property times emagazine march 2015

///// Issue 28 - March 2015

Magazine Search Awards

A BRAND NEW SECTIONON DUBAI’S COMMUNITIES

THE NOMINEESDon't wait...Just move in...Dream Tower in Dubai Marinais now ready for sale

Pg20Pg8

Pg24

Pg28

PEOPLE’S CHOICEREAL ESTATE

AWARDS 2015

COMMUNITY TIMESDOWNTOWN &

PALM JUMEIRAH

PROJECT WATCHA LOOK AT THE LATEST

DEVELOPMENTS

REMARKABLE PENTHOUSE

Located on the top floor of a skyscraper in Dubai Marina, this is the most intriguing Penthouse in Dubai. It’s extraordinary, striking and has an impressive

contemporary and warm style décor. Every part of this Penthouse has a story to tell From two stunning living rooms to a private indoor pool with Jacuzzi to an internal space for a gym, you just have to name it and its’ all there.

The vast variation and quality of materials used in its upgrades has tremendously added to its overall cost and offers immense value.

to offer a spectacular sight for all eyes and a desire to have. Privacy, Natural light, Ocean views, an astounding design come together

lite esidence, dubai marina, dubai E R

Contact: KGR Real Estate (ORN: 16084) t: +971 4 3308 775 e: [email protected]

83 �oors of residential apartments4 parking �oors4 basement levels2 health clubsstate of the art business centre

Elite Residence Tower - Dubai Marina

5 Bedrooms + maids + storage + 2 living rooms + a private indoor poolFully furnished & upgraded 12469 sq ft (with 6 car parks)Full panoramic views of the Sea & the iconic Palm Jumeirah/ golf course/ Dubai Marina skyline/ Burj Al Arab Hotel.

Elite Residence - Dubai Marina Ultra Luxury Penthouse

Close to Metro Station/ Dubai marina Tram station| swimming pools | gymnasium | children's day care nursery | health spa | lounge area etc.

Price on request

Developed by Tameer Holdings.

FROM THE EDITOR

MORE POSITIVITY IN THE MARKETWhile the market continues to experience a slowdown, the overall sentiment among real estate agency owners is still positive. Everyone seems to have understood the fact that this period of correction is an inevitable part of the cycle that every real estate market goes through over a period of time. Nobody wants a volatile market where prices fluctuate rapidly. In the current scenario, investors can feel confident about Dubai market as it is showing signs of maturity. In fact, in some communities such as Victory Heights, rents have gone up while prices have dropped, which gives an opportunity for investors to secure better rental yields. Yes, this is a period of opportunities even for end-users looking to buy as the prices are more affordable and it will be foolish to play the ‘wait and watch’ game because prices aren’t going down rapidly. In short, the market at present is stable and with banks aggressively promoting their mortgage products at attractive interest rates, the demand is expected to grow from investors and end-users alike. And there are many options for those who are planning to buy. Ready to move in properties such as Dream Tower in Dubai Marina give buyers an option to buy and move in or rent out immediately, which is our cover story this month. In this issue, we are introducing a couple of sections, which will be extremely useful for those

Binesh PanickerEditor-in-Chief & Co-Founder

P.O. Box: 76460, Dubai, UAE

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OUR TEAM

CONTRIBUTOR

PRINTER DISTRIBUTORS

PUBLISHER

Nicole WalterFreelance Writer


who are looking to buy their dream homes. While ‘Community Times’ section focuses on selected communities featuring a wide range of useful information, ‘Project Watch’ carries new projects launched by Dubai developers. In a bid to provide advice and guidance to investors, we have roped in Manoj Prasad, Executive Vice Chairman and CEO of Que Capital Limited, who, from this issue onwards, will address various issues and topics related to investment in Dubai real estate market. I am sure it will be a great source of vital information for the investors and buyers.

Also in this issue, we feature inputs from various industry members to shed some light on the current scenario in the market, which will help you make informed decisions. In the hospitality section, our contributor Nicole Walter takes you through hotel destinations in Oman and it will certainly help you plan your next holiday trip.

The voting lines for Property Times People’s Choice Real Estate Awards 2015 are open. The competition so far has been fierce and I am sure people of Dubai will choose the best agencies in the next few days.

Happy reading!

/blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media- /+PropertyonlineAeweb/

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

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

SYED GhayuorSales [email protected]

THINKAL BhalManager - [email protected]

RESHMI RaveendranEditorial [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]

March 2015 Issue -28 /// 5

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Meydan - Dubai

CONSTRUCTION IS IN FULL SWING | AVAILABLE FOR RESALE

800773S P F

t o l l f r e emillenniumestates.ae

millenniumestates.ae/grandviews

Millennium Estates

* All Premiums are inclusive of oqood charges

Kalpesh (Brn 11874)

Kalpesh (Brn 11874)

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Imran (Brn 12258)

Imran (Brn 12258)

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Mudassar (Brn 10684)

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Jane (Brn 27553)

Payal (Brn 12093)

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A Kadeer (Brn 26807)

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Type B Phase 1 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 6993 Sq.ft 14% Premium






Type A Phase 2 - 5 Bedroom + Maids + Drivers with 2 Living Rooms BUA: 7371 Sq.ft 10% Premium










Type C Phase 3 - 5 Bedroom + Maids + Drivers BUA: 5221 Sq.ft, Plot: 7000 Sq.ft 14% Premium

Type C Phase 2 - 5 Bedroom + Maids + Drivers BUA: 5221 Sq.ft, Plot: 7000 Sq.ft 25% Premium

Millennium Estates | Meydan - Type A

Actual villa image

5 Bedroom G + 1 Villa Area 7,371 SQFT,2 living rooms + maids room + drivers room Marble Flooring Most Areas, Parquet FlooringBedrooms, Pogen Pohl Kitchens, Partial Stone

External Cladding on the exterior

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5 Bedrooms G+1 VillaBUA 6,993 SQFT, 2 living rooms + maids room

+ drivers room, Marble Flooring Most Areas, Parquet Flooring Bedrooms, Pogen Pohl

Kitchens, Partial Stone External Cladding on the exterior.

Millennium Estates | Meydan - Type B

Millennium Estates | Meydan - Type C

5 Bedrooms G+1 VillaBUA 5,221 SQFT, Living rooms + maids room + drivers room, Marble Flooring Most Areas,

Parquet Flooring Bedrooms, Pogen Pohl Kitchens, Partial Stone External Cladding on

the exterior.

Actual villa image

8PEOPLE’S CHOICE AWARDS 2015:

The Nominees

12NEWS AND ANALYSIS:

International Property Show 2015

14 NEWS AND ANALYSIS:

Update on Victory Heights by REIDIN

16PROPERTY EXPERT:

Dawn Draper, Pennington

18MORTGAGE EXPERT:

Feyisesan Ekundare, MortgageMe

26INTERVIEW:

Jennifer Peltenburg, Farnek

30STRAIGHT TALK BY MP:

Manoj Prasad, Que Capital Limited

32TOWN SQUARE by Nshama

Dream Tower is ready for sale

Community Times Project Watch Arabian Ranches Community Fair in pictures20 24 28 44

37Column by the Wolf of Real Estate

38INTERVIEW:

Anant Golyan, Westar Properties

40MARKET UPDATE

by LJ Hooker sales & leasing managers

42INTERVIEW:

Vishal Wadhwani, Gold Coast Real Estate

46INTERVIEW:

Klaus Holscher, Kensington

48HOTEL JEWELS in Oman

54SHARIA-COMPLIANT HOTELS:

Column by Jitheesh Thilak

58Exclusive property listings

March 2015 Issue -28 /// 7

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. . . THE NOMINEES . . .

Ali Ashraf Tumbi, CEO

Manish Khatri, VP

Niraj MasandManaging Director

Rohan RavalManaging Director

W: www.aquaproperties.com | E: [email protected]: 04 38 82 220 | RERA No: 303

W: www.banke.ae| E: [email protected]: 04 33 80 088 | RERA No: 12108

W: www.canaryislandproperties.com E: [email protected] | T: 04 27 75 709 | RERA No: 12063

People’s Choice Best Real Estate Agency: Overall Performance

Editor’s Choice Best Real Estate Brand: New Entrants

People’s Choice Best Real Estate Agency: Buyers’ Choice

CATEGORIES

CATEGORIES

CATEGORIES

Akylbek AkimovManaging Director

John StevensManaging Director

Deepak Kaipa Business Development

Manager

Alessia SheglovaManaging Director

W: www.areb.ae | E: [email protected]: 04 45 33 315 | RERA No: 12366

W: www.asteco.comE: [email protected] | T: 600 54 77 73 | RERA No: 180

W: www.bukhatirproperties.com | E: [email protected]: 04 43 85 500 | RERA No: 12287

W: www.dacha-re.comE: [email protected] T: 04 42 32 006 | RERA No: 393

People’s Choice Best Brokers: Top 5 • Akylbek Akimov • Alina Adamco

People’s Choice Best Real Estate Agency: Property Management


People’s Choice Best Real Estate Agency: Overall PerformancePeople’s Choice Best Real Estate Agency: Buyers’ ChoicePeople’s Choice Best Real Estate Agency: Sellers’ Choice

People’s Choice Best Real Estate Agency: Renters’ Choice People’s Choice Best Brokers: Top 5 • Jade Morris • Galina Lukanova

CATEGORIES

CATEGORIES

CATEGORIES

CATEGORIES

To Vote: http://awards.propertyonline.ae/alliance-real-estate

To Vote: http://awards.propertyonline.ae/aqua-properties To Vote: http://awards.propertyonline.ae/asteco

To Vote: http://awards.propertyonline.ae/dacha-real-estate

Muhammad IsrarManaging Director

W: www.aimproperties.ae E: [email protected] | T: 04 36 95 383 | RERA No: 12454

Editor’s Choice Best Real Estate Agency: Exclusive ProjectsEditor’s Choice Best Real Estate Brand: New Entrants

CATEGORIES

To Vote: http://awards.propertyonline.ae/canary-island-properties

Erfan AslamManaging Director

W: www.exclusive-links.comE: [email protected] |T: 04 42 25 750 | RERA No: 708

W: www.gwre.aeE: [email protected] | T: 04 44 05 065 | RERA No: 1086

Categories: People’s Choice Best Real Estate Agency: Property Management

People’s Choice Best Brokers: Top 5 • Edward John Donohoe • Leah Dunne


CATEGORIES

CATEGORIES

Chris WhiteheadManaging Director

Fadi NwilatiCEO

Mohanad AlwadiyaManaging Director of

Harbor Real Estate and Advisor

W: www.ere-homes.com | E: [email protected]: 056 39 33 466 | RERA No: 2436

W: www.800-property.comE: [email protected]: 04 45 41 235 | RERA No: 210

W: www.harbordubai.comE: [email protected] | T: 04 32 51 616 | RERA No: 2004

People’s Choice Best Real Estate Agency: Property Management Editor’s Choice Best Real Estate Agency: Exclusive Projects

People’s Choice Best Real Estate Agency: Property ManagementEditor’s Choice Best Real Estate Agency: Exclusive Projects

CATEGORIES

CATEGORIES

CATEGORIES

To Vote: http://awards.propertyonline.ae/ere-homes

http://awards.propertyonline.ae/exclusive-links To Vote: http://awards.propertyonline.ae/golden-suns-real-estate

http://awards.propertyonline.ae/harbor-real-estate

Dounia FadiManaging Director

WINNERS CHOSEN BY BUYERS, INVESTORS, SELLERS AND RENTERS…

W: www.elysianrealestate.com | E: [email protected]: 04 32 34 545 | RERA No: 619


People’s Choice Best Real Estate Agency: Renters’ ChoicePeople’s Choice Best Real Estate Agency: Property Management

CATEGORIES

To Vote: http://awards.propertyonline.ae/elysian

Dounia FadiManaging Director

Louise HeatleyManaging Director

Zarah EvansManaging Director


People’s Choice Best Real Estate Agency: Renters’ ChoicePeople’s Choice Best Real Estate Agency: Property Management

People’s Choice Best Brokers: Top 5 • Lenet Asatourian • Ryan Blair

Sales l Leasing l Management

Duba i UA E

Hamir AsherManaging Director

W: www.indus-re.comE: [email protected] |T: 04 35 19 995 | RERA No: 123


CATEGORIES

To Vote: http://awards.propertyonline.ae/indus-real-estate

Paul ChristodoulouCEO

W: www.kendal.aeE: [email protected] | T: 04 38 82 921 | RERA No: 11922


CATEGORIES

To Vote: http://awards.propertyonline.ae/kendal

. . . THE NOMINEES . . .

