The project will be a joint venture between Mr. Trump and Dubai developer, Nakheel, responsible for the World Islands development. The Tower will be built on Palm Jumeirah, the first among the Palm trilogy, and has sparked a great deal of interest from early investors, with prices quickly reaching $3,000 per square foot, making it one of the most expensive developments in Dubai. This despite the fact that public sales were only opened yesterday.

The sixty-two story Tower will feature the most coveted and expensive penthouse apartment in Dubai.
 and Nakheel’s chief executive Chris O’Donnell said he believes that “when the deal is signed for the first penthouse it will be sold for more than $30 million (Dh110 million).”

The tower will comprise nearly four hundred residential apartments, and a similar number of hotel rooms. The total land area of the site is over forty-five thousand square meters with a built-up area of a quarter million square meters, including parking for twelve hundred cars.

The structure will be made of stainless steel and glass and when complete, it will be the tallest structure on the Palm at 275 meters.

It is designed to permit an unblocked view of the Palm Jumeirah up to Atlantis and the Arabian Gulf.

 A gap between the two towers will allow the metro to run directly up the trunk of the Palm.

Barron’s reported recently that:

Signs of cracks in Manhattan’s property market could mean the rest of the country is on the road to recovery, since New York tends to feel the effects of a slowing economy later than the nation does. One segment still in the stratosphere: luxury condos and co-ops in exclusive buildings.

Barron’s

Although some of the prices advertised recently seem a little unrealistic. A venture capitalist recently advertised his Tony 15 Central Park West apartment for $60 million more than he paid for it a month previously. I have been known to get it wrong on occasion though.

The Turkish Daily News, always a major source of information for those in the know, reports that “Apartment demand weakens in NYC.”

Manhattan apartments costing $1 million or less saw weaker demand as cutbacks by Wall Street firms meant few shoppers and an increase in the number of dwellings for sale.

Turkish Daily News

Which is good news for some and bad news for others of course. A recent press release by Bond New York announces the launch of a Luxury Boutique Condominium development in Greenpoint, Brooklyn states:

New York City apartment’s largest real estate agency launches sales for Greenpoint’s Newest Luxury Boutique Condominium -185 India Street - a six-story, elevator building developed by NYBridge and projected to be completed late spring 2008.

Bond New York Property Marketing Group, specializing in New York City apartments rentals and sales, is pleased to announce that sales have launched for 185 India Street, the newest boutique condominium in Greenpoint, Brooklyn.

Bond New York City Apartments

Developed by NYBridge, 185 India Street will feature eight one- and two-bedroom floor-through residences and a two bedroom duplex penthouse, each with large private balconies and/or roof decks. Many of the units offer magnificent Manhattan skyline views and are priced from $379,000 to $999,000. The six-story elevator building is projected to be completed late spring 2008.

Kitchens will feature Bosch appliances, granite countertops, shaker style wood grain cabinets, wood floors throughout, oversized double glazed windows, and stainless steel appliances. The elegant marbled bathrooms boast elevated Jacuzzi tubs and sleek wood vanities with modern glass sinks.

The two-bedroom duplex penthouse features double exposures and 17-foot ceilings. This incredible living space has three amazing outdoor spaces including a 500-square-foot private multi-level roof deck. A 270-square-foot private terrace, with a hot tub, is accessible from the master bedroom with a spiral staircase leading to a wonderful dressing and home office area.

185 India Street brings a unique intimate residential experience into Greenpoint’s vibrant historic area, one of the most desired residential destinations in Northern Brooklyn. Full of fantastic restaurants, cafes and wonderful shops, this classic condominium will provide the best of both worlds, big city living combined with small town charm.

For further information, please contact David Kazemi or visit www.bondnewyork.com.

Bond New York is the largest independently owned, fastest growing, real estate agency in New York City. Bond New York is a full-service, team-oriented, high-energy brokerage firm specializing in New York City Apartments sales and rentals with five offices city-wide and a staff of over 300 licensed New York City real estate agents.

Despite rising median prices, estimates recently are that most sub-million dollar properties in both Manhattan and Brooklyn, are selling for noticeably less than the original asking prices. A bargain in the offing perhaps?

The Burj Dubai’s biggest competitor in terms of price is the Palm Trump International Hotel and Tower, where the square foot rate recently topped Dh12,500.

Prices in both these towers are widely considered the highest in the UAE and are expected to top any other developments in the GCC countries, said Ali Al Rahma, CEO of real estate information website Eqaraat.com.

