National Bonds Corporation PJSC Launches Dedicated Customer Service Team For Handover Of Skycourts Project

National Bonds Corporation PJSC, the leading Sharia compliant saving scheme, has announced the launch of a new dedicated Customer Service Centre for its Skycourts project. This Unit will operate as a single point of contact for all updates, queries and general communications in relation to the Skycourts project.

Mohanad Alwadiya, Project Director of Skycourts LLC, said: “The Skycourts handover process to homeowners will begin in the third quarter of 2010. With construction progressing at a accelerated pace to meet the expected delivery date, the Skycourts Customer Service Centre is gearing up for the handover process that will be done with a phased approach depending on the completion of the towers.

The newly appointed Skycourts customer service team will also be in-charge of facilitating and supervising all resale, lease transactions and upon request, can also handle the required transactions with the Dubai Land Department and DEWA on behalf of customers.

“The centre is staffed by a highly experienced team of professionals who are dedicated to provide Skycourts customers with all the information and ensure an efficient and hassle free property handover process along with a suite of post handover services,” added Alwadiya.

The new team has already established various communication channels for Skycourts homeowners such as: the call centre, to contact any of the Skycourts customer service consultants on 600-5222-60 or they can visit the revamped interactive and user-friendly Skycourts website www.skycourtsdubai.com, which will allow customers to chat live with a consultant, express an opinion via the official Skycourts forum, access weekly project progress updates and even list their properties for sale or lease.

Additionally, the Skycourts team has already commenced many initiatives for the benefit of Skycourtshomeowners, such as facilitating the leasing or reselling of their apartments to securing anchor retail tenants.

Skycourts project is a pioneering AED 1.4billion (US$400m) residential development in the heart of Dubailand.

The project includes over 2,800 apartments in six towers and residents will enjoy facilities such as a swimming pool, health club, restaurants and commercial retail space, in one of the prime locations of Dubai.
 

Emaar Properties Partners With Standard Chartered Bank To Offer Two Easy Home Finance Options

Emaar Properties has partnered with Standard Chartered Bank to extend two easy home finance packages for all its projects in Dubai that will be delivered in the next nine months.

Standard Chartered Bank will offer two mortgage products – the Asset Back Lending (ABL) Product and Standard Mortgage Product (SMP). The Asset Back Lending (ABL) Product offers an easy loan of up to 40 per cent of the property price with mortgage of AED 100,000 to AED 2.5 million will be provided for a tenure of 3 to 25 years.

The Standard Mortgage Product offers a standard loan of up to 75 per cent of the property price. Potential end-users and customers can obtain financial support from AED 150,000 to AED 10 million for a tenure of 3 to 25 years.

The home finance options will cover an extended portfolio of Emaar projects including apartments and villas in Dubai in prime locations such as Downtown Burj Dubai, Dubai Marina, Arabian Ranches and Emirates Living. The ABL easy loan is particularly tailored for current investors and end-users seeking financial support to complete the remaining payments before handover, while the standard mortgage will appeal to all potential home-buyers.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “The partnership between Emaar Properties and Standard Chartered Bank is a huge confidence booster for Dubai’s property sector, as it marks the strengthening of liquidity levels. Emaar has always been at the forefront of industry-leading initiatives and this collaboration will further invigorate the market and strengthen investor confidence.”

He added: “The two easy mortgage plans are tied in for the projects that are to be delivered in the next nine months. The ABL product, an easy loan, particularly underscores our commitment to support investors who have been affected by the unprecedented challenges of the global financial crisis.”

Commenting on the partnership, Chris de Bruin, Head of Consumer Banking, Standard Chartered UAE said, "This is an exciting opportunity for Standard Chartered to broaden the core range of our home finance solutions which are offered by us in both conventional and Shariah compliant varieties. The introduction of this new line up is part of the larger consumer banking concept that Standard Chartered has created specifically to be more customer centric.”

Potential customers can visit the Emaar Sales Centre within Downtown Burj Dubai or the nearest Standard Chartered Bank branch located at Emaar Business Square and complete the formalities to avail of the mortgage. They can also call toll-free 800-EMAAR (36227) or the Standard Chartered Bank hotline at 600-522288 for more details. Customers can also email at home.loans@sc.com to fix an appointment with SCB’s Home Loans Sales Representatives.