Faisal BaigManaging Director

W: www.ottomansuae.comE: [email protected] | T: 04 34 69 933 | RERA No: 11826

W: www.oceanviewdubai.comE: [email protected] | T: 04 44 08 922 | RERA No: 841

W: www.realty-force.comE: [email protected]: 04 42 57 771 | RERA No: 1038

Editor’s Choice Best Real Estate Agency: Exclusive Projects

People’s Choice Best Real Estate Agency: Buyers’ ChoicePeople’s Choice Best Real Estate Agency: Sellers’ Choice People’s Choice Best Real Estate Agency: Sellers’ Choice

CATEGORIES

CATEGORIESCATEGORIES

Kunal PuriManaging Director

Mario VolpiManaging Director

Dawn DraperManaging Director

Riyaz MerchantManaging Director

W: www.lacapitaledubai.com | E: [email protected] T: 04 38 83 001 | RERA No: 2610

W: www.oceanviewdubai.comE: [email protected] | T: 04 34 33 256 | RERA No: 511

W: www.pennington.aeE: [email protected] | T: 04 45 37 375 | RERA No: 12512


People’s Choice Best Real Estate Agency: Overall Performance People’s Choice Best Real Estate Agency: Buyers’ ChoicePeople’s Choice Best Real Estate Agency: Sellers’ Choice

People’s Choice Best Real Estate Agency: Renters’ Choice


CATEGORIES

CATEGORIES

CATEGORIES

To Vote: http://awards.propertyonline.ae/la-capitale-real-estate

To Vote: http://awards.propertyonline.ae/ocean-view-real-estate

To Vote: http://awards.propertyonline.ae/realty-force

Klaus HoelscherCEO

www.kensington-dubai.com | E: [email protected]: 04 32 59 411 | RERA No: 300

CATEGORIES

Sameer AdamManaging Director

W: www.modeluxproperties.com/mdlx E: [email protected] | T: 04 32 98 298 | RERA No: 1898


CATEGORIES

To Vote: http://awards.propertyonline.ae/modelux-properties

To Vote: http://awards.propertyonline.ae/propsquare

Umar Bin FarooqManaging Director

Rouf MakrooManaging Director

People’s Choice Best Real Estate Agency: Buyers’ ChoicePeople’s Choice Best Real Estate Agency: Sellers’ Choice

People’s Choice Best Real Estate Agency: Renters’ ChoicePeople’s Choice Best Brokers: Top 5 •Christoph Engels •Maryna Bespalaya

To Vote: http://awards.propertyonline.ae/kensington

VOTEVOTEA HOLIDAY TRIP

& WIN

Paula EnanderManaging Partner

W: www.dubaisir.comE: [email protected] | T: 04 81 84 999 | RERA No: 12521

W: www.stockholmre.com E: [email protected] |T: 04 27 78 002 | RERA No: 12895



CATEGORIES

CATEGORIES

Akash Ashok KanjwaniManaging Director

Pawan Batavia Managing Partner

W: www.skyviewdubai.comE: [email protected] T: 04 32 98 651 | RERA No: 563

W: www.synergygroup.aeE: [email protected]: 044529877 | RERA No: 11870


People’s Choice Best Real Estate Agency: Renters’ ChoicePeople’s Choice Best Brokers: Top 5 • Neeraj Harshad Morjaria • Nirali Dinkarray Ganatra

CATEGORIES

CATEGORIES

To Vote: http://awards.propertyonline.ae/skyview

To Vote: http://awards.propertyonline.ae/synergy

SIMPLY LOG-ON TO awards.propertyonline.ae

Jackie Johns Managing Partner


People’s Choice Best Real Estate Agency: Renters’ Choice

Saleem Rafiq AhmedManaging Director

W: www.trislproperties.com E: [email protected] | T: 04 39 57 550 | RERA No: 2461

People’s Choice Best Brokers: Top 5 •Manish Ramesh Raheja •Muhammad Javed

CATEGORIES

To Vote: http://awards.propertyonline.ae/trisl-real-estate

W: www.sbkrealestate.comE: [email protected] T: 043374499 | RERA No: 845

V.A. HassanFounder

Shahid HassanExecutive Director

People’s Choice Best Real Estate Agency: Property Management

CATEGORIES

To Vote: http://awards.propertyonline.ae/sbk-real-estateAhamed Niazi

General Manager

W: www.spfrealty.com | E: [email protected] T: 04 33 96 222 | RERA No: 1021

Mahendra SinghDirector


People’s Choice Best Real Estate Agency: Renters’ ChoicePeople’s Choice Best Brokers: Top 5 • Kunali Shah • Erick Knaider

Editor’s Choice Best Real Estate Agency: Exclusive Projects

CATEGORIES

To Vote: http://awards.propertyonline.ae/spf-realtyRanjeet Chavan

Director

THE REGION'S ONE AND ONLY REAL ESTATE AWARDS...

Kalpesh SampatDirector

VOTING LINES CLOSES ON 31 MARCH 2015

NEWER AREAS OF DUBAI UNDER PROPERTY INVESTORS’ RADAR: INTERNATIONAL PROPERTY SHOW 2015

Real-estate transactions in 2014 were spread out across the emirate of Dubai, according to a recent report of Dubai Land

Department's Real Estate Research and Studies Section, quoted by International Property Show 2015. Organizers of the show said this indicates fragmentation of the realty market in Dubai, with each location being valued on the basis of its own supply and demand fundamentals. Josine Heijmans, Exhibition Director, Strategic Marketing & Exhibitions, Organizer of the show added: “The market is becoming more end-user driven, with cash investors outstripping mortgages, reflecting its maturity and attractiveness to all kind of investors. More importantly, the sector is becoming more resilient, due to diversity and multi-location investment options.” International Property Show, scheduled to be held from 30 March to 1 April 2015 at the Dubai International Convention and Exhibition Centre, has attracted various levels of developers, including promoters of luxury, residential and commercial projects in the UAE, in the region and internationally, all keen to showcase their diversified offering to investors and trade visitors.

According to DLD report, more than 53,871 real estate transactions were made in 2014 alone. The total

number of transactions in terms of sales reached 38,113, with the value exceeding AED112 billion. Josine said that investments are being pumped into new lesser known parts of the city, which is a healthy sign for the industry. International Property Show offers direct unit sales for end-users as well as trade visitors. It gives visitors a chance to compare prices of several developers and obtain comprehensive insights on investment options and new areas coming into focus across Dubai.

The major property event will also host a two-day IPS Real Estate Forum, which will address latest trends and developments in key international property hotspots, including USA, Australia and Spain through presentations, panel discussions and case studies. Major industry topics will include Effective Use of Expert Witnesses in Property Sector Disputes, International Property Standards (IPMS), Strategic Facil ities Management and A Responsible Business Best Practice Toolkit for the Land, Construction and Real Estate Sector. Organized by Strategic Marketing & Exhibitions, the International Property Show is one-of-a-kind annual event that allows end-users to directly buy properties right on the exhibition floor, thus offering the biggest retail platform for property buyers.

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Sheikh Zayed Road, Dubai

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AHMET KAYHANCEO, REIDIN.com

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Victory Heights is an interesting case study for a real estate enthusiast. Touted as one of the top villa communities in Dubai, this development has seen a dip in prices over

the past one year despite high demand and limited supply while the rents have continued to rise, defying the overall market trends. “Currently, it looks like Victory Heights is well balanced between demand and supply,” says Ahmet Kayhan, CEO, REIDIN, adding, “Demand is higher because of limited supply pipeline of only about 30 units under construction to be delivered by the end of 2015.” Ahmet says from the peak in 2014, Victory Heights witnessed a drastic drop in prices due to unrealistic price hikes and huge sizes. “The current correction is well within the range as prices went up above the 2008 peak levels last year,” he says, adding, “The rental market has seen a rise on the other side, so one can consider Victory Heights in terms of a better gross rental yield compared to other communities.”

Rising rents and falling prices. This is the current scenario in Victory Heights, according to REIDIN. By Binesh Panicker

AN OPPORTUNITY FOR INVESTORS: VICTORY HEIGHTS

-7% The drop in prices in Victory Heights for the past 1 year

16% The increase in rents in victory heights for the past 1 year

5.7% The gross rental yield in Victory Heights

30 The number of new units expected to be delivered in Victory Heights this year

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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.

For a detailed update on Dubai and Abu Dhabi real estate markets, grab a copy of REIDIN Market Update published in association with Property Times.

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YSISVICTORY HEIGHTS YIELD (%) CHANGE

6.05.85.65.45.25.04.84.64.44.24.0

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15

GROSS RENTAL YIELD (%)7.0

6.8

6.6

6.4

6.2

6.0

5.8

5.6

5.4

5.2

5.0Victory Heights Jumeirah Village

CircleArabian Ranches The Springs &

The MeadowsDubai Villas

6.5

5.75.7

6.0

6.2

RENT PRICE CHANGE20%

15%

10%

5%

0%

-5%

-10%

-6%-1%

2%0%

Green Community

Last 3 Months Last 6 Months Last 1 Year

ArabianRanches

The Springs &The Meadows

JumeirahVillage Circle

Victory Heights

DubaiVillas

-1%

3%

0% 1%

5%

-2%

0%

4%

16%

7%

0%0%

4%

10%

SALES PRICE CHANGE10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

-8%

-10%


ArabianRanches



Victory Heights

Green Community

DubaiVillas

-4%-5%

2%

-2%-3%-3% -3% -3%-2%

8%

0%

6%

4%

5%

-1%

0%

3%

-7%

VICTORY HEIGHTS NEW SUPPLY

12 %

88 %

Existing Villas upcoming Villas

VICTORY HEIGHTS YIELD (%) CHANGE6.05.85.65.45.25.04.84.64.44.24.0

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15

GROSS RENTAL YIELD (%)7.0

6.8

6.6

6.4

6.2

6.0

5.8

5.6

5.4

5.2

5.0Victory Heights Jumeirah Village

CircleArabian Ranches The Springs &

The MeadowsDubai Villas

6.5

5.75.7

6.0

6.2

RENT PRICE CHANGE20%

15%

10%

5%

0%

-5%

-10%

-6%-1%

2%0%

Green Community


ArabianRanches



Victory Heights

DubaiVillas

-1%

3%

0% 1%

5%

-2%

0%

4%

16%

7%

0%0%

4%

10%

SALES PRICE CHANGE10%

8%

6%

4%

2%

0%

-2%

-4%

-6%

-8%

-10%


ArabianRanches



Victory Heights

Green Community

DubaiVillas

-4%-5%

2%

-2%-3%-3% -3% -3%-2%

8%

0%

6%

4%

5%

-1%

0%

3%

-7%

VICTORY HEIGHTS NEW SUPPLY

12 %

88 %

Existing Villas upcoming Villas

March 2015 Issue -28 /// 15

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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

To suggest the best areas for investment return, we need to look at current market conditions. For

appreciation, the newer ‘emerging’ areas will realize better appreciation, as they are yet to reach their full value, whereas the more established areas like Springs, Meadows and Arabian Ranches have now realized their largest capital growth and are now stabilized in the property market. A very interesting area right now is Jumeirah Village Circle. Although there is still a lot of building work going on there, the location offers easy access to the major roads and is just a 15-minute ride away from all the major Jumeirah attractions. Prices right now are good for villas and are popular among tenants too, so renting a nice property there is not difficult. As the area establishes, prices have increased and will continue to do so.

To be honest, it’s more down to the agency you choose if you go exclusive. If the company you choose

are strong in their marketing and advertising and has a good pro-active agency network, then I would advise ‘exclusive’. A big bonus here is that you won’t get dozens of different agents calling you with different prices and offers that are not realistic. In many cases, these multiple ‘offers’ are actually the same buyer just going round the different agencies, giving you a false impression of the interest. What you should be looking for is the commitment the agency is going to give you for this Exclusive Agreement. Get the agreement in writing with confirmation of how they are going to market the properties, showing the range of marketing tools and the frequency they are going to use them. For example: Best quality photographs, Exclusive sign boards, ‘Top Spot’ on the property portals and website, individual property postcards designed specifically for your property, property matching (targets their database), newspaper and property related magazines. Your exclusive agent should ask to visit you and the property to ensure they have the best knowledge of both the property and your expectations.

