Ferretti and ACI unveil luxury projects

ACI Real Estate and
Ferretti Group yesterday launched two luxury waterfront residences,
Ferretti Luxury Beach Residence and Pershing Luxury Beach Residence.

The freehold ownership
project branded as Marine Legends, valued at about Dh6 billion ($1.6
billion) located at the Waterfront, offers 1,969,607 square feet of
saleable area.

UAE theme parks to dazzle the world with projected $62 billion

The UAE with its dramatic
pace of development is all set to dazzle the world with over 30
multi-faceted entertainment resorts and theme parks being built until
2012 with a projected total investment of Dh228 billion ($62 billion)
according to CMPi UAE organizers of Middle East Attractions,
Amusements, Parks, Leisure and Entertainment International Trade
Exhibition (MEAAPLE).

Prominent theme parks currently under
development in Abu Dhabi and Dubai include Warner Bros and Ferrari
theme parks in the capital and Dubailand, a multi-billion dollar
enclave of 24 theme parks, four and a half times the size of Manhattan,
which will be the Middle East's answer to Disneyworld. There will be
Universal Studios' Universal City and a Marvel Entertainment theme park
among others.

Dh3.6b tower project in Ajman

Al Rashed Real Estate
yesterday unveiled freehold commercial and residential towers worth
Dh3.6 billion in Ajman. It also joined hands with ACI to strengthen its
high-end real estate solutions.

Springfield Residences
and Highfield Commercial Towers - comprising four towers each - are
located in Humaid City in Ajman, a self-contained development featuring
a mix of residential and commercial complexes. Taking advantage of
their strategic location on Emirates Road, the towers will be
surrounded by lakes and green parks, as well as shopping facilities.
Each residential tower will offer 25 floors, while the commercial
buildings will boast 45 floors - with a total built up area of more
than half a billion square feet.

The commercial towers will offer office spaces and will feature a floor-to-ceiling glass atrium lobby.

Springfield Residences
will encompass studios, one- and two-bedroom apartments. In addition,
they will feature a tranquility zone for the residents, where they can
indulge in one of several state-of-the-art features of the recreational
centre - such as the Jacuzzi, roof top swimming pool, gymnasium and
sauna.

Desert Dream launches Dh1.7b project in Dubai

Property developer Desert Dream will launch its latest project in Dubai Waterfront with a value of Dh1.7 billion.

Dream Harbour will be
a 48-storey residential tower located on 67,850 square feet of land.
The total built-up area will be 750,000 square feet, excluding car
parking.

Mahmoud Khan, chairman
and chief executive of Desert Dream, said the company's portfolio,
including this project, is about Dh2.5 billion.

Dream Harbour will also feature swimming pools, sauna, steam room and retail space.

Prices will start at about Dh1,995 per square foot.

3 Dh615 million residential projects

Real estate developer Dheeraj and East Coast (DEC) broke ground on Wednesday for its three Dh615 million projects located in the heart of Culture Village.

The projects, spread over an area of 60,981 square feet, include two residential developments called Cascade Ville and Cascade Manor and a mixed-use residential-cum-commercial property called The Estate.

Cascade Ville is a seven-storey residential project comprising one to three-bedroom apartments, health club and gymnasium, retail boutique and café and 24-hour security.

The eight-storey Cascade Manor is a mélange of modern and old world charm, incorporating one, two and three-bedroom apartments, and a park with landscaped gardens. The Estate is a mixed-use project blending traditional Arabic architectural styles with modern construction technologies to create a mix of residences and offices.

Dh400m contract

Property developer Plus Properties has signed a Dh400 million contract with Taahud General Contracting for the construction of its SkyGardens project in Reem Island, Abu Dhabi.

The agreement was recently signed by Georges Chehwane, chief executive of Plus Properties, and Adel Noueis, general director of Taahud General Contracting. The agreement paves the way for commencement of construction of SkyGardens, which is expected to become the prestigious waterfront tower in Abu Dhabi.

Abu Dhabi-based Taahud has secured a string of prestigious projects.

The SkyGardens is a residential waterfront property designed by renowned architect James Law, and comprises a selection of one-, two- and three-bedroom deluxe apartments, exclusive garden apartments and sky garden duplex villas. The project will come up near the Reem Island.

