Dubai Cityscape Golf Classic

There is more than one way to network in the real estate industry, and once again Cityscape 2008 kicked off with a traditional networking opportunity - A golf tournament.

As the most strategic business to business real estate event in the region, Cityscape Dubai is where international decision makers come together to formulate and share industry views and their vision for the future. We at Shaikh Holdings are proud to be associated with such an internationally profiled event. Imran Shaikh, CEO, Shaikh Holdings

Over the years, the annual Golf Classic event has become a favorite amongst leading Dubai real estate personalities to network at before the official opening of the Cityscape conference. The Cityscape Dubai Golf Classic is the first event of Cityscape week, Dubai’s premier real estate exhibition and conference. Sponsored by Shaikh Holdings, a Dubai-based real estate investment and development firm, the tournament was staged at Dubai Creek and Yacht Club.

Dubai Creek Golf and Yacht Club

High end luxury property values in Dubai are likely to see the largest fall in prices during the expected correction says mid-range property specialist, Mohammed Nimer

"People buying mid-range apartments are doing so mostly to live in them as homes rather than looking for short-term gains," says Mohammed Nimer, CEO of MAG Group Property Development

If a correction in the United Arab Emirates real estate market is imminent, it will be high-end property values that suffer most rather than mid-range, according to a leading property developer. Most of the recently introduced laws in Dubai are aimed at curbing the short-term speculators, and much of the price increases over the last several years have been driven by the top end of the market.

With increasing warnings of a downside correction, particularly in Dubai’s overheating real estate market, it has been the luxury properties - which were and still are more attractive to speculators - that will be hardest hit, says Mohammed Nimer, CEO of MAG Group Property Development.

“In comparison, the mid-range market will be more stable if and when the downturn comes, as people buying mid-range apartments are owner-occupiers, doing so in the main to live in them as homes rather than looking for short-term gains,” he added.

Nimer recently predicted the Dubai construction boom would peak in early 2009, with $3 billion worth of real estate either on the drawing board or under construction. From that point, he believes the market will fall back to 2007 levels, subduing rising prices.

A clearer view of the outlook for the real estate market is expected to begin emerging during the Cityscape Dubai property show early next month. “Meanwhile, from our perspective, developing and marketing property in the mid-range sector, we remain confident that demand from owner-occupiers will keep market prices stable,” Nimer added. “Issues of liquidity in the financial sector will have a bearing, but again we see this as limited compared with top end luxury developments.”

Nimer was speaking as MAG Group Property Development, which specialises in competitively priced buildings in the mid-range market, prepares for participation at Cityscape Dubai (6-9 October 2008 at the Dubai International Exhibition and Convention Centre) at which current residential tower projects will feature.

They include: MAG 218, which is 90% sold and due for completion at the end of 2009; MAG 226, 50% sold and due for completion at the end of 2010; MAG 228B, 40% sold and due for completion in the first quarter of 2010; and Matex, which is 85% sold with a completion date to be announced.

The MAG Group sees itself a regional industry leader in establishing firm business ethics embracing sustainability and communicating transparently. “We also insure that anyone who purchases one of our properties is a safe investment,” Nimer said. “Quite simply, that means that the finance on any of our individual buildings is completely covered before we announce the project and seek buyers.

“Unlike some, we don’t make grandiose claims about being the highest, biggest or the most expensive,” he added. “We recognise that what people are looking for is affordability, quality and a pleasant home to live in and bring up their families.”

MAG group

This is not the first developer to predict a drop in prices in Dubai. You are invited to discuss this in the Luxury Property Forums.

Dubai Properties announced today the sale of an entire building in its 1.6 Billion USD Bay Square development within hours of release.

If any luxury real estate agents out there are kicking themselves for not getting involved in the sale of property in Dubai, the latest news from “Dubai Properties” may be another reminder that there are still opportunities in Dubai. The building is an 8-story, mixed use building offering 11,754 sq. meters of commercial space, 2,116 sq. meters of residential space, with plans for 17 retail outlets, 53 offices, and 17 one-bedroom apartments.

The record achievement follows Dubai Properties’ successful sale of other floors and units of the same and of several other projects since Cityscape Dubai in 2007, the region’s largest regional business-to-business property investment and development event.

The remaining buildings within the five million square feet “new-age community project” (not sure what that is supposed to mean) will be listed for sale throughout 2008.

Bay Square will eventually comprise thirteen mixed use buildings, including a boutique hotel with a ‘downtown setting’ and a residential tower. The remaining eleven buildings will include mixed-use projects featuring commercial and retail space, terraced apartments and two stories of rooftop apartments.

Bay Square will also be a pedestrian-only zone,  and the development is scheduled for completion by end-2009.

Emaar Hospitality, the hospitality & leisure business subsidiary of Emaar Properties PJSC, has revealed plans to launch and operate its own five star premium global brand of world-class hotels and resorts under the brand name, The Address Hotels & Resorts. Set to redefine the hospitality experience, Emaar’s global hotel brand will roll out later this year with the opening of The Address flagship hotels in Downtown Burj Dubai and another property in Dubai Marina.