The Palm Jumeirah has retained first place in terms of returns as the rate has risen to more than 600 per cent over the past six years. More photos after the jump.

Some villas that were sold for Dh2.6m five years ago have recently attracted offers of more than Dh13m. Meanwhile record amounts are being paid in developments such as Business Bay, the Lagoons and Culture Village areas.

Office units in Business Bay saw a big demand from traders who buy large areas and resell them at an average profit margin of up to 80 per cent. The price of office units in Business Bay range currently from Dh1,200 to more than Dh2,600 per sq ft. The price of one built-up square foot in Jumeirah Village ranges from Dh680 to Dh1,000, while the price of each built-up square foot in areas where 10-storey buildings can be constructed has gone up substantially.

Dubai Waterfront, Downtown Jebel Ali and International City are seeing increases in prices.

At 646 meters tall, the Burj Dubai is now the world’s tallest man-made structure, having recently surpassed the 628.8m KVLY-TV mast in the United States.

Developer Emaar has not disclosed the tower’s final height but it is expected to be in the range of 700m to 1,000m. Some reports say the final height will be 818m, an estimate based on architectural designs published on the internet. But, we have a feeling this depends whether any other towers are announced in the region before this one os complete.

The is the most important part of the Dh20 billion Downtown Burj Dubai project, which includes 30,000 apartments, nine hotels, 6.2 acres of car parking, 19 residential towers, Dubai Mall and a 30-acre artificial lake.

The Trump Tower, located on The Palm Jumeirah, is regarded as the most luxurious commercial building in Dubai.

It will be the centrepiece building on the Golden Mile, located on the trunk of the Palm.

Initially the tower was shaped like an opening golden tulip, but in April 2006 its design was changed to feature a split linked tower with an open core design.

The 48-storey mixed-use building will have a 300-room five-star hotel and 360 freehold residential apartments. The amenities will include exclusive access to a private beach and yacht club with tennis courts, gym and fitness centre, pools and gardens.

The ambitious Dh2.2bn project is the first joint venture between Nakheel and the Trump Organization, whose president and chairman is Donald Trump.

The project attracted a high level of interest from both local and global investors. According to a recent press release, Al Fara’a seeks to “leverage the project’s outstanding sales performance to further strengthen its expansion plans.” Read - borrow more money and build another one as quickly as possible. If this sounds reminiscent of the Spanish property developers’ attitudes of just a few years ago, you can enjoy watching this one unfold. Al Fara’a also claimed an extremely successful participation in Cityscape Abu Dhabi held at the Abu Dhabi National Exhibition Centre, where it showcased its latest project and complete portfolio.

The developer has attributed the project’s tremendous success to its high quality and wide array of offerings, which include a selection of sophisticatedly-designed spacious studio, one, two- and three-bedroom apartments and plush townhouses. Comprising of a 17-storey and 11-storey tower, the development will boast smart home technology, in addition to a host of other amenities such as a landscaped leisure deck on the podium level with a swimming pool and children’s pool, a fully-equipped gym, outdoor seating and BBQ area. Retail outlets at the ground floor are also planned.

Natasha Gangaramani, one of the Directors said, “We are extremely pleased with the remarkable turn-out for “Image Residences.” The success of our developments continues to be a credible representation of the brand equity we are building for Al Fara’a that is mainly fuelled by our aspiration to let more customers acquire our offerings through our flexible payment terms. The response we have gathered at Cityscape Abu Dhabi was overwhelming, with our investors showing great confidence in us as a result of our rich history of 28 years in the construction and development industry and our strong commitment to the timely delivery of our projects.”

Downtown Jebel Ali is a two-million-square-meter mixed-use urban community along an 7-mile stretch of Sheikh Zayed Road that is comprised of three individual districts - the Urban Centre, the Trellis District and the Medina District. Small courtyards, plazas, cafes and local shops are planned in an effort to create a “family-friendly environment,” which will apparently include cobblestone streets and walkways to “entice residents and visitors to walk around and experience the tranquility of the new residential hub.”

Nitesh Gangaramani, another Director, said, “Downtown Jebel Ali complements our vision for “Image Residences” - one of luxurious living that is in stride with the pace of the fast-evolving modern Dubai. We believe that the wide range of amenities, which perfectly complement the lifestyle of residents seeking to establish themselves within a dynamic environment such as Downtown Jebel Ali, have also driven the success of the project. As a leading developer, our aim is to constantly provide projects, which perfectly address customers’ requirements in terms of quality, location and investment returns.”