I am an investor based in the UK. I am quite keen to invest in a couple of villas in Dubai. Please

suggest the areas that ensure maximum return both in terms of appreciation and rental income.

Now is a very good time to turn from tenant to owner. In many places, prices have come down to realistic

levels, while rents have been holding out. Coupled with some great mortgage offers available right now, the monthly outgoing for your mortgage payment will, in most cases, be considerably less than your rent. Before doing anything else, go and see an independent mortgage advisor to see what is available to you. Terms and conditions apply to any mortgage package and vary bank to bank. An independent advisor will give you results based on a search of all the major mortgage providers so you can be sure you get the best deal rather than a single bank that will only push their own best offer.

My family and I recently moved to Dubai. We are currently renting an apartment, however, I am looking

to buy an apartment in a good location so that I can save on my rents. Should I buy now or continue to rent? What's your take on this?

I have a small portfolio of properties in Dubai and I am currently looking at selling some

of them. I have been told by a friend that I should tie up with a real estate agency exclusively? Should I go for an exclusive deal or list my properties with multiple agents? Please guide.

Dawn DraperManaging DirectorPennington Real EstateT: 04 45 37 375

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If you have any mortgage related queries please email at [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

First off, ownership of a mortgaged property cannot be transferred unless the outstanding loan is fully

liquidated. You could pay off the loan amount, the exit fees charged by the bank and the transfer fees charged by the specified municipality. Alternatively, you could liquidate the loan by taking out a separate mortgage loan in your name (A seller-buyer mortgage buyout transaction). Do note that said transfer will be treated as a “gift” if the transfer is to an immediate family member and would be charged at a reduced rate. To discuss further, please call us at +9714453400.

I would like to transfer my father's property in my name but it's on mortgage. What is the procedure

to do this?

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The processes involved in executing a commercial mortgage application as a self employed (business owner)

applicant is similar to the processes involved in executing other mortgage applications, whether by a salaried applicant or for a residential property. The major distinction is in the supporting documents to be provided by the self employed applicant since the lender’s due diligence will in this case be focused on both the applicant’s profile and his business’ profile. Thus, the documents required will be documents supporting the ownership of the business, the business’ past/future earnings, its current financial position and the business’ financial history. Additionally, the applicant will also be required to provide documents supporting his/her stated profile. Commercial mortgage rates, especially rates applied to self employed applicants, cannot be easily quoted because applications are treated on a case by case basis. Furthermore the applicable rates are highly dependent on the applicants’ business profile. My advice is for you to get in touch with a reputable mortgage broker that will assist you in your application. Kindly call me on the number above, I will be more than happy to assist.

I am planning to buy an office space for my 4 year old business. What is the process and what are

the documents required for a mortgage? What is the average interest rate on offer?Closing a mortgage before its full

tenure may incur an early settlement penalty, depending on the lender

and the terms under which the loan was offered. As such, settling a huge outstanding mortgage loan balance may prove costly. Nonetheless, if you are willing to go ahead, all you need do is apply for a liability letter from your mortgage lender and pay off the stated amount in the liability letter plus possible early settlement charges. Kalas.

What are the formalities involved in the closure of a mortgage? Please advise.

Feyisesan EkundareMortgageMe.ae Business DevelopmentMiddle East/AfricaM: +971 050 4168 548

Dubai Marina

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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]

GIVING WINGS TO YOUR DREAMS…Dream Tower in Dubai Marina is a ready to move in residential building that offers investors quick rental yields and end-users an opportunity to shift from their rented properties to their own homes immediately. By Binesh Panicker

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A w a t e r f r o n t h o m e i s everyone’s dream. Dubai is home to a few of the most popular waterfront

communities in the world and Dubai Marina is one of them. No wonder this community, touted as one of the largest of its kind waterfront communities in the region, developed by Dubai’s master developer Emaar Properties, continues to enjoy a high occupancy rate (Around 94% according to REIDIN). Dubai Marina, since its launch, has been a prime attraction for buyers from all across the globe. The community, with its Riviera lifestyle and modern ambience, is spread over 50 million square feet and boasts a large canal of 3.5 kilo metres, which is connected to the sea from both the sides. For those who cherish a sophisticated lifestyle, Dubai Marina is a natural choice with its dining, leisure and entertainment options. The mesmerizing landscape of Dubai Marina is adorned by high-rises featuring luxury apartments and villas with the Marina in the background. The latest addition to this residential destination is Dream Tower, a 41-storeyed residential tower, located close to Jumeirah Beach Residences (JBR). At a time when Dubai market is witnessing launch of a number of off-plan properties,

GIVING WINGS TO YOUR DREAMS…

THE TOWER, LOCATED IN ONE OF THE ‘MOST HAPPENING

DISTRICTS OF DUBAI’, OFFERING UNOBSTRUCTED

VIEWS OF THE SEA AND DUBAI MARINA CANAL

AND OVERLOOKING DUBAI MARINA, JBR AND JBR BEACH,

FEATURES 216 UNITS.

+971 4 33 87 701+971 52 55 45 409+971 55 44 05 [email protected]

Dream Tower, owned by UAE national Rashid Mehran Al Bloushi, offers ready properties for investors and end users. It is not often that buyers get to move in immediately after purchasing property in a new development. Dream Tower is a brand new residential building, which gives an opportunity to investors to buy and rent out the units immediately and end-users to move in as soon as they purchase their dream home.

DREAM TOWERThe tower, located in one of the ‘most happening districts of Dubai’, offering unobstructed views of the sea and Dubai Marina Canal, overlooking Dubai Marina, JBR, JBR beach, features 216 units comprising studio and one to four-bedroom duplex apartments with sizes ranging from 429 square feet to 3,200 square feet. The launch price for the units is set at

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AED1,850 per square foot, which offers good value for money for customers.

AMENITIES AND FACILITIES The tower features a wide variety of amenities and facilities for its residents such as health and fitness facilities, swimming pool, open kids’ play area and basement parking. While location is one of the major attractions of this tower, the apartments also boast high quality finishes. Each unit is equipped with fully-fitted kitchen appliances, high-speed digital connections for internet, TV and voice communications etc. The

ceiling height is more than 9 feet, which maximizes the sense of space and light.

ACCESS AND NEARBY ATTRACTIONSDubai Marina is strategically located and it offers easy entry and exit and excellent access to major areas in Dubai. The tower, located at the start of Dubai Marina, has a number of attractions in its vicinity such as Jumeriah Beach Residences, The Beach, The Walk and Dubai Skydive. It also boasts close proximity to Dubai Internet City, Dubai Media City, The Address Montgomerie

Dubai Golf Course, Emirates Golf Club, the American University and five star beach hotels. The location of the tower provides the residents with easy access to destinations such as Dubai Marina Mall (10 minutes from the tower), The Address Dubai Marina (a premium five star hotel), Marina Plaza (a popular commercial tower), Pier 7 Dubai Marina (a multi-storey tower featuring with diverse cuisines on offer). The residents of the tower will also get to enjoy the wide range of shopping and dining options available at The Walk (in JBR), which is a 1.7 kilo metre strip featuring restaurants, clothing stores, boutiques, department stores, cafes and gyms etc.

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DREAM TOWER IS A BRAND NEW RESIDENTIAL

BUILDING, WHICH GIVES AN OPPORTUNITY TO INVESTORS TO BUY AND RENT OUT THE UNITS IMMEDIATELY AND

END-USERS TO MOVE IN AS SOON AS THEY PURCHASE

THEIR DREAM HOME.

Highlights Key attractions nearby

Swimming PoolKids’ play areaGymEasy Access Sea views

The Marina Walk JBR Beach JBR Walk Dubai SkydiveDubai Yacht clubFive Star Hotels

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+971 4 33 87 701+971 52 55 45 409+971 55 44 05 [email protected]

For pre launch info, call: +971 506961193 | +971 509917757

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COMMUNITY TIMES

TOPAGENTS

D OW N TOW N

Tel +971 4 388 2921 | www.kendal.aeORN No. 11922 | [email protected]

Charlie KingAREA MANAGER – DOWNTOWN

+971 52 842 7032 | [email protected]

THE LOFTS1 BED APARTMENT | BUA 912 SQ.FTBURJ KHALIFA VIEW | AED: 1,775,000

THE RESIDENCES1 BED APARTMENT | BUA 906 SQ.FT

PARTIAL BURJ KHALIFA VIEW AED 2,150,000

CLAREN2 BED APARTMENT | BUA 1,291 SQ.FTCOMMUNITY VIEW | AED: 3,050,000

OLD TOWN2 BED APARTMENT | BUA 1,507 SQ.FT

AED: 3,550,000

Tel +971 4 4537375 | [email protected] | ORN No. 12512

Brendan SmithSenior Sales Consultant – Palm Jumeirah

+971 56 116 8803 | [email protected]

OCEANA ATLANTIC3 BED APARTMENTAREA SQ.FT.:2,440

PANORAMIC VIEW | AED: 5,500,000

OCEANA SOUTHERN3 BED APARTMENTAREA SQ.FT.: 1,709

FULL SEA VIEW | AED: 4,350,000

AL DABAS3 BED APARTMENT AREA SQ.FT.: 2,260

BURJ AL ARAB VIEW | AED: 3,250,000

JASH FALQA1 BED APARTMENTAREA SQ.FT.: 1,184


PALM VIEWSSTUDIO APARTMENTAREA SQ.FT.: 570


Occupancy

DOWNTOWNDowntown Dubai, developed by master developer Emaar Properties, is a city within a city, with the iconic Burj Khalifa, the tallest tower in the world, at its centre. The community comprises a unique mix of beautifully designed residential and commercial towers and a wide variety of shopping, dining and leisure destinations such as Dubai Mall. It is also home to world-class hotels such as Armani and The Address. Downtown Dubai also boasts The Dubai Fountain, the largest choreographed fountain system in theworld. It’s been a favoured investment destination for buyers from all over the world for years.

PALMJUMEIRAHPalm Jumeirah, a signature development by Dubai’s master developer Nakheel, is one of the leading tourists attractions today. The demand for properties on the Palm has always remained high. Since its launch in 2001, the world’s largest man-made island has attracted thousands of visitors and investors from all across the globe. For the rich and famous, owning a piece of Palm Jumeirah has become a status symbol. It has a 2-kilometer long trunk and a crown made up of 17 fronds and the surrounding crescent, creating the illusion of a palm tree.

AED 2,394/SQFT (SALES PRICE)

AED 11.2/SQFT RENT/ MONTH

AED 1,818/SQFT (SALES PRICE)

AREA 5.72 km2AREA 2 km2

AED 8.8/SQFT RENT/ MONTH

COMMUNITY

AMENITIES

CONNECTIVITY

88.9%

Resturants / Fashion brands / Super markets

JOGGING TRACK / YOGA CENTERS

SCHOOLS3

TO CITYCENTER5

HOTELS51,200RETAIL

OUTLETSTO PARK

+

8

COMMUNITY TIMESCOMMUNITY TIMES

MINSTOAIRPORT12MINS

TO METROSTATION5MINS

MINS

TO CITYCENTER7MINS

TOAIRPORT20MINS

TO METROSTATION8MINS

COMMUNITY

AMENITIES

CONNECTIVITY

92.02%Occupancy

Resturants / Fashion brands / Super markets

JOGGING TRACK / YOGA CENTERS

70 RETAILOUTLETS

TO PARK

+

7MINS

+ +SCHOOLS3 HOTELS5

+ +

Your Trusted Real Estate Partner

TOPAGENTSPALMJUMEIRAH

Tel +971 4 388 2220www.aquaproperties.com

Dorothy Biro+971 56 10 53 655

[email protected] : 29200 | ORN : 303

JUMEIRAH ZABEEL SARAY4 & 5 BED VILLAS

AREA SQ FT 6,347 - 7,087FULLY FURNISHED | SEA VIEWSTARTING FROM AED 26,000,00

FAIRMONT RESIDENCE4 BED TOWNHOUSE APARTMENT

AREA SQ FT 5,225 | TYPE T4SEA VIEW | AED 8,450,000

PALM VIEWS WEST MULTIPLE STUDIO APARTMENTS

AREA SQ FT 506SEA & POOL VIEW | AED 1,250,000 & UP

SHORELINE APARTMENT3 BED PENTHOUSE APARTMENT

AREA SQ FT 4,917PARTIAL SEA VIEW | AED 7,500,000

+971 4 380 6683www.mcconeproperties.com

Sam McCone Managing Director+971 50 927 9079

[email protected] Licence 27516

BOULEVARD CENTRAL2 BED APARTMENTAREA SQ.FT.: 1201

BURJ KHALIFA VIEW | AED 3,000,000

29 BOULEVARD 1 BED APARTMENTAREA SQ.FT.: 1671

FOUNTAIN VIEW | AED 2,625,000

OLD TOWN ISLAND 1 BED APARTMENTAREA SQ.FT.: 1609

PALACE HOTEL & DOWNTOWN VIEWAED 2,750,000

BOULEVARD CENTRAL 1 BED APARTMENTAREA SQ.FT.: 1090

BURJ KHALIFA VIEW | AED 2,100,000

SOUTH RIDGE 1 BED APARTMENTAREA SQ.FT.: 986

BUSINESS BAY LAKE VIEW AED 1,850,000

The Island is one of the few objects that are visible from space to the naked eye. Another landmark that is visible is the Berlin Wall.