Emaar has already handed over several thousand homes in Dubai. World-class villas and apartments in integrated communities with all lifestyle amenities are being developed in Downtown Burj Dubai, Arabian Ranches, Dubai Marina and Emirates Living – the four Emaar communities.

Deyaar to Hand Over Four Projects in June

Deyaar Development PJSC, a regional real estate company dedicated to innovation, customer care and long–term sustainable growth, will hand over later this month all 470 residential units at four of its residential projects at Dubai Silicon Oasis (DSO), the company announced today. The four projects comprise the Coral, Jade, Ruby and Sapphire Residences, including a range of one–, two– and three–bedroom apartments.This follows the recent delivery of all 312 units at Madison Residency in the Technology, E–Commerce and Media (TECOM) free zone, and brings the total number of projects delivered in the first six months of this year by Deyaar to five. In line with the company’s earlier stated commitment to delivering seven projects in 2009, it will hand over two additional projects in Business Bay – The Citadel, a state–of–the–art commercial tower, and Hamilton Residency, a contemporary residential tower – later this year.“We are extremely pleased to announce the handover of our four residential projects in Dubai Silicon Oasis, one of the city’s key master–planned communities, combining a range of business and lifestyle conveniences,” said Markus Giebel, Chief Executive Officer of Deyaar. “Following the delivery of Madison Residency last month, we are on track to hand over more than 1,300 units this year. We look forward to welcoming more Deyaar customers to their new homes in the months to come.
Deyaar also announced today that it will host an orientation program to present all homeowners with the handover process, final settlement procedures and documentation ahead of the scheduled delivery. The presentation will also cover the 2009 operating budget for the building as well as the facilities management contract. Additionally, an overview of the building systems, amenities and personnel in charge will be shared with the respective owners.At the orientation, Deyaar will announce a price reduction schedule for the four projects. Customers will be able to avail of Deyaar’s Easy Payment Plan, which provides repayment tenures of up to five years to assist the owners amidst constraints in the credit market. The orientation session will take place on Saturday, June 6, 2009, at the Jumeirah Emirates Towers Hotel, in the presence of senior Deyaar executives. The customer orientation program and scheduled handover of the four residential towers at DSO underscore Deyaar’s commitment to customer service excellence.The Coral, Jade, Ruby and Sapphire Residences feature a range of amenities, including a large open–air leisure deck, swimming pool, and garden and barbeque areas. Additional attractions include men’s and women’s health clubs, mple parking and 24–hour security.

IFA Hotels & Resorts And Nakheel Hand Over Golden Mile, Palm Jumeirah Residences In Dubai