Al Fara’a Properties

The one-day special sale of premium residences within The Lakes, The Views, Downtown Burj Dubai and Dubai Marina will be on a first come, first serve basis with several financial institutions offering easy home finance options.

The portfolio of luxury homes for sale includes villas, town houses and apartments that are set apart by their location, architectural elegance and easy access to amenities which includes the Deema townhouses with overlooking terraces in The Lakes; Tanaro apartments offering spectacular golf course views at The Views community; a selection of high-quality apartments within Downtown Burj Dubai; and a range of waterfront apartments at Dubai Marina.

Mr Saif Al Mansoori, Sales Director, Emaar Properties, said: “Emaar’s latest residential offerings appeal to a discerning clientele with a preference for world-class homes in established communities in Dubai. The Views, The Lakes, Downtown Burj Dubai and Dubai Marina offer a rich community life and access to varied lifestyle amenities.”

He added: “These four projects are also some of the most preferred in Dubai for homes, given their central location, easy accessibility to and from Dubai’s business centre and its entertainment hub. All four communities offer amenities such as community centers, retail outlets and health & fitness facilities that meet the lifestyle needs of residents.”

The Lakes and The Views are part of Emirates Living, Emaar’s cluster of established communities. The Deema townhouses in The Lakes community are set amidst placid lakes and are in easy access of two world-class golf courses. The natural splendor of tranquil parks and waterways add to the quality of living. The Views, as the name indicates, offers spectacular views of the adjacent golf course. Tanaro is an in-demand residential tower that offers residents easy access to the Emaar Business Park commercial building cluster.

Downtown Burj Dubai, the flagship mega-project of Emaar Properties, anchors Burj Dubai, the world’s tallest building and The Dubai Mall, one of the world’s largest shopping and entertainment destinations, among other attractions. Customers can choose from a range of apartments located in elegantly designed residential projects, with several of the homes opening to views of Burj Dubai.

Dubai Marina is one of the first and largest waterfront projects in the region, and offers Riviera-styled living against the backdrop of Marina and the 11 km long boardwalk with a rich spread of retail outlets and restaurants. Emaar’s residential projects in Dubai Marina build on the waterfront location and offer residents a rich array of amenities.

Potential customers can visit Downtown Living Sales Centre and Abu Dhabi Sales Centre on May 10 from 9am to 6pm. They can also call toll-free 800-EMAAR or 02-6429325 (Abu Dhabi Sales Centre) or log on to www.emaar.com for more details.

Ravenspur Investments Inc. today unveiled plans for Palmetto Bay Resort at Maya Beach, a secluded tropical hideaway in Southern Belize situated on 16-miles of white sand beaches and complemented by stunning scenery of the Maya Mountains. Palmetto Bay will introduce unprecedented luxury beachfront real estate and Four Star amenities to the Placencia Peninsula of Southern Belize, and will be the first development in the Caribbean designed ‘green’ from inception.
The first phase of the gated resort, which is currently under construction, will be comprised of 36 whole ownership, luxury beachfront condominiums ranging from approximately 1,100 to 4,500 square feet, each with unobstructed views of the Caribbean Sea and extensive outdoor living space. Prices will start in the high $200,000s USD. The international sales and marketing campaign for Palmetto Bay Resort commences today.
The elegantly designed turnkey one- two- and three-bedroom residences are spread through two low-rise buildings. Interiors are inspired by the rich Caribbean heritage while the resort’s outdoors encapsulates the area’s natural beauty, including a lush rainforest and exotic flora. Designer Julieanne Dobson-renown work on Francis Ford Coppola’s Turtle Inn- will create the interiors and intimate outdoor settings with use of the finest natural materials, including warm woods and natural stone, vibrant contemporary textiles, and niche lit Mayan and African inspired art.
Ownership at Palmetto Bay Resort will include world-class amenities such as fitness facilities, conference rooms with wireless internet; 24-hour reception and security; fully equipped luxury kitchens with gourmet utensils and stainless steel appliances; balcony barbecues; and lush, mature landscaping with use of indigenous fruit trees and plants.

Lure of the Sea
The Caribbean Sea’s influence will be apparent from nearly every aspect of Palmetto Bay Resort. Upon arrival owners will encounter a meandering stream that wanders through the lobby, under arches and deposits into a spectacular 300-foot oceanfront infinity pool. Once owners are at the water’s edge, a pristine 400′ private beach, beach boardwalk, and private dock with large palapa will further articulate the ocean environment.

