N TM A N A G E M E N T

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Whatever your property needs are......all the signs point to,Whatever your property needs are......all the signs point to,

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If you have any mortgage related queries please email [email protected]

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

w i t h m o r t g a g e e x p e r t

Mortgage brokers and consultants perform similar roles but the nature and scope of both activities vary.

For example, mortgage brokers in the UAE-offer a regulated financial activity – Both are responsible for ensuring the advice that is appropriate for the borrowers' circum-stances, but only the broker is held liable by the regulating body if the advice is later shown to be defective. The consultant, on the other hand is not. Thus, the work under-taken by both the broker and the consul-tants depend on the depth of their service and liabilities. That being said, the goal of both is to save their clients as much money as possible by offering the best advice for the clients circumstances.

Brokers and consultants achieve this by assessing the client's circumstances via inter-views and mortgage fact find forms and face to face interviews - this may include assess-ment of credit history, which is normally obtained via credit reports of affordability, which is verified by income documentation, and of future plans to determine the optimal duration of the proposed mortgage loan; scanning the entire market to find mortgage products that fits the client's specific needs - This is usually carried out in conjunction with the client wherein a detailed compar-ative analysis report is compiled on multi-ple products (four of the best in the market vis-à-vis the client’s financial position and profile). This report highlights the pros/cons as it relates to the client’s needs and the best

What exactly is the role of a mort-gage broker/consultant? Do you charge a percentage of the mort-

gage value or a fixed price?

Depending on the lender, the client’s profile, the transaction type and if the information provided by the

applicant is factual, getting a pre-approval usually takes anywhere between three to five days.

The pre-approval process is basically the same for all lenders and usually involves carefully examining the applicant’s submit-ted documents, conducting a credit check with the UAE central bank to assess the applicant’s financial position, conducting a security check to determine applicant’s sta-tus, determining the applicant’s debt service ratio and eligibility status and coming up with an approved loan amount based on the applicant’s risk profile.

From the date of submitting the application, how long does it to get a mortgage pre approval?

What are the different stages?

In the UAE, on a combined monthly salary of AED40, 000, you will be eligi-ble for a AED3 million loan if you have

no credit cards and zero existing liabilities. It

My wife and I have a combined salary of AED40,000 per month. What is the maximum mortgage

amount we can avail of? How do we apply together for the mortgage and who will be liable for repayment?

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suited product is then selected; assisting the client in gathering all the relevant docu-ments required for a mortgage application and securing a pre-approval from the cho-sen lender; assisting in completing a lender application form, clarifying legal disclosures and submitting the required application documents to the lender; and following up on the transaction until disbursement while keeping the client updated at all times and being on ground to ensure that the land transfer process at the Land Department is executed seamlessly.

The service charge can be anywhere from 0% to 1.5% of the mortgage loan amount. Some firms charge a fixed price but ideally charges are based 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.

Feyisesan EkundareMortgageMe.ae Business DevelopmentMiddle East/AfricaM: +971 050 4168 5

is important to note that if the income/pro-file of one partner is sufficient to guarantee mortgage loan eligibility, then the income of the other partner will not necessarily be a factor in the loan eligibility/qualification pro-cess. However, on a joint mortgage with the title deed in both names, both owners will be financially liable whether or not repayment is being handled by either partner.

January 2015 Issue -26 /// 16

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WE CAN MAKE YOUR HOME EQUITY WORK FOR YOU!

Take advantage of the current low mortgage rates and put your money towards a better use.

2.99%

WHY IS YOUR EQUITY JUST SITTING THERE DOING NOTHING?

Investme Financial Services LLC, +971 (0) 4 453 4400608, Dusseldorf Business Point, Al Barsha 1, Dubai [email protected]

There is no denying that oil is really, really important. Those that dismiss the pos-sible effects that significant

shifts in supply, demand, prices and politics on economies will be deny-ing history and ignoring logic. But those that overestimate the effect of tumult in the oil industry only serve to exacerbate or magnify fears of unlikely events occurring. If there is one thing that we should have learned from the recent global finan-cial crisis, it’s that cooler heads are

more likely to prevail. The reason why this should be is that cooler heads are more adept at separating emo-tion from logic, cause from effect and fiction from fact. The recent reactions to the dramatic reduction in oil prices have been, while under-standable, disturbingly overdone. Why disturbing? Because reactions often reveal underlying thinking (or lack thereof) that drove recent reac-tions far from rational. The reactions of stock markets globally, mainly on cue from the US, were noteworthy

because of their rapidity and severity. They were also noteworthy because of the lack of cool headed analysis that should have been applied to the dramatic price shift that theworld’s most vital and essential commodity experienced. The old adage of panic breeds panic sprung to mind as the flurry of phone calls that I received from investor clients, finance brokers and journalists provided me with a barometer as to the level of unease that surrounded the likely effect of the oil industry machinations

OIL … COOL HEADS REQUIRED Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official

training & certification arm of the Dubai Land Department

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January 2015 Issue -26 /// 18

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on the direction of Dubai’s real estate industry.

The most disturbing theme that was common to all the calls I received was the short-sighted-ness of the opinions and concerns being offered. Little thought was being given to a balanced analy-sis of what a decline in oil prices really means in terms of demand for Dubai’s real estate in the long term. For a start, those in the oil industry understand that, given the costs of exploration and high level of capital required to com-mence green-field operations, careful consideration must be given to possible price fluctua-tions to ensure continuity of prof-itable operations. In ensuring that excess profits in the times of high prices are held in reserve for the times when prices fall, established players in the indus-try can “smooth out” the peaks and troughs of oil rev-enues. So, while many of the shortsighted doomsayers were predicting a virtual halt in public spending and infrastructural investment in the UAE, they forgot that a vir-tual decade ofrecord oil prices has enabled Abu Dhabi alone to accumulate an estimated US$ 800 billion in reserves. Needless to say, it would take an extended period, possibly a decade or more, of severely depressed oil prices, for those reserves to be diminished. Not that Dubai would be wholly relying on those reserves anyway.

With an economy that has diver-sified to the extent that only 6% of the Emirates GDP is reliant upon oil, and that a lower oil price will actually assist the growth of more prominent economic drivers such as trade and tourism, the Emirate does not appear to be particu-larly vulnerable to a temporary dip in oil prices.

Similarly, the established non-government oil conglomerates which enjoy lower costs of pro-duction due to more established operations and older, lower cost extraction methods are also in a position to absorb a lower oil price. In reality, it is only the “Johnny come lately” high cost operations, some of

which are highly lev-eraged, that are

threatened. But as

they say,

there is

nothing like a good

industry shake-out to bring markets

back into equilibrium. Which is not to say that there are no short-er-term advantages to a lower oil price. There are. If you come from a country that has to import all of its energy needs then a decrease in the price of oil can help relieve the pressure on costs associated with manufacturing, distribution, travel, tourism and even the cost of com-muting for any family with a car.

The increase in disposable income can be a significant catalyst to eco-nomic growth, something which is being chased by every country in the world.

It just so happens that many investors that enjoy the returns that Dubai’s real estate contributes to their coffers come from countries such as India, a country which benefits enormously from cheaper energy. As a matter of fact, other than Russia which is mired in issues larger than just the price of oil, the vast majority of nationalities that comprise the Dubai investor mix will either not be affected or will tangibly benefit from a lower oil price. So why the panic? There has been almost universal agree-ment that the real estate Industry in Dubai has achieved a level of maturity that enabled it to suc-cessfully manage the huge risks associated with being the hottest real estate market in the world over the last couple of years. So why would it succumb to this latest development and collapse with a resounding crash? Well … it won’t, simply because there is no funda-mental reason why it will which will pass the test of reason and logic. Unfortunately, many of the calls I received came from shortsighted stakeholders, some over leveraged, whose debt position is such that any slight perception of increased risk generates irrational behavior. They easily gravitate to doomsayers who can only see the negative side to any equation adding momen-tum to baseless fears and negative rhetoric. As an industry, we need to understand that there will always be change and challenges. It is a measure of our maturity, as to how we consider, analyze and address issues that threaten to affect our desired state or outcomes.

Clearly, we have a way to go.

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The biggest challenge for a new developer in a mar-ket like Dubai, which went through a downturn, is to

gain the confidence and trust of the buyers and investors. G & Co suc-cessfully managed to launch three projects with two of them getting sold out immediately while the third one is being sold currently. However, the developer, although very new at the time of their first project in March 2012, was quick to realize that what mattered was to deliver a high qual-ity project on time and if possible, before time. Their first project Millen-nium Estates in Meydan was sold out in 40 days and it gave G&Co a lot of confidence to launch their second

G&Co is all set to create history in Dubai’s real estate market. The developer’s first of the three projects so far, Millennium Estates in Meydan, is on track to being delivered six months before the original handover date. By Binesh Panicker

TRUST…

project; Grand Views, which was also sold out in record time, followed by the third project Millennium Square launched recently.

Zafer Taher, CEO, G&Co, says they believe in delivering good qual-ity projects on time so that buyers continue to have faith in them in the future.

ZAFER on

The beginning

The thought process started seven to eight years back. We realized like many other investors that Dubai’s

real estate market had huge poten-tial and we thought of creating a fund in 2006-07, which was a private equity fund where people could invest in to buy some good assets in Dubai. We started buying what we thought at the time potential prop-erties that, in the future, could give us good returns.

One of those assets, which we purchased in 2006, was a large plot of about 5 million square feet of land in Meydan. It was still a desert but there was a talk in the town about Meydan becoming a massive com-munity in the future. We thought of it as a location, which would be central and close to everything and become

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a prime asset in the future. We had also acquired assets in Khawaneej and Emirates Road. In beginning of 2008, we realized that perhaps we might be facing a scenario. We didn’t predict the global melt down, but we thought that perhaps the interna-tional markets were a bit jittery at the time. We obviously had good finan-cial advisors in the fund, who advised us to wait for six to seven months before we would launch the proj-ect and they were right because in August things started looking really dire and by November you know where we were.

