New Project China Tower launched in Downtown Ajman.
December 20, 2009 By H.R.B
Ajman off plan real estate shows sign of recovery by the launch of
new residential project China Tower. China Towers is launched
by the renowned REI Establishments and this tower is located in Naimiya
Area in Ajman beside Naimiya Towers.
China Tower comprises of 17 floors and total around 525 units
of Studio, One and Two Bed Room Apartments. All units are equipped with
luxurious bathrooms and polished ceramic wall tiles. Swimming pool and
state of the art Gym would also be available for the residents of this
new thriving community.
Ajman Drainage Projects Nearly Complete
By Afkar Abdullah
www.khaleejtimes.com
20 December 2009 AJMAN—Nearly 99 per cent of work has been completed
on the Dh35,000,000 rain water drainage project in Ajman, according
to Mohamed Ahmed Al Awadi, director of Road and Infrastructure Department
at Ajman Municipality and Planning Directorate (AMPD).
The new rain water drainage project is located at the new industrial
area.
“We were instructed by Shaikh Rashid bin Humaid Al Nuaimi, director
general of AMPD to complete all our new rain related projects before
the rainy season. Maintenance work is almost complete on the existing
rain drainage network and the 16 pumping stations scattered in Ajman.
Apart from the 10,000 drainage holes on Ajman roads, 60 mobile tankers
in addition to other 25 tankers will be used to collect the accumulated
rain water during the rainy days,” he said.
Al Awadi said, “We have increased the capacity of some of the
existing rain water networks to ensure that maximum rain water will
be collected from the roads in the least possible time especially from
areas that witnessed heavy water logging including the roundabout at
the Ladies park in the Al Sawan area, the traffic signal intersection
near the AMPD premises, the intersection of Shaikh Zayed Road with the
University road, the road in front of Shaikh Khalifa Road and the area
beside Ajman City Centre and Omar Ibn Al Khatab Road.”
afkarali@khaleejtimes.ae
Property prices still offer profits to long-term
investors
www.business24-7.ae
By Karen Remo-Listana on Monday, December 14, 2009
Investors who bought property in Dubai not later than two years ago
still stand to make a profit despite the current low prices, the chief/owner
of a Dubai-based brokerage firm said.
"People who are suffering the most are those who bought properties
last year on a mortgage because prices were extremely high and mortgage
[rates] were high as well," Laura Martorano, CEO of Leo Sterling,
told Emirates Business. "But people who bought before 2007 have
not lost. Even if they sell they will still make a profit," she
said.
Martorano said property prices in Dubai were not affected by the recent
Dubai World debt restructuring talks. "We were closing transactions
with a few owners in JBR and they are sticking to their own price and
we closed it on their price," she said.
"Prices in a ready market will not change much because there is
competition. In a ready market, about 60 per cent of the purchases are
cash purchases. Therefore, these people may not necessarily be so desperate
as opposed to the 40 per cent who have mortgages and bank loans,"
she added.
Property transactions in Dubai, however, have fallen in November compared
to figures posted in the previous month, according to official data.
The number of land sales fell by 11 per cent from 208 in October to
186 in November, while the value of transaction deals fell by 47 per
cent from Dh1.84 billion to Dh970 million in the same period.
Data from Dubai Land Department show the number of villa sales have
increased by 24 per cent from 88 to 109 but there was a 41 per cent
decline in the value from Dh290m in October to Dh170m in November.
Flat sales saw a 4.8 per cent increase in number from 1,354 to 1,420
but values took a 7.7 per cent dive from Dh1.3bn to Dh1.2bn.
Dubai's average monthly market index in November has also seen a 6.98
per cent contraction to 2,124.98 from 2,284.42 in the past month.
October also reported other positive indicators – average monthly
market index posted 11.25 per cent hike and trade as per issued Dubai
certificates of origin rose by 10 per cent in volume and nine per cent
in value.
Despite all the negative economic indicators, Martorano is convinced
that Dubai will continue to thread a bright future.
"Trust me. A lot of people have not discovered Dubai yet and when
they come here for the first time they see it has a future," she
said. "A lot of people like myself, successful developers, businesses
people or entrepreneurs are staying."
