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Get updates with Latest Realty news + Property Listings Online
///// Issue 16 - March 2014
In the spotlight26pg
Orion Holdings plans to expand itsdevelopment portfolio
for exclusive listings page Turn to60
Some call it a dream.An elite few will call it home.
Located only 15 minutes from the Burj Khalifa Downtown Dubai, lies The Wilderness of Al Barari, where you will find Seventh Heaven. Where nature and truly extraordinary living flourish in sophisticated abandon. Seventh Heaven is a curated community of residences, duplexes, sky villas, bon vivant eateries, artists and floating markets all surrounded by lush, bounteous nature and refinement. This heaven of privacy and idyllic indulgence is now available for you to make your own. Seventh Heaven can’t wait.
+971 4 388 6030 seventh-heaven.ae
Some call it a dream.An elite few will call it home.
Located only 15 minutes from the Burj Khalifa Downtown Dubai, lies The Wilderness of Al Barari, where you will find Seventh Heaven. Where nature and truly extraordinary living flourish in sophisticated abandon. Seventh Heaven is a curated community of residences, duplexes, sky villas, bon vivant eateries, artists and floating markets all surrounded by lush, bounteous nature and refinement. This heaven of privacy and idyllic indulgence is now available for you to make your own. Seventh Heaven can’t wait.
+971 4 388 6030 seventh-heaven.ae
March 2014 Issue -16 /// 5
propertyonline.ae
FROM THE EDITOR
MARKET SHOWS SIGNS OF MATURITYFirst of all, hearty congratulations to the government bodies such as Rera and Land Department, which introduced and imple-mented a number of stringent rules and reg-ulations to prevent both the sales and rental markets from overheating.
The March issue carries an exclusive article on Dubai rental market in association with REI-DIN.com while Emaar Community Manage-ment senior director Jeevan D’Mello shares with our readers everything one needs to know about service charges in a bid to resolve homeowners’ doubts. This is going to be a series of articles from Jeevan wherein he will shed light on various relevant topics related to home ownership and community man-agement. I am sure our readers, a majority of whom are homeowners themselves, will find it extremely useful and informative. Also in this issue, we take a look at one of the leading real estate players Orion Holdings, while our exclusive story focuses on Remraam commu-nity, which is creating a wave in the market with its affordable pricing, excellent amenities and facilities and good value for money. Our contributor Nicole Walter takes a look at the
Binesh PanickerEditor-in-Chief & Co-Founder
BINESH PanickerEditor-in-Chief & Co-Founder [email protected]
JATIN DeepchandaniHead of Sales, Marketing & PR [email protected]
INDU RavindranathExecutive - Sales & PR [email protected]
NYSAM K ShahulGraphic Designer [email protected]
TOSEEF Ali TidiwalaAccounts [email protected]
P.O. Box: 76460, Dubai, UAE P.O. Box: 347431, Dubai, UAE
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CONTRIBUTORS
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Nicole WalterFreelance Writer
Angie NafizFreelance Writer
P.O. Box: 485100, Dubai, UAE
evolving trends Business Bay and also how the school development segment is shaping up in Dubai. Don't forget to take a look at our exclusive interior products section, a new addition to the ever evolving editorial con-tent of Property Times. Apart from our regular expert columns, we are carrying an in-depth interview with one of the senior most hospi-tality professionals in the country Ulrich T. Eckhardt of Kempinski Hotels. Last but not the least, for every discerning buyer in Dubai, Property Times is fast becoming a reliable source of picking and choosing a property of their choice through our exclusive listings sec-tion which is now bigger and better than ever before with a wide variety of properties listed by leading real estate agents. Property Times, like Propertyonline.ae, which now has a new look and feel, is certainly a market leader in Dubai’s real estate information sector. Thank you all for your continued support! Let’s grow together…
March 2014 Issue -16 /// 7
propertyonline.ae
10NEWS & ANALYSIS
Deyaar launches The Atria
12NEWS & ANALYSIS
Dubai’s rental market by REIDIN.com
14PROPERTY EXPERT:
Dawn Draper, Ocean View 16
INTERIOR EXPERT: Adam Riccio, Under One Roof
18MORTGAGE EXPERT:
Atif Waqar, MortgageMe 20
LEGAL EXPERT: Jerry Parks, Taylor Wessing
22PLANNING FOR TOMORROW:
Nita Maru, TWS
34BUSINESS BAY: changing trends
44DUBAI PROPERTY PULSE:
Angie Nafiz 45
MORE SCHOOLS IN THE PIPELINE IN DUBAI
54EXCLUSIVE INTERVIEW:
Ulrich T. Eckhardt, Kempinski Hotels 60
EXCLUSIVE PROPERTY LISTINGS 74
FROM OUR READER...
Growing with the market: Orion Holdings
Remraam: Dubai’s hidden treasure
Jeevan D’MelloEmaar Community Management
Interiors: product watch26 30 40 50
NEWS & ADVICE
March 2014 Issue -16 /// 10
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DEYAAR LAUNCHES ‘THE ATRIA’ AT BUSINESS BAY
propertyonline.ae
March 2014 Issue -16 /// 11
Deyaar Development recently announced the launch of ‘The Atria’ - a luxury project featur-ing serviced apartments and
residential units, located in the Business Bay district. The company revealed its plans to earmark up to a million square feet of land to develop quality hospital-ity properties in the coming years. The announcement, which marks Deyaar’s foray into the hospitality sector, was made at a press conference headed by Saeed Al Qatami, chief executive officer at Deyaar. The developer’s new proj-ect is also its first collaborative venture with internationally-acclaimed interior designers, yoo Studio, the design team at yoo, founded by property entrepre-neur, John Hitchcox, who was present at the press conference, and Philippe Starck, one of the most revered design-ers in the world.
The company will be responsible for delivering the ‘branded residences’ differentiator to the project through bespoke design concepts, which research has shown offers up to 60% more value than non-branded resi-dences in Dubai. Deyaar’s decision to develop hospitality offerings follows a call by Dubai’s leadership for greater investment in developing realty solu-tions to serve the ever-increasing tour-ist footfall to the emirate. The Atria will span 1.25 million square feet, making it the developer’s largest project in the Business Bay area. With construction scheduled to begin within this month, Deyaar aims to complete the develop-ment during the first half of 2017. The Atria complements Deyaar’s chain of developments in the Business Bay area.
It follows the recently delivered ‘The Burlington’, and ‘Fairview Residency’, spanning over 600,000 square feet of commercial and residential space that is due for handover within the first quarter of 2014. Saeed Al Qatami said, “We are excited to announce this new project in Business Bay, an area in which we have consistently delivered some of our best developments.
''The Atria is the realisation of loads of planning and research, based on evolv-ing trends in the local real-estate indus-try. The project is a creative production of two great brands, Deyaar and yoo, and we expect that it will appeal to end-users and investors alike.The Atria offers an all-rounded living experience in an area that has transformed into a prime residential district within a short span of time. The bay and beautiful vis-tas of some of Dubai’s best attractions make it even more desirable as a holi-day home or a short-term residential option. Our collaboration with yoo Stu-dio has yielded excellent ideas and will give the project its unique style, charac-ter and added value. We are confident The Atria will prove a stunning addition to our product portfolio.”
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The Atria is the realisation of loads of planning and research, based on evolving trends in the local real-estate industry. The project is a creative production of two great brands, Deyaar and yoo, and we expect that it will appeal to end-users and investors alike.The Atria offers an all-rounded living experience in an area that has transformed into a prime residen-tial district within a short span of time.
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Saeed Al Qatami, chief executive officer, Deyaar
March 2014 Issue -16 /// 12
Property Times in association with
REIDIN.com takes a detailed look at
the current scenario in Dubai’s rental
market.By Binesh Panicker
AHMET KAYHANCEO, REIDIN.com
Ever since the market started showing signs of recovery, rents in Dubai have been registering a steady growth, especially in
more established communities and now, the other communities are also catching up fast. With more businesses opening up and more job opportuni-ties being created, rents are bound to increase over the next few months. Let’s take a look at what’s been going on in Dubai’s residential rental market.
There are three key factors pushing the RESIDENTIAL Rents upwards in certain areas:1. Inner city movements2. Demand for quality communities/properties3. Population growth
In most of the freehold areas this reflects a higher positive rent growth while in some areas slower and smaller. But overall at the city level we see median rent prices have been going up for the last three years consistently. Median occupancy rate within the resi-dential segment is around 90%+ so we can expect the positive rent growth for a more while until a good amount ofsupply comes to the market.
Which are the top four most afford-able areas and why?Most Affordable Areas in Dubai to Rent (in AED per Year): International City , Dubailand , IMPZ , Dubai Silicon Oasis followed by areas such as Remraam, Discovery Gardens.
DUBAI RENTS: STEADY GROWTH
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Studio 1 Bedroom 2 Bedrooms Minimum Minimum Minimum Maximum Maximum Maximum
30,000 35,000 35,000 45,000 45,000 55,00030,000 35,000 40,000 50,000 55,000 65,00030,000 35,000 50,000 55,000 65,000 75,00035,000 40,000 50,000 60,000 60,000 75,000
International CityDubailand IMPZ Dubai Silicon Oasis
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March 2014 Issue -16 /// 13
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REIDIN.com is widely used by real estate agents and investors for reliable, well-researched information on the country’s real estate sector. REIDIN.com, founded in 2007, is a leading real estate information company focusing on UAE, Turkey and other emerging coun-tries. 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 endeav-ours to provide high-end analysis and research support to its clients.
DUBAI RENTS: STEADY GROWTH
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Which communities have seen the max-imum rental growth and why?As a matter of fact, Dubai Sports City, International City and Discovery Gardens are among the top affordable areas for rent although relative growth of rent has been higher in these areas.
How do you expect the rental market to behave in the remaining months of 2014?One thing we don’t do is forecasting but given the rental trends in 2013 one can expect the positive growth for the rest of 2014 but a slower and smaller one than 2013 considering the new upcoming supply.
Area wise Sales and Rent Price Change in 2013
40%35%30%25%20%15%10%
5%0%
38%36%33% 33%
30%29% 32%
18% 18%17%
27%22%
16%20%22%
38%
InternationalCity
JumeirahLake Towers
The Greens Dubai Marina
Downtown
Rent Price ChangeSales Price Change
DiscoveryGardens
PalmJumeirah
Dubai SportsCity
Rent Increase in the Most Desired Areas in 201325%
20%
15%
10%
5%
0%
21%188%
17%8%18
Business Bay DowntownDubai
The Greens andThe Views
Dubai Marina
Dubai Sports City
InternationalCity
DiscoveryGardens
JumeirahLake Towers
DubaiApartments
40%35%30%25%20%15%10%
5%0%
Top Areas with Highest Rent Increase in 2013
38%33% 30% 29%
23%
Reidin Villa Rent Index15%
10%
5%
0%
-5%
-10%
-15%
140120100806040200
Chan
ge (Y
-0Y)
Inde
x, 2
009
Jan=
100
-3%
-10%
11% 10% 11%
Reidin Villa Index Change Reidin Villa Index
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Reidin Apartment Rent Index30%
20%
10%
0%
-10%
-20%
-30%
120
100
80
60
40
20
0
Chan
ge (Y
-0Y)
Inde
x, 2
009
Jan=
100
-27%
-13%
4%10%
23%
Reidin Apartment Index Change Reidin Apartment Index
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
propertyonline.ae
March 2014 Issue -16 /// 14
If you have any queries about buying or renting, please email at [email protected]
If you are looking to invest in Dubai villa properties with rental income as a priority, then you will be looking at
completed property in order to get an imme-diate return on your investment. Generally speaking, villas return a higher capital growth return whereby apartments offer a higher rental yield. However, if you are looking at the longer-term picture, then of course you stand to gain from both scenarios. The desirability factor must be taken into account for both the rental value as well as the potential re-sale value and demand for both. Areas worth looking at would definitely be Jumeirah Vil-lage Triangle and Jumeirah Village Circle. Both developments offer very good rental returns where you can expect a 6.5% - 7% rental return. For example, you can buy a one-bedroom villa (townhouse) that gives you a garage space and a garden for around AED1,700,000 that will rent at approximately AED120,000 per year. A two-bedroom villa will cost you in the region of AED2,600,000 which also have maid’s room, garage space and garden, and these properties are cur-rently fetching around AED160,000 per year. Thearea is rapidly growing in popularity as it becomes more established and is becoming more and more sought after, especially as new roads give fast and easy access, which means that in the long term you could also expect good capital gains. Wherever you choose to buy your properties Ocean View can help in all areas of buying, selling and renting them and have many years’ experi-ence in property portfolio management.
I am an investor based abroad. I am planning to invest in a few villas in Dubai keeping rental income in
mind. Which development should I invest in if I am looking at generating maximum rental income? And does your company offer property management services also as I have no plan to settle down in Dubai?
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
Unfortunately the price you spend on upgrades to your own property will not always reflect in the re-sale
price for a number of reasons. Firstly, not everyone’s taste is the same so others may not appreciate the monetary value that has been invested in the property. Also, the majority of buyers will be looking for the best location and/or view rather than the upgrades and would rather do their own upgrades at their own pace and to their own design. Of course this is not always the case, others will pay a higher premium to have all these things done but the number of buyers in this bracket are much smaller so of course you will have less enquiries if your property is noticeably higher than competitive prop-erty. In order to gain interest in your property, and for prospective buyers to appreciate the reason for the higher asking price you must ensure that the agency marketing the property are using good quality advertising skills. This means not just property portal listings where it will get swallowed up with the many other properties, because it needs to ‘stand out’…. It is worth paying a rea-sonable exclusive listing fee to an agency to ensure the property marketing includes professional photographs, extensive detail in the description, short video clip, and per-sonalized property presentations that have been put together as part of both hard copy, email and internet advertising and is being managed by an agent that knows you and knows your property.
I own a villa in a leading com-munity in Dubai. I have recently moved out of this villa to a brand
new villa in another community. I am trying to sell my old villa but since I am quoting a higher price (because I spent a lot of money on the interiors) compared to similar villas I am finding it difficult to sell. How do I tackle this issue?
Dawn DraperGeneral manager
Ocean View Real EstateT: +971 4 343 3256
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There are a number of established communities to choose from, and the price can vary quite consider-
ably, although you do have a very workable budget. With two children, I am expecting you to be looking for a three-bedroom villa or possibly a four-bedroom property so you can accommodate guests, and an addi-tional maid’s room I am sure would be an advantage.
The more established areas are Springs, The Lakes and Arabian Ranches where there are already established shopping cen-tres, community fitness centres, golf clubs, medical clinic’s and schools. You will find a good selection of homes in these areas that would suit your family lifestyle within your budget. Other areas worth considering include Jumeirah Park, which has grown in popularity and is fast becoming estab-lished as one of the more sought after loca-tions, as it sits just to the side of the Springs, Meadows and Jumeirah Islands. If a short drive isn’t an issue, then your search should include Victory Heights, Dubai Silicon Oasis and Falcon City where you can pick up a beautiful four-bedroom property for less than AED 4,000,000.