So we had to make a difficult decision: whether to leave the asset

and wait for the crisis to be over or sell and cash out at whatever price we could get. We knew Meydan was such a prime location. Know-ing Dubai very well, knowing that one day we will be so central, we decided to keep it, which was a very good decision.

We sat on the assets until 2012 at a very high cost, when people started talking about a recovery in the mar-ket, but still nobody was talking about launches. However, we decided, after consulting our sales partners and advisors, to launch the project as we felt the grounds were fertile enough and that people wanted Dubai to come back into the game. And in

March 2012, we took the plunge. For the record, we were the first devel-opers to launch a project in Dubai during the period of recovery. We quickly realized that there was a lot of appetite in the market for good proj-ects that offer fundamentals such as good location, right price point and good design.

Millennium Estates

G & Co was the only developer at that time offering off-plan properties and the market was still reeling from the past three to four years of uncer-tainty. We had to offer something special and, with our business part-

“FOR THE RECORD, WE WERE THE FIRST DEVELOPERS TO

LAUNCH A PROJECT IN DUBAI DURING THE PERIOD OF RECOV-ERY. WE REALIZED THAT THERE WAS A LOT OF APPETITE IN THE MARKET FOR GOOD PROJECTS THAT OFFER FUNDAMENTALS

SUCH AS GOOD LOCATION, RIGHT PRICE POINT AND GOOD

DESIGN.” ZAFER TAHER, CEO, G&CO

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ners and advisors, we decided the price point and payment plan might help overcome those fears. There is, of course, a risk for the developer but we also have to think of the end users as they are also taking an equal if not larger risk. If you try to remove a little bit of that concern by mak-ing the payment plan more flexible and achievable, then the end user will be more confident. Millennium

Estates, which is worth AED1.5 bil-lion, features 198 luxury villas located on Meydan’s south extension. For G&Co, it was our first project and we needed to prove ourselves in the market. It was very difficult for a newcomer to come into Dubai after the crisis and launch a proj-ect. We took a conscious decision that we should get the basics right. If you want to succeed you need to

do better than others, you need to offer bigger, higher specs at a lower price point.

That was the first point. The sec-ond point was delivery. The entire project was sold out in 40 days, as the buyers really liked the location, the quality and the price point. We had to do a lot more in terms of price point, design and payment plan. The payment plan was 25%-75%, which was unheard of. Now Millennium Estates is on target to be delivered six to seven months before the due delivery date. The villas will be ready for handover by June or July this year.

The sizes of the villas range from 5,400 square feet to 6,800 square feet and will also feature large green

“IF YOU WANT TO SUC-CEED, YOU NEED TO DO BETTER THAN OTHERS, YOU NEED TO OFFER

BIGGER, HIGHER SPECS AT A LOWER PRICE POINT.”

ZAFER TAHER

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Brasilia

Visit: by appointementDubai, JLT Cluster N, Jbc 4 Tower 1302, P.O Box 309130 JLT Dubai, U.A.EShowroom Tel: +971 44286688Faxline: +971 44278833E-mail: [email protected]

Design Mobl @design_mobl DESIGN_MOBL

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The Outdoor Furniture

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spaces with walkways and common parks. We started selling the units at AED1,050 per square foot, which was at that time about AED100 to AED200 below the nearest bench-mark. In phase II, we had incremental price increases of about AED75 per

After the successful launches of Millennium Estates and Grand Views, G & Co recently announced their latest development in Meydan; Millennium Square, which is an AED2.8 billion high-end residential com-munity. The rapid construction progress of the devel-oper’s previous two projects has further cemented G & Co’s commitment to delivering their projects on or before time, which will go a long way in boosting the confidence of the buyers and investors. This new com-munity will have semi-detached villas in line with the existing demand in the market.

The size of a villa is 3,479 square feet with the prices starting from AED4.3 million. Millennium Square also boasts an attractive and flexible payment plan of 30%-70%. According to the developer, like its previous developments, Millennium Square is also attracting attention from a huge number of buyers, with 100 units already sold within days of the launch. The project is expected to be delivered by the last quarter of 2016.

square foot. We target 25% internal rate of return (IIR) on its investment in the project. With Millennium Estates it’s close. Remember the cost of financing for us because of the payment plan is higher and the cost of construction is much higher than

your typical development. Perhaps our return on investment is lower today than where it should be, but we believe that building the brand-name and taking it forward on the back of Millennium Estates will help us achieve better results in the future. Our buyers include Emiratis, GCC nationals, Indians, Southeast Asians, Chinese, Russians and Europeans. It is a mix bag; it’s a typical textbook Dubai demographic.

Grand Views

It is a continuation of Millennium Estates. We listened to our buyers and felt that there was a need for smaller units for smaller families but with the same quality that G&Co offered in Millennium Estates. Grand Views is an AED2.48 billion develop-ment, featuring 300 five-bedroom townhouses and 176 villas.

The villas were sold out in no time. The construction has started already and we will try and deliver slightly before the due handover date to keep this track record going. It will be ready by end of 2016.

AED1.5 BILLION (The total value of Millennium Estates)

AED2.48 BILLION (The total value of Grand Views)

AED2. 8 BILLION(The total value of Millennium Square)

AED4.3 MILLION (Price of a villa in Millennium Square)

MILLENNIUM SQUARE: G & CO’S LATEST OFFERING

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How is the market expected to fare this year? By Nicole Walter/freelance writer

ECONOMIC GROWTH AND SUPPLY TO BALANCE THE MARKET

AS 2015 PRICE PACE SLOWS

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30,000

30%

5%

FORECASTED SUPPLY IN

VACANCY RATE IN OVERALL

DUBAI OFFICE MARKET

DUBAI’S ECONOMIC GROWTH

2015

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The second half of 2014 hinted at how this year would start by putting the breaks on the 2013 frenzy as the market sta-

bilizes, preparing for future growth. Setting the tone, Craig Plumb, Head of Research at JLL MENA, predicts a relatively subdued Dubai residential market, trading in a narrow band of prices of less than 10% up in some, down in other locations, for this year. “This stability is to be welcomed as it will allow the city to regain some of its competitiveness, which it has lost as a result of unsustainable growth in prices over the past two years. Dubai will continue to attract businesses and residents looking to benefit from its strategic location within the region,”

says. However, most units won’t be available for rent before the end of 2016, and despite ongoing price sta-bilization, John alerts prospective ten-ants shouldn’t hope to bag a bargain in their preferred location or building, either. “Rent increases will continue for very specific developments and products in line with demand and are contingent on the type of own-ership structure. While 2016 may feel like an interminable wait for many frustrated tenants, it will also provide much-needed stock in the run-up to Expo 2020,” he adds, remarking that a final tally of the required units for this game-changing six-month festival is as yet unknown.“However, the spec-tre of rampant vacancy levels due to a surfeit of oversupply post-Expo is nothing more than an urban myth,” he remarks.

Nicholas Maclean, Managing Direc-tor at CBRE Middle East would concur, pointing out that it was the num-bers of new Fortune 500 companies setting up in Dubai already today, despite the Expo, which were driv-ing the market. “We have a greater level of interest to expand operations, bringing new people, which can put down roots here, than we have ever had in our history,” he adds. “If we are growing our population to three million plus here, then actually the housing stock is not enough,” he says, conceding that a large proportion of those may need affordable hous-ing. Nicholas, however, highlighted the strategic vision to transform the

he remarks, adding that it appeared the Abu Dhabi market had more growth left for prices to increase more quickly this year.

John Stevens, Managing Direc-tor at Asteco Property Manage-ment, points out that the fore-casted supply of around 30,000 new homes, which matches the firm’s own internal research count-ing a required 24,000 apartments and 6,000 to 9,000 villas, would meet demand.

“These homes will come online within the next two years, giving Dubai residents a breather when it comes to choice and, hopefully, a return to relative affordability,” he

Downtown , Dubai

Sheikh Zayed road , Dubai

other tier of the market - managed office portfolios at single-owned buildings are full. It isn’t the location, or the building quality but the ownership structure, which puts companies off. However, Matthew points out that in some areas such as in JLT, where a lot of SMEs take start-up offices, strata still works.

Vacancy rates at secondary offices have actually gradually reduced, and outper-formed, at a 12% y-o-y increase, prime offices but largely due to the fact that they were coming from a very low base. Prime rents are touching the AED2,000 a square metre mark, and increased by 6% y-o-y. Matthew expects this trend to continue. There doesn’t seem to be a relief in sight either, as developers are forced to complete what they had originally sold to a multi-tude of investors. “For now that situation is not going to improve, a lot more is coming through in Business Bay for example. Some are to do well there, but we’re talking about two single-ownership properties out of many,” says Matthew.

He says some developers solved the conundrum by buying back offices sold as a fractional product from the owners and made it attractive again for occupiers, but they are far and few in between. “The prob-lem is to get original investors to see a single viewpoint, some just added to them to their portfolio, as in residential, and are not inter-ested in even selling or leasing. So, there are many products in this market which are never going to see high occupation,” he explains.

“No one in their right mind would develop a strata office today as the mar-ket is not there, and what is being devel-oped that corporations are looking for, large floor plates, is relatively piecemeal,” Matthew adds.

The reason being, although the market is exceptionally strong for that type of prod-uct, is the potential risk of holding the asset for many years to gets its value, and the returns and wider vacancy rates have also been off-putting. “Yet, the developers who pushed that button are benefitting form the fact that there is little competition in the market,” Matthew adds. The situation means that the 80 live requirements for large offices CBRE has on their books, including from the US and Western Europe, either wanting to bring their staff under one roof or new to Dubai, have to improvise. “One firm requires 100,000 square feet and it will depend on

nature of the existing economy to increase the proportion of those that can have an impact on the economy, rather than-just some spending power, which would increase demand for the high-end reales-tate being created.