Dubai to pay $4.1 billion Nakheel debt
www.business24-7.ae
By Agencies on Monday, December 14, 2009
The Dubai government said Monday it will pay $4.1 billion to cover
Islamic bonds issued by its Nakheel property developer which mature
Monday after receiving $10 billion from Abu Dhabi.
"The Government of Abu Dhabi has agreed to fund $10 billion to
the Dubai Financial Support Fund that will be used to satisfy a series
of upcoming obligations on Dubai World," it said in a statement.
"As a first action for the new fund, the government of Dubai has
authorised $4.1 billion to be used to pay the sukuk obligations that
are due today."
The yen fell sharply against other currencies on the news, while the
dollar shot up to 88.90 yen and the euro also jumped to 130.43 yen.
S&P futures jumped to be up 0.7 per cent, reversing early losses
and pushing Treasury futures to session lows. Hong Kong's Hang Seng
index shot up 300 points in the last minutes of morning trade to finish
in positive territory, while other markets across Asia also pushed higher.
Abu Dhabi is the largest member of the United Arab Emirates federation
and a big oil exporter.
"We are here today to reassure investors, financial and trade
creditors, employees, and our citizens that our government will act
at all times in accordance with market principles and internationally
accepted business practices," Sheikh Ahmed bin Saeed al-Maktoum
said in the statement.
"Dubai is, and will continue to be, a strong and vibrant global
financial center. Our best days are yet to come."
Excess funds would be used to cater to Dubai Worlds needs up until
the end of April 2010, the statement said.
Dubai has announced a bankruptcy law that it said could be used in
case Dubai World and creditors failed to reach an agreement on debt
maturing in the future.
"Dubai will announce a comprehensive reorganisation law, a framework
that is based upon internationally accepted standards for transparency
and creditor protection," Sheikh Ahmed said.
"This law will be available should Dubai World and its subsidiaries
be unable to achieve an acceptable restructuring of its remaining obligations."
Arra to help buyers in stalled projects
find new property
www.business24-7.ae
By Parag Deulgaonkar on Sunday, December 13, 2009
Ajman Real Estate Regulatory Agency (Arra) has worked out a new plan
to help investors who have lost money to dodgy developers in the emirate,
Emirates Business can reveal.
Investors will be offered the option to select properties/units in
projects of approved and listed developers, with the agency playing
a co-ordinating role to strike a balance between the new developer and
investor's expectations, said Arra Director-General Omar Al Barguthi.
"We will play a co-ordination role and make sure that both the
parties agree mutually to a contract."
He said this means that if an investor has paid a booking amount and
some instalments to a developer who is not available, then Arra will
try to help reach an agreement between listed developers and the investor
on discounts against part of the money that the latter paid on the previous
project.
Asked if Arra will guarantee the amount to be paid to the developer,
Al Barguthi said: "We will not compensate him, but we will make
sure the new developer strikes an agreement with the customer that will
meet his expectations."
He said the agency has a handful of good, reliable developers who were
offering such schemes.
"Investors can select on their own from the list of developers
that we have, but we urge them to follow the process through us,"
he said.
Earlier in November, the Arra chief said the agency may consider transferring
a project to another developer for completion if the original developer
has absconded, provided all parties accept the option.
"Although this is not such a simple decision, we will take a step
that is conducive to protecting investors' money. If by doing so we
can help both the investor and developer alike, we will do it,"
he had said.
According to the regulatory agency's website, 134 projects have escrow
accounts to date. Arra has also recommended that the Ajman Government
establish a dispute committee that would be entrusted to resolve real
estate disputes. The committee is expected to be set up by year end.
Ajman Municipality Unveils Slew of Projects for 2010
by Afkar Abdullah
www.khaleejtimes.com
25 November 2009 AJMAN — A huge waste recycling plant is among
a slew of projects being planned for next year, Shaikh Rashid bin Humaid
Al Nuaimi, Chairman of the Ajman Department of Municipality has said.
In an interview with Khaleej Times recently, Shaikh Rashid said these
projects are aimed at ensuring better life for the residents and attracting
investments and businesses to the emirate.