I have been renting a villa in Dubai for the past few years. Now I feel it is the right time to live in my own
villa. My budget is around AED3 million to AED5 million. Which community would you recommend and why? I live with my wife and two kids here so I prefer more established communities. What are my options?
propertyonline.ae
March 2014 Issue -16 /// 16
Adam Riccio Operations director
Under One Roof04 323 2722
If you have any queries about renovations or conversions, please email at [email protected]
It is possible, but any work will cre-ate some mess and disturbance so your tenant would have to be
amenable to that. Timing would depend on the size of the property and scope of the work. Putting a new floor in should only take a couple of days and wouldn’t be too disruptive. A new kitchen is obviously a bit more disruptive but if it is a simple rip out and replace then this should be possible in a week to ten days. Bathroom work will take longer and does cause more dust and mess as usually the old tiles need to be ripped off the wall and all the fixtures removed and replaced. Depending on how many bath-rooms the property has, you may be able to do one at a time without causing too much inconvenience.
My villa, which I am planning to refurbish, is currently rented out. I want to completely change the
flooring and also want to make some other changes in terms of interiors. Can we get this done without asking the tenant to temporarily shift to another place? How long does it usually take?
Everything you need to know about property refurbishment, conversions and permissions.
w i t h i n t e r i o r e x p e r t
We have refurbished many prop-erties on The Palm. We collaborate with certain interior designers so we
would recommend a couple for you to inter-view and make sure you felt comfortable with them. When you appoint someone, we would then work hand in hand with them and you to identify your style and require-ments and we would then work with the designer to source any materials you chose and are required such as tiles, flooring, wallpaper etc. If you wanted a new kitchen, bathroom or bespoke fitted wardrobe fur-niture, we would do all of those designs for you in-house free of charge. We would work with you on 3D Designs until you got the exact look you are trying to create and then we would produce the furniture and execute the design. Because we have done so many properties now on The Palm, our designers will also be able to give you some ideas of what we have done and what is possible to do with the property , particularly in terms of better use of the existing space. We will also take care of all necessary municipality approvals with our own civil engineer.
I have been planning to revamp my villa on Palm Jumeirah for the past few months. I am looking
for some assistance in terms of putting together a new concept for the interi-ors and budget. Do you provide such services and do you charge a fee for the interior design services?
We have done many such projects. As these usually involve approvals from Dewa for water and electric-
ity, municipality for fire and safety and A/C systems, there are many more approvals required and from a number of different sources before you get permission to under-take the work. Sometimes these things can move slowly, so you need to be patient and not on a tight deadline! That said, it is pos-sible to work your way logically through the system but a bit of knowledge and experience is invaluable. We use our own in-house civil engineer to submit and follow up on all approval applications. They also work with the relevant bodies to get prog-ress approvals and inspections. The costs vary depending on what the approval is for and who is giving it. There will be some non-refundable costs and some refundable deposits, which will be repaid after the fin-ished work is inspected and approved.
My shell and core office in Busi-ness Bay needs to be done up. Do you undertake such projects and
who will obtain the necessary permis-sions and what are the permission costs involved?
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March 2014 Issue -16 /// 18
Atif WaqarBusiness Development Manager
MortgageMe.aeM: +971 55 1518530
If you have any mortgage related queries please email [email protected]
Yes, you can move to a different lender. The costs of switching lender depends on your agreement with
your existing lender as most will have high penalties or buyout fees for moving to another lender directly. Aside from the exit penalties, there are arrangement fees, val-uation fees and mortgage registration fees. It sounds expensive, but many lenders will waive some or all of these costs to secure your business.
Many inquiries we see are currently paying in excess of 2% over the interest rates avail-able in market, so even if you pay to switch lender, you are likely to make savings in year one. Any new lender can only lend in line with Central Bank rules against the current market value of the property. So if your existing mortgage is above the current value, then mortgage size would need to be reduced in line with the maximum loan from the new lender.
I feel I am paying high interest rate to my current lender, can I move to another lender and
what are the costs?
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
As an expat, you will need to put in a minimum of 25% deposit on your first mortgage on a property up to
AED5 million. UAE nationals will need to put in minimum of 20% deposit on the same. For properties worth more than AED5 million, expatriates need minimum deposit of 35% of the property’s value, while UAE nationals need to put a deposit of at least 30%. For second and subsequent property purchases, expatriates need to put in minimum deposit of 40% of property’s value regardless of the price. UAE nationals must pay a deposit of 35% on the same. For off plan properties, borrower must pay at least the first 50% of original purchase price in addition to any premiums, regardless of purpose, value or nationality. Also you must consider addi-tional expenses for closing the transaction which can differ depending on the sales contract, but as a general rule you should allow a minimum 7% to 8% for closing costs including the Land Department fees, agent's fees, lender’s fees on top of your deposit.
How much minimum deposit do I need for getting a mortgage?
People ask me this question quite often and the best way to address this is to remind the fact that for
many of us, mortgage is the biggest finan-cial commitment of our lives.
With dozens of lenders in UAE offering hundreds of mortgage products, the likeli-hood of you signing up for the best-suited mortgage product is not too great. A mort-gage broker on other hand is your friend when it comes to finding the best option and a good broker will guide you through the process. From the point of understand-ing your aspirations, conducting market research for your needs, taking care of paperwork and packaging your case for smooth processing, explaining to you the documentation, and the commitment you are getting into, a good broker can poten-tially save you many thousands in interest payments, processing fees and early settle-ment fees alone.
What is the benefit of using a mortgage broker when I can get a mortgage deal straight from
my bank?
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epropertyonline.ae
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For more inquiries contact:Atif Waqar055 1518530
March 2014 Issue -16 /// 20
If you have any legal queries about buying or renting, please email at [email protected]
The first step you need to take is to revoke the POA which you have granted as per the laws and proce-
dures applicable in the jurisdiction in which you granted the POA; in Dubai this will involve attending the Notary Public or taking out an advertisement in a newspaper for-mally revoking the POA. You will then need to notify the person to whom you granted the POA that you have revoked the POA and that they should no longer act under the same. It would also be advisable to notify any third parties, for example your tenants, that you have revoked the POA and that they should no longer deal with or pay rent to the former grantee. You could then look to claim the amount paid to the former grantee by bringing legal proceedings against them and you could also bring a complaint against the person at Rera should the former grantee hold a real estate license from Rera.
The current law in Dubai regulating the relationship between landlord and tenant provides that landlord
should give a minimum of 12 months notice to a tenant, such notice to expire at the end of the tenancy contract, should the landlord wish to recover the premises for his personal use or for the use of any of his first degree rel-atives. The law goes on to provide that the landlord must have no alternative, suitable premises for this purpose and goes even fur-ther to provide that the landlord, if successful in evicting the tenant for this purpose, can-not rent the premises to another tenant for a period of two years (for residential prem-ises), failing which the tenant can claim fair compensation. My suggestion would be to reject the landlord’s notice on the grounds of your suspicions and if he is adamant that he wishes to seek eviction then I would suggest you approach the Rental Disputes Settlement Centre for relief based on your suspicion, bear-ing in mind of course that you will be required to pay the Centre’s fees initially until such time as you are successful in your claim.
I am an overseas investor. The person who was handling my units on my behalf is refusing
to pay me the rent he collected on my behalf. I gave him the Power of Attorney (POA) to manage my properties. What do I do?
My landlord has given me three-month notice to vacate my apart-ment as he says his son is moving
in. Is it legal to ask a tenant to vacate within three months? I think he is plan-ning to bring in a new tenant at a higher rent. What do you suggest I should do?
Our expert answers the legal queries about buying and renting properties.
w i t h l e g a l e x p e r t
If a landlord and tenant are in dis-pute concerning a lease, it should be referred to the Rental Dispute
Settlement Centre, based at Dubai's Land Department. The Centre says that it provides a judicial system that can deal with rental disputes and settle legal issues in a quick, transparent and professional manner. The Centre promises simplified procedures with most rental disputes being judged within 75 days. The Centre will handle most rental disputes for the Emirate of Dubai, including Dubai free zones, but it will not look into rent disputes arising from finance lease contracts or long-term lease contracts covered by the provisions of Law No. 7 of 2006 for real estate registration in Dubai. The Centre comprises four departments: Arbitration & Reconcil-iation Department, Department of First Instance, Department of Appeal and Law Enforcement Department.
First the Arbitration Department will try to settle disputes amicably within 15 days. If not successful, a lawsuit has to be lodged with the Department of First Instance, which will try to settle the dispute within 30 days with rulings final, unless appealed to the Depart-ment of Appeal, and only for claims worth more than AED 100,000.
As far as fees are concerned, the plaintiff pays 3.5% of the annual rent with a minimum of AED 350 and a maximum of AED20,000.Other fees may be levied by the Centre for summoning experts etc.Documentary evidence should be submit-ted, supporting your case.
What is the procedure to file a complaint at Rental Dispute Set-tlement Centre and how much it
will cost?
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Jerry ParksPartner
Taylor Wessing
propertyonline.ae
TYPE 2 IN DEEMA 4PRICE : 7,100,000 AEDBU A : 4,019 SQ. FT | PLOT : 7,432 SQ. FTVACANT4 BEDROOMS, 4 BATHROOMSSERVICE CHARGE AED 21,034 PER ANNUMLARGE CORNER PLOT WE ARE ALSO OFFERING IT FOR RENT AT 320,000 AED PA.
SPACIOUS AND FULLY RENOVATED VILLA IN THE LAKES (FULLY RENOVATED,
SPACIOUS VILLA IN DEEMA 4, THE LAKES) This spacious freehold villa, fully renovated by the client to an extremely high standard, offers more than just a luxurious lifestyle. This corner four-bedroom villa with ensuite facilities features one of the largest plot sizes. The bedrooms have unobstructed views and offer quiet and serene living within one of the oldest communities in Dubai. This villa is situated very close to the Dubai Inter-national Academy, walking distance from the school and is ideal for families with school-aged children.
On entering you will notice just how spacious and large this villa is and it has one of the best floor plans available. There is a spacious living area with a separate kitchen cum dining room. The private living areas are demarked from the more public entertainment spaces. The kitchen is fully fitted with all appliances in place. You also have a separate powder room on the ground level. From the kitchen/dining area, you have lovely views and access to the wonderful, large garden.
The villa has four very large bedrooms. It also features a separate area, which could be converted into a family living area. This villa, boasting an ideal location, is cer-tainly the right choice for families.
LOCATION: The Lakes is located adjacent to Emirates Hills and between the Montgomerie and Emirates Golf Courses.
PROJECT FEATURES: •Landscaped common areas •Parks and children play areas • swimming pools • Lakes and water features •BBQ areas • Sports Facilities •Membership opportunities at the Lakes Club •24 hour security
ADVERTORIAL
A death in the family is dev-astating enough, but the anguish can be compounded with related troubles and
traumas, ranging from frozen bank accounts, disputes amongst heirs, busi-nesses having to close and uncertain-ties regarding real estate inheritance. Unlike common law jurisdictions, the UAE does not practice ‘automatic right of survivorship’ (property passing to a surviving joint owner immediately upon death of the other). All assets within the UAE are subject to a formal succession process administered by the local courts who will oversee an estate and make a number of key deci-sions.
If you have spent years accumulating your wealth and managing it wisely, it is logical that you should pause and take time out to plan for the future to ensure that your savings, assets, busi-ness, and general property are passed on to your family, or to the beneficia-ries of your choice, when you want, in the shares you want. It is important to understand the issues and the options that are available to you to achieve your succession goals.
Wills | Real Estate | Business Succession Planning | Company Formation | Trusts | Family Law
QUALIFIED SOLICITORS DEDICATED TO PROTECTING YOUYOUR FAMILY AND YOUR ASSETS.
Call: +9714-4484284 Email: [email protected]: www.twslegal.ae www.willsuae.com
Personal planning - For expatriates living in the UAE, there is a very simple reason to make a will and put in place succession planning. The Government of Dubai’s official website states that ‘the UAE Courts will adhere to Sharia law in any situation where there is no will in place’.
Put simply, this means if you die with-out a will i.e. intestate, the local courts will deal with your estate and distribute it in fixed shares, prescribed according to the heirship rules of Sharia law. While this may work for some, Sharia fixed share distribution may not be right for many. All assets of the deceased, includ-ing joint bank accounts and other jointly owned property, will be frozen until liabilities have been discharged, the heirs identified, and the extent of their share apportioned by the local courts.
Business planning - If you own or co-own a business, whether it’s a free zone or LLC company, a significant pro-portion of your wealth – and your fami-ly’s source of income after your death – is probably linked to it. It is important to plan for its future, to ensure its' seamless
Nita MaruLLB (Hons) UK
Solicitor and Managing PartnerTWS Legal Consultants
PLANNING FOR TOMORROW
If you have spent years accumulating your wealth and managing it wisely, it is logical that you should pause and take time out to plan for the future to ensure that your savings, assets, business, and general property are passed on to your family, or
to the beneficiaries of your choice, when you want and in the shares you want.
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One can opt to rely on a will, but
in many cases the better approach
is a more evolved approach, involv-
ing offshore suc-cession planning solutions such as
an offshore struc-ture or a trust.
continuity and success particularly as there is no automatic transfer of shares when a death occurs. One can opt to rely on a will, but in many cases the better approach is a more evolved approach, involving offshore succes-sion planning solutions such as an offshore structure or a trust. Seek the counsel of specialized lawyers who will work with you to ensure your per-sonal assets, shares in a business and investments can be structured effec-tively for the long-term benefit of you and your family.
If you don’t have a succession plan in place, you simply cannot predict with any certainty what will happen after your death: whether your fam-ily will be provided for, who will look after your business, and when and how your beneficiaries will actually stand to benefit. It is best to be pre-pared today for all that can happen tomorrow.
TWS Legal Consultants are dedicated to advising businesses, private clients, and individuals on wills, company for-mation, real estate, commercial con-tracts, divorce and immigration.
Run by a team of British qualified and experienced solicitors who have con-siderable experience in the UAE, we cater to expatriates and Emiratis alike. As a boutique law firm, we have a very hands-on approach, and engage with our clients at all stages – from consul-tation to completion. We take great pride in the fact that we are listed on the British Embassy’s list of recom-mended lawyers in the UAE and we are also featured on the Business City Guide in association with TheTimes.co.uk and TheSundayTimes.co.uk.
Local and International Accredita-tion - Licensed by Government of Dubai’s Legal Affairs Department • Registered with the DIFC Courts
Wills | Real Estate | Business Succession Planning | Company Formation | Trusts | Family Law
QUALIFIED SOLICITORS DEDICATED TO PROTECTING YOUYOUR FAMILY AND YOUR ASSETS.