Demand for office units

CBRE has noted current interest for offices coming from the oil and gas, pharmaceu-tical, technology and financial sectors, as well as retailers supporting their expan-sion with regional HQs. “Law firms are very active right now and their expansion is always a good indication of the market. APAC FDI companies are also relocating components of their business to Dubai to target Africa from here,” adds Nicho-las. These developments bode well for residential but obviously for the office market, which continues to experience vacancy rates of an average of 38% for Dubai overall, thanks to the continuing overhang of boom-time strata buildings nearing completion.

Matthew Green, Head of Research & Consultancy at CBRE Middle East, says the office stock has doubled since 2008 and whilst strata fractional ownership space isn’t easy to fill, the opposite is true for the

“RENT INCREASES WILL CONTINUE FOR VERY SPECIFIC DEVELOP-

MENTS AND PRODUCTS IN LINE WITH DEMAND AND ARE CONTIN-

GENT ON THE TYPE OF OWNER-SHIP STRUCTURE. WHILE 2016 MAY FEEL LIKE AN INTERMINABLE WAIT FOR MANY FRUSTRATED TENANTS,

IT WILL ALSO PROVIDE MUCH-NEEDED STOCK IN THE RUN-UP

TO EXPO 2020.” JOHN STEVENS, MANAGING DIRECTOR AT ASTECO

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their timing if we can find contin-uous floors, it almost doesn’t exist now. The new supply that is coming in DIFC, or developed by Emaar, is two years away, which will have an effect on the rental values over the next couple of years,” he says.

Residential units

While it will be the office, hospitality and industrial sectors to perform best in the UAE this year, according to a recent JLL MENA Investor Sentiment Survey, respondents are thinking of taking their money into the residen-tial sector in KSA, as well as looking at opportunities back home in the UK and US. “Investors are recognis-ing that there is relatively little further upside in the residential market in the UAE,” says Craig. However, the UAE’s emergence as a global business hub and its mega infrastructure projects will sustain the Emirates’ maturing residential real estate market, says Faisal Durrani, International Research & Business Development Manager at Cluttons.

“They are all expected to fuel the development of the real estate mar-ket in 2015 and beyond. However, we expect growth to take on a much more muted tone over the next three to six months as the market adjusts to the evolving conditions,” he adds.

may spread into the last quarter of 2015 unless a good number of new investors pour in, or end user/occu-piers decide to buy the properties for which they pay a good rate of rent,” he says, while he recommends watching Abu Dhabi closely. “Con-sidering the size of the market and upcoming supply, the slowdown may last longer than Dubai in 2015. Most likely it’s a year to start con-sidering significant levels of invest-ment with lowering price levels,” he says.

Matthew is content that the hyper-inflation, which had dramatically increased the cost of living for every-one is subsiding. “We are still seeing transactions but at a lower rate. As the market is slowly maturing, we can look forward to a little more sta-bility. We don’t expect to see a repeat of this year’s performance in 2015 but far more marginal growth levels,” he says, adding that the announced large master-planned projects are signalling supply isn’t about to slow down. Buyers to snap up this supply will be around. Nicholas says the buy-ers’ make up hasn’t changed much over the years, as Dubai is still seen as a safe haven and a good bet to invest in the GCC, even if it goes through blips like all markets do. “There is still quite a large proportion of people, who buy apartments just for capital growth and we don’t see that men-tality changing. The market is rela-tively well insulated by the 4.5% UAE (5% Dubai) economic growth with people coming to stay. I don’t see anyone’s rents falling of the cliff right now,” he remarks.

Matthew reckons that more could be done, if authorities wanted to regulate the off-plan market further, to reduce the risk of boom and bust cycles, although he forecasts a period of stability. “Obviously, it is a market, which attracts speculative invest-ment from cash buyers, these factors really increase the volatility, and they could tighten it up more to improve that. On the flipside they don’t want to put off investors, Dubai obviously functions because of these mecha-nisms as well,” he concludes.

THE UAE’S EMERGENCE AS A GLOBAL BUSINESS HUB AND ITS MEGA

INFRASTRUCTURE PROJECTS WILL SUSTAIN THE EMIRATES’ MATURING RESIDENTIAL REAL ESTATE MARKET.

THEY ARE ALL EXPECTED TO FUEL THE DEVELOPMENT OF THE REAL ESTATE

MARKET IN 2015 AND BEYOND. HOWEVER, WE EXPECT GROWTH TO

TAKE ON A MUCH MORE MUTED TONE OVER THE NEXT THREE TO SIX

MONTHS AS THE MARKET ADJUSTS TO THE EVOLVING CONDITIONS.” FAISAL DURRANI, INTERNATIONAL RESEARCH & BUSINESS DEVELOPMENT MANAGER,

CLUTTONS.

Ahmet Kayhan, Co-Founder & CEO of REIDIN, would concur expecting both, Dubai and Abu Dhabi, mar-kets to be slower this year than last. “Dubai’s flattening and correction

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Imagine chirping birds and green landscapes juxtaposed with tennis courts, children playing, world-class shopping and easy access to

bustling business districts – and what you get is Discovery Gardens, a trea-sured haven for residents. Launched by Nakheel in 2004, Discovery Gar-dens is a themed residential commu-nity inspired by nature, providing an exceptional family-oriented environ-ment to its inhabitants.

Since its handover in 2008, the modern community of 291 buildings comprising over 26,000 apartments has been a preferred choice for fami-lies. “With my office located in Dubai, the daily commute from Sharjah to Dubai had become a grind for me. I had read a lot about this project of Nakheel and a few friends who had moved here had good things to say about it'', says Venkatsubrama-nian. Economically also it made sense as the rent was reasonable, including cooling charges and all other main-tenance handled by the landlord. But what clinched the deal was the drive through the Discovery community. The chirping of the birds, the layout, the greenery, the kids play areas, the peace and quiet, all within easy reach of Sheikh Zayed Road had me and my wife convinced that this is where we wanted to live and see our kids to grow up. So when prices fell due to the property market crash in 2009, we took advantage of the dip and moved”, says Venkatsubramanian, a long-time resident of Discovery Gardens. His wife, Priya adds, “Even though the place was still develop-ing at the time, when we looked at other options like Bur Dubai, Ghusais or Deira, Discovery was great val-ue-for money for the holistic lifestyle it offered. For me, good neighborhood schools like Winchester and DPS as well as the Jebel Ali hospital within

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the community mattered a lot.” The cosmopolitan community’s proximity to Dubai’s major business and economic centers including Dubai Internet City & Dubai Media City makes it an ideal combination of countryside living within city limits.

The strategic location close to Ibn bat-tuta, the world’s largest themed shopping mall, easy access to the Ibn and Nakheel Harbor Metro stations and a prolifer-ation of amenities has also upped the community’s popularity quotient over the years. Priya elaborates, “The place is very self-sufficient now. Other than Ibn Battuta and Geant, we now have ample conveniences from home-delivering supermarkets to nurseries, pharmacies, gymnasiums, restaurants and salons. Training and activity centers have also come up within Discovery, with bus ser-vices provided by institutes in Jumeirah Lakes Towers. And the well-maintained landscaped gardens, courtyards, courts for tennis, basketball and volleyball, community swimming pools complete with lifeguards, kids play areas and the extensive parking make this place ideal for families”. But the increased popular-

ity has meant a greater inflow of fam-ilies and worsening traffic conditions. Although an additional entry/exit point has alleviated traffic woes to some extent, residents feel much more needs to be done given the rapidly increas-ing load. “Over that last five years, they have added just one exit. While this has helped a little bit, we need a lot more, as the number of residents and cars has also gone up considerably. Also, opening U-turns and approach roads towards the schools area and the new Ibn Battuta Gate exit will reduce the strain on the main arterial road during peak hours”, feels Venkatsubramanian. Other than the traffic, the foul odor emanating from theneighborhood sewage treatment plant in Gardens is a cause for discom-fort. Despite these glitches, residents are quick to point out that the pros far out-weigh the cons.

“We feel blessed to be living here. It was the best decision for us” adds Priya. Residents, however, feel minor improvements could go a long way in further positioning the commu-nity as a classy district. These include increased overall cleanliness and better lighting for the community areas. Priya explains, “It’s a family oriented place with benches for relaxation and play areas for kids. It would be nice if these places were brighter and better lit”. Other suggestions include a community hall for the use of residents, as well as com-munity events that will allow residents to bond and thrive, and add vibrancy and value to the quality of life of Dis-covery inhabitants. With recent ramped up safety measures, including physical security guards, surveillance cameras and access card control for all buildings, as well as enhanced street lighting, illu-minated direction boards and a better road network, Discovery Gardens will continue to maintain its attraction as a community offering reasonably priced sophisticated living.

Discovery Gardens, a treasured haven for residents By Neha Kaul/freelance writer

The Venkatsubramanian family

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REGISTER FOR NEW LAUNCHES+971 52 88 66 288

T: 04 395 75 45 F: 04 395 75 46

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ROBUST COMMERCE

With a captive resident population of nearly 60,000, Discovery Gardens presents ample com-

mercial opportunities for shops and local market places. Speaking to the owner of Aneeq Fashions, a boutique store retailing in formal ethnic Indian wear as well as smart casual western outfits, we understand what makes the commerce district in Discovery Gardens tick.

“I have been living in Discovery since 2009, and I loved our life here. But I could feel the gap for an outlet with ethnic Indian wear to cater to the very large Asian and Indian crowd. Some-thing small and simple, where people could come in quickly, shop and leave. Not like going to a mall. So in 2012, seeing the growing opportunity for the success of such a business, we launched our store. And till date we are the only stand-alone shop of its kind, catering not only to the Discovery crowd, but also Gardens, Marina and JLT. And business has been great”, says Moham-med Arif, owner, Aneeq Fashions. With the diversifying inhabitant base of the community, and sensing the lack of such services in Discovery, the store added tailoring for Indian outfits as well as alteration services for men’s cloth-ing, targeting another recurrent need of residents.