Mubadala and MAF to develop mixed-use project in Abu Dhabi

The Mubadala Development Company (Mubadala) and Majid Al Futtaim (MAF) Group yesterday said they have signed a joint venture agreement to invest in a mixed-use development, which will include a shopping mall with quality retail outlets, including Carrefour, leisure concepts, hotels, and office space.

"This new mixed-used project will be developed as one of the key elements of the wider Arzanah project, the high-profile residential development taking shape at the Grand Mosque District of Abu Dhabi," a statement said.

Arzanah was recently launched by Capitala, the Abu Dhabi-based real estate developer and master planner, formed through a joint venture between Mubadala and the Singapore-based CapitaLand.

This 1.4 million square metre development features a pristine waterfront and a lively canal weaving throughout luxurious high-rise apartment towers and family villas, communal gardens, and extensive walking and cycling trails.

Arzanah will offer a blend of retail, leisure and sports, allowing residents and visitors to discover the perfect setting for work, recreation and relaxation.

John Thomas, executive director, Mubadala Real Estate and Hospitality said: "The signing of this joint venture agreement with Majid Al Futtaim Group will introduce a unique blend of innovative retail and hospitality concepts to the wider Abu Dhabi community that promote an active community lifestyle that is the hallmark of Arzanah."

Abu Dhabi firm wins Dh500m US contract

Oderco Oil Equipment Company has won a Dh500 million order from an unidentified US-based drilling contractor for the supply of 10 onshore rigs, the Abu Dhabi-based company's chairman said yesterday.

"We will be supplying one rig every month, January 2009 onwards. The last rig will be supplied by October next year," Dr. Samir Ghalayini told Gulf News by telephone.

He said construction of the rigs to be delivered under the order has already begun. Ghalayini declined to name the US contractor, citing confidentiality.

He said the contractor will deploy the rigs manufactured by Oderco for drilling in the US oil and natural gas fields.

Arabtec's villa portfolio rises to 10,000 with Dh1.6b deal

Arabtec Construction currently has about 10,000 villas under construction, following a Dh1.6 billion letter of acceptance from Emaar-Bawadi Joint Venture to design and construct 1,437 villas as part of the Bawadi project in Dubailand.

The project will be delivered in phases over 37 months.

Arabtec is one of the largest construction companies in the Gulf.

The villas currently under construction include 3,230 for Mohammad Bin Rashid Housing Establishment, 1,515 for Nakheel's Al Furjan project and 1,262 villas for Emaar.

Arabtec is also constructing in Dubai Silicon Oasis and the Sanctuary Falls project in Dubai.

Arabtec last week signed a Dh599 million agreement with Emaar to build 550 townhouses in the 3.4 million square foot Warsan development near Al Awir road.

Dh252 million tower to be built in Ajman

JCA Real Estate on Monday unveiled Emerald Tower, a 100 per cent freehold residential tower to be built in Ajman at an estimated cost of Dh252 million.

The Emerald is a 50-storey residential tower equipped with full amenities like health club, swimming pool, advanced CCTV and safety systems, prayer room, eight high-speed elevators, along with covered car parking for each unit.

JCA Real Estate, an associate company of Jitendra Group of Companies, said the tower will have an earthquake-resistant design.

JCA Real Estate has been appointed as the exclusive sales and marketing agent for the Emerald Tower by its developer BSEL Infrastructure Realty FZE.

Under the agreement, JCA Real Estate will have the exclusive rights to market, advertise and sell Emerald Tower anywhere in the world.

Peace Builders unveils Dh60m tower project

Ras Al Khaimah-based Peace Builders and Developers on Saturday announced here its maiden project - Peace Tower - in Ajman to be built at a cost of Dh60 million.

The freehold residential project will be built in Ajman's Marmooka City, located 35 kilometres from the Dubai International Airport, Peace Builders' managing director Nasir Mahmoud told a news conference. He said the company purchased 125,000 square feet of land for Dh10 million for the development.

"The introductory price, valid until August 31, is Dh475 per square foot. It's lower than the prevailing market price in Ajman, which is about Dh500 per square foot," Mahmoud said.

He said in all, there will be 154 apartments on the proposed 14 floors. In addition, there will be a five-level parking with facilities including a business centre, swimming pool, health club and library.

The buyer will have the option to buy studios, one- and two-bedroom apartments. The size of the apartments ranges from 552 square feet to 1,140 square feet of carpet area, Mahmoud said.

Peace Tower is scheduled for completion in November 2011, Mahmoud said. "The drawings for the project are likely to be approved by authorities by the end of August this year," he said.