Call: +9714-4484284 Email: [email protected]: www.twslegal.ae www.willsuae.com
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• Registered members of The Law Soci-ety of England and Wales, and the Brit-ish Institute International & Compara-tive Law (BIICL)
Diversity of Services: Wills - Wills for individuals, families and business owners with international and local assets. We can advise on multi – jurisdictional and cross – border issues.Trustee Services - Advice on the for-mation, structuring and management of offshore trusts, private trust compa-nies (PTC), family offices (FO) and the transfer of assets into trust. Our quali-fied lawyers are able to act as trustees, protectors or dedicated advisers to your PTC or FO.Probate - We can provide a full range of services from dealing with complete administration of an estate on behalf of Executors, in Dubai or the UK, to simply advising on or assisting with any spe-cific aspect of the estate which might be causing difficulties.Arbitration and Litigation - People who have purchased off-plan freehold properties in haste often find them-selves facing issues with develop-ers – unexpected payments, delayed deliveries, and lack of progress on the project. We can help negotiate terms with developers, speed up the settle-ment process, and reach amicable set-tlements that work in your favour. As a final step, we will also represent your
For further information please contact: TWS Legal Consultants, Office Suite 3001, HDS Tower, Jumeirah Lakes Towers, Dubai. Tel: +971 4 448 4284, Email: [email protected] Website: www.twslegal.ae and www.willsuae.com
propertyonline.ae
case at the appropriate court.Real Estate and Conveyancing - Prepa-ration and review of contracts and agreements, effecting property trans-fer and title registrations (for buying, selling, leasing, assigning or gifting property), advising on property related disputes, both litigation and dispute resolution.
Business Succession Planning - Struc-turing or re – structuring of business or corporate assets through bespoke solutions including trusts, private foun-dations, hybrid or holding companies in a number of offshore jurisdictions.
Company Formation - UAE free zone companies, LLC, offshore compa-nies in local or international locations, branches and representative offices of foreign companies and professional licenses.
Corporate and Commercial Law -Joint ventures, shareholding and partnership agreements, service and consulting agreements, corporate structures and restructuring, distributorships and fran-chises.
Family Law - Divorce, arrangements for children, and Ancillary Relief (division of finances, properties and assets)Second Citizenship and Immigration - St. Kitts & Nevis citizenship, UK (Investor and Entrepreneur visas), and UAE (busi-ness and residence visas).
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22 ~ 24 April 2014Abu Dhabi National Exhibition Centre, UAE
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MARKET& COMMUNITY
March 2014 Issue -16 /// 26
propertyonline.ae Co
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tory
“We are excited to enter the property development sec-tor, especially at a time when Dubai is witnessing excellent growth across all core industries. Our team has experienced the highs and lows of the local real estate mar-ket, and we are con-fident that our efforts towards establishing this new venture will yield good results.” Raghav Sadana, vice chairman, Orion Holdings.
The company, which also has a real estate wing called Silver Heights, has immediate plans to take advantage of the renewed investor confidence in Dubai’s real estate market. By Binesh Panicker
GROWING WITH THE MARKET: ORION HOLDINGS
The Dubai real estate market has bounced back faster than most of the realty markets across the globe thanks to its image as a
safe investment haven, strong funda-mentals and superlative infrastructure. Since the start of the new year, Dubai has witnessed a number of new proj-ect launches, signalling a clear return
of good times and unsurprisingly, most of these off plan developments were snapped up by investors and buyers in no time. The spiralling demand for off-plan properties has inspired more players to cash in on the current pos-itive sentiment in the market. Prop-erty Times takes a look at one of the leading players in Dubai real estate
Samir Munshi, partner and managing director; Sudarshan Sadana, founder and chairman , Raghav Sadana, vice chairman
March 2014 Issue -16 /// 27
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lent growth across all core industries. Our team has experienced the highs and lows of the local real estate market, and we are confident that our efforts towards establishing this new venture will yield good results.”
Potential buyers will be invited to benefit from easy payment plans offered by the company. “With ORED, our primary focus is on securing inves-tor interests and ensuring their peace of mind.
sector, Orion Holdings, a firm which entered the market with a different business model, of land and prop-erty acquisitions in Dubai’s recovering real estate landscape.
FORGING THE FUTUREOrion has grown to become a trusted partner for other industry players and investors in the market. The company has struck favourable partnerships with several developers in the emirate, earning a reputation for credibility and strong capital power.
Orion Holdings is predominantly involved in four major areas of the real estate business: buying and selling of residential, commercial and rental properties, acquisition of unfinished developments, and providing liquidity to developers in the event of fund defi-cits for existing projects.
As investor demand returns to the market, Orion has already set its strat-egy to expand and diversify through property development. The holding company has earmarked AED500 mil-lion towards the newly formed Orion Real Estate Development (ORED), to build several new projects in 2014. Speaking on the new division, Raghav Sadana, vice chairman, Orion Holdings, says, “We are excited to enter the prop-erty development sector, especially at a time when Dubai is witnessing excel-
UPCOMING PROJECTSORED will initiate its project pipeline in Jumeirah Village Circle (JVC), a sprawl-ing development that is growing to be a favoured community living des-tination. With access to Mohammed Bin Zayed Road and Al Khail road, the development also offers high invest-ment potential owing to its strategic proximity to the upcoming Moham-med Bin Rashid City. JVC is also in the neighbourhood of Dubai World Central,
Orange Lake, Jumeirah Golf Estates- Tuscan Villa Type
Empire Heights, Business Bay
March 2014 Issue -16 /// 28
propertyonline.ae
venue for the Expo 2020 mega event. Raghav adds, “The location of projects was one of the most important factors taken into consideration to start our development operations.” Another key area of development for the group is in the Arjan project in Dubailand , consid-ered the heart of the “New Dubai”. The Arjan project is ideally situated in the vicinity of commercial, residential, retail and hospitality developments.
In addition to the future develop-ment projects of ORED, Orion Holdings has a varied real estate portfolio with properties in Business Bay, Jumeirah Village Circle, International City, Dubai Silicon Oasis, Jumeirah Golf Estates.
STRONG LEADERSHIPTaking the reins of Orion’s new subdi-vision, Raghav brings a young dyna-
mism and confidence to the business. Wielding a Bachelor of Science (Hon-ours) degree in Commerce from the Lancaster University in the United King-dom, Raghav is one of the youngest members of the management team at Orion.
He is responsible for channelling new ideas to improve existing components of the business and setting develop-mental goals. With a finger on the pulse of the real estate market in the region, Raghav is also mandated with creating a positive learning environment in the company, motivating teams and ensur-ing maximum staff utilization. Raghav attributes his success to his father, the founder and chairman of Orion Hold-ings, Sudarshan Sadana. A qualified chartered accountant and veteran entrepreneur, Sudarshan is responsible
for overseeing the financial investments and diligence processes that define the growth prospects of the company.
A seasoned investor, Sudarshan holds a personal portfolio of varied ventures in the UK, Middle East, India and Africa. With over three decades of experience in the global financial mar-kets his expertise in effective investor fund management especially comple-ments the business model endorsed by Orion Holdings, which involves high-value trading of land and property profiles. Looking to diversify his invest-ment portfolio, Sudarshan struck a partnership with Samir Munshi, later on acquiring his real estate sales arm, Sil-ver Heights, under the Orion Holdings banner. This marked the beginning of a strong partnership between the two discerning, ambitious personas, whose
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''We were fortunate to have properly timed our real estate investment strategy during the previous and cur-rent Dubai market cycles and now we are set to launch new residential projects.” Samir Munshi, partner and managing director, Orion Holdings
Donna Towers, Dubai Silicon Oasis
March 2014 Issue -16 /// 29
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firm understanding of the real estate industry has seen the business grow and prosper.
Samir Munshi holds the position of partner and managing director at Orion Holdings, and is a renowned person-ality in the property industry in Dubai. Samir has accumulated over a decade of experience working in the UAE, and is well acquainted with the administra-tive and legal processes among local entities, especially with regard to the real estate business. As a result, he has been successful in attracting potential developers and investors from India, Europe and other regions to enter the UAE market.
Samir’s wide range of expertise on real estate trends has driven Orion’s acquisition and merger plans, enabling the company to enter into profitable deals over the years. ''We were fortu-nate to have properly timed our real estate investment strategy during the previous and current Dubai market cycles and now we are set to launch new residential projects.”
THE BROKERAGE WINGAlongside its development and asset expansion ambitions, Orion has also developed its property brokering firm, Silver Heights, into a full-service busi-
ness. With a team of over 75 employees the group has been consistently build-ing its network of investors since 2005, growing to be at par with some of the largest property brokers in the market.
In addition to acting on behalf of investors in the buying and selling of real estate, Silver Heights also offers legal and administrative consultation for their clients. The firm has also gone through a process of diversification recently, open-ing doors to a corporate sales division – acting as a one-stop-shop – to meet unique business needs of companies in Dubai. In particular, the corporate sales division aims to serve companies in the service and hospitality industry, provid-ing them with a wide portfolio of offer-ings such as customized office spaces, staff accommodation units, and related corporate property solutions.
The Silver Heights senior manage-ment team also has an experienced Project Marketing division to assist developers with the sales of major free-hold projects.
Their direct experience in the fields of brokerage, investment sales, market-ing and strategic consulting, provides a direct link to the target markets devel-opers wish to attract and ensure their sales and revenue targets are met. This service includes providing sales strategy
Completed ProjectsAxis 1 and 6 in Dubai Silicon Oasis Olympic Park in Dubai Sports City Frankfurt Tower in Dubai Sports City Platinum One in Arjan DubailandKensington Manor and Knights Bridge in Jumeirah Village CircleHanover Square in Jumeirah Village
Ongoing ProjectsDonna Towers in Dubai Silicon Oasis Orange Lake in Jumeirah Golf Estates Empire Heights in Business BayPlatinum Tower 1 and 2 in Dubai Silicon OasisRufi Waterfront Residency in Dubai Sports City
THE ORION FOOTPRINT
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This is aided by having a strong network of broker channel partners throughout the Mena regions. The Sil-ver Heights senior management team has been involved in the off-plan proj-ect marketing of over 5,000 residential apartments and commercial offices in the past few years for major developers throughout the UAE.
Axis 1, Dubai Silicon OasisRufi Waterfront, Dubai Sports City
March 2014 Issue -16 /// 30
With rents going up, most of the Dubai residents are on the constant look out for communities that
offer them a good lifestyle at afford-able prices. Remraam, a well-developed community from Dubai Properties Group, although relatively unknown to many Dubai residents till now, offers more than just value for money. Prop-erty Times, in this exclusive story, brings
you everything you want to know about Remraam, a development that is witnessing a huge demand from buy-ers, investors and tenants alike, due to a number of factors such as well main-tained community, amenities and facil-ities, affordable rents and prices and tranquil lifestyle on offer. THE DEVELOPMENTDeveloped by Dubai Properties Group,
Remraam was launched in 2007 in Dubailand. The master plan originally included four phases and a shopping mall in the middle. Phase I, launched in 2007, has about 2700 units while phase II, launched in 2008, has 1,200 apart-ments. “Phase I was very successful and the units were immediately snapped up by buyers,” says Samir Jamal Rai-hana, sales and leasing consultant, Hunt & Harris Real Estate, an agent who has
DUBAI’S HIDDEN TREASURE: REMRAAMThis community, located on the new Emirates Road (erstwhile Dubai Bypass Road), boasts a strategic location,
lush green lawns, a family-friendly environment and good value for money. By Binesh Panicker
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been focusing on this community for over two years. Samir’s passion for the project and the in-depth knowledge about it make him a Remraam spe-cialist. In a market where real estate agents prefer to work in high-end and more established communities, Samir stands out as he started working on Remraam at a time when it was noth-ing but a cluster of under construction buildings. “Although the community was underdeveloped when I started selling and renting here, I knew it had immense potential in the future, so instead of focusing on other devel-opments, I decided to focus on Rem-raam and today I realize my decision was right as the increased demand from buyers and tenants is keeping me busy,” he says. Another agent who has spent considerable amount of time in
the community is Abdul Majeed Bandi-yod, property manager, Eka Properties. He was the first agent to rent out an apartment in Remraam and he is quite happy to be associated with the project even today. Talking about the develop-ment, Majeed says, “The master plan was to make four phases, which was about 5,000 apartments. The developer was also planning to build a shopping mall in the middle of the four phases. But the plans for phase III and IV and the shopping mall got shelved when the crisis struck the market towards the end of 2008. The developer went ahead with the construction of phase I and II. Although the delivery of the unit was supposed to take place in 2009, it was delayed due to the downturn. The first building was handed over in 2011 December.” UPS, DOWNS AND AGAIN UPSRemraam, since its launch, has seen it all! The first phase of the project, launched at a price of AED700 to AED750, was sold out quickly while the second phase with a price tag of AED900 to AED1,000 also attracted many buyers and inves-tors. “There was nothing much hap-pening in the development in 2009 and 2010. Things started changing slowly towards the end of 2011 when the first building was handed over,” says Samir, adding, “The project started picking up in 2012. The first resident moved into Remraam in 2012. The second resident
to move in was my mentor Shiran Gam-age. He was the one who introduced me to this community.” Till that point, the community had only owners as res-idents and no tenants. When Majeed landed up in Remraam as a sales and leasing agent, there were only three families living in the entire community. His first mission was to bring in tenants. “The first rental deal in the entire com-munity took place in February 2012,” he recollects. Understandably, it was an uphill task for him to rent out the units in an underdeveloped commu-nity although the rents were cheaper than most of the other communities in Dubai at that point of time. “Rents were very low those days. Studios were rented for AED15,000 per year, while one-bedroom apartments used to be rented for AED25,000, two-bed-room apartments for AED40,000 and three-bedrooms for AED68,000. During this period, an apartment was sold at AED425 per square foot, indicative of the considerable dip in sales price in the development. However, Remraam has witnessed substantial appreciation in prices over the past few months and today a three-bedroom that used to cost AED455 per square foot in Decem-ber 2012 costs AED820 per square foot. From Q1 2012 onwards, more tenants moved in and the rents started increas-ing. In the second quarter of 2012, stu-dios were in the range of AED25,000, one-bedrooms AED35,000, two-bed-
Samir Jamal Raihanasales and leasing consultantRemraam specialist
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Studio AED35,000 - AED40,000 AED450,000 - AED500,000
1 Bed AED50,000 - AED60,000 AED750,000 - AED850,000
2 Beds AED70,000 - AED80,000 AED1,000,000 - AED1,300,000
3 Beds AED100,000 - AED120,000 AED1,500,000 - AED1,800,000
Rent (Per annum) Type Sales PriceRemraam
24/7 securityLush green surroundingsSpacious children's parkThree swimming poolsBasket ball and tennis courtsBBQ area in each cluster Spacious terrace in some apartmentsUpcoming Geant supermarket and other outlets15 minutes from Al Maktoum International Airport25 kms from Expo 2020 venue
“Although the community was underdeveloped
when I started selling and renting here, I knew it had
immense potential in the future, so
instead of focusing on other develop-
ments, I decided to focus on Remraam and today I realize
my decision was right.” Samir Jamal Raihana, Remraam
specialist
rooms AED60,000 and three-bedrooms AED80,000 to AED90,000. Rental market began to pick up by first half of 2012. With increasing rents and rising RoIs, more investors started showing inter-est in the project,” explains Samir. (For current sales and rentals, refer to the box: Remraam - rent and sales price)Sensing the rising interest in the proj-ect, DPG wasted no time in finishing the amenities and facilities. “By the end of 2012, DPG finished doing the greenery
and some facilities giving a community feel to the whole development and later on other facilities and amenities got completed and delivered,” says Majeed. The first swimming pool was opened to residents by mid 2013, while the sec-ond was ready by the end of 2013. Now there is a third swimming pool, which will be opened soon. The community is planned and developed in such a way that it promotes family living. It is a serene community, which is located
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close to major attractions in Dubai. It currently has residents from different nationalities such as Asians, Europeans, Arabs, Africans etc. After the crisis, as expected, a lot of Remraam buyers and investors suffered as the units couldn't be resold immediately. However, says Samir, “Those who decided to hold on to the units are now reaping the bene-fits as the prices and rents at Remraam have been going up steadily over the past few months and it is expected to grow further in the years to come.” ACCESSAccess has always been the concern for buyers and tenants who considered buying or renting in this development. Both Samir and Majeed unanimously say that it is just a misconception as Remraam is well connected to rest of Dubai. “Access to Remraam is very easy.