DID YOUKNOW

Those who live on the 150th �oor and higher of Burj Khalifa live so high up that they see the sun longer than other residents of Dubai.

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Farnek is a leading name in the UAE’s FM industry. Please tell us about the history of the company. Farnek, founded

in 1980, is an integrated facility management company. We are celebrating our 35th anniversary this year. The company evolved over a period of time. We started with cleaning services and then quickly moved into maintenance and security services. Currently, we have over 2,500 employees and over 2,000 contracts in the UAE.

How has this journey of 35 years been as one of the top FM companies?The company was founded by two expatriates Abdulla Fedel Al Mazroie and Nick Bointon ‘Far-Nek’, which was then purchased by a Zurich- based Property Management Company called Priora Group. We grew quickly into a much bigger company. Today, our maintenance portfolio includes Burj Khalifa and other leading residential and commercial buildings.

What are the services on offer at Farnek?We provide comprehensive services in security and maintenance. We manage third party services such as elevator, fire alarm systems (which, of course, now is becoming more and more

important), pest control and waste management. We also provide staffs for concierges and receptions. We also have a consultancy division, which focuses on the energy management and sustainability.

How do you distinguish Farnek from other facility management companies in Dubai?I think the way we try to integrate e n e r g y m a n a g e m e n t a n d sustainability aspects into facility management is what sets us apart from other companies. As far as operations are concerned, we have the passion, knowledge and expertise that enable us to deliver in a way that is comprehensive. We try to work towards standards that are being applied already in Europe

A STORY OF PASSION, KNOWLEDGE AND EXPERTISEJennifer Peltenburg, Director of Business Development & Marketing, Farnek, tells us what makes them one of the best in the UAE’sa facility management industry. By Reshmi Raveendran

and North America. We work with an association called BICS (British Institute of Cleaning Science) and ISSA (A US-based association) for cleaning services guidance and we use a lot of their tools. As far as maintenance is concerned, we stick to the best practice, which is to use the regular O&M Manual provided by the manufacturer. For maintenance services, we use SFG20 standards and we train our employees to meet these standards. Also we are starting a program with Six Sigma for the maintenance team.

It is all about applying the knowhow and efficiency to make sure that we are not just repairing the faults but we are actually doing preventive maintenance as well. Another factor that sets us apart is innovation and

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technology. We have taken a number of initiatives such as minimizing paperwork keeping sustainability in mind, real time reporting and providing transparency to our clients so that they can check if a job is done or not by checking the dashboard online.

How does FM market in Dubai differ from that in other countries? Dubai is the most matured market in the entire GCC region as far as the FM industry is concerned. I have been in the business for seven years and there has been a drastic change in the mentality of the owners in terms of the maintenance of the buildings. While they were not quite keen to spend money on maintenance earlier, today they understand the need to maintain the integrity of the building and also there is fierce competition in the market as more units are getting delivered. So they need to make sure the building is in good form so that people will be more inclined to rent or buy from them.

There are more than 100 facility management companies in Dubai and now people are beginning to understand the difference between an integrated FM company and a single service FM company. You will soon see a divide between these two types of FM companies in the market.

Please tell us about your major clients and developments?We work with Emaar Properties in their projects Burj Khalifa and Dubai Mall. We provide maintenance for buildings that have special requirements. It is challenging because we have nothing to compare it with.

U-Bora Tower in Business Bay is another project we are handling wherein we do all the internal facility management services from reception to maintenance, cleaning and security. We do vehicle fleet management for them as well. Apart from these, we provide services to

quite a few buildings in Dubai Marina, JLT etc. For Emirates Airlines, we manage some of their buildings while for Etihad Airways we focus more on their concierge services for the first and business class lounges. Du is one of our leading clients and we have a cleaning contract that covers their 52 outlets while we also provide our services to over 30 branches of United Arab Bank and Terminal-2 at Dubai Airport. While we focus more on Dubai, we also have offices in Abu Dhabi and Ras Al Khaimah. We have satellite offices to manage our operations in Northern Emirates, which give us flexibility to offer our services across the UAE.

DUBAI IS THE MOST MATURED MARKET IN THE ENTIRE GCC REGION AS FAR AS THE FM INDUSTRY IS CONCERNED.

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PROJECT WATCHPROJECT WATCHPROJECT WATCH

DAMAC Residenze

DAMAC Properties is one of the top developers in Dubai with a focus on luxury developments. The company has successfully launched a number of projects over the years. DAMAC’s projects are well known for sustainability and luxury factors. DAMAC Residenze was launched in Dubai in association with Fendi

Casa and the project is reflective of the developer’s ingenuity and Fendi’s opulence. This project offers amazing views of the Palm Jumeirah and the Marina, while each of the apartments is fitted out with Fendi Casa furnishings.

DAMAC Properties has delivered over 8,890 units with another 23,688 still in various stages of planning across the region.

COMPLETION DATE: SECOND QUARTER OF 2016

PROJECT PARTNER: FENDI CASA

PRICES STARTING FROM AED2,365,500

AREA: DUBAI MARINA SCHOOL

RESTAURANT

HOSPITAL

2.1 KM

1 KM

3 KM

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PROJECT WATCHPROJECT WATCHPROJECT WATCH

COMPLETION DATE: BY THE END OF 2015

PRICES STARTING FROM AED 890,000

AREA: AL FURJAN

SCHOOL

RESTAURANT

HOSPITAL9.3 KM

9.1 KM

6 KM

The AZIZI Projects

Azizi Developments has established itself as a leadingdeveloper in Dubai with ongoing projects in Al

Furjan and future projects in Palm Jumeirah. The company has been focusing on expanding its land bank and creating income generating propertyinventories in a bid to maximize future growth and reduce financial risk.

AZIZI Developments is now expanding regionally by reaching out to other markets around the UAE. According to the firm, they are one of the biggest sub-developers in the Al Furjan development and they have already launched a number of projects there such as Azizi Iris, Azizi Liatris, the Azizi Orchid, the Azizi Yasamine and the Azizi Feirouz. These projects boast excellent location and are close to leading tourist attractions such as Dubai Marina, JBR Walk etc.

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PROJECTS: AZIZI LIATRIS, THE AZIZI ORCHID, THE AZIZI YASAMINE AND THE AZIZI FEIROUZ

AZIZI LIATRIS

THE AZIZI ORCHID

THE AZIZI YASAMINE

THE AZIZI FEIROUZ

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Manoj Prasad, Executive Vice Chairman & CEO, Que Capital Limited (DIFC) Investment Banking

Dubai’s real estate sector is undoubtedly one of the most lucrative investment propositions for investors from

all over the world. Of course, Dubai struggled after the Global Financial Crisis in 2008, but so did the other leading markets across the globe. However, Dubai got back on track faster than most other global markets due to a number of initiatives taken by the Dubai government, Land Department and RERA apart from a number of other factors such as the world class infrastructure, the burgeoning tourism sector and the increasing number of new businesses etc. Starting from March issue of Property Times, I will be addressing key topics and issues related to investing in Dubai real estate market in a bid to guide thousands of investors who come to Dubai with a lot of expectations. In this issue, let’s take a look an overview of the market over the past few years and the current scenario.

THE PAST AND THE PRESENTThe recession in 2008 impacted the investors’ ability to both buy and hold real estate properties. However, things have changed over the past few years as I mentioned before,with Dubai market witnessing considerable increase in prices and rents, again making it an attractive investment destination. From an investor’s perspective, real estate segment is an integral part of any financial portfolio today because it has very real implications.

An investor needs to look at what kind of returns he can expect from the real estate portfolio he holds in terms

of capital gains and yields. Investors always look for safe investment options. The more volatile the prices and yields are, the more nervous it makes investors and residents. If you have a reasonably stable market, which is trending up over a period of time, it is something which is normal and expected, but if there is a rapid volatility, it makes people nervous. To the extent that we are able to draw lessons from what we have seen and we are able to arrive at some sort of valuation, which demonstrates a secular trend and yet is not too volatile, then that may actually be good for the market and the local economy, because it will give investors a lot more confidence in this market. As far as yields are concerned, Dubai is a great investment proposition for investors compared to other more established markets.

The Dubai Government is already taking several corrective initiatives. With the Land Department and RERA introducing a number of new regulations for real estate developers and investors to prevent the market from overheating, investors can feel a lot safer than ever before. The mortgage cap law also has helped the market to a great extent. Today, everyone is talking about a correction in property prices and in my opinion; it is good for the market in the long run. Rents are also expected to come down in 2015, according to reports. The biggest advantage for the market is the increasing number of end users purchasing properties and the banks are also supporting them by offering mortgages at extremely affordable rates.

I also feel that with the increasing population of middle class expats working in Dubai, the demand for affordable housing will also increase in coming months and we can’t ignore that segment. Many surveys also show that in 2014, the supply of units in Dubai increased to 377,000, up from 342,000 in 2011 and surveys predict that 26,000 residential units will be added in 2015, some 13,000 in 2016 and 12,000 in 2017. Over the next few months, I am expecting to see a boost in business activities, new job opportunities, which are highlighted by the Government’s budget announcement of 2015, which highlighted a planned spending of 9% and revenue increase of 11%. I feel the falling oil prices have already affected the sentiments of many investors and they are now looking for safe opportunities, which, at the moment and in the region, only Dubai can offer. I am very positive about the long-term prospects of Dubai market.

ADVICE OF THE MONTH‘Stay invested and stay calm but please don’t be gready’ is my advice to investors, because the prices are cooling off and there are very few speculative buyers in the market. Remain invested and consider it as part of your long-term portfolio with high yield. For example, when you buy a property in India or UK, you don’t sell it unless and until you really need to sell it. You need to have the same sense of belonging to Dubai also and look at it not just as a ‘transit home’ but a ‘permanent home’.

BY MPTALKSTRAIGHT

“STAY INVESTED”Investors should treat Dubai as their permanent home rather than a transit home

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

ORN- 2436

Developer Nshama has launched the first batch of its Al Zahra townhouses in its Town Square lifestyle

development, on the corner of Al Qudra and Emirates (E-611) roads, at accessible prices targeting end-users. “Some of the initial units will be

sold at less than AED1 million, which puts them in reach of the presently renting mid-income bracket, those earning AED20,000 to AED35,000 a month. It is an opportunity to purchase a l ifestyle, enjoying great facilities in a master-planned community and hopefully a wise

investment for the future,” says Fred Durie, CEO of Nshama.

THE DEVELOPMENTRinged by eight kilometres of green trails, the 750 acres large Town Square development, about one and a half times that of Downtown Burj Khalifa,

TOWN SQUARE: A TOWN WITHIN A CITYNshama leverages its expertise offer an affordable lifestyle. By Nicole Walter/Freelance writer

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ORN- 2436

has been designed to have the look and feel of a homely, family-focused parkland environment with a vibrant central square, measuring 16 football fields, for a fun-packed social life. The central park within the square with 3,600 square metres of tree-shaded play areas and water features, offers a range of entertainment, including

those related to sports, arts and culture, such as carousels and an open-air cinema. “We encourage engagement with outdoor spaces, the central space will become an active meeting place for people, with more quiet and intimate parks dotted within,” says Martin Donlon, Senior Manager - Development at Nshama.