The cost-effective and reason-able rent base of the community has attracted the middle to high-income bracket, which underscores the popu-larity of neighborhood stores. Arif sup-ports this view by adding, “The rents here are very reasonable for the size of apartments and the quality of life that you get. So it attracts a lot of middle to high-income crowd. These are the peo-ple who prefer to shop in independent stores rather than malls and are not brand conscious or specific, which is

why we saw roaring business over the last few years as rents remained at the stable low end. We even expanded our store this year to cater for the heavy festival season shopping and the growing crowd”.

Other than restaurants, which face tough competition from the malls and other independent outlets, most other commercial establishments in Discov-ery benefit from the ‘neighborhood market’ concept, preferred by residents. For many, like Aneeq, competition lies as far away as Karama, thus assuring a captive audience. “Our competitors are in Karama and Bur Dubai. And many husbands actually thank me as them and their families prefer shop-ping locally rather than commuting all the way. They can save on the Salik fee, and the wives can come in anytime to shop for themselves, for the kids and for the husbands. Plus there is nothing similar to us in and around this whole area, in terms of the quality of what we offer, and the price we offer it at. And we have maintained it, because it fits in well with the profile of the people liv-ing here and in neighboring districts,” affirms Arif. On the downside, a recent

spike in rents mid last year has seen a big outflow of the middle-income residents, nearly 50% as per Arif, which he feels has impacted their business considerably. With a higher income group and differ-ent nationality profiles coming in, the store has adapted its styling to suit their taste as well. But business has not recov-ered as desired. “These people prefer high-end stores and lifestyle shopping in malls. It’s difficult to attract them to our shops”, adds Arif.

The well maintained streets, extensive parking, recently ramped-up lighting as well as the general air of vibrancy and security for families has continued to keep Discovery Gardens at the top of the list of preferred communities. And this has aided the footfall in shops located in the local markets. Enhanced popu-larity has meant a constantly growing crowd, thereby making commerce a more viable and attractive option. For shop-owners, the enhanced street light-ing, improved access, metro proximity, as well as the addition of illuminated direction signboards have made nav-igation simpler, eased operations and impacted sales positively. “Discovery is very popular as a place to stay. So the crowd never decreases, only grows. Plus access from other adjacent areas like JLT, Marina has become easier and has also improved business. Now with the Al Furjan villas, and more community proj-ects around the area being handed over, the future looks even brighter”, adds Arif happily.

Discovery residents prefer ‘neighborhood markets’

Mohammed Arif, Owner, Aneeq Fashions

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When did you come to Dubai? In 2012 Previous profession: Internal Audit Manager First sale in Dubai (villa, APARTMENT or commercial? Which year? And value of the trans-action? Marina Wharf Apartment, Selling Price at AED 1.9M, in year 2012 What you like about your profession? I have learnt that there is no substitute for hard work and client satisfaction. As an agent, I focus my energies on being professional and client orientated; these traits are continuously valuable in an ever-competitive market such as Dubai's. Hobbies: Reading, cooking and swimming

Favourite hangouts: Malls, Madinat Jumeirah and beaches

Why you love Dubai? The city is fast growing and there are lots opportunities available for each and every individual

When did you come to Dubai? First time I came to Dubai in August 2013 Previous profession: My previous profession was translator of four languages in one of the most influential companies in my country that deals in several fields on an international level. First sale in Dubai (villa, APARTMENT or commercial? Which year? And value of the transac-tion? My first deal was an apartment in Sports City which I sold for AED1.1 million in March 2014. What you like about your profession? I love my profession for its endless opportunities. On a daily basis, I meet different people with different mind setup and preferences that give me the best experi-ence regarding knowledge of the business and communication with the people. With each meeting more doors open, which creates more chances for business and better future. Hobbies: My hobbies are travelling and collecting specialties from different countries.

Why you love Dubai? I love Dubai because it’s a leading city; it’s the best place I have ever been to.

>> 2. >> 3. >> 4. >> 5. >> 6. >> 7. >> 8. >> 9. >> 10. >

Tanya KadyshevaRussian, Taktical Realty GroupSale Agent, RERA: 27207

Oxana VictorRepublic of MoldovaGold Coast Real Estate Sales Executive, RERA: 43454

January 2015 Issue -26 /// 33

When did you come to Dubai? Moved to Dubai in August 2008 Previous profession: I have always been an Estate Agent. First in Windsor (in Berkshire) from the age of 17 (I am now 34) First sale in Dubai (villa, APARTMENT or commercial? Which year? And value of the transaction? The Residences, Downtown. One-bedroom apartment sold in September 2008 at AED925,000

What you like about your profession? Having been in real estate for over 17 years, it is safe to say this is the only profession for me. I have been selling property in The Downtown Burj Khalifa area for the past six years and I have met thousands of buyers, sellers, real estate agents, developers, celebrities- and even royalty from every corner of the earth! The little added bonus to my job is getting to do viewings in one of the most famous buildings in the world, not to mention the tallest… Burj Khalifa Hobbies: Playing football three times a week, walking my dog on the beach, running. Why you love Dubai? I love Dubai because of the amazing ambition. I couldn’t believe this country could do anymore but having just been to Cityscape, I was wrong! There are so many amazing up and coming things and this is only the beginning. I planned to come here for just two years, but I am now proud to call Dubai my permanent home.

When did you come to Dubai? August 2008

Previous profession: I was only a student before coming to Dubai First sale in Dubai (villa, APARTMENT or commercial? Which year? And value of the transaction? It was an apartment worth AED3.8 million in 2008.

What you like about your profession? I am able to interact and deal with VIP's and big business persons. Most importantly, I get to learn a lot from these successful people. Hobbies: I love playing football during my leisure time.

Why you love Dubai? Dubai is a very unique and cosmopolitan city, it is also a fast-growing city and a pretty safe place to live and raise children. Dubai is tax-free as well.

Alex PrestedgeBritish, Prestige Real Estate, Senior Property Consultant, RERA:11309

Navid Hamedi Iranian, Kensington Finest Properties International, Senior Property Consultant, BRN 29916

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Ajman’s Lifestyle Development Al Zorah’s first phase is expected to be ready by early 2016. By Nicole Walter/freelance writer

CREATING ‘PLACES FOR LIFE’

On the drawing board for quite a few years, Al Zorah’s developers a JV between Solidere and

the Ajman government have been quietly working on the project’s infrastructure and started construc-tion of its first phase to complete by early 2016. Lebanese developer Solidere, known to create ‘places for life’, master-planned this huge 5.4 million square metres freehold and free-zone development, which could reach an investment value of AED60 billion, taking advan-tage of the unique beauty spot it occupies along the coast of Ajman, with pristine beaches, dunes and mangroves where 58 species of birds live, including the attractive pink flamingo.

Future residents paying a visit to the site would already spot the advanced greenery, courtesy of the 6,000 square metres nursery on-site, at the 18-hole golf course by Nicklaus Design and managed by Swiss Troon Golf, as well as glistening lake waters. “We already have nine holes ready and the rest in June. Once the grass matures in fall 2015 we expect it to be playable, when the villas should be ready for handover as well,” Imad Dana, CEO of Al Zorah Development Company, says. The 42 four-to-six bedroom golf villas, offering plenty

/SnsPropertiez@SnsPropertiezSNS Properties

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Where Perception Meets Reality

DO YOU HAVE WHAT IT TAKES?

WE AREHIRING

of space from 4,800 to 6,000 square feet were launched for sale at this year’s Cityscape starting at AED3.8 million. Coming in a contemporary and airy design, each villa sports has its own swimming pool. Although pretty much a traffic free area, each villa has two-parking spots and visitors will also find dedicated spaces.

What to expect?

“Residents will enjoy unobstructed views of the golf course and mangrove forest, each taking up 1 million square metres, in close proximity to the lake,” Imad points out. The distance from the entrance ‘The Gateway’ of the development at Sheikh Mohammed Bin Zayed Road down to the beach is around four kilometres, an enjoyable trip by golf cart on a dedicated trail. Buyers automatically become golf club community members, which shares a site with a wellness centre to be built and operated by a Turkish devel-oper, who plans to offer detoxification programmes and the likes. The villas fall into the ‘Golf Course’ district of Al Zorah, an area to enjoy low density, even when the second phase com-pletes between 2017 and 2020, adding a mix of 60 villas and townhouses, and nine apartment buildings no higher than seven storeys.“We’re keeping the flexibility to build more larger or smaller villas depending onwhat people want, although one idea is to develop luxuri-ous villas in their own closed commu-nity,” says Imad.

The developer is making sure that residents moving in and the ‘leisurely’ lifestyle promised will run as good as in tandem. The infrastructure, roads and landscaping will be ready. Four mari-nas have already been created at ‘The Creek Side’ district and one of them will be furnished with pontoons and restau-rants along the quay, which can accom-modate up to 50 boats. In future, as the second phase, this area will become a fully-fledged high-end residential apart-ment, villa and hotel quarter affording views of the mangroves. Two hotel resorts, the Oberoi Al Zorah and Lux* Al Zorah are already under construction in the ‘The Beachfront’ district. The latter to be managed by the boutique Mau-ritian operator Lux* Resorts & Hotels,

WE ALREADY HAVE NINE HOLES READY AND THE REST IN JUNE. ONCE THE GRASS MATURES IN FALL 2015 WE EXPECT IT TO BE PLAYABLE, WHEN THE VILLAS

SHOULD BE READY FOR HANDOVER AS WELL.” IMAD DANA, CEO, AL

ZORAH DEVELOPMENT COMPANY.