The waste recycling plant will be located behind the cement factory
in Al Jarf Industrial Area and will handle 80-90 per cent of all waste
generated in the emirate. “Work is already on to set up the plant,”
he said.
In the beginning of 2010, the Zayed Bridge Tunnel linking Shaikh Khalifa
Street with Shaikh Maktoum Road will be built by the Department of Public
Works as part of the infrastructure projects announced by the President,
His Highness Shaikh Khalifa bin Zayed Al Nahyan, two years ago. The
projects are estimated to cost more than Dh200 million.
Shaikh Rashid said the municipality is implementing a number of road
projects such as Shaikh Maktoum Road expansion and construction of two
bridges on Shaikh Zayed Street near GMC Hospital at a cost of Dh70 million.
These are expected to be completed by the end of next year.
The municipality has already completed the designing of the road network
in the Al Zawra project and an agreement to undertake marine works worth
Dh400 million under the project will be concluded soon. The work will
begin in the beginning of next year.
“Al Zawra is the emirate’s only Dh2-billion project. The
amount is already deposited in banks for infrastructure development
in the city. We have estimated that Dh400 million will be needed to
undertake marine works and the agreement for this is expected to be
signed soon.”
On re-planning of other areas, Shaikh Rashid said work is on to develop
Al Nakheel area as it is considered an important heritage and tourist
spot in the emirate. The area will be designed with heritage features
at a cost of Dh50 million. Development works in Al Bustan and Lewera
areas costing Dh80 million will start soon.
The municipality is undertaking projects for providing all services
in Massfout and Muzairi districts, which fall on the outskirts of the
emirate, and re-planning them to be developed as tourist areas. A large
commercial centre is being planned in Al Manana district, which will
include a vegetable and fruits market as well as meat and fish markets.
Work on the sewage treatment plant in Al Helaiwa area with a capacity
to handle 5 million gallons daily will be completed by February next
year. It would help farmers and residents irrigate their farms and trees
easily.
Shaikh Rashid also announced that the municipality would distribute
200 houses to UAE nationals by the end of this year. The houses would
be ready to be occupied by early next year.
“The achieving of these projects will not only improve the quality
of life of all residents, but it will also make Ajman a more attractive
destination for investors and a more desirable place to live and raise
a family,” he said.
The municipality is making all efforts to solve the shortage of power.
“Work is in progress on the electricity plant in Al Zawra.”
Generators are now being allowed in buildings based on environmental
conditions.
Asked about the public complaints regarding excavations along streets
causing inconvenience to residents, he clarified that they are being
done by individuals who are connecting their buildings with the sewage
network, which is considered one of the important projects in the emirate.
Shaikh Rashid also reviewed the achievements of this year, stressing
that the municipality is in the process of development and dissemination
of a culture of sustainable development. “The patrons aim to make
the Department of Ajman Municipality and Planning one of the successful
departments in the country ensuring the best environment to attract
investors and enhance national economy by providing best services to
the clients and residents, ” he said.
Dubai property prices rise 30%
By Vicky Kapur on Tuesday, October 20, 2009
www.business24-7.ae
Property owners in Dubai have been increasing the asking price for
their properties in the past two months and some areas have witnessed
appreciation of 20 to 30 per cent in the past few weeks.
Heightened end-user interest has seen prices in some areas of Dubai
at their highest since they bottomed out earlier this year. Prices in
the Burj Dubai area, Dubai Marina and The Greens have been edging up
on a weekly basis.
"The number of enquiries has certainly gone up, with a lot more
people viewing ready properties now," the managing director of
a Dubai-based real estate agency told Emirates Business.
"There is an improvement from mere phone enquiries to actual apartment
visits," he said. This, perhaps, has acted as a catalyst to boost
owner confidence that has led to higher asking prices.
The panic at the end of 2008 and early 2009 seems to have subsided
even though the number of transactions are still low. A growing number
of buyers now believe the property market has bottomed out. Rising prices
have caught off-guard potential buyers who were waiting for further
price declines.
Ajman calls for overhaul of property visa regulations.
By Parag Deulgaonkar on Sunday, October 11, 2009
Federal committees dealing with the property visa regulations have
been urged not to use property values, fixed incomes and compulsory
exit from the country as criteria for granting or renewing six-month
residency visas.