A 3.5 kilometres mixed-use boulevard offering high-street shopping and F&B outlets totalling 350, 600 outlets in total in the whole development, circles the park. A Vida Hotel based in the clock tower building completes the central square picture. “This is a smartly-connected, including free wifi, yet green community with 38 acres of parklands and trails, including a 3.4 km cycling grid and 6 km of jogging paths connecting the residential areas, as well as several football fields, basketball, tennis courts, 25 outdoor gyms, a swimming complex, and skate park. We want to encourage an outdoor lifestyle,” Martin emphasises. For practicality, everything one would

SOME OF THE INITIAL UNITS WILL BE SOLD AT LESS THAN AED1 MILLION, WHICH PUTS THEM IN REACH OF THE PRESENTLY

RENTING MID-INCOME BRACKET, THOSE EARNING AED20,000 TO AED35,000 A MONTH. IT IS AN OPPORTUNITY TO PURCHASE A LIFESTYLE, ENJOYING GREAT

FACILITIES IN A MASTER-PLANNED COMMUNITY AND

HOPEFULLY A WISE INVESTMENT FOR THE FUTURE.

SAYS FRED DURIE, CEO, NSHAMA.

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expect in a town is at hand, including a mosque, private school, hospital and healthcare centre, and even a post office and petrol station.

Located right at the beginning of the Al Qudra cycle track, it will be as easy to zoom off on two wheels, as four wheels and in the future even hop onto the train, the master-plan reveals the presence of Etihad Rail along Emirates Road.

WHAT’S ON OFFER?As for the homes, 3,000 townhouses spread over 10 communities and 18,000 apartments, some overlooking the central square, distributed in low-rise apartment buildings with a maximum of G+8 floors, the design spells contemporary. Each will have their own community gardens and centres, pools and sports facilities. “The communities come with

WE ENCOURAGE ENGAGEMENT WITH

OUTDOOR SPACES, THE CENTRAL SPACE WILL BECOME AN ACTIVE MEETING PLACE FOR

PEOPLE, WITH MORE QUIET AND INTIMATE PARKS

DOTTED WITHIN. SAYS MARTIN DONLON,

SENIOR MANAGER – DEVELOPMENT, NSHAMA.

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PROPERTY FEATURES

4 ENSUITE BEDROOMS + MAID’S

OPEN KITCHEN CONCEPT

SPACIOUS PRIVATE BASEMENT

ROOFTOP POOL AND BBQ AREA

generously proportioned streets and landscape. The town house interiors are filled with light, in a cool and clean-lined design, ideal for a contemporary lifestyle,” remarks Martin. The first 300 three-and four-bedroom townhouses, measuring 200 to 225 square metres, launched at under AED600 a square foot, another 700 units to should launch next month for sale. Whilstthere are two different styles to choose from for each, future homes will have up to eight different designs. A 10% down payment, and payments of up to 50% within the first 15 months, with the rest linked to construction are prescribed. Deals

have been struck with Noor Bank, First Gulf Bank and ADIB to provide home financing. The developer expects to launch the first batch of the one- to three-bedroom apartments within two months, again at a competitive price for the lifestyle on offer. “We’re not looking for high profit margins but kept them tight, there’s a pent up demand at this price point, so we hope to make a lot of sales to make some money there. We leveraged our team’s previous expertise of designing many other master-planned developments in Dubai and the Gulf,” Fred explains how the developer manages to develop with reasonable pricing.

“We trimmed our costs through value engineering and efficient space planning, that’s how we’ve been able to drive our prices down,” he adds. In terms of financing the project, Rahul Raghuraj Balakrishna, Nshama’s CFO, explains that although sales will help, the developer wasn’t dependent on them. “Whatever we need to bridge we can finance, if there are any shortfalls internally banks can come on board,” he says.

The developer is also leveraging its good relationships with contractors built up over the years to deliver great value and quality, says Fred. “We’re in it for the long-term and intend to develop this project at a steady pace over seven to ten years depending on the absorption of sales,” he says.

DELIVERYSite-preparation has already started and construction will start this summer. Buyers of the first 1,000 town-houseunits can expect to move in by the end of 2017, after that the developer expects to complete around 3,000 units per year. The first phase will also include around 600 apartments on the town square, where work is starting simultaneously, as well as another 1,000 apartments are bound to rise this year. “We will ensure that there will be facilities for the people who start moving in, it wouldn’t be right not to have them ready,” concludes Fred.

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The advantages of diversifying your investment portfolio across a variety of asset classes such as stocks, bonds, property and

cash has been well chronicled. What most investors don’t understand is that diversification within each asset class can also provide significant benefits.

The majority of my clients are comfortable with investing in residential property because most have rented or bought a property for their own use and therefore understand what that experience entails. However, very few have actually had a similar experience with commercial property and, therefore are a little less confident in investing in this potentially lucrative segment of the market.

So, why consider investing in commercial property? C o m m e r c i a l p r o p e r t y c a n a d d diversification to a property portfolio. Segments within the Real Estate market rarely move in tandem and a mixture of residential and commercial property can make an overall portfolio more resilient to inevitable market cycles.

All things being equal, commercial properties generally produce an ROI at least double that of residential properties. This is mainly due to lower per sq. ft.capital cost but also reflects the higher levels of risk associated with owning commercial property.Managing tenants in a commercial property is also more straightforward.

You will have a business-to-business relationship with your tenant and many of the emotional issues which can complicate residential leasing arrangements won’t exist. It’s easier to keep interactions professional and focused and relationships

are built over time with the opportunity to attract a ‘blue chip’ tenant and are likely to rent your property for a long period of time and less likely to default on rental payments. In many cases, commercial tenants' and property owners' interests are aligned. The tenant wants an efficient operation which presents a favorable impression to his customers, business associates or peers and, in this way, is more likely to assist the owner maintain or even improve the property.

Establishing a true value of the investment is often easier with commercial property. Reviewing the current owners’ income statement and existing lease details will provide a good indication of the likely future cash-flows and help to establish an accurate valuation. Residential properties are often subject to more emotional pricing or developer inefficiency and cost recovery considerations.

Lease variations abound with commercial properties. The requirements of a tenant operating a high turnover major regional distribution and logistics center for non-perishable goods will be vastly different from those of a tenant who requires refrigerated goods storage to supply local retail outlets in shopping malls. In addition to lease rates and periods, negotiations can include such items as maintenance, implementation of storage and logistical systems, provision of office fit-outs, insurance, lease to buy provisions and options … the list goes on. The variations are countless.

However, there are some possible downsides that the investor should consider. Let’s use a warehouse as an example. As most commercial leases are of a duration exceeding 2 years, with many being of 5 years duration with options for an additional term of 5 years, it could take some time to find a new tenant for the warehouse. Additionally, your current tenant may

vacate due to tough economic conditions. Residential property can be resilient when it comes to economic factors over the long term and finding new tenants is not as difficult. As the lease for each commercial facility can be negotiated with flexibility only limited by law, owning a portfolio with numerous commercial properties can be time consuming and complicated. You will need professional help if just to handle issues such as maintenance and emergencies. Remember, your clients are in the business to make money and will be relying upon you to address any issues that arise with your property immediately. They, like you, do not want to forgo any revenues or incur any costs because of a problem with the property or premises that you provide.Purchasing a commercial property of a size that can generate significant cash flow will typically require more capital up front than a residential investment. Also, as the scale or size of the premises can be huge, unexpected repairs or major maintenance items can also be very expensive. This requires careful provisioning for expenses and emergencies when calculating lease rates and free cash-flows for re-investment.

There is a greater array of physical and safety risks associated with commercial properties. Warehouses, for example, are often frequented by trucks, forklifts or other heavy machinery which means damage can be substantial from accidents.

Having proper insurance is a must, not only for damage to premises and systems, but also in the event of personal injury or death where you, as the owner, can be held liable. Remember, your investment is actually operating as a commercial venture and can receive high volumes of people traffic.As usual, greater returns will attract greater risks, however, as part of an overall balanced investment portfolio, there is no doubt that commercial space can be very lucrative indeed.

DIVERSIFICATION PROVIDES PROPERTY PORTFOLIO RESILIENCE

Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the officialtraining & certification arm of the Dubai Land Department

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Anant Goylan has been in the Dubai real estate market since 2004 and has seen the ups and downs the market

went through over the years including the boom times and the financial crisis in 2008. Today, as the Chairman of Dubai’s Westar Properties, the real estate arm of Golyan Group based in Nepal, Aanant has come a long way since those early days and is now spearheading the company’s operations with years of experience under his belt.

Please tell us about your entry into Dubai real estate market and the growth over the years.Westar Properties started operations in Dubai as a real estate investment

firm and after seeing the potential for growth in Dubai, we decided to diversify into development as well. Starting out with a single development in Jumeirah Village Circle (JVC), Westar has now come a long way and is close to completing nearly 200 villas in JVC alone. As with most developers, 2009-2012 was a challenging period, but we fought through it with great help from our customers and have now managed to establish ourselves as a niche developer with a strong focus in JVC. Going forward, we have decided to focus on building a rental portfolio by only selling 30% to 40% of the future developments. The remaining 60% to 70% will be held by us and be available only for leasing. This, we hope, will increase investor confidence as they will know that

we will take every effort to build the villas to the highest standards as fast as possible. The short term goal is to make Westar Properties synonymous with JVC villas.

You have recently decided to change your logo. Tell us something about that.Westar has come a long way since its inception in 2004. As we crossed into the new decade, I felt a need for change, a need for fresh new look. Changing a logo is never an easy decision for a company, but I think it is the right time for rejuvenation. We are diversifying into the rental market and establishing a new image for ourselves. Focusing purely towards customer satisfaction, we have

“NO DULL MOMENT IN THE REAL ESTATE INDUSTRY”

In conversation with Anant Golyan, Managing Director, Westar Properties. By Binesh Panicker

Westar Casablanca

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even decided to shift our offices to JVC. We feel this will make us more approachable to our customers and at the same time, help us manage our developments better. While we may have given ourselves a facelift, the core values still remain the same.

What is the current scenario in Dubai’s secondary residential market?From the day I started working in Dubai, I have never seen a dull moment in the Real Estate industry. During 2007 and 2008, the market witnessed unprecedented growth, followed by 2009-2011, a period of stretched-out recovery. Between 2011 and 2014, Dubai again saw a steady growth as we bounced back from the recession. Aligned with Dubai’s vision of 2020, smart cities and other steps taken by the Dubai Government and DLD, we are now seeing a sustainable future. The secondary market now attracts quality buyers who are not buying properties to only flip it in three to four months. We are seeing steady rental yields along with realistic prices. Transaction levels have fallen but the prices have not, which is a good indicator of a steady market.

With banks continuing to lend, will it help the market see more transactions in the coming months?Banks have been lending for the last few years now, and this has been instrumental in Dubai’s recovery. With the announcement of the new rules last year, it has become moderately harder for people to buy houses. However, we see this as a positive thing. Genuine customers have never taken more than 75% financing in any case. And the new rules aim to safeguard these buyers by not allowing fly-by-night investment firms to buy properties with high LTVs and thereby unnecessarily increasing the prices. So to answer your question, bank financing does help market growth, but as long as proper due diligence is done by them.

How is the off plan market faring at the moment?Off plan market in Dubai is currently low, especially with the bigger players like Emaar Properties and Damac having done a successful job of marketing their developments in 2013-2014. Liquidity in the market is a bit low, and most genuine buyers would now much rather buy a ready

property than off-plan ones. This steady market fits perfectly in line with our development plan.

We now only start marketing our developments after they are close to 85% complete. This allows for prospective customers to be able to see the sample units and judge the quality by themselves. Moreover, since they are almost complete, customers are able to plan their move in a timely manner as opposed to something that is completely off-plan.

When do you expect prices and rents to go up again?Prices in the JVC area reached its peak again in 2014 and we have seen only a slight 5% correction from that level. JVC still has a high occupancy level with all our developments at 100% occupancy. Due to this, there is limited availability of villas. Rents, on the other hand, have seen an increase in the last few months. We expect prices to stay steady for another year, maybe two, before both rental and sale prices will start to go up again.