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will feature only 110 keys, with the smallest room measuring 90 square metres. “The resort is really luxurious with a lot of space 100,000 square metres for the 110 rooms, and takes up 300 metres of our 1.6 kilometres beachfront,” says Imad.

“This will be Lux* first resort in the Middle East and we chose them

because we wanted an operator specialized in resorts, as opposed to a business hotel. We want guests to feel like they are in Mauritius with-out having to fly all the way there,” he adds.

The Oberoi Al Zorah will be bigger with 190 rooms. “Whereas the Lux is more vibrant and family oriented,

with more outlets, five restaurants and a beach club with lounge and music, the Oberoi is known for quiet luxury, the client will enjoy a vast space, spa and restaurants but in calm surroundings,” Imad explains. The hotels complete the picture of the first phase of the develop-ment. “Everything in phase I is under construction at a cost of AED2 bil-

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RESIDENTS WILL ENJOY UNOB-STRUCTED VIEWS OF THE GOLF

COURSE AND MANGROVE FOREST, EACH TAKING UP ONE MILLION

SQUARE METRES, IN CLOSE PROX-IMITY TO THE LAKE.” IMAD DANA

SIZE OF AL ZORAH

DEVELOPMENT

STARTING PRICE OF

GOLF VILLAS

THE NUMBER OF ROOMS

AT OBEROI AL ZORAH)

5.4

3.9

190

MILLION SQ. FT.

MILLION

AED

lion, and we expect it to be open by end of 2015, beginning 2016,” says Imad.

Second phase

The design and construction of the second phase components are run-ning kind of alongside the first phase,

says Imad. Those include a boutique resort with on-the-water villas near the golf course, as well as a beach club and 300 metres long boardwalk with shops and restaurants and three resi-dential apartment buildings serviced by the already appointed hotel oper-ators, coming in distinct contempo-rary designs at ‘The Beachfront’. “The residences could even complete by

beginning 2017 and put into the hotel rental pool, we willstart con-struction and launch sales early next year,” he says, adding ‘The Beach-front’ has space for another four hotels one may become a 500-room hotel with water-park. Much of the development of the second phase is in the hands of sub-developers. “We’ve already handed over the plots to our initial investors and expect them to start building once they see the success of the first phase,” says Imad, adding that judging by the interest shown in Al Zorah the sec-ond phase could move quickly. “It is a nice community with no traffic. We are attracting local interest from Ajman and other emirates, people

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who have businesses and would like to live this lifestyle and can commute even to Dubai, thanks to the upgrade of Emirates Road and National Paints bridge, it only takes 25 minutes,” he explains.

However, he added that the proj-ect would be grown organically, depending on the excitement it would generate and marketcon-ditions, the second phase may or may not be ready by 2020. “It has to

come naturally, we want end-users to come and enjoy a refined lifestyle and outdoor activities, such as jog-ging and cycling, as of course the beach. We reserved two-thirds of our master plan for public spaces,” Imad says.

“We would also like to make the development affordable to a big segment of the market, keeping in mind near the beach we will go no higher than four floors yet have sea

views,” he adds. ‘The Peninsula’, as the spine of the development will be the last to be developed, com-plete with a pedestrian retail and leisure souk-style strip. It could also include Ajman’s first exhibition cen-tre, according to the developer. “The Peninsula is really the third phase, we have to wait for a critical mass in the development to plan effec-tively, we may even include offices,” Imad concludes.

IT HAS TO COME NATURALLY, WE WANT END-USERS TO COME

AND ENJOY A REFINED LIFE-STYLE AND OUTDOOR ACTIV-ITIES, SUCH AS JOGGING AND CYCLING, AS OF COURSE THE BEACH. WE RESERVED TWO-

THIRDS OF OUR MASTER PLAN FOR PUBLIC SPACES,”

IMAD DANA

.

Media Lab 20 X 27cm

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According to a recent CBRE report, Dubai today already houses 64,000 rooms, over double than that in 2005, with 3,500 keys alone having completed last year. By Nicole Walter/freelance writer

NEW HOTELS COMING ON LINE TO SOFTEN PERFORMANCE

REGISTER FOR NEW LAUNCHES+971 52 88 66 288

T: 04 395 75 45 F: 04 395 75 46

[email protected]

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Dubai’s hospitality sector is as strong as ever, although experts have started to detect signs of performance

slightly softening in some areas due to additions to the market since last summer and expect this trend to continue. According to a recent CBRE report, Dubai today already houses 64,000 rooms, over double than that in 2005, with 3,500 keys alone having completed last year. “We have been achieving 10% growth y-o-y since 2011. Supply has been growing at a fantastic rate, and whilst this year may not have reached the peak of last year, we’re still performing at a rate which is exceptionally high compared to the majority of other international markets,” remarks Mat-thew Green, Head of Research at CBRE Middle East. The consultancy firm predicts close to 27,000 new hotel rooms, including apartments, to appear until 2017, most of which

will come on-line this year at just over 10,000, of which rooms slightly dominate at around 5,400 keys. Hotel rooms then clearly take over the landscape versus apartments, in 2016 and 2017 in terms of new sup-

ply. JLL Hotels & Hospitality Group’s Hotel Intelligence Dubai 2014 sur-vey meanwhile counts around 20 properties, around 4,600 rooms, due to open this year, although post-poning hotel opening date isn’t unusual. “Over the year to August, the Dubai market has recorded occupancy rates of 78 percent, rel-atively flat compared to 2013,” says Craig Plumb, Head of Research at JLL MENA, remarking that last year was Abu Dhabi’s year, where occu-pancies rose from 64 percent to 71 percent (2013-2014). “For the first time ever, hotel occupancies in Abu Dhabi exceeded those in Dubai in July 2014, driven by attractive room rates with the daily average rate (ADR) over the year to August at US$133, although the Dubai mar-ket continues to experience much higher levels of ADR at US$238, and therefore enjoys a higher revenue per room (RevPAR),” he adds.

Visitor numbers of close to six million, an increase of 27% from the first half of 2013 to the second half of 2014, saw guest nights increasing by around 15% to 22.6 million, accord-ing to CBRE, thus creating demand for new hotel openings. The firm measured the performance of upper scale (4*) properties, which managed to increase ADR by around 20% to AED867over 2012 and 2013, and rais-

GIVEN THE AMOUNT OF SUPPLY COMING ONLINE IN THE NEXT

COUPLE OF YEARS WE HAVE TO EXPECT THAT SOME DEFLATION-ARY PRESSURES WILL BE FELT ON

ADRS, BUT WITH OCCUPANCY RATES STAYING SO HIGH, THAT’S

NOT GOING TO HAVE A HUGE IMPACT ON THE HOTELS, BUT

RATHER MEANS JUST A BIT OF A NORMALIZATION.” MATTHEW GREEN, HEAD OF RESEARCH,

CBRE MIDDLE EAST

Business Bay , Dubai

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

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64,000 27,000THE NUMBER

OF HOTEL ROOMS

IN DUBAI

THE NUMBER OF NEW ROOMS

EXPECTED TILL 2017

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ing performance again by close to 7% in the first nine months of 2014. While luxury (5*) hotels performed well, despite the rapidly increas-ing supply witnessed over the last three years, even surpassing the ADR AED1,392 achieved in 2013 at AED1,491 during the first nine months of 2014. “Given the amount of supply coming online in the next couple of years we have to expect that some deflationary pressures will be felt on ADRs, but with occupancy rates staying so high, that’s not going to have a huge impact on the hotels, but rather means just a bit of a normalisation,” Matthew comments.

Rates

Hoteliers in Dubai in fact have little to com-plain about, as the performance of their prop-erties is stellar compared to other countries in the region and indeed the world, even if they had to reduce expectations a little looking into the future. “This year and next, rates will prob-ably have to soften, but one could maybe say that hotels are the victim of their own success, complaints by hoteliers are relative. Some are concerned looking at the huge pipeline, 35,000 already signed up for to complete by 2020 and other not yet known on the drawing board, but really hoteliers have nothing to worry about looking at the mid-to-long term,” remarks Guy Wilkinson, Managing Partner of Viability. Guy expects a temporary performance blip on the graph looking towards Expo 2020 between now and up to 2018, as supply readies for pre-event set up, event, as well as post-event activity, as Dubai’s Department of Tourism and Commerce Marketing (DTCM) would ensure that enough events etc. are being created to guarantee demand. “Hotels opening now will have to slice the pie a little bit as a supply and demand mis-match will occur over the next couple of years and that’s only normal. There will be a tempo-rary blip on the graph in terms of performance but we’re talking a couple of percentage points only, any city goes through cycles, and Dubai seems to be reaching its shallow cycle that’s all,”

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he adds. A recent market study by Viability high-lighted that new hotels in town have already been influencing market performance in certain areas since last summer. “For example, the Jebel Ali area, which traditionally benefitted from frustrated demand from hotels along the cen-tral stretch of SZR didn’t get these clients last summer, which led to a softening of room rates. Hoteliers are wondering if they have to start seeing Jebel Ali and Al Barsha as self-contained areas. Indeed, they can look forward to Jebel Ali in ten years time becoming a multi-modal hub,” Guy says, adding that price competition on The Palm was also evident due to new properties opening there. “You have to be in spots like Downtown Burj Khalifa to charge good room rates, the further out you go out of town you have to be flexible. However, we need hotels in secondary locations, they may have to buy a bit of occupancy for the next couple of years by softening their rates, but this could be good for Dubai’s future as there is always a danger that it could price itself out of the regional tourism market,” he remarks.

More supply

Matthew highlights that a lot of the new supply emerging in Downtown Burj Khalifa, Business Bay, DIFC and Sheikh Zayed Road, close to 8,000 keys, is focused on the corporate segment. Although he reckons that in the future more lei-sure focused supply would be coming through. “The market is still dominated by five-star prod-uct and I don’t think that is likely to change,” he says, despite the government pushing and seeing an uptake in the mid-scale segment. “As a tourism destination, Dubai is always going to remain a luxury destination,” he adds.