People think it is too far but it is not true. With the traffic easing on Umm Suqeim Road after the completion of flyovers, Remraam is only a few minutes away from Al Barsha, Shaikh Zayed Road, Madinat Jumeirah etc. When the new road connecting Remraam to MotorCity opens, access to various areas in Dubai will get even better,” says Majeed. FUTUREThose who complained about the location of Remraam in the past and decided against purchasing a prop-erty here have enough reasons to be disappointed about now as not only the prices have gone up substantially from those days, the demand is con-stantly growing as well. “The future of Remraam from an investor’s point of view looks extremely promising, as it is located close to the new Al Maktoum International Airport and the Expo 2020 venue. This is the only high-rise community located nearby the new airport so the demand for units here is bound to grow in the coming days. The demand is now high from tenants and buyers. Now a lot of end users are showing interest in Remraam with the banks willing to finance the purchase, but we see interest from investors as well,” concludes Samir.
“The demand is now high from tenants and buyers. Now a lot of end users are show-ing interest in Rem-raam with the banks willing to finance the purchase, but we see interest from inves-tors as well.” Abdul Majeed Bandiyod, property manager, Eka Properties
Samir Jamal Raihana can be contacted at 0553126424.Abdul Majeed Bandiyod is available at [email protected]
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March 2014 Issue -16 /// 34
As Business Bay’s beautifica-tion is in progress and stalled projects are being revived, it seems developers are clearly
favouring residential over offices these days. The Business Bay area was always going to be a mixed-use development, however, completed projects housing offices at 30 plus were outnumbering the residential ones at 20 plus, includ-ing Executive Towers taking up about half of the offering of the latter.
Driving around the area it is appar-ent that work is ongoing at around 20 projects, but this time mainly residen-tial or hospitality/serviced apartments
RESIDENTIAL FLAVOUR WINS FAVOUR IN BUSINESS BAY
related. The other 20 or so projects that have either stalled at various stages of construction, or remain empty plots waiting for revival seem to be mainly office buildings, while quite a few other projects are under cancellation or have already been cancelled. According to Rera’s project status tracking service, at least ten projects across the spectrum have been cancelled in Business Bay, mostly offices, and there are equally as many under cancellation decision.
Less demand for strata titled buildings?“Over 90% of the completed office
space in Business Bay is in strata titled buildings and there is much less demand from occupiers for this space as tenants are concerned about leasing space from multiple landlords and the difficulties of managing and maintain-ing buildings in multiple ownership,” explains Craig Plumb, head of research, JLL Mena.
“Most of these strata title buildings remain vacant and there is little incen-tive for other buildings to complete given the lack of current occupier demand,” he says, which could explain the phenomena of the majority of stalled projects being offices. Accord-
The Business Bay area was always going to be a mixed-use development, however, completed projects housing offices at 30 plus were outnumbering the residential ones at 20 plus, including Executive Towers taking up about half of the
offering of the latter. By Nicole Walter/freelance writer
Mar
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March 2014 Issue -16 /// 35
ects, we are looking at further projects in Business Bay,” says Samir. Still, invest-ments into an office building remain a rarity opposed to residential. “Given that conditions in the residential market are stronger – a number of developers have been examining the feasibility of increasing the residential component and reducing the commercial compo-nent of projects that are not yet com-pleted. This is clearly more feasible with projects that have not yet commenced construction and becomes increasingly less feasible as projects approach com-pletion,” remarks Craig.
Samir although acknowledging that there are more residential and hos-pitality/serviced apartments coming up today, than offices, he believes the pendulum may swing too far the other way in the future. “When office build-ing construction had just begun, most developers converted them into res-idential buildings, you will see these coming up over a period of time. There-fore, I believe that in the future there may be even a shortage of offices,” he remarks. Still, today, according to JLL’s UAE Real Estate 2014 report only the best buildings, which offer innovative workspace solutions and open floor plans, are experiencing more demand from corporate expansion, and tenancy, not buying, is the norm.
Slowly increasing occupancy levels“Business Bay will prove to be an attrac-tive location for office users in the longer term, representing as it does a logical extension of the existing Cen-tral Business District (CBD) of Dubai. For the short term, there is however limited demand for office space in Business Bay, with more than 60% of the existing stock of around 1,000,000 square metres remaining unoccupied,” remarks Craig. He went on to explain that there was a clear two-tier market in operation within Business Bay at pres-ent, on the one hand the demand from major corporate companies for space to rent in single owned buildings, has seen rents for such space increasing by around 30% in 2013, to an average of more than AED1,100 per square metre. “JLL manages the largest tower in sin-gle occupancy in Business Bay (U Bora Tower) that has seen a major increase in occupancy in recent months as compa-nies seek cost effective space in a high quality building close to the existing
ing to JLL, a significant amount of addi-tional office supply is in the pipeline in Business Bay, with around 700,000 square metres planned for completion in 2014 / 2015.
“In reality, the lack of demand is likely to result in many of these projects being delayed into 2016 and beyond,” Craig reckons. This isn’t good news for those office towers, which have stalled nearing completion, although Samir Munshi, managing director of Orion Holdings, reckons that they are prob-ably more likely the victim of develop-er-cash flow than a lack of demand and feels quite bullish on offices picking up again within two years.
“It would make sense to complete them but the receivables are less than the cost of building,” he explains. Orion Holdings has been investing in several projects, which could make sense to revive in Business Bay. It bought a lot of stock, AED70 million plus in Empire Heights, a commercial building, which is now completed and sold out. “You see this is a solution for cash strapped proj-
“Over 90% of the completed office space in Business Bay is in strata titled buildings and there is much less demand from occupiers for this space as tenants are concerned about leasing space from multiple landlords and the difficul-ties of managing and maintaining buildings in mul-tiple ownership.” Craig Plumb, head of research, JLL Mena
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CBD,” Plumb cites as an example. Samir has seen occupancy moving up at some projects as well. “Actually, some office buildings are experiencing very high occupancy levels, such as The Prism which is 90% occupied and it is a similar story for the Vision Tower, we have seen a drastic increase in occupancy levels,” he emphasizes. Samir says the price gap between commercial and residen-tial in Business Bay has started to close. “Prices have been moving upwards from AED600 to AED650 a square foot during the quieter times to AED1,250 to AED1,300 today, that compares with residential AED1,000 a square foot ear-lier to AED1,600 today. These days you pay AED100 a square foot shell & core for leasing office space,” he details.
The tendency to veer away from purely commercial projects, as in offices, is evident in Business Bay’s master-developer DPG’s most recent undertaking, Business Bay Towers, a mixed-use development of 365 metres two twin towers, one consisting of a five-star hotel and serviced apartments,
while the other will house over 450 residential apartments. The project will include a retail arcade, tennis courts, roof running track and amphitheatre. “Upon completion, Business Bay Towers will become one of Dubai’s ‘must see’ landmarks; the design of the towers will be truly unique. More importantly, the mixed used development will contrib-ute to the development of the Business Bay area, Dubai’s modern business cap-ital,” Khalid Al Malik, Group CEO of DPG commented on the development.
The developer has indeed stepped up several gears in increasing the dis-trict’s appeal, especially in terms of its residents. Most recently, it finished off the Park at Bay Avenue, the retail arcade at the backside of Executive Towers, including playgrounds, jogging track, skate-park, trampoline, water fountain and outdoor gyms. “The park is attract-ing residents from Executive Towers and Business Bay community, especially during weekends, as there are no other parks of that size within the area,” says
Sean McCauley, director - agency, Asteco Property Management. “Execu-tive Towers will achieve a premium over other similar buildings elsewhere in
Business Bay though, due to the direct access to the park, retail promenade and the close proximity to the metro. It is very popular amongst young couples and small families,” he adds. Sean points out that residential rentals in Business Bay have increased by approximately 20% and sales prices around 25% since last summer.
“We expect occupancy levels to increase further in the Business Bay master community as it is becom-ing more attractive, as road networks have improved and more community facilities (such as parks, retail, health clubs, etc.) are available,” he adds. Sean doesn’t expect rents to go overboard. According to Asteco’s supply analysis, over 3,000 units are expected for com-pletion in Business Bay by 2016. “We do not expect this to have a major effect on rental rates as the supply is likely to be handed over progressively over three years. Whilst certain less attractive towers with small units and those with-out retail may see a slight reduction in rental rates to attract/retain tenants. We forecast that the most popular devel-opments are likely to maintain current rents and witness some growth in line
“Upon completion, Business Bay Towers
will become one of Dubai’s ‘must
see’ landmarks; the design of the towers will be truly unique.
More importantly, the mixed used
development will contribute to the
development of the Business Bay area,
Dubai’s modern busi-ness capital.” Khalid Al Malik, Group CEO
of DPG.
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town Burj Khalifa has become increas-ingly blurred. “I have always believed Business Bay and Downtown Burj Khal-ifa would become one area. There’s only a road separating the two now. Sure Business Bay has profited from Burj Khalifa’s fame, everyone understands the two areas as Burj Khalifa, as this is also what it says on the title deeds,” he says. “However,” he adds, “the advan-tage of the Business Bay side is that it is mainly private developers who have been developing with international architects, resulting in a variety of fan-cier looking buildings. In addition, Busi-ness Bay has the water body, the creek, as the centre point adding to the aes-thetic beauty of the place,” he points out.
DAMAC Properties has around 5,500 units in the Burj Khalifa/Business Bay area, spread across a host of different projects, such as DAMAC Maison, Park Central andWater’s Edge with handover underway, as well as due for comple-tion in 2014 The Cosmopolitan, Capital Bay, Executive Bay and the Vogue. Niall McLoughlin, senior vice president at DAMAC Properties explains the devel-oper’s enthusiasm for the area. “Business Bay is fast becoming the Manhattan of Dubai. It is a vibrant central business district with some of the most precious real estate. In a downtown area in any city you always need a good mix of real estate from residential, to hospitality, retail and office space,” he says.
“The Business Bay and Burj Area is the first target of tourists and with the evo-lution of the area, around the lake and the canal walk development it will be one of the most important attractions in the region. The area is one of the most visited places in the world and we see a strong demand for both investors and tourist stays,” he concludes. “Maybe the name of Business Bay could be changed to some other name, which is more inclusive of residential, because it became the centre of Dubai and a very good place to live in,” Ebrahim Abdul-lah Lootah, vice chairman of the Board at Deyaar Development PJSC con-curs.“You want to enjoy the views the location, I think Business Bay will have more and more residential, together with the existing commercial it will make a beautiful balance, people can live in one building and walk to work,” he adds.
with the market,” he remarks.
Making it betterWhile Empower has now completed 70% of its district cooling installations, Samir believes the new park is just the beginning of DPG’s beautification work. “The master developer is taking a multi-stage approach to eventually finish all the landscaping. For example, they have already filled in the holes of projects where developers have started excavation, and they know they are not going to continue, with sand. They are in the process of transforming it into an amazing area, the canal beautifica-tion will be the last phase,” he remarks. Craig believes that Business Bay would definitely benefit from the completion of the canal project. “Not only will this provide improved amenity to tenants in the area, it will also reinforce Business Bay as part of central Dubai, within the island that will be created by the canal and the creek,” he explains, adding that the other major benefit to Business Bay as a locationwould be the continued opening of the roads linking the area into Downtown and the rest of Cen-tral Dubai. Indeed, the border between Business Bay and its neighbour Down-
Not only will this provide improved
amenity to tenants in the area, it will
also reinforce Busi-ness Bay as part
of central Dubai, within the island
that will be created by the canal and
the creek.
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March 2014 Issue -16 /// 40
It is often said that finance is the life-blood of an organisation, and the same is true of Owners Associations that operate in our freehold com-
munities. However, the requirements and developments of such annual bud-gets and the service fees charged are most often misunderstood and almost always disputed.
The three purposes of Owners Asso-ciations that are universally accepted are community, governance and busi-ness. While community is associated with lifestyle, wellbeing, good mainte-nance, health, and security; governance relates to the management of commu-nity rules and regulations; and business
DEMYSTIFYING THE ANNUAL BUDGETS OF OWNERS ASSOCIATIONS
Jeevan J D’Mello, senior director, Emaar Community Management, sheds some light on one of the most talked about topics in Dubai at the moment; service charge.
covers administration and ‘business-like’ aspects of the Owners Association. An owners association is almost like a Public Joint Stock company with home owners as members, a board of management, and a general manager to supervise its day-to-day operations. The key difference, however, is that an Owners Association is a non-profit entity.
Money-making is not the main objec-tive of a non-profit entity, but managing finances is important as money is needed to run Owners Association efficiently, and powers its three purposes. The main revenue of an Owners Association is the annual service charge, which is an obli-gation for every member (owner in the
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Jeevan J D’Mello GDArch, CMCA, AMS, LSM, PCAM
March 2014 Issue -16 /// 41
community). The service fee is based on the annual budget approved by the owners at a general assembly or by the elected Board on their behalf and then endorsed by the Real Estate Regulatory Agency (Rera). The contribution of each owner towards the budget will depend on their entitlements or percentage of ownership they have in the common property of the Owners Association.
How are these budgets developed?Annual community budgets in Dubai are normally prepared by the associa-tion manager, which is a licensed com-pany with the Dubai Economic Depart-ment and registered by Rera. While the budget is prepared by the association manager, the responsibility to ensure the budget has been developed and monitored will always lie with theelected Board. The community’s first budget will almost always be based on a ‘zero-based’ budgeting method where every line item is set to zero and all needs to be justified. Older communities will base their budgets on ‘historical trends’ where each line item is assumed to be needed and approximate costs will most likely be available, as they have been needed the previous year.
Typically the budgeting team considers the following aspects when developing the budget:1. Evaluation of the actual expense trends based on individual cost items from the pre-vious year. The inclusion of these items along with its current costs depends on the opera-tional plan and the owner’s needs and desires.2. Review of the service provider contracts, where one can evaluate key areas of improve-ment such as performance and cost savings. This helps to determine future budgets and predict expenses.3. Evaluate capital assets to predict main-tenance, repair, and replacements. Capital assets that are no longer under manufac-turer’s warranty are regularly reviewed for major maintenance or replacement. Essential equipment, such as sewage pumping sta-tions and/or similar items, supports the over-all infrastructure of the community. So, allow-ances are made for the upkeep of these items, thus ensuring that the community has suffi-cient funds available, in case of emergencies. For replacements, the finances are used from the reserve fund. Other sources of income also play a part such as interest on investments or fixed deposits, proceeds from concessions or club operation, administrative fees, and mis-cellaneous income. Finally, any surpluses or
deficits from previous years are taken into con-sideration while determining the community service fee (CSF) rate for the current year.