“WESTAR PROPERTIES STARTED OPERATIONS IN DUBAI AS A REAL ESTATE INVESTMENT FIRM AND

AFTER SEEING THE POTENTIAL FOR GROWTH IN DUBAI, WE DECIDED TO DIVERSIFY INTO

DEVELOPMENT AS WELL.”

Westar Vista

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The market appears to be focused on the newest developments within the price ranges of AED416,000 to AED615,000. This is a lower price point to the market and investors and end users

are taking advantage of this opportunity.

In addition, the lifestyle draw card of the Dubai Marina continues to perform as well as the growing hub of Business Bay.

Dubai’s residential segment has experienced a period of relative stability during the second half of 2014, with rental rates remaining broadly flat. Over the course of the year, modest growth of around 7%

was recorded, compared with 24% during 2013. Dubai’s real estate market is the only one in the world that has seen over 140 nationalities investing in it and the emirate remains on top of the chart of the world’s best performing markets for seven consecutive quarters. The statistics show, however, with over 20,000 new units expected to enter the market in the next 12 months, Dubai’s residential segment could face a deflationary impact on sales and rental rates. We will need to keep a close eye on the marketplace.One area currently witnessing is a lot demand is Emirates Living. These are villa communities offering a family friendly environment with extensive amenities.

A quick glance at residential sales hot spots in Dubai and villa rental hotspots in Dubai. By Reshmi Raveendran/editorial coordinator

MARKET IN A NUTSHELL

Izabela Rapacka Sales Manager, LJ Hooker Dubai

Karen England Leasing & Property Management Manager

LJ Hooker Dubai

RESIDENTIAL SALES MARKET UPDATE

RESIDENTIAL LEASING MARKET UPDATE

Springs 2-3 AED140,000 to AED200,000 plus

The Lakes 3-5 AED225,000 to AED470,000 plus

Meadows 3-5 AED245,000 to AED300,000 plus

Community Bedrooms Leasing rate per annum

NOTE: Data based on sale in the last two months

Dubai Land 326 855 613,962

Business Bay 275 1767 1,200,000

Dubai Marina 266 1600 1,800,000

International City 238 724.4 416,850

JVC 223 814 600,000

RESIDENTIAL SALES – HOT SPOTS

AreaAvg Price/Sq.ft

(in AED)Avg Transaction

Price (In AED)No. of sales

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21 - 23 April 2015 Abu Dhabi National Exhibition Centre, UAE

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Vishal Wadhwani is a passionate real estate professional, having spent 12 years in the Mumbai market, which

is the hub of real estate business in India. His frequent trips to Dubai to service the Indian clients based here looking to buy properties back home have brought him closer to the emirate’s burgeoning real estate sector. While settling down in Dubai or selling Dubai real estate was never on his mind for a long time, eight months back he decided to take the plunge. Today, he heads Gold Coast Real Estate, founded in 2006 by two young entrepreneurs Sufyan Nagariya and Neeraj Nihalani, who are equally passionate about real estate. While Mumbai’s less regulated real estate brokerage sector threw many challenges at him, in Dubai Vishal is facing an entirely different set of challenges posed by a market that is not mature yet.

WHAT BROUGHT YOU TO DUBAI?After spending a few years in Mumbai, I seriously started thinking of moving to Dubai. Then I got this great opportunity to run Gold Coast Real

Estate, which was established in 2006. I have been to Dubai so many times before as I had many NRI clients who were looking to invest in India. I used to come here regularly and during those trips I used to study the market here, but at that point of time shifting to Dubai was not on my mind. Eight months back, I decided to finally make the move.

GOLD COAST REAL ESTATE Sufyan Nagariya and Neeraj Nihalani, who are into multiple businesses, started this brokerage firm in 2006 out of passion for real estate. Since they couldn’t fully focus on the real estate business, they wanted me to come on board and head the operations. Now we are focusing on a complete restructuring of the company and we are planning to do commercial, residential sales and leasing business.

IMMEDIATE STRATEGY The priority now is to put together a team of experienced and passionate real estate professionals. We are in the process of hiring the right people who will be able to execute the strategies

set by the company. There are many talented real estate agents who are looking for the right platform to work and I am trying to attract such people and bring them on board. Now we have five agents and are planning to hire six more next month.

MUMBAI VS DUBAIMumbai’s real estate market has been in existence for over 150 years while Dubai is a relatively new market, so I believe the real estate sector is a bit immature.

It is challenging for a real estate agency to operate in this market as people coming here to invest in real estate don’t often manage to get the right guidance. However, I know many investors who made good returns on their investment even during the downturn as they invested wisely, so the market is good for investors properly guided by real

Vishal Wadhwani, Asset Advisor, Gold Coast Real Estate, is extremely optimistic about the future of Dubai real estate market and is one of those real estate agency members who believe the current correction is a healthy sign. By Binesh Panicker

“DEMAND WILL ALWAYS BE HIGH”

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estate consultants. Now the market is stable and it is not volatile at all. A correction of around 5% to 10% is always healthy.

DUBAIAccording to reports, although prices are witnessing some sort of correction, the rentals have stabilized. So this is a great opportunity for buyers and investors to get better ROI than before. Since you are buying a property at the new corrected price levels while the rental income remains the same, you end up making better returns. Earlier, the average ROI for properties used to be in the range of 6% to 8%, but now there are deals available in the market with an ROI of 8% to 10% and it is undoubtedly the best in the world. If you compare the number of people who are expected to come to Dubai and the number of properties that will be delivered over the next four years, there is a big

mismatch, so I believe the demand will always be high for properties in Dubai.

BROKERS VS CONSULTANTSWe are an asset advisory company and we focus on relationships rather than transactions. Once you build a great relationship with the investors by providing them with the right advice and guidance, transactions will follow by default. We always recommend the right products to our customers rather than forcing them to invest in something, which is not good for them in the long run. Investors look at different avenues when it comes to investment such as capital appreciation, rental yields or long term investment opportunities. We understand what their requirements are and guide them accordingly. This is what I have been doing over the years and I never lost a client till date. We are an advisory firm and not a consultancy firm. A consultant will

guide you based on what he has on the table but an advisor will assist the investor in every step he takes and advises him on a wide range of topics including mortgage and financial assistance etc.

HOW ARE YOU PLANNINGTO POSITION YOURSELFIN THE YEARS TO COME?Initially, we have set goals for ourselves such as focusing on one to one deals rather than mass marketing deals such as excusive projects. Now, our plan is, apart from maintaining the existing clients, to build a strong client base over the next two years. We want to take part in exhibitions wherein we can meet and interact with end users and investors. We will not get into marketing techniques such as email blasts, cold calling etc. We believe in one to one interactions with our clients.

EARLIER, THE AVERAGE ROI FOR PROPERTIES USED TO BE IN THE RANGE OF 6% TO 8%, BUT NOW THERE ARE DEALS AVAILABLE IN

THE MARKET WITH AN ROI OF 8% TO 10% AND IT IS UNDOUBTEDLY THE BEST

IN THE WORLD.

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ARABIAN RANCHES COMMUNITY FAIRIn picturesPics by Thinkal Bhal & Syed GhayourM

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Type | BUA | Plot | PriceVilla

4 Bedroom 3,789 sq. ft. AED 2,647,000

Unit Type | Size | PriceTH

Why invest in Mudon?The Mudon community is worth investing indue to its prime location and features, such as the Mudon Community Centre, schools, health club and a shopping center all in one district -- making it a highly desirable living area for families.area for families.

from AED 712 per sq. ft.

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In pictures

The Dubai real estate market since the last quarter of 2014 has witnessed a correction and not all the real estate

agency owners are worried about this and Klaus Hölscher, License Partner and Managing Director, Kensington Finest Properties International is one of them. In this exclusive interview, Klaus tells why he feels it’s a good phase for the market as far as end users are concerned and what his take is on the future of the market.

When did you get into the business of real estate in Dubai? I started our company in 2004 as a License Partner of one of the biggest

Do you focus on certain communities or are you into all types real estate activities spread across all areas in Dubai?We are trying to specialise our agents in specific areas. But there are some areas, which we are not covering in sales at all such as International City, because we don’t have clients who are looking at renting or buying there. We are also doing rentals in IMPZ, but nothing much in sales.

If it’s a bulk deal, then we sometimes look at these areas. Since our background is mostly luxury real estate, our prime focus is on areas such as Dubai Marina, Downtown, Palm and DIFC apart from villa communities such as Al Barari,

“FOR THE END USERS, IT’S A PERFECT TIME TO BUY.”Klaus Hölscher, License Partner and Managing Director, Kensington Finest Properties International, shares his expertise on the market with Property Times readers. By Binesh Panicker

NOBODY HAS A CRYS-TAL BALL TO SEE WHAT

WILL HAPPEN IN THE FUTURE. BUT WHEN YOU SEE THE FACTS AND SIG-NALS IN THE MARKET, I AM CONVINCED THAT

THE MARKET IS CHANG-ING TO AN EDUCATED AND MATURED REAL

ESTATE MARKET.

international real estate Brands. In the beginning, we were three agents and in the following years, we were constantly growing. During the peak of 2008, we had 50 agents in our sales and rental departments. We got awarded as the most successful License Partner of this international real estate Company worldwide. We were able to hold this award for two years. Then recession struck the market and we suffered in the same way as other companies. But, we survived and in the year 2012 we changed our brand name to Kensington Finest Properties International. Today we have 18 agents in sales and eight agents in rentals.

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The Villa, Jumeirah Golf Estates and Jumeirah Park etc.

A lot of real estate agencies have been openly talking about a considerable dip in transactions in the secondary market for the past few months. What is your take on this?I am very bullish on the secondary market in 2015 again. The recent hype was driven typically by investors and speculators. With the current trend, these investors hold on to their investments, which is one the reasons for the stabilization of the market. For the end users, it’s a perfect time to buy as the long term outlook for the Dubai real estate market is brilliant. The competition among the banks leads also to lower interest rates, which makes it easier and attractive for home buyers to fulfil the dream of owning their own property. Due to increased rents, buying a house with a low interest mortgage makes housing more affordable and economical. For this reason, I see a higher demand for villas and apartments in good locations. Further, we also see that more institutional investors put their focus on the Dubai market. We are currently in several negotiations and it shows that all these investors are looking for the classical investor model: to buy a ready property, which generates immediately an attractive return on investment. Other options are properties, which are nearly completed. These investors weigh the classical model with 75% to 80% of their portfolio. All these factors will drive the secondary market this year and make it very attractive again.

Will the prices and rents continue to slide in Dubai? Why?Nobody has a crystal ball to see what will happen in the future, but when you see the facts and signals in the market I am convinced that the market is changing to an educated and matured real estate market. This is very good and positive for the future, despite the fact that this is currently very painful for all brokers in the market. We will see for sure in

some overheated areas and specific buildings that prices will drop further. In general, I think that prices will not move a lot anymore in 2015. Neither up nor down. Again, for sure in some specific developments prices will still go down further. But also here you have to ask, from which level prices are dropping. We had an unhealthy rocket price development in some areas of Dubai.

And when the price of a unit rockets up by 50% to 60% and now falls again by 20%, in reality, this is still a fantastic capital appreciation. I also see that the rents will fall in some overheated areas, but they will not move up this year anymore except maybe if it’s a building with extremely high demand. I guess that by the end of 2015, the prices will increase again; but for sure in a healthy way; that means maybe around 10% per annum. And with these numbers, we are above the global average. So Dubai is still and will be, in the coming years, a very attractive place for real estate investment with above average yields and capital appreciation.

Do you foresee a major recession before Expo2020? Why?Many international banks and consultant companies assume there will be a global recession in 2017. We have many problems globally. Europe has to cope with a very weak currency and many economic problems. Also the Russian-Ukraine conflict will bring a lot of instability and insecurity to this part of the world.

But the UAE survived the last recession very well, despite the real estate crash. The parameters in the UAE changed and I think that the country is much better prepared for economic changes and a further financial recession, than before. But to be positive; I hope that all analysts who are predicting such a scenario are wrong. But if at all there will be another recession in two years, it would be one more reason to buy good properties in Dubai now. Brick and mortar is and will always be a very secure investment. Additionally, all the investments for the Expo2020 will level out the influence of a recession which may take place in two years.