The call came from Ajman Real Estate Regulatory Agency (Arra) in a
five-point submission, Emirates Business can reveal.
The move follows an announcement in May of a resolution allowing owners
of property in the UAE to stay in the country for up to six months at
a time with a multi-visit entry visa.
The permit has to be renewed according to a set of specific requirements
and conditions. It includes owners having to leave the country after
six months before returning and renewing.
In addition, the value of the unit should not be less than Dh1 million,
the unit should be fit to accommodate the owner and the family and the
owner should have a fixed income of not less than Dh10,000 or its equivalent
in foreign currency, whether inside or outside the country.
If these terms are not met the permit will be void, the notification
added.
The Ajman agency is not calling for three-year visas, but says it should
be possible to renew visas every six months for up to three years without
the need to leave the country. The property owner would have to submit
the documents required for renewal and pay the fees every six months.
The agency said in its submission: “Your department has the right
to cancel the visa if the applicant has not got the right to renew it.”
On the property value issue, Arra said: “The value of property
in the Northern Emirates does not exceed half of the value of property
in other emirates, and this will lead to only serving some investors.
“You must be aware that the property price changes according to
supply and demand, which is related to several factors. There are no
clear criteria for this change. And this leads to the absence of a fixed
mechanism to assess the real value of any property. Such a change can
lead to other problems.”
In addition, the law has not clarified the rights of those owning more
than one real estate unit, where the total value of the units exceeds
the set minimum limit of Dh1m. And in cases where a property is owned
jointly by more than one person, Arra suggests that the investor be
allowed to apply for a visa if the other owners are first-degree relatives.
Rather than saying the property should be suitable for residence, the
agency suggests the number of visas issued should be linked to the type
of unit and the location. The owner of a studio should receive three
visas (father, mother and one child), a one-bed unit four visas (father,
mother and two children), a two-bed unit six visas (four children) and
a three-bed unit eight visas (six children).
“We suggest the decision also covers maids sponsored by the owner.
Infants should be exempted.”
Regarding the requirement for a fixed income of not less than Dh10,000,
Arra said: “This might cause various problems and will open the
door for companies operating outside the country to give salary certificates
with no reliable references. From our experience in the real estate
market, most investors are businessmen with no fixed income.”
Ajman property boost following metro extension proposals
WEBWIRE - Monday, Aug 21, 2008
Proposals to extend the Dubai Metro to neighbouring Ajman are currently
being discussed. The plans, still in the early stages, would be welcome
news for investors who own properties in Ajman.
According to the proposal, the metro will pass through Emirates Road
to Al Corniche in Ajman. From there it will go to Al Zawra and then
onto new investment areas currently under development.
Sheikh Rashid bin Humaid Al Nuaimi, Chairman of Ajman Municipality
and Planning Department has stressed that the proposal is only in discussion
stage and many considerations still have to be made before anything
is finalised.
Investors looking to buy Ajman property will be following the discussions
with interest, as any extension announcement is certain to push up the
value of off-plan properties in Ajman.
Infrastructure plays a crucial role in any developing area and if these
proposals to extend the Dubai Metro to Ajman come to fruition, then
existing investors will certainly reap the benefits as prices for off-plan
properties in Ajman will rocket
Prices of [property in Ajman are currently a third of what they are
in Dubai, and with industry experts already predicting an increase in
Ajman property prices of up to 100% within the 12 months, any definite
announcement of a Metro extension for Ajman will certainly fuel further
growth.
Construction of the Dubai Metro system is well underway with the first
line (Red Line) due to open in September 2009 and the entire system
scheduled to be fully operational by 2012. British-based international
services company Serco, who also run the DLR in London, will operate
and maintain services, including trains, tracks, stations and associated
facilities in a contract said to be worth £500m over 12 years.
Up to 600,000 passenger journeys per day are forecast by the Dubai
RTA, with extensive park-and-ride facilities to encourage car users
on to the trains. The first of 87 five-car metro trains, built by Kinkisharyo,
of Japan, was delivered in March and has already been tested up to 92
kmh (57 mph).
The Red Line will immediately achieve another Dubai 'first' - becoming
the largest, driverless automated metro system in the world.