Among the list of new properties envis-aged to open this year, are some brands new to Dubai, including the Hard Rock Hotel in the Dubai Marina - Marina 101, Rosewood, Starwood’s St. Regis in October and the W Hotel (Jan 2016) in Al Habtoor City alongside a second Westin for the Emirate, the Palazzo Versace, a Langham Hotel (2016), as well as Damac’s Paramount. “We have a lot of new names coming to the Emirate of Dubai, such as in the five-star segment, the Viceroy on Palm Jumeirah in 2016 and the Four Seasons Jumeirah Beach has just opened,” says Matthew. “Next year alone we have 10,000 rooms, and hotel apartments coming through, but a lot of that is from the likes of Damac, and at the moment and it remains to be seen how they actually stack up as a hotel apartment product, but this is what they have been launched and will be utilised as,” he concludes.

Luxury Hotel, Dubai

Column

Jitheesh ThilakBA, LLB (Hons). LLM (Int. Economic Law)

Solicitor (England & Wales),Advocate (Supreme Court of India)

e: [email protected]

The increase in the number of hotel operators and expansion of global hotel brands into Middle East has placed pressure on operators to

offer more competitive terms to owners. At the same time, owners have become more knowledgeable and savvy when negotiating management contract terms as the increased sophistication of hotel investors has led to a better understanding of hotel operations. The combined effect has been that the balance of power has largely shifted more in favour of the owner when contracting with many operators. Owners can now negotiate terms which increase their control, flexibility and leverage in the business and finances of operating decisions, while operators face more performance tests and incentives. Owners are increasingly thinking beyond profit and loss and have become more involved in key decisions, although there is still an obligation to limit this to key matters and not to interfere with the day-to-day running of the business. The maturing market has given room to the birth of the new form of mechanism called Manchise, which is still in its nascent stages in the region.

MANCHISE AGREEMENTS IN THE MIDDLE EAST

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If you are a hotel owner who wishes to shop around the best branding/manage-ment strategy for your hotel, following are the triggering questions that would provide you insights in choosing the most advanta-geous management/franchise/ manchise model:

· What type of owner are you? Independent, Private Equity, REIT?· Who can achieve the greatest profit from the hotel? How and Why?· Are you a skilled hotelier? What’s your reason for hotel ownership?· Could an existing brand speak to your target guests and add sales?· Will operators even consider your hotel facility, location and market?

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· Do lenders demand a brand or affiliation to provide mortgage funds?· Should you give up control, trust an operator and use asset managers?· Do you have capital to renovate and main-tain the brand standards?· What is your long term/medium term exit strategy?

“Manchise” is a concurrent trend with man-agement contracts. The term is based on two words- management and franchise. A hotel operator takes care of management and fran-chise agreements together. For the first three to five years, the company operates the hotel under a management contract. Thereafter the local operator-owner or long-term lessee operator assumes the hotel’s operational responsibility under a franchise contract. “Manchising” is, as the name suggests, a

pre-opening, opening and operational stages of the hotel where the most of the effort is required to establish the systems, procedures, hiring, training, cost control etc in the hotel for the initial years of operation. It gives new entrants into the industry the opportu-nity to learn the hotel business without jeopardizing their investment, and once the hotel operation is beginning to sta-bilise and mature, the owner will also be ready to run it as he wishes. From the owner’s perspective it is advantageous as the project itself would be on a ready built operational path while the tran-sition happens to the franchise mode, wherein the owner has an option for an early divestment with no frills attached franchise agreement or the owner may also decide to run the hotel in an auto pilot mode as programmed by the operator during the initial manage-ment phase. From the investor/lender perspective, manchise option would be welcoming aspect as the most risky period in a hotel investment is the initial stages of operation, where the lenders have a comfort of the hotel being in the safe hands of the experienced hotel operator.

Currently manchise business model is widely used in China, India and Europe, but is not yet common in the Middle East. This is not a new concept for the Middle East, but is expected to appeal to regional owners as the market keeps maturing.

hybrid form of franchise and management agreements. The forms of contract can vary from a complete combination of both forms of agreement, to one that is initially a management agreement but which after an initial term, say three to five years, moves to a franchise relationship. The rationale behind manchising is that the operator has greater control over the operation of a hotel through their management at the outset of the rela-tionship, which is not the case with a “pure” franchise agreement. This approach has clear advantages for operators launching new brands and/or entering the Middle East mar-ket. “Manchising” may provide an alternative to new owner-operators to get a fresh start, and why not to some already existing ones as well. Manchise model is ideal for budget and mid-market hotels where owners may be more closely involved with the day-to-day running of the hotel.

Manchise is an evolving concept with advantages to the owner and the operator. As an operator/franchisor, it would be ideal to have complete control of the development,

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VILLA – REF: R - 17103 BEDS + STUDYAREASQ. FT. : 2,456 LANDSCAPED GARDENAED: 165,000

VILLA – REF: R - 16992 BEDS + STUDYAREA SQ. FT.: 1 ,794 GARDENAED: 145,000

VILLA – REF: S 15662 BED + STUDYAREA SQ. FT.: 1 ,691GARDENAED: 2,079,995

VILLA – REF: R - 16092 BEDS + STUDYAREA SQ. FT.: 1 ,690GARDEN / PARKAED: 125,000

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VILLA FULLY UPGRADED – REF: S 13962 BED + STUDYAREA SQ. FT.: 1 ,700LANDSCAPED GARDENAED: 2,299,995

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VILLA – REF: S 14283 BEDS + MAID + STUDYAREA SQ. FT.: 2,734GARDENAED: 3,700,000

FOR SALE

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

Marcelline+971 55 21 6 73 [email protected]

MANCHESTER STUDIO 380 620 K

DEC TOWER STUDIO 500 750 K

ADDRESS DUBAI MARINA STUDIO 548 1.5 MILLION

MARINA DIAMOND 1 575 800 K

MARINA PINNACLE 1 761 850 K

MARINA DREAMS 1 795 925 K

DEC TOWER 1 823 1.1 MILLION

ADDRESS DUBAI MARINA 1 850 2.3 MILLION

MARINA DIAMOND 2 1100 1.4 MILLION

MARINA WHARF 2 1200 1.7 MILLION

TORCH 2 1400 1.8 MILLON

MAG218 2 1799 2.1 MILLION

PARK ISLAND 2 1743 2.6 MILLION

MANCHESTER 3 1320 1.55 MILLION

MARINA PINNACLE 3 1583 1.79 MILLION

MARINA WHARF 3 1600 2 MILLION

23 MARINA 3 2189 3.5 MILLION

LA RESIDENCIA DEL 3 3442 7 MILLION

SALE PRICE(ONWARDS)SQ.FTBEDROOMBUILDING

5 BR | TRIDENT BAY SIDE VILLA | BUA – 6900 SQ FT | PLOT 9000 SQ FT FULL MARINA VIEW | PRIVATE ELEVATOR | ROOFTOP JACUZZI | 2 CAR PARK , SMART HOME SYSTEM | 8.5 MILLION

BEAUTIFUL 4 BR PENTHOUSE IN LE REVE | DUBAI MARINA | 6400 SQ FT | FULLY FITTED WITH RICCI MILAN KITCHEN | PENTHOUSES ARE CLASSIC STYLE WITH MODERN & CLASSIC STYLE | SP – 24 MILLION

FULL FLOOR 8 BR PENTHOUSE WITH SIZE OF 12800 SQ FT AND 8 CAR PARKING’S ALSO AVAILABLE AT 56 MILLION

SNS PROPERTIES

ORN - 2576

Katerina+971 55 216 77 [email protected](BRN) – 25450

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Imran j (Brn: 12258) - Senior property consultant+971 50 4289220 [email protected]

Tel +971 4 3396222 | www.spfrealty.com

BUSINESS BAYS P E C I A L I S T

EXECUTIVE TOWER BRENTED1BED+ LAUNDRYAREASQFT: 1357SHEIKH ZAYED ROAD VIEWAED 1,650,000/-

EXECUTIVE TOWER M (HOT DEAL)VACANT2BEDS + LAUNDRYAREA SQFT:1425LAKE VIEWHIGH FLOORAED 2,000,000/-

EXECUTIVE TOWER M (HOT DEAL)RENTED2BEDS + LAUNDRYAREA SQFT:1578UNOBSTRUCTED VIEW OF BURJ KHALIFA & SEAHIGH FLOORAED 2,450,000/-

EXECUTIVE TOWER HVACANT4BEDS + MAID’SAREA SQFT: 2866SEA VIEWAED 4,500,000/-

PENTHOUSE IN EXECUTIVE TOWERSG + 1 (LEVEL)AREA SQFT: 6300ALL BEDROOMS ENSUITEUPGRADED4 BEDS + MAID’S + STOREPRIVATE SWIMMING POOLLAKE & SEA VIEWAED 10,000,000/-

EXECUTIVE TOWER M (HOT DEAL)VACANT2BEDSAREA SQ FT:1578UNOBSTRUCTED SEA VIEWHIGH FLOORAED 2,400,000/-

EXECUTIVE TOWER JVACANT3BEDS + MAID’S + LAUNDRY AREA SQ FT:2197BUSINESS BAY & LAKE VIEWHIGH FLOORAED 4,500,000/-

EXECUTIVE TOWER L (HOT DEAL)RENTED4BEDS + MAID’S AREA SQ FT:3450SEA & LAKE VIEWMOST DEMANDING LAYOUTAED 4,750,000/-

RERA # 203

04 4308902www.castlesplaza.com

GEETU | Rera # 25209 | 0551126979 | 0553800897 | [email protected]

PALM JUMEIRAH

MARINA RESIDENCE

AED 20,000,000 net FROND B

AED 14,000,000 net FROND L

AED 13,500,000 net FROND C

AED 14,600,000 net CANAL COVE3 Bedroom + Maid’s | BUA 3800 | Vacant AED 8,000,000 net MARINA RESIDENCE

AED 2,700,000 net

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RERA # 203

04 4308902www.castlesplaza.com

GEETU | Rera # 25209 | 0551126979 | 0553800897 | [email protected]

PALM JUMEIRAH

MARINA RESIDENCE

AED 20,000,000 net FROND B

AED 14,000,000 net FROND L

AED 13,500,000 net FROND C

AED 14,600,000 net CANAL COVE3 Bedroom + Maid’s | BUA 3800 | Vacant AED 8,000,000 net MARINA RESIDENCE

AED 2,700,000 net

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RERA ORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District, Dubai facebook.com/aquaproperties

JUMEIRAH VILLAGE CIRCLE - JVCCOME HOME TO JVCSPACIOUS G+2 TOWNHOUSE VILLAS, 3 BEDS+FAMILY ROOM+STUDY, SPACIOUS LIVING ROOM, 3,943 SQ.FT.2 CAR PARKINGS+MAID’S ROOM,BEAUTIFUL TERRACE, CUSTOM STAIRCASE AED 2,995,000/-

MOVE IN

TODAY!

