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Prime properties
Developers of the US$300m Ajman Corniche Residence have sold 20% of the project's residences, only two months after opening sales.
The Ajman Corniche Residence is a project of seven interlinked water front towers in Ajman.
Construction began on the project on November 1, and is expected to be completed in June 2010.
The building is likely to become a major landmark along the Ajman coastline with the two highest sections standing at 47 floors on top of an eight level podium.
It comprises a 200 metre long structure of varying heights enveloped by a flowing wall of glass which is interrupted on its surface by openings of varying shape and size forming sky gardens.
There are 1,139 apartments together with retail opportunities on the ground floor and a clubhouse and spa located on the podium roof.
The project owned by Barwa International is offering residents 100% ownership rights and residency visas on purchase.
Bawadi, Emaar in Tandem to develop Bawadi in Dubailand
Bawadi, a member of Tatweer, and Emaar Properties will develop 70 million sq ft of land in Bawadi in Dubailand.
The US$16bn project will be a signature development by the joint venture with equal equity participation by Bawadi and Emaar.
Bawadi will contribute 70 million sq ft of land valued at US$1bn in lieu of its ownership interest.
Emaar will contribute US$1bn in cash to the joint venture over the construction period to finance the project.
Depending on phasing, Bawadi will transfer corresponding land rights to the joint venture and Emaar will contribute its equivalent portion of cash to the project. The joint venture is expected to generate earnings by 2009. The management expects that the compounded annual rate of returns will exceed 15%.
The Bawadi development will have a total built-up area of 60 million sq ft. Multiple business hubs will offer a total of 2.7 million sq ft of commercial space while the shopping mall and high street retail properties will offer 3.2 million sq ft of retailing activity.
The boulevard will be fringed by six hotels offering 5,150 keys and 1,200 serviced apartments to serve the influx of tourists and visitors.
The residential community will feature 18,000 residences, comprising a mix of low-rise villas and townhouses as well as high-rise towers with modern finishes.
Master-planning for the project is expected to be completed in six months and work will commence soon after.
The total US$54bn Bawadi project will add an additional 51 luxury hotels, and more than 60,000 rooms to Dubai. Upon completion, the 10-kilometre project is expected to be the longest development of hotels in the world.
Dheeraj & East Coast to enter lucrative hospitality sector
Private real estate developer Dheeraj & East Coast (DEC) will enter the UAE's hospitality sector with the launch of its first service apartment project.
The US$68m Harbour Residences at Dubai Marina is scheduled for completion in 2010 and includes a 19-storey apartment tower and twin two and three-bedroom duplex villas. Dheeraj Wadhawan, managing director, DEC, said the tourism and travel industry is witnessing strong growth alongside a booming property market worldwide.
"The success of our numerous projects in Dubai Marina indicates the confidence we have in the UAE market and Dubai in particular. It has also given us the confidence of successfully entering the UAE's booming hospitality sector. The Harbour Residences will contribute towards meeting the needs of the flourishing tourism sector in Dubai, where the hospitality sector is witnessing strong demand for rooms to cater to the rising tourist traffic," he said.
Construction work on the project will begin in the first quarter of 2008, with the date of completion targeted in 2010.
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