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JLT, Dubai

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If a holiday must include the beach, Salalah, usually only considered during the Khareef season, is an option, offering mountains as well. By Nicole Walter/Freelance writer

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Spring break is around the

corner, but there is no need to jet off to far away lands to enjoy a beach, or mountain

holiday,Oman is only a short flight, or a long scenic drive away, depending on the route taken. Unspoiled in

so many ways, nature rules in the Sultanate of Oman, a fact, hoteliers have taken to heart, allowing for the discovery

of some amazing spots, such as Alila Jabal Akhdar and the Salalah Rotana Resort.

ALILA JABAL AKHDARExperiencing fresh mountain air, at over 2,000 metres above sea level, staying in

rustic mountain cabins, is something we usually attribute to a holiday

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Alila Jabal Akhdar

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to experience a unique peak into the distillation of rose water, which has been a tradition in Oman for many generations. It is our pleasure to introduce our travellers to a truly remarkable and exquisite part of the world,” he describes a visit.

SALALAH ROTANA RESORTIf a holiday must include the beach, Salalah, usually only considered during the Khareef season, is an option, offering mountains as well. One may miss the rich lushness and waterfalls, but the wadis with caves haven’t disappeared, Rakyut and Dalkut will still offer some green, and breathtaking views worth exploring. Head to Jebel Samhan nature reserve and if lucky an Arabian leopard, wolf, striped hyena, or a caracal could cross one’s path. In addition, the ancient frankincense capital of the world is close by.

in northern climes, but the Alila ‘Jabal Akhdar’, translating as ‘green mountain’ makes it possible close to home, and of course in a luxury, yet eco-friendly, style. The design says it all, built out of the mountain stones, which surrounds it, and other natural materials complementing the look, the resort has been built using Omani techniques, designed with local touches. The stunning views over the deep canyons and mountain tops relax the mind, and a visit to the spa the body. The resort offers a range of suites and villas with private pool. Swim at the cliff’s edge, or indoors on cooler days, and enjoy dinner under the clear mountain skies.

Located about an hour and half drive from Muscat, not that far from the quaint village of Nizwa with its famous fort, a four-wheel drive is required, or arrange an airport pick up,

or just cruise in from Al Ain along route 21. Built by Omran and managed by Alila, meaning ‘surprise’, there is more to the resort than stillness, an array of hiking routes beckon. Take a trip to terraced farms where flowers, walnut trees and fruit grows thanks to the thousands of years old ‘falaj’ water systems, or experience the local way of life at the goat market and souqs, and chill in an oasis of bananas.

“For the month of April, Al Jabal Al Akhdar is blanketed in pink during the famous Rose Season. During this period, the resort provides guided walks through the stunning landscape of the mountain range to view the rose terraces,” Jork Bosselaar, General Manager of Alila Jabal Akhdar highlights the advantages of travelling in Spring.“The package includes two nights accommodation, daily breakfast, dinner for one night and a refreshing rose facial for two, and a tour around the local village

FOR THE MONTH OF APRIL, AL JABAL AL AKHDAR IS

BLANKETED IN PINK DURING THE FAMOUS ROSE SEASON.

DURING THIS PERIOD, THE RESORT PROVIDES GUIDED

WALKS THROUGH THE STUNNING LANDSCAPE OF THE

MOUNTAIN RANGE TO VIEW THE ROSE TERRACES.

JORK BOSSELAAR, GENERAL MANAGER, ALILA JABAL AKHDAR

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Visit: by appointementDubai, JLT Cluster N, Jbc 4 Tower 1302 P.O Box 309130 JLT Dubai, U.A.EShowroom Mob: 050 4537375Tel: +971 44286688, Fax: +971 44278833E-mail: [email protected]

Design Mobl @design_mobl DESIGN_MOBL

Follow us on:

Not to forget that the areas microclimate still makes it the bread-basket of Oman, snapping up fresh fruit, and seeing happy goats and camels tumbling by the roadside is always a pleasure. Then there are curiosities like the largest sinkhole in the world, Teiq, and the curious zero gravity spot towards Mirbat, worth of discovery and the many unspoiled snorkelling spots home to turtles, sharks and whales. Beaches are still deserted, some dotted with caves, the white sands and azure waters rather attracting birds and even camels chilling in amazing sunsets. For some serious bird watching the

Alila Jabal Akhdar

Salalah Rotana Resort

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wetland of Khawr Rawri springs to mind.

This is the time to go, before too many discover the serenity of Salalah, outside the Khareef season. “Last year alone, Salalah had over 400,000 visitors from the Gulf, an increase of over 80,000 from the previous year and we expect numbers to continue risingyear-on-year. Preparing for an increase in tourism, Salalah Airport is expanding its capacity to handle more passengers,” remarks Claudio Melli, the General Manager of the Salalah Rotana Resort. The resort offers a good exploration base currently celebrating

its anniversary it has added a third, temperature-controlled swimming pool, Jacuzzi and pool café, private beach, an all-day Italian restaurant and Salalah’s first private, 250-seat outdoor amphitheatre.

Developed by Omani Muriya, again nature has been respected in the design. Spread of 16 million square metres, along an 8.5 km beach, this property with generously sized rooms and suites, was built employing local expertise using red clay, wood and Mashrabiya, with furnishings carved from desert rocks. The resort evokes a tropical feel and

of course comes with spa and kid’s club. But the best part, the rooms are directly placed on lagoons, a network of waterways, filled with the seawater of the Indian Ocean using its natural tidal patterns. Flying to Salalah is easy although the drive from the UAE can be pretty amazing if a long one. “To date we have recorded over 60,000 guests staying with us, most are from the GCC but we also have a steady stream of European tourists, and recently welcomed the first group of Italian tourists travelling via chartered flights from Milan through a partnership with a leading tour operator in Italy,” says Claudio.

Alila Jabal Akhdar

Alila Jabal Akhdar

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Jitheesh ThilakBA, LLB (Hons). LLM (Int. Economic Law)Solicitor (England & Wales),Advocate (Supreme Court of India)e: [email protected]

There is an increasing demand for hotels in Dubai that are not only alcohol free but also cater to regional sensibilities

and Islamic practices and beliefs. The growing popularity of Dubai among more conservative tourists has created demand forSharia-compliant hotels. According to statistics from the Dubai Department of Tourism and Commerce Marketing, there were 710,000 Saudi tourists visiting Dubai in the first half of this year. Last year, there were over 1.12 million Saudi tourists in the whole of the year. There are more than 12 hotels in Dubai which do not serve alcohol, and the number is growing.

Sharia-Compliant Hotel is a relatively new concept which is also is also known as Islamic hotels, can be defined as a hotel that provides services in accordance to the Shariah principles. The Arabic word “Sharia” literally means “the way” or “the path”. It refers to the divine law that Islam teaches has been prescribed by God to govern human life. Muslims believe that this divine law has been revealed to different communities though various prophets throughout the ages, concluding with the Prophet Mohammad and therefore, Sharia-Compliant Hotels have become an attractive concept in the Middle East and North Africa region. According to statistics reported by World Tourism Organization in 2010, Sharia-Compliant Hotels represent almost 10% of the global tourism market. The major proponent behind the success of the concept included the increasing numbers of Muslim traveler market

SHARIA-COMPLIANT HOTELS IN DUBAI: OPPORTUNITIES AND CHALLENGES

around the world with average spend reached at ten to fifty percent higher than that of the average leisure or business traveler. The availability of Sharia-compliant funds and Islamic banks has also given rise to Sharia-Compliant Hotels as these lenders often insist that the hotels they finance be in line with Islamic principles. Though, the concept of Sharia-Compliant Hotel is considered as one of the most unique concepts, only limited numbers of directions or rules are available. Guests and hotel managers are expressinggreat concern about the definition of Sharia-Compliant Hotels, especially with regard to what constitutes these hotels that compliant with Islamic laws. This ambiguity and uncertainty in the concept may lead to confusion and frustration among interested parties such as lenders, hotel owners, managers and guests.

It is important to note that in order to be considered as a fully Sharia-Compliant Hotel; it is essential that the operation, design and financial system of the hotel definitely comply with Shariah rules and principles. Although, there are still no written formal requirements or classifications for Sharia-Compliant Hotels, the basic attributes of development and operation of the Sharia-Compliant Hotels are:. No alcohol· Halal food only· Quran and prayer mats available in each room· Beds and toilet positioned so as not to face the direction of Mecca· Bidets in the bathrooms· Prayer rooms· Appropriate e n t e r t a i n m e n t · P r e d o m i n a n t l y Muslim staff· Conservative staff dress·

Separate recreational facilities for men and women· Guest dress code· Islamic funding· Shariah compliant accounting practices

The most prominent challenge facing SCH is the loss of revenue from the sales of alcoholic beverages which will eventually affect the food and beverage profits. The prohibition of alcohol has indirect influence on reducing the number of customers that only want to dine at thehotel and also limiting the number of tourists who want to stay at the hotel. Another recognizable challenge is the lack of standards, specifications andrequirements that distinguishes this hotel type. Another challenge facing these hotels is the need for capacity management, as one of the main features of Islamic hotels is gender segregation and thus they must separate facilities for men and women.

The increase in the trend towards Sharia-Compliant Hotels in Dubai is due to the reason of increased investors coming in from Saudi Arabia and the GCC and investing on these Islamic investment options. They are obviously choosing to develop Sharia-Compliant Hotels on the basis of their own religious beliefs, not necessarily a desire to only serve a clientele that’s looking for a Sharia-Compliant Hotel. In spite of the commercial challenges, the statistics and the current market trends, where local and international hotel operators are investing in developing brands to cater this niche market shows that the concept of Sharia-Compliant Hotels in Dubai is here to stay.

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DUBAI MARINATel +971 4 395 7593 | www.snsprop.com

MANCHESTER STUDIO 380 600 K

MARINA DIAMOND STUDIO 385 630 K

MARINA PEARL STUDIO 480 650 K

DEC TOWER STUDIO 638 700 K

MARINA VIEW TOWER STUDIO 417 900 K

MANCHESTER 1 600 800 K

MARINA DREAMS 1 700 900 K

BAY CENTRAL 1 790 1.35 MILLION

MAG 218 1 844 1.35 MILLION

MARINA PROMENADE 1 890 1.8 MILLION

MARINA DIAMOND 2 1080 1.2 MILLON

DEC TOWER 2 1491 1.4 MILLION

MARINA WHARF 2 1400 1.6 MILLION

MAG 218 2 1799 2 MILLION

OCEAN HEIGHTS 2 1450 2.85 MILLION

MANCHESTER 3 1400 1.6 MILLION

MARINA PINNACLE 3 1585 1.85 MILLION

SULAFA 3 1919 2 MILLION

MARINA CROWN 3 2173 2.3 MILLION

LA RESIDENCIA DAL 3 3442 7 MILLION

HORIZON 4 2450 2.8 MILLION


SKY VIEW 4 4558 4.7 MILLION

OCEAN HEIGHTS 4 2500 5 MILLION

ROYAL OCEANIC 4 2900 5.8 MILLION

SALE PRICE(ONWARDS)SQ.FTBEDROOMBUILDING

ORN - 2576

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

VILLAS & DUPLEXESAL MESK – EMAAR ORIGINAL SIX TOWER

3 BR – 4270 SQ FT, 7.2 MILLION

TRIDENT BAYSIDE 5 BR – BUA 6900 SQ FT , 5.5 MILLION

LA RESIDENCIA DAL 3 BR – 3442 SQ FT – 11 MILLION

Anna Cherkasova+971 55 154 34 [email protected] -32652

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S P E C I A L I S TDUBAI MARINA