Qaiser (BRN 29276)

050 9191567Sofiene (BRN 31373)

056 7559188

ARABIAN RANCHES

MIRADOR LA COLECCION - TYPE 144 BED+MAID, 4 BATH, 3,809 SQ.FT. BUA, 7,400 SQ.FT. PLOT,MOVE IN TODAYAED 5,000,000/- Johnny (BRN 31388)

056 6967268

MUSTSEE

PALM JUMEIRAH

JUMEIRAH ZABEEL SARAY5 BED, 5 BATH, 7,087 SQ.FT. SEA VIEW,A GUARANTEED INVESTMENTAED 38,000,000/- Dorothy (BRN 29200)

056 1053655

EXQUISITE

OLD TOWN

YANSOON3 BED+MAID+STUDY, 5 BATH, 2,138 SQ.FT. POOL VIEWAED 4,900,000/- Dorothy (BRN 29200)

056 1053655

SPECTACULAR

PALM JUMEIRAH

MARINA RESIDENCE 2 - TYPE B3 BED+MAID, 5 BATH, 2,540 SQ.FT.SEA VIEWAED 4,500,000/- Zia Hasan (BRN 29236)

050 2989796

STUNNING

VIEWS

JVT

DISTRICT 9F2 BED+MAID TOWNHOUSE, 2,992 SQ.FT. BUA, 3,100 SQ.FT. PLOT,PARK AND LAKE FACINGAED 2,550,000/-

Zia-ul-Isam (BRN 31367)

055 3095036

CORNER UNIT

WITH BIG PLOT SIZE

ARABIAN RANCHES

MIRADOR LA COLECCION - TYPE 136 BED, 6 BATH, 5,230 SQ.FT. FULL GOLF COURSE VIEW,FULLY UPGRADEDAED 8,900,000/- Johnny (BRN 31388)

056 6967268

FULLY

UPGRADED

DOWNTOWN

BOULEVARD CENTRAL 21 BED+STUDY, 2 BATH, 1,448 SQ.FT. PARTIAL BURJ KHALIFA VIEW

Yasmin (BRN 28107)

055 7962787

MUSTSEE

DIFC

SKY GARDEN2 BED, 3 BATH,1,752 SQ.FT. ZABEEL VIEWAED 2,500,000/-

Fahd (BRN 27522)

055 2519878

PRIME

LOCATION

DUBAI MARINA

MAG 2182 BED, 3 BATH, 1,558 SQ.FT. PARTIAL SEA & MARINA VIEW,HIGH FLOORAED 2,400,000/- Kavita (BRN 31377)

055 4690532

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AED 1,750,000/-

RERA # 203

04 4308902www.castlesplaza.com

Oksana Dobrovolska | BRN: 11556 | Mobile: 050-4252031 | [email protected]

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 - MIRADOR SP: AED 11,000,000/-

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

ARABIAN RANCHES - ALBARARI SP: AED 14,000,000/-

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

ALBARARI DUBAI MARINA WHARF

6 Bedrooms + Study with En-Suite 1 + Maid’s1 Basement | Garage Spaces 3 | BUA 12,701 sq.ft.Plot 10,970 sq.ft. | Style D9 | VacantSP: AED 14,000,000

Oksana | BRN 11556 | Mob 050 42 52 031

2 Bedrooms | BUA 1,493.83Sea View | High FloorSea and Marina view | Vacant SP: AED 2,000,000Rajeev | BRN 24907 | Mob 050 81 06 767

MIRADOR PRIME MEADOWS

Type 14 | 4 Bedroom + Maid’sBUA 4,099 sq.ft. | Plot 5,813 sq.ft.Single Row | Rented till November 2014SP: AED 6,099,000/-Aman | BRN 6621 | Mob 050 46 99 519

7 Bedroom + Study + Maid’s | Plot 18,600 sq.ft. | BUA 6,911 sq.ft. | Opposite to Pool & ParkOn 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 THE GREENS

2 Bedrooms | 2.5 Bathroom BUA 1,378 sq.ft. | Fully FurnishedFull Canal View | VacantSP: AED 2,100,000

Olympic Park | 1 BR | BUA 987 sq.ft. |Golf Course | Rented SP: AED 1,100,000/-Royale Residence 1 | 2 BR Duplex | BUA 2,052 sq.ft. | Full Golf Course | Vacant SP: AED1,650,00/-Royale Residence 1 | 1 BR | BUA 1,040 sq.ft.| Swimming Pool | Vacant SP: AED 832,000/-Royale Residence 1 | 2 BR | BUA 1,503 sq.ft. | Full Golf Course | Vacant SP: AED 1,352,700/-Royale Residence 1 | 2 BR | BUA 1,502 sq.ft. | Golf Course | Community | vacant SP: AED 1,201,536/-

Pavi | BRN 9821 |Mob 050 30 66 767

RERA # 203

04 4308902www.castlesplaza.com

Aman | BRN 6621 | Mob 050 46 99 519

ORN: 936

For Sales & Rental Enquiries

04 306 9999www.espace.ae

WE ARE BACK IN MEADOWS TOWN CENTREFROM 15TH JANUARY

OPEN DAILY FROM 10AM - 10PM7 DAYS A WEEK

Properties For Sale

Properties For Rent

Properties For Sale

Properties For Rent

Green Community WestBungalow

AED 4,000,000 /-4 BedroomsCorner plot

BUA: 4,200 sqft Plot: 10,000 sqftSingle row Immaculate condition

Ross | 052 652 7326 | BRN. 28890

Victory HeightsEsmeralda - Type C1

AED 5,399,999 /-5 BedroomsPark view

BUA: 4,313 sqft Plot: 6,600 sqftSingle row Immaculate condition

Jumeirah Golf EstatesSienna Lakes

Meadows 5Type 9

Meadows 8Type L1

The LakesHattan L1

AED 10,500,000 /-5 BedroomsBrand New

BUA: 8,159 sqft Plot: 9,120 sqftVacant possession Lake & Golf course view

Jonathan | 056 163 9710 | BRN. 32198 Nick | 050 494 1068 | BRN. 26857

Arabian RanchesHattan - Type L2

AED 12,999,995 /-6 BedroomsGolf course view

BUA: 7,230 sqft Plot: 15,200 sqftSingle row Immaculate condition

Shelley | 050 224 8311 | BRN. 30547

Arabian RanchesHattan L2

Arabian RanchesPolo Homes - Type D

Arabian RanchesPolo Homes - Type D

AED 375,000 /-Kerri | 056 991 5184 | BRN. 32206

Kerri | 056 991 5184 | BRN. 32206

Tarek | 056 657 8004 | BRN. 31856

Michael | 055 835 4568 | BRN. 31465 Andy | 056 791 6926 | BRN. 31358

Ronald | 056 2049832 | BRN. 26894

AED 550,000 /- AED 700,000 /-

AED 575,000 /- AED 590,000 /-

AED 585,000 /-

Palm JumeirahFurnished Garden Home

Palm JumeirahKempinski Residence - Penthouse

Palm Jumeirah Signature Villa

Emirates HillsE Sector

Emirates HillsE Sector

Emirates HillsH Sector

AED 500,000 /-Michael | 055 835 4568 | BRN. 31465

Ronald | 056 2049832 | BRN. 26894

Michael | 055 835 4568 | BRN. 31465

Tarek | 056 657 8004 | BRN. 31856 Ronald | 056 2049832 | BRN. 26894

Ronald | 056 2049832 | BRN. 26894

AED 820,000 /- AED 1,000,000 /-

AED 700,000 /- AED 935,000 /-

AED 840,000 /-

Jumeirah IslandsOasis Garden Hall

AED 8,599,950 /-4 BedroomsLake view

BUA: 5,285 sqft Plot: 10,000 sqftWell maintained Superb location

Roberto | 055 333 3724 | BRN. 29166

The LakesHattan E1

AED 12,999,999 /-5 BedroomsUpgraded

BUA: 6,124 sqft Plot: 8,188 sqftSingle row Gazebo & bbq area

Meadows 7Type L2

AED 10,500,000 /-6 BedroomsLake view

BUA: 6,500 sqft Plot: 12,500 sqftCul de sac location Lake view

Mohamad | 050 903 4245 | BRN. 6240 Daniel | 050 253 0195 | BRN. 24503

Emirates HillsE Sector

AED 25,000,000 /-5 BedroomsFull lake view

BUA: 8,500 sqft Plot: 15,000 sqftOpen plan layout Heated/Chilled pool

Alastair | 055 106 6926 | BRN. 23169

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For Sales & Rental Enquiries

