Cityscape special

In regards to mortgage law, Nicholson said the strong market meant he did not see a mortgage default between 2004 and 2007.

He attributed this to borrowers who had difficulty making payments, selling quickly and easily at premium.

However, this practice would change when price growth began to slow, he said. "The test will definitely come when the market flattens and it will certainly flatten."

If the market flattening resulted in a rise in interest rates, borrowers may start to default repayments, he added.

This could lead to banks refusing to lend, he added. With this is mind, Nicholson is a proponent of separate foreclosure processes and laws.

Meanwhile, legal discussion at the event included speculation on the anticipated introduction of a timeshare law, property investments funds law and strata laws within the region.

Four Seasons

The Four Seasons Ocean Residences, described as the world's most luxurious floating residences, made their Middle Eastern debut at Cityscape Dubai.

After launching in London, New York, Hong Kong and Singapore, a scale model of the 48,600-tonne, 719-foot vessel was on display, in a bid to attract high-end investors.

Developed by BV International Ocean Holdings Ltd, Four Seasons Ocean Residences offers 112 residences for private sale.

Robert Oppenheim, managing director of BV International Ocean Holdings Ltd, said the Four Seasons Ocean Residences will be the world's grandest and most luxurious residential community at sea. The design of Four Seasons Ocean Residences allows the ship to circumnavigate the globe, with an average cruising speed of 18.5 knots, visiting cities around the world and docking or anchoring near remote habitats only accessible to a limited number of smaller sized yachts.

Prices range from US$4.2m for a one-bedroom apartment up to US$14m for a three-bedroom apartment. A limited number of penthouses are also available and prices range from US$15.6m to US$42m.

Four Seasons Ocean Residences is scheduled for completion and delivery in 2010. The first journey is scheduled for 2010, with the first two years following a fixed itinerary including events such as Antarctica, the Amazon as well as the 2012 Olympics in London and the Grand Prix in Monaco.

The residences will range in size from 800 to nearly 8,000 sq ft, and the wholly owned private residences offer one, two, three, or four bedrooms including single storey, duplex and triplex apartments and penthouses.

With 70,000 sq ft of public space, the vessel offers a range of onboard activities including the Four Seasons Spa, fitness facility, four restaurants, designer shops, and a casino.

DTZ Bahrain

Oman is set to be a key tourism hotspot, a regional real estate advisory consultant said at Cityscape.

Predicting that with its unique features, the country was set for a boom in tourism, Robin Williamson, general manager of DTZ Bahrain, said that Oman represented a huge opportunity for real estate developers operating in the region.

Oman has been focusing on developing its identity as a leading tourism location in the Middle East since the slump in oil prices in the late 1990s required the country to diversify its economy away from dependence on its oil and gas resources.

Housing will be another key area for growth, Williamson said, particularly provision for the mid and lower middle class.

"Due to the expansion of the population and the pressure on the government to provide housing for people, there is likely to be immense growth in the housing sector," Williamson said.

The populations in both Saudi Arabia and the UAE are experiencing strong growth.

Warehousing is likely to be the third main driver of growth, says Williamson. As more foreign companies begin renting warehouses rather than building their own warehouse premises, there is likely to be a big upsurge in the construction of warehouses, he predicted.

RAK Properties

RAK Properties is planning to sell up to US$2bn of Islamic bonds early next year to finance new projects.

RAK Properties has yet to appoint banks to arrange the sale, chief executive Mohammed Sultan Al-Qadi said. The bond would raise between US$1bn to US$2bn.

Meanwhile, RAK Properties unveiled RAK Tower, a development planned for location at Al Reem Island in the Marina Square development. The 43-storey tower will cost US$81m and will contain one, two, three and five-bedroom apartments alongside penthouses, all of which will be fitted with smart home technology, including 24-hour surveillance.

The company launched its initial project in February 2006. The 43-storey Julfar Towers, a twin unit of offices and residences, is expected to be completed in 2008. This development was followed shortly after by the launch of the US$2.7bn Mina Al Arab in May 2006.

Tameer Holdings

Tameer officially announced the launch of its three newest projects; Platinum Towers in Business Bay, Tameer Towers in Shams Abu Dhabi and displayed models of its latest international project in Jordan, Al Majd City, beginning sales of the 18,500 residential units.

Tameer announced its third venture into Dubai's Business Bay earlier this year with the new Silver Tower, scheduled for completion in 2009.

All units for the Silver Tower were sold out just two weeks after it was launched. Alongside being an office, the tower will host swimming pools and a mini golf course. The development is expected to reach an estimated construction value of US$122m.

Tanmiyat

Tanmiyat promoted its new commercial towers that will be located in the Living Legends area of Dubailand.

Tanmiyat also presented the Ajman Marina.

This will be built next to the Kempinski Hotel in Ajman over the next five years, providing accommodation for up to 21,000 residents. Tanmiyat aims to transform the Ajman coast into a commercial and residential resort.

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