Budgets consist of two main components:· General fund (operating and administrative expenses)· Reserve fund
The general fundThe general fund covers routine (day-to-day) expenses for maintaining the community. These operational expenses include, but are not limited to, the maintenance, utility costs and management of the following:
Operating Expenses·Common areas including infrastructure, land-scaping/irrigation and water features; cleaning; pest control; and civil works such as painting, tiling, masonry, and carpentry.· Compliance with statutory requirements.·Common and shared recreational areas such as gyms, squash courts and swimming pools.·Firefighting, access control systems and build-ing management systems.·Air supply/distribution componentsfor common areas and private units.· Elevators and associated factors.·Garbage chutes, waste collection and building management units.·Periodic upgrades and/or replacements of non-capital equipment and consumables.·High and low voltage systems and networks generators and associated facilities.· Domestic water and supply systems / networks.· Mechanical, electrical and plumbing assets.· Monitoring / supervision personnel including swimming pool lifeguards and security staff.·Common area lighting, including streets,
It is often said that finance is the lifeblood of an organi-zation, and the same is true of Owners Associations that operate in our freehold communities.
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March 2014 Issue -16 /// 42
Master community chargeThe master community charge goes towards the maintenance of areas that are not part of any particular commu-nity but are common to the master community and shared by all. A master community charge is typically charged to each community and other non-res-idential entities – for example: hotels, clubs, and retail areas within the master community. This charge covers items such as plants and the maintenance of the master community infrastructure including roads, underground services, storm drains, sewage lines and pave-ments. All owners within an OA must look at their annual budget and their contribution towards it as an invest-ment into the long-term wellbeing and enhancement of their property. Paying their dues on time and encouraging others to do so do not just fulfills one’s fiduciary duty but also ensures a good return on their investment.
walkways, corridors, façade, aircraft warn-ing lights as well as intelligent and central emergency lighting systems.
Administrative ExpensesThis covers the general administration costs and management fees that allow the delivery of community services to the required standards. Administra-tive expenses includes statutory fees and permits, Common area insurance, auditor’s fees, management fees, legal and professional fees, communication charges, bank charges and postage. The reserve fundThe reserve fund is established to cover the costs incurred in replacing significant capital items from time to time. Regardless of how well an asset maybe maintained, it will eventually reach the end of its useful life and must be replaced. Examples of this would be elevator or chiller replacements, or
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perhaps flooring, complete painting and cladding of buildings. It is vitally important to have a robust fund to guarantee not only the smooth run-ning of the community but also to ensure that the value of the building and individual units are maintained well into the future. Reserve funds aren’t an extra expense—they just spread out expenses more evenly.
Other charges:Some other charges may appear in the budget such as:Special service chargeIt is a one-off charge for items not in the design or those not covered under the general fund. If residents require an additional facility such as a chil-dren’s play area or a swimming pool, the cost for this will be covered by the special service charge. Such charges could also come about if the reserve fund is underfunded or non-existent.
Jeevan J D’Mello GDArch, CMCA, AMS, LSM, PCAMThe author is widely considered a pioneer in the field of commu-nity management in Dubai managing freehold property since 2002. Currently a Senior Director with Emaar Properties, heading its management company Emaar Community Management LLC, Jeevan has been professionally trained as an architect and has had a wide-ranging international career in real estate design, project management, customer service and community management. In
his past career he has been an author and illustrator and has several published works internationally. He was the first profes-sional in the region to receive theprestigious Certified Manager of Community Associations (CMCA®) and Association Man-agement Specialist (AMS®) designations by the Community Associations Institute (CAI). In 2012, Jeevan earned CAI’s first international Large Scale Manager (LSM®) designation and become one of the first international Professional Community Association Managers (PCAM®).
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“We’ve been asked to move out as the land-lord will sell the property.” “The real estate market is booming so it’s time to ask the tenant for an increase at the time of tenancy contract renewal or to ask him to move out.” “Sorry, the landlord isn’t willing to negotiate the rental amount; other tenants pay the double for the same property specifications.”
Which of the above situations is the odd one out?None, Such scenarios sound quite familiar with the firing topic of the day ‘properties in Dubai’ hitting back hard.
OUTLINING PROPERTY MARKET IN DUBAI
Obviously, the first represents a tenant while the second reflects a landlord’s tone and the third clearly voices a real estate agency. These parties are directly and indirectly involved and are highly affected by the rise and fall of proper-ties’ market prices. Landlords, tenants and property agencies perceive things from different angles; each holds a rea-sonable justified standpoint.
Many factors, ranging from UAE’s unique geographical location and demographic distribution, the well-de-fined sections of property laws permit-
ting foreign ownership, high security measures, political stability, reliable infrastructure, to the unsurpassed ease of business facilities, among others gave birth to the dynamic property market of today’s Dubai. Be it a residential or a commercial market, the key players constituting the market’s environment are the tenants, landlords, real estate agencies, banks and financial institu-tions, developers, property valuators, in addition to the legal and regulatory bodies entrusted with legislations and supervision delivering multiple services including real estate conflict resolution.
Disputes among the sector’s key players gave rise to a considerable mar-gin of complexity around rights and obligations, some of which are legal and the rest are market norm-driven which overwhelms the situation. The magazine on a best-effort unbiased basis will present a series of articles, dis-closing the controversial stakeholders’ viewpoints coupled with suggestions of remedial approaches with an aim to bring transparency to the market. We took the initiative to act as an interme-diary channel exploring the regulatory platform to create awareness and edu-cate subjects of concern with a “know your rights” direction.
None of these articles represent a legal advice of any nature but rather a realistic sample of the property market’s pulse.
DUBAI PROPERTY PULSE : PART I
Property Times starts a series of articles on the rental market in Dubai, providing useful and relevant information to landlords and tenants. By Angie Nafiz/freelance writer
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propertyonline.ae
As existing residential commu-nities complete, expand and new ones are emerging in Dubai’s city plans, the need
for bringing more schools online is becoming ever more urgent. Parents are no strangers to waiting lists at most of the 158 private international schools operating all over Dubai. UK curricu-lums lead the demand, with over 30% of the total pie, followed by Indian and American curricula, and others address-ing the over 170 different nationalities attending schools from kindergarten to secondary levels.
More schoolsAround ten private schools have recently opened their doors at least partly, and/or are open for Septem-ber admission registration, to satisfy existing demand. Recently opened ones, according to the Knowledge and Human Development Authority’s (KHDA), include four schools providing an Indian (CBSE) curriculum, namely the Delhi Private School Academy, Gems New Millennium, Sabari Indian School and Springdales School. Another four are offering UK curriculum, Victory Heights Primary School, Foremarke
RESIDENTIAL COMMUNITY DEVELOPMENT
SPURS SCHOOL LANDSCAPE
School (currently nursery only), GEMS Wellington Academy - Al Khail, only partly open, and Oasis School. Two more have gone for the international baccalaureate (IB) curriculum, Gems International School – Al Khail, which has just moved into a new building, and the International Concept for Edu-cation, which is a French school.
Substantial growthAccording to the KHDA’s latest reports on Dubai’s school landscape, private schools take up nearly 90% of overall enrolments in the Emirate, with over
Around ten private schools have recently opened their doors at least partly, and/or are open for September admission registration, to satisfy existing demand.
By Nicole Walter/freelance writer
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March 2014 Issue -16 /// 46
half being Emirati students, followed by those from the sub-continent at 4%. Mena countries, including Emira-tis, make up 27% of private school stu-dents, leaving the remainder to Europe-ans and students from other countries. The KHDA reported an increase in enrolment of 8.7% for the 2012/13 aca-demic-year, and an annual growth rate of private schools at 7.3% over the last decade.
“In a short time, Dubai has success-fully established itself as a leading global hub for business, finance, tour-ism and education. The Expo 2020 win will fuel further prosperity in the emir-ate, with huge developments expected in infrastructure, including across the education sector,” says a KHDA spokes-person. “As a result of this growth, we anticipate an increased demand for high quality education. By 2020 we expect to see 110 new or expanded schools, providing places for a total of 360,000 students across Dubai,” the spokesperson added.
Over 100 schools is close to doubling the current offering and a tall number to build within the next six years, some are already under construction, such as the SAFA Community School in Dubailand and Foremarke main building in Dubi-otech (Dubailand/Barsha South), open-ing this September, as well as an expan-
sion of the GEMS Wellington Academy along Al Khail road in the vicinity of the Dubai Hills Estate coming up in Moham-med Bin Rashid City (MBR City). There also seems to be another school in the planning by International Community School, right next to the existing GEMS World Academy in Al Barsha South. The Al Barsha South triangle looks like it has been developing into something of a school hub serving communities within Dubailand and Jumeirah Village South, including the JSS International School and NordAnglia International School in operation.
Rising demand GEMS Education though dominates the landscape along Al Khail Road, the school developer and operator reports a continued waiting list for all of its schools.
“School locations are based on a variety of factors, including community need and growth, availability of land and infrastructure among other consid-erations. Our schools on Al Khail road will be opening new wings and facilities and continue to grow,” a GEMS spokes-person explains. GEMS welcomed the younger ones into its pre-school Little GEMS International in Al Barsha in Jan-uary and is about to open the FirstPoint School in the area of DPG’s The Villa community and the Metropole School in Motor City in September. “We con-tinually evaluate market conditions and seek to support communities across the UAE. While there are plans for other schools, we must await all approvals before discussing them,” the GEMS spokesperson comments.
Developers in Dubai are well aware of the need for schools as they design their communities. When the Mer-aas-Emaar joint venture announced Dubai Hills Estate, in MBR City in June last year, it factored in educational institutions among its offering of golf, hospitality, retail and healthcare. With 11 million square metres to play with, there should be plenty of space for more than one school. Indeed, Emaar has always made space for schools within its communities. For example, the existing JESS School at the Arabian Ranches expanded as much as it could within, responding to overwhelming demand. Now that Emaar is expand-ing the Arabian Ranches, featuring four
“In a short time, Dubai has success-
fully established itself as a leading
global hub for business, finance, tourism and edu-cation. The Expo
2020 win will fuel further prosperity
in the emirate, with huge developments
expected in infra-structure, including
across the educa-tion sector.” KHDA
spokesperson.
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March 2014 Issue -16 /// 47
new communities the Moroccan style CASA with 243 villas, and the Spanish architectural inspired communities, Palma with 121 villas, Rasha with 140 vil-las and Lila, another 219 villas, targeting families, it promises the corresponding schools for its future residents.
On the other side of Emirates Road (E-611), the first phase of Emaar’s new Reem community, featuring the 188 Mediterranean ‘Mira’ townhouses is to be handed over in 2016. This gated community comes with a flurry of more unusual facilities, such as a des-ert botanical park, camping facilities, sand surfing and camel riding trails, a go-kart track, dune buggies, rock climb-ing wall, skate park and amphitheatre. Sure to attract families the developer will add nurseries and primary schools into the mix. Also behind the Arabian Ranches, Dubai Sustainable City plan-ning for ‘nature-inspired’ school, and the Damac-Trump Estates golf commu-nity are under construction.
“Yes, there will be a school in AKOYA by DAMAC, however, nothing to announce on who, just yet,” confirms Jon Barber, Senior Manager Corporate Communications at Damac, the devel-oper’s intention to provide future resi-dents with an educational facility close tohome.
Further afield Jumeirah Golf Estates is also looking at what schools to add, and Nakheel with more than one com-munity in Dubai, is on course build-ing a community shopping centre in Jumeirah Park. A press release at the time of the announcement indicated that a school features in the master plan. They are usually developed and operated by a third party. Not related but close by, Taleem is opening the Dubai British Foundation School in Jumeirah Islands this September.
In terms of Jumeirah Village Circle, a Nakheel spokesperson commented in a release on the development: “Jumeirah Village Circle is a family com-munity which will feature sports fields, schools, shops, hospitals and mosques spread between abundant green parks and landscaped areas.” King’s Dubai is meanwhile getting ready to open a branch in Nad Al Sheba and in Al Bar-sha in September this year, whilst UK’s Kent College Canterbury is looking to open a Dubai-branch at Meydan for the 2015/2016 academic year. The interest
expressed by existing and new school brands in Dubai makes a lot of sense, especially when one looks at the KHDA estimated private school market size, based on pupil enrolment multiplied by average tuition fee, to stand at around AED4.1 billion. Incoming competition may help reduce what parents per-ceive as rather high school fees today, and at the minimum should provide the necessary spaces. “Growth in Dubai is projected to continue at 5% to 7% percent with Expo 2020 projected to create tens of thousands of jobs. Projections estimate that Dubai will need thousands of school places. We aim to continue to serve the commu-nity where we can by providing high quality schools,” concludes the GEMS spokesperson.
“Yes, there will be a school in AKOYA by DAMAC, however, nothing to announce on who, just yet.” Jon Barber, senior manager corpo-rate Communica-tions, Damac
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Kempinski is a name in the hos-pitality world associated as much with heritage as with innovation, and above all exclu-
sivity. Its portfolio of just over 70 prop-erties spans the globe, unique to each destination they range from historic landmarks, such as the Ciragan Palace in Istanbul, award-winning urban lifestyle hotels like Siam Kempinski in Bangkok to outstanding resorts such as Kemp-inski Palace Portoroz in Slovenia, and prestigious residences like the Kemp-inski Hotel & Residences Palm Jumeirah here in Dubai, its success justifying an expansion to open next year.
The latest property to welcome guests in this region, is the Burj Rafal Kempinski, which soft-opened in Riyadh on the first of this month, two more properties in Saudi Arabia will open late next year, the Kempinski Hotel Al Oth-man in Al Khobar and Kempinski Hotel Jeddah. Qatar’s Pearl Island will get its first five-star hotel with the Marsa Malaz Kempinski by the end of this year and another Kempinksi will open next year in Muscat’s sought after The Wave com-munity. Property Times caught up with
Ulrich T. Eckhardt, regional president and managing director, Middle East & Africa - Kempinski Hotels, to find out what makes its properties so special.
Kempinski is not a ‘mass producer’ of hotels but you rather focus on unique properties in select destinations. What would you say are the main ingredi-ents in your recipe for success?Just like the recipes that have endured over time, our recipe for success is focusing on a few high quality ingre-dients. Perhaps that is because most of our senior management started their hotel careers in the kitchen.
Kempinski has been around for 117 years, so we’ve had a lot of time to refine our strategy, and the guiding principles of that strategy are to stay true to our cultural heritage, which began in 1897 with the foundation of the ‘Hotelbe-triebs-Aktiengesellschaft’ in Berlin, and to target one-of-a-kind hotels. Looking at our portfolio today I’d say it’s worked well for us.
Is keeping a limited number of prop-erties in your portfolio your strat-
egy to be able to make sure each property gets enough attention to stay exclusive?Kempinski is a luxury hotel company. We understand that luxury, by its very nature, is limited. We decided that in order to maintain our luxury identity, we would cap our hotel count in rela-tion to the age of the company. Simply put, we will never have more hotels than our age. This allows us to focus on the core values of luxury, which really come down to craftsmanship. We are
T. EckhardtRegional President & Managing
Director, Middle East & Africa Kempinski Hotels,
Focusing on high quality…Property Times catches up with Ulrich T. Eckhardt, regional president and managing director, Middle East & Africa - Kempinski Hotels, to find out what makes its proper-ties so special. By Nicole Walter/freelance writer
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Kempinski Djibouti makes its own honey on its roof
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not a supermarket of brands like the big hotel chains. You wouldn’t go to the supermarket to buy a luxury hand-bag or a limited edition automobile, you go to a craftsman. Guests looking for authenticity and true luxury come to Kempinski because of our expertise and focus on superior service.