Going Green
Palmetto Bay will break new ground offering sustainable technologies and systems to reduce ecological impact. As the first resort development in the Belize to be designed ‘green’ from the ground up, the resort has integrated leading edge geothermal, solar, and water filtration technologies, which alone is estimated to conserve 1,000 gallons of water per day at full occupancy - beneficial to both the environment and reducing ongoing operational costs for owners.

Lure of Belize’s Pristine Environment
Belize’s natural environment boasts a diverse array of features including lush, tropical forests abundant with glistening waterfalls, exotic wildlife, pine-covered mountains, mangrove swamps, lagoons, unspoiled beaches, pristine marine environments, and the Maya Great Barrier Reef.
Eco-travel and sports adventure opportunities abound, including fishing, kayaking, snorkeling, sailing, swimming, trekking, and caving. Archaeological Parks, Marine Reserves and National Parks, including the world’s only Jaguar Preserve, clean, clear water from the mountains, very little industry, and a low population density with less than five persons per square mile of land make this an ideal retreat for anyone wishing to escape the hectic pace of city life.

Caribbean Culture
The Central American country of Belize is a British Commonwealth where the local population speaks fluent English and the area’s rich culture heritage appeals to all ages. Visitors commonly enjoy two leading indigenous musical forms (Punta and Brukdown), and experience a vibrant developing visual art and film culture. Awe-inspiring archaeological sites and museums offer a chance to explore the custom of early Mayan civilizations. Traditional Mayan, Garifuna, Mesta and Creole festivals provide another chance to experience the area’s colorful heritage.

Easy Access
Palmetto Bay Resort is just a short flight from the southern United States with major airlines offering several per day to Belize City: Continental from Houston; American from Miami; US Airways from Charlotte; Skyservice from Toronto; and Delta from Atlanta. Complimentary transportation (to and from Placencia and to the local airport) will round out services that put owners at ease.
Real estate ownership in Belize is without restriction, with foreign buyers taking full title and enjoying the same rights as Belizeans. For more information about opportunities at Palmetto Bay Resort visit:

Palmetto Bay Resort

“Oakmayne bespoke,” will soon be launching what has to be the most (see above) properties in London – 6 double-fronted ambassadorial residences, and 3 apartments in 20-21, Cornwall Terrace Mews, Regent’s Park London, NW1. I hesitate to use the words home, or house. These are residences.

This is probably the most prestigious address in London. (Found another superlative) and it is unlikely another property such as this will ever come on the market again.

This particular stretch of the Terrace was leased to British Land as their headquarters, and when the lease ran out, Oakmayne jumped at the chance to buy it. I spoke to Beth Dean, the director of sales and marketing at Oakmayne, and she was a little “coy,” about the price paid. Translation – she wasn’t saying and is not going to.

Cornwall Terrace is part of the Crown Estate, and as such, you can honestly say that you live in one of the Queen’s houses should you choose to buy one. Cornwall Terrace is also a grade one listed building, and must therefore be restored in a way that remains true to the original features and styling.

Restoration work is underway at the moment and there is no expense being spared. Apparently, the previous tenant had covered all the beautiful crown moldings and ceilings with a suspended ceilings and hidden the original fireplaces with plasterboard. Most of this is still intact and where it was missing, new moldings have been created using casts. Each floor has a different molding, presumably to remind the servants when they were in a forbidden area.

What little I have seen is nothing less than perfect. Their brochure states:

The conversion has been designed to ensure that each reception room and bedroom maximize space and allow light to stream through to every corner.

From floor finishes hand crafted from beautiful Italian marble and oiled and polished elegant hard wood, to the carefully restored fireplaces and corniching, every element is designed to appeal to a sensory awareness of exquisite quality and the promise of an unparalleled finish.

Prices have not been decided yet, but a starting point of £4,000 per square foot was mentioned ($8,000 psf). Residences will vary in size from 8,000 to 14,000 sf ft. So, prices will range from $64 million to $112 million, depending of the level of finish required. These properties make One Hyde Park look cheap and tacky.