Owners of Golden Mile, Palm Jumeirah started receiving the keys to their residential units earlier this month from joint venture partners Nakheel and IFA Hotels & Resorts (IFA HR).Located on the trunk of Palm Jumeirah, Golden Mile comprises 10 buildings housing a total of 860 residential units, just minutes from the beach. The development will also host the first freehold offices on Palm Jumeirah as well as an extensive retail area. The residential component offers one, two and three bedroom apartments, townhouses and penthouses with sea and park views.  All residences are managed by the neighbouring Fairmont Palm Jumeirah hotel, which is set to open next year. Werner Burger, President and COO of IFA HR, said: "This is a very special project. Golden Mile, Palm Jumeirah will be the first mixed-use project on the trunk of the island with residences, freehold offices and shopping promenades, offering an active and vibrant ambiance for residents and visitors alike. We have been working closely with our joint venture partner Nakheel to ensure the delivery of an excellent product with quality finishes; we hope our customers feel welcome in their new homes and enjoy the high quality services available within the development."Yousuf Kazim, Managing Director, Nakheel Joint Ventures, commented: "Palm Jumeirah is truly a prestigious address and offers an aspirational lifestyle and environment. A great community feel is now forming with more projects being handed over and more residents moving in.  We are committed to the handover of properties in all of our ongoing developments and look forward to welcoming the new wave of residents to Palm Jumeirah."Residents in Golden Mile, Palm Jumeirah will enjoy superior services and facilities, from traditional concierge services to additional ’a la carte’ services that can be purchased, including housekeeping, grocery shopping and more; all provided by the Fairmont Palm Jumeirah hotel. The buildings benefit from 24-hour security and maintenance services, as well as a variety of pools and health clubs planned to open in the near future.  As well as having chic cafes and upscale boutiques within Golden Mile, residents can also enjoy a range of luxury retail and leisure facilities at their doorstep.Philip M. Barnes, Regional Vice President, Middle East, Fairmont Hotels & Resorts, said: "We hope residents of Golden Mile, Palm Jumeirah thoroughly enjoy the range of services and ’a la carte’ offerings available to them. We are proud to be part of this exciting project, the second residential project we manage on Palm Jumeirah."IFA HR recently introduced a leasing programme allowing Golden Mile, Palm Jumeirah owners to either occupy their apartments or lease them through IFA HR, similar to the one implemented in the existing Palm Residence (Shoreline Apartment Buildings Al Nabat & Al Haseer). The introduction of this leasing programme has already proved to be very popular, helping owners achieve high rental yields and secure a return on their investment. "Apartments in The Palm Residence command a high premium, with all units available for leasing currently occupied.  Residents and tenants realise the quality of life given the ’a la carte’ services available to them through our hospitality partners, and the superior lifestyle once leisure outlets are operational in their neighbourhood.  We have just opened our first restaurant, Gusto, at the Al Shalal Beach Club and look forward to offering residents and visitors additional leisure facilities in the near future," added Burger. Golden Mile, Palm Jumeirah is the second residential development IFA HR hands over in Dubai, following The Palm Residence which was handed over during January 2008.  This year, IFA HR is on schedule to complete two more major residential developments in Dubai – the five star Fairmont Residences, Palm Jumeirah and the Laguna Tower located in the Jumeirah Lakes Towers district. 

Emaar Properties Records First Quarter Revenue Of AED 1.546 Billion (US$ 0.421 Billion)