In this respect, how much of your new development portfolio will focus on the GCC and why?We now have seven hotels operating and five more hotels opening in the GCC in the next two years. The GCC has always been a great outbound market for Kempinski hotels in Europe, Asia, and Africa so it is important to have a presence in this region. The GCC has certainly benefited from its relative sta-bility in comparison to its neighbours in the Levant, and the incredible growth and investment in the tourism infra-structure, as well as big events like the FIFA World Cup and Expo 2020 will con-
Over recent years there has been an emergence of brand leverage in the hospitality industry in the
middle east. This is the desire on the part of an operator to get more value from their brand than was previously the case. There are various innovative marketing strategies that the hotel operator show-cases to the hotel owners as the synergy between the brand and the product is directly proportional to the relationship between the operator and the hotel owner. Some examples of brand leverage are:
Branded residences – developments, which consist of a hotel and adjoining residential accommodation. The resi-dences are branded using the operators intellectual property sold to the public. The operator receives a proportion of the sale price in return for making its brand available for the residences. Hotel branded residences are typically
managed by well-known hospitality brands and often sold through fractional ownership or full ownership schemes, with an option to lease back to the hotel. In certain cases, developers retain the units and offer these for lease on a long- or short-term basis. Buyers are attracted to the associated brand promise and the notion that the product and service levels will be comparable to the particular hotel brand. Owners can enjoy the security, services and facilities associated with hotels, which would be cost prohibitive to deliver in a regular residential environ-ment. Hotel branded residences offer a sense of reliability especially for inves-tors and end-users purchasing homes in foreign countries, since they can be assured the property will be taken care of, whether it's rented out or left vacant for occasional use. Branded residences also make sense for developers. Isolated hotels are expensive to build, with no inflow of
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THE GROWING TREND OF LEVERAGING BRAND IDENTITY IN THE MIDDLE EAST
JITHEESH THILAKBA, LLB (Hons). LLM (Int. Economic Law)Solicitor (England & Wales),Advocate (Supreme Court of India)e: [email protected]
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Beach Restaurant In Kempinski Ajman
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tinue to attract more and more visitors to the region each year.
Talking about Dubai Expo 2020, as well as Abu Dhabi’s development of its cultural offering, are you look-ing at further properties in these two emirates?We expect continued growth in the UAE, especially in light of Expo 2020 and we are in talks about a new residence project in Dubai. We have also signed an LOI to manage a new luxury hotel in an exciting new development planned in Ajman. We don’t have any additional plans in Abu Dhabi right now - you can’t really top Emirates Palace.
Similarly the wider Middle East, you’ve been focusing on the Levant, with three hotels in Jordan, as well as plans for at least one in Lebanon. What kind of future do your forecast for your hotels in these areas, considering the simmering potential for violent-flare-ups, thanks to Syria’s unrest?We have three great hotels in Jordan at the Dead Sea, Aqaba, and Amman. Kempinski Summerland is set to open in Beirut early next year and we also have a hotel under construction in Erbil, Iraq. Just like the Dead Sea and Petra in Jordan, the Mediterranean coast of Leb-anon has attracted visitors for centuries. In Erbil, Iraq business is booming. As said we’ve been around for 117 years, so we have a long-term vision for growth.
In Egypt, you already have one prop-erty on the Read Sea, and in Cairo. Again in terms of the country’s pro-pensity for flare up in violence or unrest in one way or another, how are your properties performing there, who are your guests, and what do you expect for the future?Kempinski Hotel Soma Bay preformed quite well in 2013 considering the drop in visitors to Egypt since 2010. The Red Sea resort attracts leisure travellers from Germany, Switzerland, Russia and the UK. In Cairo, our top feeder markets remain the GCC, UK and USA. Although we have witnessed a drop in the overall number ofvisitors since the revolution, these key markets have been recover-ing recently and even GCC visitors are returning to Cairo.
Royal Maxim Palace Kempinski will open this year in a prime location near
cash until operations start, followed by a minimum of three years to reach a stable income. In the current climate, finance for these projects is hard to come by. Branded residences make new projects more economic, since the proceeds from the sales of the residential component reduce the financing requirements on the development. Also, the premium from being associated with branded residences may offset other parts of the project and help lift its perceived quality. This would also increase the revenue of the hotels associated with the residences due to increase in F&B and services revenue from the branded residents.
Brand partners – some manage-ment agreements provide that the operator may have one or more brand partners during the life of the agreement, and allow the operator to place marketing information relating to such brand partner in the hotel (and particularly the hotel rooms). Furthermore, the owner is generally prohibited from marketing in the hotel any products or services of a competitor to any of the operator's
nominated brand partners. Generally, the agreements do not provide for any payment to the owner in return for the operator's ability to access the hotel and its amenities in this fashion.Cross operations – some manage-ment agreements provide that if occupancy at the hotel during a particular period falls below a spec-ified minimum, then the operator is entitled to make rooms available to members of its affiliated time share club. There is either no fee payable to the owner for this other than for inci-dental costs. It is also a growing trend that there is a reversal cross opera-tions provisions in the management agreements where the owners who have multiple properties negotiate for entitlement to rooms in if occupancy at the hotel during a particular period falls below a specified minimum and in return the operator get incidental costs only.
There is a need to create an environment where both owner and operator receive a fair return for their respective contributions. If this does not occur then there will be increas-ing resistance to such leverage.
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Emirates Palace exterior sunset
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Cairo’s airport and will offer companies the ideal venue for MICE business. The hotel also has the biggest ballroom in the city and will make the hotel the top location for large weddings and celebrations.
Having said that, Kempinski is a pioneer, not averse to entering less chartered waters, such as in Africa – Chad. What other countries, are you currently looking at in your region?We have a lot of activity in Africa. On March 1st, we took over the management of Kem-pinski Hotel Fleuve Congo in Kinshasa. We also signed a management contract for the famous Hotel des Milles Collines in Kigali, Rwanda, which we will take over on the 1st of April. Grand Hotel Kempinski Oyala is set to open in November, in the future inland capital of Equatorial Guinea. We expect Kempinski Hotel Gold Coast City in Accra, Ghana to open this year as well. We are looking at projects in Yemen, Senegal, Guinea Conakry, Angola, Nigeria, and we are looking with great interest in India to expand the Kempinski portfolio there.
Your green inspiration programme is directed towards staff and guests, as well as property owners through your sustain-able energy consultancy company KREEN, what fruits has it born up to now?Sustainable operations make good busi-ness sense. Kempinski Hotel Mall of the Emirates recently achieved LEED Silver cer-tification, Kempinski Hotel Ajman has been using solar energy for a few years now and we have a “green champion” in each hotel to lead the drive toward more sustainable operations even further.
Just like the recipes that have endured
over time, our recipe for success is focus-
ing on a few high quality ingredients.
Perhaps that is because most of
our senior manage-ment started their
hotel careers in the kitchen.
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Burj Rafal Riyadh
LISTINGS
S P E C I A L I S T
Jason Dunne - C l i e n t M a n a g e r+971 056 115 9041 | [email protected] BROKERS NO. 26799
PALM JUMEIRAH SIGNITURE VILLA6 BEDS GALLERY VIEW HIGH NUMBERAREA SQ.FT: 14,000 PLOT, BUA: 7,000DUBAI MARINA SKYLINE VIEWAED 30,000,000
PALM JUMEIRAH SIGNITURE VILLA5 BEDS CENTRAL GALLERY MID NUMBERAREA SQ.FT: 14,000 PLOT, BUA 7,000DUBAI MARINA SKYLINE VIEWAED 23,000,000
PALM JUMERIAH GARDEN HOME 4 BEDS ATRIUM ENTRY UPGRADED MID NUMBERAREA SQ.FT: 7,000 PLOT, BUA: 5,000ATLANTIS VIEWAED 15,000,000
PALM JUMEIRAH CANAL COVE 4 BEDS WITH TERRACES AREA SQ.FT: 6,000 PLOT, BUA 4,200SEA AND POOL VIEWAED 9,750,000
PALM JUMEIRAH SHORELINE APARTMENT 2 BEDS TYPE F LEFT HAND SIDEAREA SQ.FT: 2,055SEA AND DUBAI MARINA SKYLINE VIEWAED 3,400,000
PALM JUMEIRAH SIGNITURE VILLA5 BEDS FRENCH RIVIERA FULLY FURNISHEDAREA SQ.FT: 14,000 PLOT, BUA 7,000BURJ AL ARAB VIEWAED 23,000,000
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PALM JUMEIRAH SHORELINE APARTMENT2 BEDS TYPE D RIGHT HAND SIDE AREA SQ.FT: 1,582 BURJ AL ARAB AND SEA VIEWAED 3,450,000
S P E C I A L I S T
Jason Dunne - C l i e n t M a n a g e r+971 056 115 9041 | [email protected] BROKERS NO. 26799
PALM JUMEIRAH SIGNITURE VILLA6 BEDS GALLERY VIEW HIGH NUMBERAREA SQ.FT: 14,000 PLOT, BUA: 7,000DUBAI MARINA SKYLINE VIEWAED 30,000,000
PALM JUMEIRAH SIGNITURE VILLA5 BEDS CENTRAL GALLERY MID NUMBERAREA SQ.FT: 14,000 PLOT, BUA 7,000DUBAI MARINA SKYLINE VIEWAED 23,000,000
PALM JUMERIAH GARDEN HOME 4 BEDS ATRIUM ENTRY UPGRADED MID NUMBERAREA SQ.FT: 7,000 PLOT, BUA: 5,000ATLANTIS VIEWAED 15,000,000
PALM JUMEIRAH CANAL COVE 4 BEDS WITH TERRACES AREA SQ.FT: 6,000 PLOT, BUA 4,200SEA AND POOL VIEWAED 9,750,000
PALM JUMEIRAH SHORELINE APARTMENT 2 BEDS TYPE F LEFT HAND SIDEAREA SQ.FT: 2,055SEA AND DUBAI MARINA SKYLINE VIEWAED 3,400,000
PALM JUMEIRAH SIGNITURE VILLA5 BEDS FRENCH RIVIERA FULLY FURNISHEDAREA SQ.FT: 14,000 PLOT, BUA 7,000BURJ AL ARAB VIEWAED 23,000,000
Tel +971 4 422 5750 | www.exclusive-links.com
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PALM JUMERIAH GARDEN HOME 4 BEDS GRAND FOYERAREA SQ.FT: 7,000 PLOT, BUA 5,000 FULL DUBAI MARINA SKYLINE VIEWAED 13,500,000
PALM JUMEIRAH SHORELINE APARTMENT2 BEDS TYPE D RIGHT HAND SIDE AREA SQ.FT: 1,582 BURJ AL ARAB AND SEA VIEWAED 3,450,000
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Younes Al Arab - Senior Sales Executive+971 50 322 2466 | [email protected]
RERA Broker # 9010
VICTORY HEIGHTS - CARMENTYPE C15BEDS + MAID'S + FAMILY ROOMAREA SQFT: BUA 4,334 PLOT 6,698 PARK VIEWAED 6,000,000
VICTORY HEIGHTS - ESTELLATYPE C1 5BEDS + MAID'S + FAMILY ROOMAREA SQ FT: BUA 4,334 PLOT 6,893PARK VIEWAED 6,400,000
VICTORY HEIGHTS - OLIVATYPE C2 5BEDS + MAID'S ROOMAREA SQFT: BUA 3,448 PLOT 6,735 PARK VIEWAED 5,700,000
VICTORY HEIGHTS - OLIVATYPE C15BEDS + MAID'S + FAMILY ROOMAREA SQ FT: BUA 4,334 PLOT 7,354 GOLF COURSE VIEWAED 6,595,000
VICTORY HEIGHTS - ESMERALDATYPE C15BEDS + MAID'S + FAMILY ROOMAREA SQ FT: BUA 4,334 PLOT 6,598 PARK VIEWAED 6,450,000
VICTORY HEIGHTS - NOVELIATYPE A1 6BEDS + 2 MAID'S + FAMILY + DRIVER'S ROOMAREA SQ.FT: BUA 9,880 PLOT 17,500 FULL GOLF COURSE VIEWAED 16,000,000
VICTORY HEIGHTS - CALIDATYPE B15BEDS + MAID'S + FAMILY ROOMAREA SQ.FT: BUA 5,187 PLOT 9,192 FULL GOLF COURSE VIEWAED 7,350,000