The launch will be mid-June. By invitation only. But don’t be too disappointed if your invitation gets lost in the post. It is estimated that there are only 300 Europeans likely to be wealthy enough to afford one of these. Although, if you feel you have been left off the mailing list by mistake, feel free to send me a copy of your bank statement and I will pass along your details for a small fee

Cornwall Terrace was designed by the prolific British architect, John Nash, after he was forced to return to work following a bankruptcy. This is what they looked like back in the day:

Photo credit - 1

Photo Credit - 2

Oakmayne Bespoke

News from the Gulf

Abu Dhabi- The Abu Dhabi Investment House yesterday announced the launch of the $7 billion “Style City.”

Style City intends to attract luxury international brand names from the worlds of fashion design, jewellery, furniture and luxury living. The first of its kind, Style City, will be a mixed-use development, comprising residential and retail components while focusing on fashion and style. It will feature a grand fashion district comprising premium and luxury brands in the fashion, jewellery and interior design fields; an educational district comprising institutions as well as museums and exhibition centers, and a residential and leisure district with townhouses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.

The Style City concept will be implemented in not only  Abu Dhabi, but also Qatar, Morocco, Tunisia and India as part of agreements signed yesterday with major developers in those countries.

Managing director Rashad Janahi, signed a memorandum of understanding with Dr Hani Shammah, CEO of Emirates International Properties (EIP), the real estate arm of Emirates International Investment to create “Porta Moda,” Abu Dhabi.

"There are many talented young designers in the region who are traditionally drawn to cities such as London, Paris, New York and Milan to develop their skills. We want to help provide them environments where they can nurture their chosen profession in the world of style, design and fashion but be given the chance to stay close to the markets and consumers they serve," said Janahi.

The implementation of the concept is supported through strategic partnerships and memorandums of understanding with major institutions which will hopefully help establish Porta Moda, Style City’s commercial brand name, in select countries.

The Abu Dhabi Investment House also signed memorandums with Peter Pana-yiotou, acting chief executive officer of Gulf Finance House to establish Porta Moda in several North African developments that are under way in Morocco (the Royal Ranches, Marrakech) and in Tunisia.

Dedicated locations in these developments will feature Porta Moda to serve the surrounding communities.

Both Qatar Entertainment City and India Entertainment City have signed MoUs to develop Porta Moda Qatar and Porta Moda India respectively. Financing will be done through a Style City Fund.
 

Abu Dhabi Investment House

Nakheel’s Waterfront development

is attracting a huge amount of interest, both from developers and investors, with many announcements selling out within a short space of time. Most recent, is

Cirrus’ mixed use project, Aquarius Gate

. The commercial tower at Aquarius Gate will be twenty-nine stories high, and offer panoramic views of the Arabian Gulf and the Palm Jebel Ali from its. Six glass elevators will provide uninterrupted views of the sea. (until the next water based development.) And the luxurious residential tower will offer views across the Canal, the Marina and the Palm Jebel Ali.

Burj Park Dubai

was announced last week, another luxurious waterfront development and within walking distance of the Buj Dubai and the Dubai Mall. What with the current state of traffic in Dubai, it’s fair to say walking is a sensible option.

The Burj Al Alam

, a luxury retail mall, is also planned and expected to be completed around mid-2011.

Raffles Dubai

recently joined the Al Basel consultancy network to promote their hotel in the hospitality sector.

Construction continues apace on the

Burj Dubai,

which is currently the world’s tallest building, despite the fact that it is still unfinished.

The World Islands development

recently completed the breakwater and one of the first announcements was the

luxury boutique hotel on “Greece,

” by European arcistocrat, Baron Jean Van Gysel de Meise.

Despite some suggestions that Dubai’s luxury real estate sector is headed for a crash, there seems to be no end in sight at the moment and more developments are being announced, almost on a daily basis.

The group has already sold out 75% of the total 313,000 square feet of available retail space. The mall is not only a freehold facility but also has the distinction of being the only mall within Business Bay, a mere two weeks from the launch. The group has also retained some of the retail area for leasing out to anchor tenants.

The Corporate Mall was designed by the world-famous Japanese architects, Nikken and Sekkei. The state-of-the-art enclosure will cater exclusively to discerning corporate clients, featuring nothing but the most expensive ultra-luxury outlets, top-of-the-line regional and international brands including high-end fashion brands, sophisticated dining and entertainment experiences. Not restaurants – experiences, which is a completely different thing and far more sophisticated.  The mall will also house trendy coffee shops, a modern fitness centre and parking space for over 1000 cars.

The Fortune Group has already begun construction on Burj Al Alam and the project is slated for completion by 2011.

Nikken & Sekkei