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

MANCHESTER STUDIO 380 600 K

MARINA DIAMOND STUDIO 385 630 K

MARINA PEARL STUDIO 480 650 K

DEC TOWER STUDIO 638 700 K

MARINA VIEW TOWER STUDIO 417 900 K

MANCHESTER 1 600 800 K

MARINA DREAMS 1 700 900 K

BAY CENTRAL 1 790 1.35 MILLION

MAG 218 1 844 1.35 MILLION

MARINA PROMENADE 1 890 1.8 MILLION

MARINA DIAMOND 2 1080 1.2 MILLON

DEC TOWER 2 1491 1.4 MILLION

MARINA WHARF 2 1400 1.6 MILLION

MAG 218 2 1799 2 MILLION

OCEAN HEIGHTS 2 1450 2.85 MILLION

MANCHESTER 3 1400 1.6 MILLION

MARINA PINNACLE 3 1585 1.85 MILLION

SULAFA 3 1919 2 MILLION


LA RESIDENCIA DAL 3 3442 7 MILLION

HORIZON 4 2450 2.8 MILLION


SKY VIEW 4 4558 4.7 MILLION

OCEAN HEIGHTS 4 2500 5 MILLION

ROYAL OCEANIC 4 2900 5.8 MILLION

SALE PRICE(ONWARDS)SQ.FTBEDROOMBUILDING

ORN - 2576

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

VILLAS & DUPLEXESAL MESK – EMAAR ORIGINAL SIX TOWER

3 BR – 4270 SQ FT, 7.2 MILLION

TRIDENT BAYSIDE 5 BR – BUA 6900 SQ FT , 5.5 MILLION

LA RESIDENCIA DAL 3 BR – 3442 SQ FT – 11 MILLION

Anna Cherkasova+971 55 154 34 [email protected] -32652

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Kalpesh Sampat(BRN: 11874)+971 50 3424421

SPRINGS 12TYPE 2E 3 BEDS + STUDY + MAID’S ROOMAREA SQFT: BUA 2734 PLOT 5000VIEW: BIG LAKE AND FOUNTAIN VIEW AUTOMATED IRRIGATION SYSTEM. LANDSCAPED BEAUTIFULLYRENTED @ 205K TILL SEP 2015 . AED 4,350,000/-

SPRINGS 5TYPE 2M3 BEDS + STUDY + MAID’S ROOMAREA SQFT: 2559VIEW: AMAZING POOL, LAKE, PARK VIEWSRENTED @ 190K TILL APRIL 2015. AED SP 4,100,000/-

SPRINGS 15 TYPE 2M 4 BEDS + STUDY + MAID’S ROOMAREA SQ FT: 2559VIEW: PARK AND POOL VIEWRENTED @ 205K TILL JULY 10, 2015. AED SP 3,750,000/-

SPRINGS 11TYPE 4M2 BEDS + STUDY AREA SQFT: BUA 1690 PLOT 2100VIEW: CLOSE TO PARK. IMMACULATELY MAINTAINED.RENTED @ 140K TILL SEP 2015. AED 2,250,000/-

SPRINGS 5TYPE 3M3 BEDS + STUDY AREA SQFT: BUA 2455 PLOT 3500VIEW: BACK TO BACKVACANT IN APRIL 2015. AED 2,900,000/-

SPRINGS 2TYPE 2E3 BEDS + STUDY + MAID’S ROOM UPGRADED 2 STUDIES AREA SQ.FT: 2734RENTED @ 199.5K TILL JUNE 2015. AED 4,100,000/-

SPRINGS 4TYPE 2E3 BEDS + STUDY + MAID’S ROOM AREA SQ.FT: BUA 2734 PLOT 3800VIEW: BACK TO BACK – PRIVATE POOL – UPGRADED VACANT IN APRIL 2015. AED 3,350,000/-

SPRINGS 14TYPE 3M3 BEDS + STUDY AREA SQ.FT: BUA 2455 PLOT 3500VIEW: SINGLE ROW INTERNAL ROAD UNIQUE UPGRADES WORTH 300KVACANT. AED 3,210,000/-

Tel +971 4 3396222 | www.spfrealty.com

Erick Knaider(BRN: 30303)

+971 55 51 59 715

SPRINGSS P E C I A L I S T

ERICK KNAIDER

ERICK KNAIDER

ERICK KNAIDER

Kalpesh Sampat

Kalpesh Sampat

Kalpesh Sampat

Kalpesh Sampat

Kalpesh Sampat

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ST PALM JUMEIRAHS P E C I A L I S T

Dorothy Biro+971 56 1053655

[email protected] : 29200

Antonina Turdalieva+971 55 [email protected] : 28442

Tel +971 4 3882220 | www.aquaproperties.com

J U M E I R A H Z A B E E L S A R AY4 & 5 B E D V I L L A SA R E A S Q F T 6 , 3 4 7 - 7, 0 8 7F U L LY F U R N I S H E D | S E A V I E WSTA R T I N G F R O M A E D 2 6 ,0 0 0 ,0 0 0

B A L Q I S R E S I D E N C E4 B E D A PA R T M E N TA R E A S Q F T 1 2 , 4 9 0SEA VIEW A E D 2 5 , 0 0 0 , 0 0 0

GARDEN HOMES5 BED VILLAAREA SQ FT 6 , 0 0 0SEA VIEW AED 13,500,000 & UP

FAIRMONT RESIDENCE3 BED + M A I D A PA R T M E N TAREA SQ FT 3 , 0 2 2 SEA VIEWAED 6,900,000

T I A R A A Q U A M A R I N E 1 B E D A PA R T M E N TA R E A S Q F T 1 , 3 5 9 | T Y P E FP O O L V I E WA E D 2 , 3 0 1 , 5 5 5

PA L M V I E W S W E S TM U LT I P L E S T U D I O A PA R T M E N T SA R E A S Q F T 5 0 6 S E A & P O O L V I E WA E D 1 , 2 5 0 , 0 0 0

O C E A N A AT L A N T I C 1 B E D A PA R T M E N TAREA SQ FT 7, 6 8 3C O M M U N I T Y V I E WA E D 2 , 4 0 0 , 0 0 0

MARINA RESIDENCE3 B E D A PA R T M E N TA R E A S Q F T 2 , 5 4 0S E A V I E WA E D 4 , 5 0 0 , 0 0 0

+971 4 3882220aquaproperties.com

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

Register your interest in our upcoming projects [email protected]

ARABIAN RANCHES MEADOWSMUST SEE

DIRECT

GOLF COURSE

VIEW

HISPANIC GOLF COURSE HOMESMULTIPLE 5 BED, BUA : 10,000 TO 13,000 SQ.FT. PLOT : 21,000 TO 33,000 SQ.FT.SHELL & CORE INSIDESTARTING FROM AED 13,800,000/-

JOHNNY (BRN 31388)

056 6967268

MEADOWS 25 BED+MAID, 4 BATH, TYPE 13,3,998 SQ.FT. BUA, 7,345 SQ.FT. PLOTCOMMUNITY VIEWAED 5,300,000/-

ASMAHANE (BRN 31414)

055 7315705

DUBAI MARINA

MARINA HEIGHTS5 BED+MAIDS PENTHOUSE, 6 BATH, 5,800 SQ.FT. FAMILY LOUNGE AREA & HUGE LIVING ROOMFULL MARINA & SEA VIEWAED 9,500,000/- MANISH (BRN 27819)

055 2549950

SPACIOUS

JVT

DISTRICT 9F2 BED+MAID TOWNHOUSE, 2,992 SQ.FT. BUA, 2,600 SQ.FT. PLOT, PARK AND LAKE FACINGAED 2,300,000/- ZIA UL ISLAM (BRN 27819)

055 3095036

MOVE IN

TODAY!

DUBAI MARINA

PRINCESS TOWER1 BED, 2 BATH, 862 SQ.FT. AMAZING SEA AND MARINA VIEWSMULTIPLE UNITS AVAILABLE!AED 1,700,000/- SHAHID (BRN 31414)

056 4649194

SPECTACULAR

DUBAILAND

REMRAAMMULTIPLE STUDIO & 1 BED, 470 SQ.FT. - 760 SQ.FT.COMMUNITY VIEWSTARTING @AED 560,000/- ATIF (BRN 29715)

050 3895677

AMAZING

DEAL

ARABIAN RANCHES

MIRADOR LA COLECCION - TYPE 136 BED, 6 BATH, 5,230 SQ.FT. GOLF COURSE VIEW,AED 8,900,000/-ALVORADA 3 - TYPE B14 BED, 4 BATH, 3,885 SQ.FT. AED 5,600,000/-

JOHNNY (BRN 31388)

056 6967268

EXQUISITE

DUBAI MARINA

MAG 2182 BED, 3 BATH, 1,558 SQ.FT. PARTIAL SEA & MARINA VIEWHIGH FLOORAED 2,295,000/- ASMAHANE (BRN 31414)

055 57315705

STUNNING

JUMEIRAH VILLAGE

LAVENDER 11 BED, 2 BATH, 904 SQ.FT. COMMUNITY VIEWAED 870,000/- ANTONINA (BRN 28442)

055 4226575

MODERN

STYLE

OLD TOWN

ZANZABEEL 2SPACIOUS 2 BED,1,340 SQ.FT. COMMUNITY VIEWAED 102,935/- KHUSRO (BRN 27523)

055 8992429

PRIME

LOCATION

AL SUFOUH

BAHIA 2 RESIDENCEMULTIPLE 1 & 2 BEDS, 1,228 SQ.FT. - 1,663 SQ.FT. GATED COMMUNITYSTARTING @AED 1,658,087/-

HAROON (BRN 28643)

055 8992430

GATED

COMMUNITY

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Dorothy Biro+971 56 1053655

[email protected] : 29200

Antonina Turdalieva+971 55 [email protected] : 28442

Tel +971 4 3882220 | www.aquaproperties.com

J U M E I R A H Z A B E E L S A R AY4 & 5 B E D V I L L A SA R E A S Q F T 6 , 3 4 7 - 7, 0 8 7F U L LY F U R N I S H E D | S E A V I E WSTA R T I N G F R O M A E D 2 6 ,0 0 0 ,0 0 0

B A L Q I S R E S I D E N C E4 B E D A PA R T M E N TA R E A S Q F T 1 2 , 4 9 0SEA VIEW A E D 2 5 , 0 0 0 , 0 0 0

GARDEN HOMES5 BED VILLAAREA SQ FT 6 , 0 0 0SEA VIEW AED 13,500,000 & UP

FAIRMONT RESIDENCE3 BED + M A I D A PA R T M E N TAREA SQ FT 3 , 0 2 2 SEA VIEWAED 6,900,000

T I A R A A Q U A M A R I N E 1 B E D A PA R T M E N TA R E A S Q F T 1 , 3 5 9 | T Y P E FP O O L V I E WA E D 2 , 3 0 1 , 5 5 5

PA L M V I E W S W E S TM U LT I P L E S T U D I O A PA R T M E N T SA R E A S Q F T 5 0 6 S E A & P O O L V I E WA E D 1 , 2 5 0 , 0 0 0

O C E A N A AT L A N T I C 1 B E D A PA R T M E N TAREA SQ FT 7, 6 8 3C O M M U N I T Y V I E WA E D 2 , 4 0 0 , 0 0 0

MARINA RESIDENCE3 B E D A PA R T M E N TA R E A S Q F T 2 , 5 4 0S E A V I E WA E D 4 , 5 0 0 , 0 0 0

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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

PRIME MEADOWS

Type 14 | 4 Bedroom + Maid’s

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

DUBAI MARINA WHARF

6 Bedrooms + Study with En-Suite 1 + Maid’s

SP: AED 13,500,000 Call: Oksana | BRN 11556 | Mob 050 42 52 031

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

RERA # 203


SP: AED 1,100,000/- SP: AED1,650,00/-SP: AED 832,000/-

SP: AED 1,352,700/- SP: AED 1,201,536/-

2 Bedrooms | 2.5 Bathroom

Full Canal View | VacantSP: AED 2,100,000/-

Pavi | BRN 9821 |Mob 050 30 66 767Call: Call: Aman | BRN 6621 | Mob 050 46 99 519

SPORTS CITY THE GREENS

PRIME MEADOWS

Call: Aman | BRN 6621 | Mob 050 46 99 519

Single Row with Community view | Vacant On Transfer SP: AED 5,500,000/-

Shell & Core | Office Unit

Sheikh Zayed Road View

SP: AED 6,800,000/-

VIEW FROM OFFICE

MARINA PLAZA TOP VIEW

Shell & Core | Office 2 Unit

Full Marina View

SP: AED 6,900,000/- Each


VIEW FROM OFFICE

MARINA PLAZA TOP VIEW

Call: Amar | 050 625 5710

BULK DEALS AVAILABLE FOR OFF PLAN PROJECTS IN CULTURAL VILLAGE | JVC | JVT | SPORTS CITY

More Details Call 050 62 55 710Enlist you Proper es for Sale/ Rent

property times emagazine march 2015

Real Estate

dubai marinais

dubai e r contact

intriguing penthouse

private indoor poolfully

stunning living rooms

ocean views

car parksfull panoramic

overall cost