VICTORY HEIGHTS - CARMENTYPE B15BEDS + MAID'S + FAMILY ROOMAREA SQFT: BUA 5,176 PLOT 10,006 FULL GOLF COURSE VIEWAED 8,100,000
VICTORY HEIGHTS - ESTELLATYPE TH1 TOWNHOUSE4BEDS + MAID'S ROOMAREA SQFT: BUA 2,687 GARDEN AND COMMUNITY VIEWAED 3,490,000
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VICTORY HEIGHTSS P E C I A L I S T
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Kalpesh Sampat (BRN; 11874)+971 050 3424421
SPRINGS 5TYPE 2M 3 BEDS + STUDY + MAID’S + FAMILY ROOMAREA SQFT: BUA 2559POOL, LAKE AND PARK VIEWRENT 235,000/- | SALE: AED 4,100,000/-
SPRINGS 12TYPE 2E3 BEDS + STUDY + MAID’S + FAMILY ROOMAREA SQFT: BUA 2734, BIG PLOT 5000BIG LAKE & FOUNTAIN VIEW, CORNER UNITAED 4,400,000/-
SPRINGS 6 TYPE 2E CORNER UNIT, LAKE AND PARK VIEW3 BEDS + STUDY + MAIDS ROOM + FAMILY ROOMAREA SQ FT: BUA 2850, BIG PLOT 3700AED 4,100,000
SPRINGS 10TYPE 3E3 BEDS + STUDYAREA SQ FT: BUA 2272, PLOT 4200OPP ENTRANCE TO LAKE AND PARK VIEWAED 3,650,000 (RENTED AT 155K)
SPRINGS 12TYPE: 3E3 BEDS + STUDYAREA SQ FT: BUA 2272, PLOT 4000 LANDSCAPING AND SMALL LAKE VIEWRENTED AT AED 150,000/-AED 3,300,000
SPRINGS 3TYPE 3E3 BEDS + STUDYUPGRADED, CONVERTED TO 4 BEDSAREA SQ.FT: 2272AED 3,600,000
SPRINGS 12TYPE: 4M2 BEDS + STUDYAREA SQ.FT: 1690FULL PARK AND POOL VIEWAED 2,500,000
SPRINGS 11TYPE 4M2 BEDS + STUDYAREA SQFT: 1690VIEW: BACK TO BACK CLOSE TO PARKAED 2,350,000
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SPRINGSS P E C I A L I S T
ARABIAN RANCHESS P E C I A L I S T
M I R A D O R4 B E D S V i l l aA R E A S Q . F T : 4 , 5 5 9G O L F C O U R S E V I E WA E D 7, 7 5 0 , 0 0 0
S A H E E L V i l l aA R E A S Q . F T : 3 , 2 1 6PA R K V I E WA E D 4 , 9 5 0 , 0 0 0
A L M A3 B E D S V i l l aA R E A S Q . F T : 2 , 4 3 6C O M M U N I T Y V I E WA E D 3 , 6 0 0 , 0 0 0
S AVA N N A H3 B E D S V i l l aA R E A S Q . F T : 3 , 2 1 6C O M M U N I T Y V I E WA E D 5 , 3 0 0 , 0 0 0
T E R R A N O VA5 B E D S V i l l aA R E A S Q . F T : 4 , 8 0 0C O M M U N I T Y V I E WA E D 7, 5 0 0 , 0 0 0
A LV O R A D A4 B E D S V i l l aA R E A S Q . F T : 3 , 8 8 4C O M M U N I T Y V I E WA E D 6 , 5 0 0 , 0 0
A L R E E M3 BEDS Vil laA R E A S Q . F T : 2 , 2 9 2C O M M U N I T Y V I E WA E D 3 , 4 0 0 , 0 0 0
P A L M E R A3 B E D S V i l l aA R E A S Q . F T : 2 , 2 1 9C O M M U N I T Y V I E WA E D 3 , 6 0 0 , 0 0 0
Tel +971 4 447757 | www.eliterealtydubai.com
Karl DJ Ormerod - Agent Arabian Ranches+971 56 933 1698 [email protected]
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Kalpesh Sampat (BRN; 11874)+971 050 3424421
SPRINGS 5TYPE 2M 3 BEDS + STUDY + MAID’S + FAMILY ROOMAREA SQFT: BUA 2559POOL, LAKE AND PARK VIEWRENT 235,000/- | SALE: AED 4,100,000/-
SPRINGS 12TYPE 2E3 BEDS + STUDY + MAID’S + FAMILY ROOMAREA SQFT: BUA 2734, BIG PLOT 5000BIG LAKE & FOUNTAIN VIEW, CORNER UNITAED 4,400,000/-
SPRINGS 6 TYPE 2E CORNER UNIT, LAKE AND PARK VIEW3 BEDS + STUDY + MAIDS ROOM + FAMILY ROOMAREA SQ FT: BUA 2850, BIG PLOT 3700AED 4,100,000
SPRINGS 10TYPE 3E3 BEDS + STUDYAREA SQ FT: BUA 2272, PLOT 4200OPP ENTRANCE TO LAKE AND PARK VIEWAED 3,650,000 (RENTED AT 155K)
SPRINGS 12TYPE: 3E3 BEDS + STUDYAREA SQ FT: BUA 2272, PLOT 4000 LANDSCAPING AND SMALL LAKE VIEWRENTED AT AED 150,000/-AED 3,300,000
SPRINGS 3TYPE 3E3 BEDS + STUDYUPGRADED, CONVERTED TO 4 BEDSAREA SQ.FT: 2272AED 3,600,000
SPRINGS 12TYPE: 4M2 BEDS + STUDYAREA SQ.FT: 1690FULL PARK AND POOL VIEWAED 2,500,000
SPRINGS 11TYPE 4M2 BEDS + STUDYAREA SQFT: 1690VIEW: BACK TO BACK CLOSE TO PARKAED 2,350,000
Tel +971 4 3396222 | www.spfrealty.com
SPRINGSS P E C I A L I S T
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ST BURJ KHALIFA DISTRICT S P E C I A L I S T
Dorothy Biro- Agent Burj Khalifa District+971 561053655 | [email protected] : 29200 | ORN : 303
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B U R J R E S I D E N C E T O W E R 54 B E D A PA R T M E N TA R E A S Q F T 3 , 2 6 9B U R J K H A L I FA & F O U N TA I N V I E W SA E D 1 9 , 9 9 5 , 0 0 0A D D R E S S L A K E 2 2 B E D A PA R T M E N TA R E A S Q F T 1 , 9 0 0F U L L F O U N TA I N V I E WA E D 1 1 , 0 0 0 , 0 0 0 A R M A N I R E S I D E N C E S 1 B E D A PA R T M E N TA R E A S Q F T 1 , 2 5 4F U L L F O U N TA I N V I E WA E D 6 , 8 0 0 , 0 0 0S O U T H R I D G E T O W E R 13 B E D A PA R T M E N TA R E A S Q F T 2 , 1 0 3B U R J K H A L I FA & F O U N TA I N V I E WA E D 5 , 8 5 0 , 0 0 0
D U B A I M A L L A D D R E S SS T U D I OA R E A S Q F T 5 74F U L LY F U R N I S H E D | WAT E R V I E W SA E D 2 , 3 5 0 , 0 0 02 9 B O U L E VA R D T O W E R 1 B E D A PA R T M E N TA R E A S Q F T 8 4 5B U R J K H A L I FA & F O U N TA I N V I E W SA E D 2 , 3 5 0 , 0 0 0S TA N D P O I N T T O W E R A 1 B E D A PA R T M E N TAREA SQ FT 8 4 0 | T Y P E HPA R T I A L B U R J K H A L I FA V I E WA E D 2 , 0 7 5 , 0 0 0B U R J V I E W S 1 B E D A PA R T M E N TAREA SQ FT 9 2 0R E N T E D | FA C I N G S O U T H R I D G EA E D 1 , 7 5 0 , 0 0 0
B U R J K H A L I FA 1 B E D A PA R T M E N TA R E A S Q F T 9 8 6S E A V I E WA E D 3 , 7 0 0 , 0 0 0
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ST BURJ KHALIFA DISTRICT S P E C I A L I S T
Dorothy Biro- Agent Burj Khalifa District+971 561053655 | [email protected] : 29200 | ORN : 303
Tel +971 4 3882220 | www.aquaproperties.com
B U R J R E S I D E N C E T O W E R 54 B E D A PA R T M E N TA R E A S Q F T 3 , 2 6 9B U R J K H A L I FA & F O U N TA I N V I E W SA E D 1 9 , 9 9 5 , 0 0 0A D D R E S S L A K E 2 2 B E D A PA R T M E N TA R E A S Q F T 1 , 9 0 0F U L L F O U N TA I N V I E WA E D 1 1 , 0 0 0 , 0 0 0 A R M A N I R E S I D E N C E S 1 B E D A PA R T M E N TA R E A S Q F T 1 , 2 5 4F U L L F O U N TA I N V I E WA E D 6 , 8 0 0 , 0 0 0S O U T H R I D G E T O W E R 13 B E D A PA R T M E N TA R E A S Q F T 2 , 1 0 3B U R J K H A L I FA & F O U N TA I N V I E WA E D 5 , 8 5 0 , 0 0 0
D U B A I M A L L A D D R E S SS T U D I OA R E A S Q F T 5 74F U L LY F U R N I S H E D | WAT E R V I E W SA E D 2 , 3 5 0 , 0 0 02 9 B O U L E VA R D T O W E R 1 B E D A PA R T M E N TA R E A S Q F T 8 4 5B U R J K H A L I FA & F O U N TA I N V I E W SA E D 2 , 3 5 0 , 0 0 0S TA N D P O I N T T O W E R A 1 B E D A PA R T M E N TAREA SQ FT 8 4 0 | T Y P E HPA R T I A L B U R J K H A L I FA V I E WA E D 2 , 0 7 5 , 0 0 0B U R J V I E W S 1 B E D A PA R T M E N TAREA SQ FT 9 2 0R E N T E D | FA C I N G S O U T H R I D G EA E D 1 , 7 5 0 , 0 0 0
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JUMEIRAH PARKS P E C I A L I S T
Margaret Ra�an+ 971 52 68 03772
[email protected] BRN29497
REGIONAL STYLE VILLA FOR SALE5 BEDSAREA SQ.FT: 4689GARDEN VIEWAED 7,650,000
LEGACY STYLE VILLA FOR SALE4 B E D S A R E A S Q . F T : 4335GARDEN VIEWA E D 6 , 7 5 0 , 0 0 0
LEGACY STYLE LARGE VILLA FOR SALE3 B E D S A R E A S Q . F T : 3 5 2 7GARDEN VIEWA E D 4 , 7 5 0 , 0 0 0
LEGACY STYLE SMALL UPGRADED VILLA WITH SWIMMING POOL FOR SALE3 B E D S A R E A S Q . F T : 3063PA R K V I E WA E D 4 , 7 5 0 , 0 0 0
REGIONAL STYLE VILLA FOR SALE3 B E D SA R E A S Q . F T : 3 0 6 3GARDEN VIEWA E D 3 , 9 0 0 , 0 0 0
LEGACY STYLE LARGE VILLA FOR RENT3 B E D S A R E A S Q F T : 3 5 2 7GARDEN VIEWA E D 2 1 5 K
HERITAGE STYLE CORNER PLOT VILLA FOR RENT3 BEDSA R E A S Q . F T : 3 5 2 7GARDEN VIEWA E D 2 2 0 K
REGIONAL STYLE SMALL VILLA FOR RENT3 B E D S A R E A S Q . F T : 3 0 6 3GARDEN VIEWA E D 1 9 5 K
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Tel +971 4 4468300 | www.prestigedubai.com
Toll free:
RERA No. ORN 1981
AED 4,100,000/-
THE LAKES
AED 4,100,000/-
JUMEIRAH PARK
3 Beds BUA 3,063
AED 9,400,000/-
JUMEIRAH GOLF ESTATES
5 Beds BUA 6,000 Plot 8,250 2 Parking
AED 3,800,000/-
THE RESIDENCES, DOWNTOWN
AED 2,600,000/-
MARINA HEIGHTS
Tel +971 4 33 88 [email protected]
AED 5,400,000/-
AL FURJAN
This community boasts an excellent location in the heart of New Dubai in close proximity of DWC & all major highways.
Ajay Gautam055 557 2358Broker ID: 11270
5+Maids BUA 5,412 Plot 6,600 2 Parking
AED 3,100,000/-
AL FURJAN
3+Maids BUA 2,821 Plot 3,000 2 Parking
AED 3,400,000/-
AL FURJAN GE
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This community boasts an excellent location in the heart of New Dubai in close proximity of DWC & all major highways.
Ajay Gautam055 557 2358 Broker ID: 11270
The lakes o ers quality life to its residents within a tranquil, natural environment.
Gauri Lilani052 823 7050 Broker ID: 27480
This community boasts an excellent location in the heart of New Dubai in close proximity of DWC & all major highways.
Ajay Gautam055 557 2358 Broker ID: 11270
The core community values at Jumeirah park villas are peace, privacy and quality. Jumeirah Park is a modern residential community of creatively designed villa clusters bordered by landscaped gardens.
Raunika Oberoi055 557 2358RERA No: 27433
Gurpreet Kaur055 873 6332Broker ID: 8060
Jumeirah Golf Estates is at the heart of New Dubai, located in the Jebel Ali district on the south side of Emirates Highway, opposite Jumeirah Village.
Gauri Lilani052 823 7050 Broker ID: 27480
A gorgeous apartment in the heart of Downtown Dubai with astounding panoramic views of the community.
Pratima Dutt055 557 2158 Broker ID: 27729
Plot 3,4343+Study 2 Parking 2 Parking
The tower is located on the podium of the shopping mall and parking with connectivity to the marina and waterside restaurants.
BUA 2,800
3+Maids BUA 3,049 Plot 3,000 2 Parking
Plot 5,285
2 Beds BUA 1,403 1 Parking 2 Beds BUA 1,053 1 Parking Fully Furnished
AED 2,900,000/-
2+Maids BUA 1,769
EXECUTIVE TOWERS
Pratima Dutt055 557 2158 Broker ID: 27729
An ideal home for a family and is close to all world class amenities of Downtown, as well as road and metro networks.
1 ParkingPlot (Change to view, as its an apartment): Full Burj Khalifa View
ORN: 936Real Properties from Real Estate Agents
REAL ESTATE REAL ESTATE
For Sales and Rental Enquiries04 88 55 222www.espace.ae
Properties for Sale and Rent!
Daniel | 056 958 0156 | BRN. 22815
5 BedroomsPark & Pool view
Plot: 5,900 sq. ft.
FOR RENT!
Green Community WestFamily Villa
AED 270,000/-
John | 056 244 3104 | BRN. 25393
5 BedroomsHuge plot
Plot: 13,707 sq. ft.
Arabian RanchesTerranova - Type 11
AED 7,650,000 /-
Simon J. | 056 157 1026 | BRN. 25783
5 BedroomsPark view
Plot: 6,604 sq. ft.
Victory HeightsCarmen – Type C1
AED 6,500,000/-
Daniel | 056 958 0156 | BRN. 22815
3 BedroomsGarden View
Plot: 7,666 sq. ft.
FOR RENT!
Arabian RanchesAlvorada – Type A2
AED 285,000/-
Ben | 055 639 6000 | BRN. 25697
4 BedroomsLarge corner plot
Plot: 9,365 sq. ft.
Green Community WestBungalow
AED 4,199,950/-
Ben | 055 639 6000 | BRN. 25697
3 BedroomsBacking onto greenery area
BUA: 4,170 sq. ft.
Green Community WestTownhouse
AED 4,249,950/-
Howard | 056 204 3836 | BRN. 26534
3 BedroomsBacking onto park
Plot: 3,875 sq. ft.
Arabian Ranches Al reem – Type 2E
AED 3,599,950/-
Ben | 055 639 6000 | BRN. 25697
5 BedroomsPark view
Plot: 8,589 sq. ft.
Arabian RanchesSaheel – Type 4
AED 7,799,950/-
Mohamad | 050 903 4245 | BRN. 6240
4 BedroomsMain Lake view
Plot: 11,036 sq. ft.
Jumeirah IslandsEuropean Spanish E foyer
AED 8,850,000/-
Mohamad | 050 903 4245 | BRN. 6240
4 BedroomsFully Upgraded & Extended
Plot: 5,942 sq. ft.
MeadowsType 14
AED 6,199,950/-
Mohamad | 050 903 4245 | BRN. 6240
7 BedroomsGolf course & skyline view
Plot: 11,500 sq. ft.
The LakesHattan L2
AED 19,999,950/-
Mohamad | 050 903 4245 | BRN. 6240
5 BedroomsMain lake view
Plot: 14,000 sq. ft.
Jumeirah IslandsOttoman Masterview
AED 13,999,950/-
Alastair | 055 106 6926 | BRN. 23169
3 BedroomsSingle row
Plot: 3,662 sq. ft.
The LakesForat – Type A End
AED 4,999,950/-
Ronald | 056 204 3832 | BRN. 26894
3 BedroomsClose to park & pool
BUA: 2,275 sq. ft.
FOR RENT!
The LakesZulal – Type D Middle
AED 210,000/-
Ronald | 056 204 3832 | BRN. 26894
5 BedroomsUpgraded
Plot: 6,500 sq. ft.
FOR RENT!
MeadowsType 16
AED 300,000/-
Ronald | 056 204 3832 | BRN. 26894
5 BedroomsLake view
Plot: 13,500 sq. ft.
FOR RENT!
Jumeirah IslandsMansions
AED 800,000/-
Gil | 050 553 4345 | BRN. 25322
4 BedroomsPrime location
Plot: 6,250 sq. ft.
MeadowsType 10
AED 7,200,000/-
Daniel R. | 050 253 0195 | BRN. 24503
4 BedroomsLake view
Plot: 8,773 sq. ft.