04 306 9999www.espace.ae

WE ARE BACK IN MEADOWS TOWN CENTREFROM 15TH JANUARY

OPEN DAILY FROM 10AM - 10PM7 DAYS A WEEK

Properties For Sale

Properties For Rent

Properties For Sale

Properties For Rent

Green Community WestBungalow

AED 4,000,000 /-4 BedroomsCorner plot

BUA: 4,200 sqft Plot: 10,000 sqftSingle row Immaculate condition

Ross | 052 652 7326 | BRN. 28890

Victory HeightsEsmeralda - Type C1

AED 5,399,999 /-5 BedroomsPark view

BUA: 4,313 sqft Plot: 6,600 sqftSingle row Immaculate condition

Jumeirah Golf EstatesSienna Lakes

Meadows 5Type 9

Meadows 8Type L1

The LakesHattan L1

AED 10,500,000 /-5 BedroomsBrand New

BUA: 8,159 sqft Plot: 9,120 sqftVacant possession Lake & Golf course view

Jonathan | 056 163 9710 | BRN. 32198 Nick | 050 494 1068 | BRN. 26857

Arabian RanchesHattan - Type L2

AED 12,999,995 /-6 BedroomsGolf course view

BUA: 7,230 sqft Plot: 15,200 sqftSingle row Immaculate condition

Shelley | 050 224 8311 | BRN. 30547

Arabian RanchesHattan L2

Arabian RanchesPolo Homes - Type D

Arabian RanchesPolo Homes - Type D

AED 375,000 /-Kerri | 056 991 5184 | BRN. 32206

Kerri | 056 991 5184 | BRN. 32206

Tarek | 056 657 8004 | BRN. 31856

Michael | 055 835 4568 | BRN. 31465 Andy | 056 791 6926 | BRN. 31358

Ronald | 056 2049832 | BRN. 26894

AED 550,000 /- AED 700,000 /-

AED 575,000 /- AED 590,000 /-

AED 585,000 /-

Palm JumeirahFurnished Garden Home

Palm JumeirahKempinski Residence - Penthouse

Palm Jumeirah Signature Villa

Emirates HillsE Sector

Emirates HillsE Sector

Emirates HillsH Sector

AED 500,000 /-Michael | 055 835 4568 | BRN. 31465

Ronald | 056 2049832 | BRN. 26894

Michael | 055 835 4568 | BRN. 31465

Tarek | 056 657 8004 | BRN. 31856 Ronald | 056 2049832 | BRN. 26894

Ronald | 056 2049832 | BRN. 26894

AED 820,000 /- AED 1,000,000 /-

AED 700,000 /- AED 935,000 /-

AED 840,000 /-

Jumeirah IslandsOasis Garden Hall

AED 8,599,950 /-4 BedroomsLake view

BUA: 5,285 sqft Plot: 10,000 sqftWell maintained Superb location

Roberto | 055 333 3724 | BRN. 29166

The LakesHattan E1

AED 12,999,999 /-5 BedroomsUpgraded

BUA: 6,124 sqft Plot: 8,188 sqftSingle row Gazebo & bbq area

Meadows 7Type L2

AED 10,500,000 /-6 BedroomsLake view

BUA: 6,500 sqft Plot: 12,500 sqftCul de sac location Lake view

Mohamad | 050 903 4245 | BRN. 6240 Daniel | 050 253 0195 | BRN. 24503

Emirates HillsE Sector

AED 25,000,000 /-5 BedroomsFull lake view

BUA: 8,500 sqft Plot: 15,000 sqftOpen plan layout Heated/Chilled pool

Alastair | 055 106 6926 | BRN. 23169

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

[email protected] www.lacapitaledubai.com

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

050 888 9510

+971 55 219 5937

AED 2,500,000 Ref: 53653Arpana

JVCWestar Les Castelets | 4 BR + Maid, Upgraded3700 sq. ft. | Community View

StanAED 1,750,000 Ref: 53580Vivian

SPRINGSSprings 10 | 2 BR + Study1700 sq. ft. | Type 4M

OP 2,079,888 Ref: 53739Nick

DUBAILANDMira Oasis | 3 BR + Maid | Phase 3 | Large Plot 2565 sq. ft. | Back To Back View

AED 2,980,000 Ref: 53411Sherilyn

GREENSThe Views | 3 BR + Study 2048 sq. ft. | Partial Golf course & Pool View

AED 2,673,000 Ref: 53635El Hadji

DOWNTOWNAddress Dubai Mall Hotel | 1 BR + Balcony 773 sq. ft. | Address Downtown View

AED 1,080,000 Ref: 53723Stans

JLT02 Tower | 1 BR + Balcony | Fully Furnished809 sq. ft. | Lake View

OP 2,681,888 Ref: 53666Nick

HILLSBLDG A1 | 3 BR | 1967 sq. ft. | Full golf course View

AED 758,600 Ref: 53696Kunal

JLT Brand New JLT Furnished StudioHotel Apartments

AED 780,000 Ref: 53733Stans

DUBAI MARINAMarina Diamond 2 | Studio + Balcony432 sq. ft. | Full Sheikh Zayed View

FINANCEAVAILABLE @ 2.99% INTEREST RATE

FOR READY AND OFFPLAN PROPERTIES

AED 1,100,000 Ref: 53576Caroline

GREENSAl Dhafra 3 | 1 BR + Balcony761 sq. ft. | Community View

AED 3,100,000 Ref: 53719Kunal

DUBAI LANDMudon | 4 BR + Maid | Type B3786 sq. ft. | Single Row View

AED 4,900,000 Ref: 52694Kunal

ARABIAN RANCHESMirador | 4 BR+ Maid outside | Type 163480 sq. ft. | Partial Golf Course

AED 2,650,000 Ref: 53687Arpana

SPRINGSSprings 5 | 3 BR + Study | Large Plot | Type 3E | 2300 sq. ft. | Back To Back View

AED 1,799,000 Ref: 53648Kunal

SPRINGSSprings 9 | 2 BR + Study | Type 4M1650 sq. ft. | Road View

15% Premium

Pay AED 189,650 Now

0% Premium

Premium Minus (-14%)

Blow Market P

rice

Lowest price for 3E in Dubai

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

[email protected] www.lacapitaledubai.com

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

050 888 9510

+971 55 219 5937

AED 2,500,000 Ref: 53653Arpana

JVCWestar Les Castelets | 4 BR + Maid, Upgraded3700 sq. ft. | Community View

StanAED 1,750,000 Ref: 53580Vivian

SPRINGSSprings 10 | 2 BR + Study1700 sq. ft. | Type 4M

OP 2,079,888 Ref: 53739Nick

DUBAILANDMira Oasis | 3 BR + Maid | Phase 3 | Large Plot 2565 sq. ft. | Back To Back View

AED 2,980,000 Ref: 53411Sherilyn

GREENSThe Views | 3 BR + Study 2048 sq. ft. | Partial Golf course & Pool View

AED 2,673,000 Ref: 53635El Hadji

DOWNTOWNAddress Dubai Mall Hotel | 1 BR + Balcony 773 sq. ft. | Address Downtown View

AED 1,080,000 Ref: 53723Stans

JLT02 Tower | 1 BR + Balcony | Fully Furnished809 sq. ft. | Lake View

OP 2,681,888 Ref: 53666Nick

HILLSBLDG A1 | 3 BR | 1967 sq. ft. | Full golf course View

AED 758,600 Ref: 53696Kunal

JLT Brand New JLT Furnished StudioHotel Apartments

AED 780,000 Ref: 53733Stans

DUBAI MARINAMarina Diamond 2 | Studio + Balcony432 sq. ft. | Full Sheikh Zayed View

FINANCEAVAILABLE @ 2.99% INTEREST RATE

FOR READY AND OFFPLAN PROPERTIES

AED 1,100,000 Ref: 53576Caroline

GREENSAl Dhafra 3 | 1 BR + Balcony761 sq. ft. | Community View

AED 3,100,000 Ref: 53719Kunal

DUBAI LANDMudon | 4 BR + Maid | Type B3786 sq. ft. | Single Row View

AED 4,900,000 Ref: 52694Kunal

ARABIAN RANCHESMirador | 4 BR+ Maid outside | Type 163480 sq. ft. | Partial Golf Course

AED 2,650,000 Ref: 53687Arpana

SPRINGSSprings 5 | 3 BR + Study | Large Plot | Type 3E | 2300 sq. ft. | Back To Back View

AED 1,799,000 Ref: 53648Kunal

SPRINGSSprings 9 | 2 BR + Study | Type 4M1650 sq. ft. | Road View

15% Premium

Pay AED 189,650 Now

0% Premium

Premium Minus (-14%)

Blow Market P

rice

Lowest price for 3E in Dubai

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TEL: +971 4 34 67 660 | +971 4 33 86 [email protected] | [email protected]

Published by

REACH OUT TO 66 MILLIONPASSENGERS PER YEAR

TEL: +971 (0)4 277 80 02 | E-MAIL: [email protected] | WEBSITE: www.stockholmre.com

TEL: +971 4 34 67 660 | +971 4 33 86 [email protected] | [email protected]

Published by

REACH OUT TO 66 MILLIONPASSENGERS PER YEAR

[email protected]+971 4 447 2272

www.3guae.com

SELLING PROPERTIES NOT PROMISES

Office Registration No. 1139

Visit us at Stand 6B44

2014 (21 Sep - 23 Sep)

We’re the Key to yourDream House.

BUY | SELL | RENT | PROPERTY MANAGEMENT

We Specialise in the followingArabian Ranches Jumeirah Park Jumeirah Island The Greens Downtown Old Town Dubai Marina

Palm Jumeirah Emirates Living Jumeirah Lake Towers Business Bay Dubai Land

[email protected]+971 4 447 2272

www.3guae.com

SELLING PROPERTIES NOT PROMISES

Of�ce Registration No. 1139