The Address will progressively operate four brand extensions offering exceptional and distinct experiences within the Resort, Retreat, Urban and Business categories through properties in all markets where Emaar has a geographic footprint. The Address will also complement the existing hospitality offerings from Emaar Hospitality, currently managed by other operators. More on Emaar launches “The Address” Hotels and Resorts, a five star Luxury Hotel Brand

One of the world’s leading luxury yacht manufacturers, Ferretti Group, has just announced a partnership with ACI Real Estate to build a shoreline property in Dubai. The $1.6 billion project, named “Marine Legend” at Nakheel’s Dubai Waterfront will be the first real estate venture for Ferretti.

Chief Executive Officer of the Ferretti Group, Mr. Vincenzo Cannatelli, said he believes there is great potential in the real estate sector, especially in the East, and the company is eager to become involved in the shore based side of things.

"We are not getting directly involved in the real-estate business, but participating with right partners to improve our presence," Cannatelli said when asked what part his group would play in the deal. The real estate sector, he said, directly complements the yacht industry by way of accelerating business.

"The growth of waterfront properties in Dubai will definitely accelerate our business in the region. In fact, many customers of ACI Real Estate are our potential customers too and would be interested in owning one of our yachts."

Currently, Ferretti sells approximately thirty luxury yachts yearly in the United Arab Emirates, and is hoping to improve that to between fifty and a hundred units within the next five years.

"We have been thinking of the UAE as our next destination for international expansion. The market offers a special platform with a sound business environment that facilitates global business and investment. Dubai is well poised to become a leading global business capital and we are happy to join ACI to be part of this invigorating phase of growth," he declared.

Managing Director of ACI Real Estate, Mr. Robin Lohmann said the property will create new trends in luxury waterfront residence in the emirate.

"Marine Legends reflects growing demand for high-end residences and concurrently aims at providing an appropriate setting that unifies the requirements and aspirations of Dubai to appreciate the waterline and improved water canal systems," said Lohmann. "There has been a lot of infrastructure development at the Dubai Waterfront, and I think it is a realistic scenario to complete the project within the scheduled time as we have already started working on the design."

The plans are to complete the project within the next thirty–six months. Marine Legends will comprise three twin towers and will be designed with yachting elements blended in into it. Architects from both partners will co-ordinate on the design and some of the towers will be named after the Ferretti brands.

Lohmann said the company would be securing more properties in the Dubai Waterfront in the future. "We have already crossed $2.7 billion in turnover in this year. We will be diversifying our portfolio by securing our market share in emirates such as Abu Dhabi, Ajman, Ras Al Khaimah as well as Dubai, where new developments are happening."

Ferretti Group

As far as I can tell from the advertising, Ferretti yachts seem to come fully equipped with a bevy of bikini-clad babes  (three seems to be the optimum number) - just one more reason to buy one Although, as they are fully customisable, I imagine there is an option for speedo-clad hunks, if that is your preference.

The Ferretti Group, based in Forli, is one of the world’s leaders in the design and construction of luxury motoryachts and sporting boats that measure between 7 and 80 meters long. The Group consists of: Ferretti Yachts division (flybridge motoryachts, 14 to 27 meters), Pershing S.p.A. (high performance open cruisers, 11 to 35 meters), Itama Cantieri Navali S.p.A (open motoryacht, 13 to 25 meters), the American Bertram Yacht, Inc. (sport fisherman motoryachts, 12 to 22 meters), Riva S.p.A. (open and flybridge motoryachts, 10 to 35 meters), Apreamare S.p.A. in Sorrento (“gozzo sorrentino” and ‘Maestro’ line, 7 to 25 meters), Mochi Craft division (lobster boats, 13 to 23 meters), Custom Line division (maxiyachts in composite materials from 26 to 34 meters with two decks) and CRN S.p.A. , (megayachts in composite materials – 40 meter planig model and 43 meter displacement model - and steel megayachts from 46 to 80 meters)

The Group also includes: Ferretti Group USA, Inc. , the company responsible for importing Ferretti Yachts, Pershing, Riva, Apreamare, Mochi Craft, Custom Line and CRN motoryachts to the United States and Canada, Resin Sistem S.r.l., a company specialized in the production of fiberglass products for Ferretti boats, Diesse Arredamenti, a company specialized in the production of boat interiors for all the companies in the Group, Diesel Center, a distributor of diesel marine engines, propulsion and control systems, reversers, reducers and generators, as well as Pinmar S.L. , European leader specialized in yacht painting and refitting, Zago S.p.A. , a company specialized in the production of wooden fixtures and furnishing for megayachts over 100 feet. It is currently present in 95 countries and has three representative branches in Europe, the United States and Asia.

Ferretti Group

Nakheel Properties