Jumeirah IslandsCosta del sol Entertainment foyer
AED 7,799,950/-
Sammi | 050 672 8766 | BRN. 7256
7 BedroomsGolf course view
Plot: 10,000 sq. ft.
The LakesHattan L2
AED 24,500,000/-
Predrag | 055 119 8464 | BRN. 24066
5 BedroomsLake view
Plot: 9,468 sq. ft.
MeadowsHattan L1
AED 11,499,950/-
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
Simon J. | 056 157 1026 | BRN. 25783
6 BedroomsGolf course view
Plot: 12,000 sq. ft.
Victory HeightsMorella – Type A
AED 11,000,000/-
John | 056 244 3104 | BRN. 25393
5 BedroomsWell maintained
Plot: 9,600 sq. ft.
Green Community WestFamily Villa
AED 5,795,000/-EXCLUSIVE
EXCLUSIVE
Daniel | 056 958 0156 | BRN. 22815
6 BedroomsGolf course view
Plot: 13,000 sq. ft.
FOR RENT!
Victory HeightsMorella – Type A
AED 420,000/-
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
Simon J. | 056 157 1026 | BRN. 25783
5 BedroomsGolf course view
Plot: 9,192 sq. ft.
Victory HeightsEsmeralda – Type B
AED 7,750,000/-
EXCLUSIVE
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ORN: 936Real Properties from Real Estate Agents
REAL ESTATE REAL ESTATE
For Sales and Rental Enquiries04 88 55 222www.espace.ae
Properties for Sale and Rent!
Daniel | 056 958 0156 | BRN. 22815
5 BedroomsPark & Pool view
Plot: 5,900 sq. ft.
FOR RENT!
Green Community WestFamily Villa
AED 270,000/-
John | 056 244 3104 | BRN. 25393
5 BedroomsHuge plot
Plot: 13,707 sq. ft.
Arabian RanchesTerranova - Type 11
AED 7,650,000 /-
Simon J. | 056 157 1026 | BRN. 25783
5 BedroomsPark view
Plot: 6,604 sq. ft.
Victory HeightsCarmen – Type C1
AED 6,500,000/-
Daniel | 056 958 0156 | BRN. 22815
3 BedroomsGarden View
Plot: 7,666 sq. ft.
FOR RENT!
Arabian RanchesAlvorada – Type A2
AED 285,000/-
Ben | 055 639 6000 | BRN. 25697
4 BedroomsLarge corner plot
Plot: 9,365 sq. ft.
Green Community WestBungalow
AED 4,199,950/-
Ben | 055 639 6000 | BRN. 25697
3 BedroomsBacking onto greenery area
BUA: 4,170 sq. ft.
Green Community WestTownhouse
AED 4,249,950/-
Howard | 056 204 3836 | BRN. 26534
3 BedroomsBacking onto park
Plot: 3,875 sq. ft.
Arabian Ranches Al reem – Type 2E
AED 3,599,950/-
Ben | 055 639 6000 | BRN. 25697
5 BedroomsPark view
Plot: 8,589 sq. ft.
Arabian RanchesSaheel – Type 4
AED 7,799,950/-
Mohamad | 050 903 4245 | BRN. 6240
4 BedroomsMain Lake view
Plot: 11,036 sq. ft.
Jumeirah IslandsEuropean Spanish E foyer
AED 8,850,000/-
Mohamad | 050 903 4245 | BRN. 6240
4 BedroomsFully Upgraded & Extended
Plot: 5,942 sq. ft.
MeadowsType 14
AED 6,199,950/-
Mohamad | 050 903 4245 | BRN. 6240
7 BedroomsGolf course & skyline view
Plot: 11,500 sq. ft.
The LakesHattan L2
AED 19,999,950/-
Mohamad | 050 903 4245 | BRN. 6240
5 BedroomsMain lake view
Plot: 14,000 sq. ft.
Jumeirah IslandsOttoman Masterview
AED 13,999,950/-
Alastair | 055 106 6926 | BRN. 23169
3 BedroomsSingle row
Plot: 3,662 sq. ft.
The LakesForat – Type A End
AED 4,999,950/-
Ronald | 056 204 3832 | BRN. 26894
3 BedroomsClose to park & pool
BUA: 2,275 sq. ft.
FOR RENT!
The LakesZulal – Type D Middle
AED 210,000/-
Ronald | 056 204 3832 | BRN. 26894
5 BedroomsUpgraded
Plot: 6,500 sq. ft.
FOR RENT!
MeadowsType 16
AED 300,000/-
Ronald | 056 204 3832 | BRN. 26894
5 BedroomsLake view
Plot: 13,500 sq. ft.
FOR RENT!
Jumeirah IslandsMansions
AED 800,000/-
Gil | 050 553 4345 | BRN. 25322
4 BedroomsPrime location
Plot: 6,250 sq. ft.
MeadowsType 10
AED 7,200,000/-
Daniel R. | 050 253 0195 | BRN. 24503
4 BedroomsLake view
Plot: 8,773 sq. ft.
Jumeirah IslandsCosta del sol Entertainment foyer
AED 7,799,950/-
Sammi | 050 672 8766 | BRN. 7256
7 BedroomsGolf course view
Plot: 10,000 sq. ft.
The LakesHattan L2
AED 24,500,000/-
Predrag | 055 119 8464 | BRN. 24066
5 BedroomsLake view
Plot: 9,468 sq. ft.
MeadowsHattan L1
AED 11,499,950/-EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
Simon J. | 056 157 1026 | BRN. 25783
6 BedroomsGolf course view
Plot: 12,000 sq. ft.
Victory HeightsMorella – Type A
AED 11,000,000/-
John | 056 244 3104 | BRN. 25393
5 BedroomsWell maintained
Plot: 9,600 sq. ft.
Green Community WestFamily Villa
AED 5,795,000/-
EXCLUSIVE
EXCLUSIVE
Daniel | 056 958 0156 | BRN. 22815
6 BedroomsGolf course view
Plot: 13,000 sq. ft.
FOR RENT!
Victory HeightsMorella – Type A
AED 420,000/-
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
EXCLUSIVE
Simon J. | 056 157 1026 | BRN. 25783
5 BedroomsGolf course view
Plot: 9,192 sq. ft.
Victory HeightsEsmeralda – Type B
AED 7,750,000/-
EXCLUSIVE
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RERA ORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District Dubai facebook.com/aquaproperties
Dubai Marina
Marina Heights Tower5 Bedroom+maid Penthouse,
5,800 sq.ft. Full Marina & Sea view
AED 13,500,000/-
Dubailand
Skycourts2 Bedroom+maid, 1,276 sq.ft.
Vacant
AED 1,100,000/-
Exquisite
Dubai Marina
23 Marina3 Bedroom+maid, 2,187 sq.ft.
Stunning Golf Course & SZR view
AED 3,300,000/-Manish (BRN 27819) Manish (BRN 27819) Kristain (BRN 28682)
Palm Jumeirah
Jumeirah Zabeel Saray4 & 5 Bedroom, 6,347-7,087 sq.ft.
Fully furnished, Sea view
Starting @ AED 26,000,000/-
Palm Jumeirah
Garden Home5 Bedroom Villa, 5,750 sq.ft. BUA
Mediterranean atrium entry
AED 15,950,000/-
One of a Kind
Ready to
move in
Dorothy(BRN 29200)
Zia(BRN 29236)
Palm Jumeirah
Balqis Residence5 Bedroom villa, 15,000 sq.ft.
Landscaped garden, Ocean view
AED 23,000,000/-Distress Sale
Wakas (BRN 25871)
Palm Jumeirah
Shoreline Apartments4 Bedroom+maid penthouse,
Choose from 4,628 & 5,367 sq.ft.
AED 1,450/ sq.ft. Manish (BRN 27819)
Al Barari
Spacious 6 Bedroom! Type C,
Camelia, 13,850 sq.ft. BUA & Pool,
Lush landscaping on Jasmine leaf
AED 15,975,000/-
Must see
Zia (BRN 29236)
Emirates Hills
Al Hambra6 Bedroom, 14,500 sq.ft.
Lake view
AED 26,500,000/-
Jumeirah Golf Estates
Fireside6 Bedroom villa, 10,692 sq.ft. BUA
Golf club view, Clubhouse
AED 30,613,660/-
Spectacular
Arabian Ranches
Rosa6 Bedroom villa, 6,000 sq.ft. BUA
Community park, Swimming pools
AED 19,750,000/-
Payment
Plan
Wakas (BRN 25871)Wakas (BRN 25871)Amjad (BRN 29136)
+971 4 395 [email protected]
Emirates Living Properties for sale & rent
List your property for sale or for rent with our Emirates Living Specialists today
For Property Management Services Call Stephan Adams (RERA#27581) +971 052 835 0679
Wajid SabirRERA #26442M: 055 455 9255
Ahmed Al AzzawiRERA #28407M: 050 671 6978
Jumeirah Park Regional Villa
3 B/R Regional Style Villa + maid’s, 3,063 sq.ft BUA, 7,317 sq.ft
plot, Best location available, Close to shopping mall.
AED 4,500,000 Ahmed +971 50 671 6978 (BRN# 28407)
Springs 2 Type 2M Villa
Lovely Type 2M, Springs 2 - 3B/R Villa + study + maid’s,
2,588 sq.ft BUA, Private Garden and a Shared Pool.
AED 3,800,000Wajid +971 56 605 6382 (BRN# 26442)
FEATUREDProperty for Sale
FEATUREDProperty for Sale
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Beautiful 3 B/R Villa + study + maid’s,
Superb Pool + BBQ area, Lake View,
2,637 sq.ft BUA, 4,780 sq.ft plot.
AED 240,000 Per Year
Andrew +971 56 984 0546 (BRN# 29308)
Springs 12 Type 2E
Extended & Upgraded 4 B/R Villa +
maid’s, 3,200 sq.ft BUA, 5,576 sq.ft plot.
Quiet & verdant community.
AED 5,500,000Wajid +971 56 605 6382 (BRN# 26442)
Meadows 8 Type 15
Well-maintained & Spacious 3B/R Villa
+ maid’s, Private Garden, 2,637 sq.ft
BUA, Vacant.
AED 220,000 Per Year
Andrew +971 56 984 0546 (BRN# 29308)
Springs 11 Type 2E
3 B/R Villa + study + maid’s, Private
Landscaped Garden + BBQ area, 2,456
sq.ft BUA, 3,000sq.ft plot. Vacant.
AED 3,300,000Wajid +971 55 455 9255 (BRN# 26442)
Springs 3 Type 3M
Unfurnished 3 B/R Villa + study, Private
Beautifully Landscaped Garden, 2,246
sq.ft BUA, Community View.
AED 190,000 Per Year
Andrew +971 56 984 0546 (BRN# 29308)
Springs 15 Type 3E
Rare Type 2E, Luxurious 3 B/R Villa +
study + maid’s, 2,693 sq.ft BUA, 3,710
sq.ft plot, Lake & Park view.
AED 3,900,000Ahmed +971 56 640 6744 (BRN# 28407)
Springs 4 Type 2E
Extended 4 B/R Villa + study + maid’s,
Private Garden, 2,700 sq.ft BUA, 4,500
sq.ft plot, Vacant.
AED 210,000 Per Year
Andrew +971 56 984 0546 (BRN# 29308)
Springs 2 Type 2E
Extended 3B/R Villa on the Lake + study
+ maid’s, Stunning view, Professionally
Landscaped Garden, 2,600 sq.ft BUA.
AED 3,500,000Ahmed +971 56 640 6744 (BRN# 28407)
Springs 9 Type 3M
FOR RENT FOR RENT FOR RENT FOR RENT
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RERA ORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District Dubai facebook.com/aquaproperties
Dubai Marina
Marina Heights Tower5 Bedroom+maid Penthouse,
5,800 sq.ft. Full Marina & Sea view
AED 13,500,000/-
Dubailand
Skycourts2 Bedroom+maid, 1,276 sq.ft.
Vacant
AED 1,100,000/-
Exquisite
Dubai Marina
23 Marina3 Bedroom+maid, 2,187 sq.ft.
Stunning Golf Course & SZR view
AED 3,300,000/-Manish (BRN 27819) Manish (BRN 27819) Kristain (BRN 28682)
Palm Jumeirah
Jumeirah Zabeel Saray4 & 5 Bedroom, 6,347-7,087 sq.ft.
Fully furnished, Sea view
Starting @ AED 26,000,000/-
Palm Jumeirah
Garden Home5 Bedroom Villa, 5,750 sq.ft. BUA
Mediterranean atrium entry
AED 15,950,000/-
One of a Kind
Ready to
move in
Dorothy(BRN 29200)
Zia(BRN 29236)
Palm Jumeirah
Balqis Residence5 Bedroom villa, 15,000 sq.ft.
Landscaped garden, Ocean view
AED 23,000,000/-
Distress Sale
Wakas (BRN 25871)
Palm Jumeirah
Shoreline Apartments4 Bedroom+maid penthouse,
Choose from 4,628 & 5,367 sq.ft.
AED 1,450/ sq.ft. Manish (BRN 27819)
Al Barari
Spacious 6 Bedroom! Type C,
Camelia, 13,850 sq.ft. BUA & Pool,
Lush landscaping on Jasmine leaf
AED 15,975,000/-
Must see
Zia (BRN 29236)
Emirates Hills
Al Hambra6 Bedroom, 14,500 sq.ft.
Lake view
AED 26,500,000/-
Jumeirah Golf Estates
Fireside6 Bedroom villa, 10,692 sq.ft. BUA
Golf club view, Clubhouse
AED 30,613,660/-
Spectacular
Arabian Ranches
Rosa6 Bedroom villa, 6,000 sq.ft. BUA
Community park, Swimming pools
AED 19,750,000/-
Payment
Plan
Wakas (BRN 25871)Wakas (BRN 25871)Amjad (BRN 29136)
March 2014 Issue -16 /// 74
propertyonline.ae
FROM our READER...
If given a choice to move to a new country, where would you
like to go? Why?
USA, as it has a really good and secure future for my kids and family.
When did you land in this ‘Land of Dreams’ called Dubai?
I landed in Dubai in October 2010 after the crisis hit the
market.
Dubai's pace of development is amazing, so are the job opportu-nities and entertainment options.
Haitham Canawati- Jordanian Senior business development manager
Global Experience Specialists (GES)
Compiled byIndu Ravindranath
Which are the top three places in Dubai you love to hang out in?
My most favourate places are Dubai Marina Mall, kite beach and
Marina Walk.
Which are the top three factors that you love about Dubai?
If you wish to be featured on this page, contact us at [email protected]
I have been staying at Jumeirah Lake Towers,
which is a nice community to live in.
Where do you stay?
For more information please call +971 4 388 2220aquaproperties.com
RERA ORN # 303
EXCEPTIONAL AGENTS,PROMPT SERVICE, TRANSPARENT DEALS
ABOUT USFounded in the year 2004, Aqua Properties is a property investment and services company operating in Dubai, UAE.
We specialize in selling and leasing residential, commercial and retail properties; in essence we are a brokerage firm providing extensive services.
Our core strength lies in the expert knowledge of the property market and our ability to maintain excellent relationships with clients and investors worldwide.