Emaar Properties, a global property developer with a significant presence worldwide, focused on sustaining its long-term growth momentum in the first three months of this year, posting first quarter 2009 revenue AED 1.546 billion (US$ 0.421 billion), compared to first-quarter 2008 revenue of AED 2.522 billion (US$ 0.687 billion) and fourth quarter 2008 revenue of AED 1.833 billion (US$ 0.499 billion) calculated in accordance with revised accounting policy for revenue recognition.The profits for the first three months of the year stood at AED 0.237 billion (US$ 0.065 billion), compared to profits in the first quarter of 2008 of AED 0.896 billion (US$ 0.244 billion) and net operating loss of AED 0.658 billion (US$ 0.179 billion) in the fourth quarter of 2008.As of January 1, 2009, Emaar has revised its revenue recognition policy based on the new recommendation of the International Accounting Standard Board (IASB) relating to the International Financial Reporting Interpretations Committee (IFRIC) 15 – Agreements for the Construction of Real Estate, to recognize revenue based on completed contract method.In the case of completed contract method of revenue recognition, the revenue and related profit for a project sold can only be recognized when the project is handed over to the customers. The percentage completion method of accounting requires that the revenue be calculated based on proportion of project construction completed for units sold and a minimum level of non refundable deposit collected. Until 2008, Emaar had adopted the percentage of completion method of revenue recognition for its developments as it results in better reflection of operational results and level of development carried out by a real estate company on a periodical basis.However, under the completed contract method of accounting, the revenue and profits are only recognized on handover of projects, and this can result in fluctuations in quarterly revenue and profits recognised by the Group, i.e. revenue will be higher in quarters with higher value of units delivered as compared to quarters with lower deliveries.Mr. Mohamed Alabbar, Chairman, Emaar Properties stated that Emaar has always followed a prudent and conservative accounting method for reporting its results. The land bank and the assets in Emaar books are also recorded at cost and not adjusted to market value depicting a conservative approach to the presentation of Company’s results and balance sheet.The revenues and profit for the first quarter 2009 are lower than same period of 2008 due to lower deliveries and also lower sales of completed units.In the first quarter of this year, Emaar committed its resources to completing its existing project pipeline in Dubai and international markets, and also strengthened operations of its hospitality, shopping malls and education subsidiaries. The company introduced several customer service policies and procedures aimed at supporting investors to meet the challenges that exist in the current global financial climate.Mr. Alabbar said that the company’s growth strategy for 2009 is focused on strengthening investor confidence by completing existing projects, while simultaneously exploring growth opportunities in new markets.“The tough economic environment globally calls for tough measures and a strategic approach to ensuring sustained growth,” he said. “We have therefore streamlined our efforts to shore up consumer confidence while implementing stronger measures internally to optimize resource utilization.”Mr. Alabbar said the company has leveraged the efforts of the Government to boost investor sentiment. “Under the leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, Dubai has implemented a range of initiatives to strengthen liquidity levels and boost consumer confidence. These initiatives are now yielding results, and we expect the real estate sector to demonstrate greater stability in the coming months.”
During the first quarter of 2009, the company strengthened its presence in Egypt with the launch of Mivida, a master-planned community in New Cairo City. The launch was well received by Egyptian and international investors.In Saudi Arabia, Emaar, The Economic City (Emaar.E.C) continued its development momentum on King Abdullah Economic City, the region’s largest private-sector project. The first homes, offices and industrial plots in the 168 million square metre mega-project will be handed over this year.In the first quarter of this year, Emaar.E.C launched sales of additional residential units in Bay La Sun Village, the first fully-integrated community, meeting with strong investor response. The company also offered land plots in a total area of 250,000 square metres in the Bay La Sun Village to third-party developers, who can enjoy full ownership of land to develop residential, commercial and multi-purpose buildings.Emaar’s hospitality & leisure subsidiary won its first international contract in the first quarter of the year, highlighting the company’s strategy to strengthen its business portfolio. The Address Hotels + Resorts, the five star hotel brand owned by Emaar Hospitality Group, signed the management agreement with Azmi Abdelhadi (AAH) Group, a leading Saudi Arabia-based business conglomerate, to operate a luxury property within Jnan Amar Retreat, a premium mixed-use development in Marrakech.In a strong statement of the brand appeal of The Address Hotels + Resorts internationally, its flagship hotel, The Address, Downtown Burj Dubai won the “New Hotel 2008” award at the World Hotel Awards. Emaar Hospitality Group will open two new properties this year – The Address, Dubai Mall and The Address, Dubai Marina.In other business highlights during the first quarter of the year, Emaar Education opened two new educational institutions in Dubai, while Emaar Malls Group strengthened the retail portfolio of The Dubai Mall, its flagship project, with the opening of over 900 outlets as at the end of first quarter 2009, including Armani/Casa to be managed by Emaar Retail LLC. Emaar also highlighted the appeal of Downtown Burj Dubai, its 500-acre mega project, as the new heart of the city by adding several tourist attractions, including The Dubai Fountain, the world’s tallest performing fountain. Emaar Boulevard also became the new lifestyle hub for the city and hosted the first Burj Dubai Classic Car Show that attracted thousands of visitors.Mr. Alabbar said: “Emaar’s core strength has always been creating integrated lifestyle communities, while also adding value to the economy in all the markets in which we are present. Moving ahead, despite current challenging financial conditions globally, we will continue to focus on our overall growth strategy in all our projects across the world.”
 

The Specialists To Capitalise On Competitive Real Estate Prices To Create Niche Market For Dunes Village Development

The Specialists, a complete real estate solutions provider with over 20 years experience in the Gulf region, has announced that it has recently been appointed by Alserkal Properties and Manazel to provide sales, leasing and property management services for buildings within the AED 400 million Dunes Village development located in Dubai Investments Park (DIP). The Dunes Village project has been jointly constructed by Alserkal Properties and Manazel.Dr. Sobhi Suleiman Agha, General Manager, The Specialists, said: “Our appointment is the perfect opportunity to launch our latest marketing strategy leveraging the prevailing competitive prices of selling and renting both commercial and residential real estate. Taking advantage of improving commercial and housing rates, we have devised flexible propositions to suit all our client requirements, offering them both affordable and profitable real estate solutions. For example, existing businesses in Dubai Investments Park can buy or rent from individual apartments to whole buildings on-site to accommodate their middle management housing needs at best-value prices. For small or emerging companies wishing to set up a business in Dubai, we can offer a selection of serviced offices in nearby Jebel Ali Free Zone with affordable long term and short term rental packages in furnished apartments in Dunes Village.”Scheduled for handover between April and June 2009, the Dunes Village development is a modern, gated apartment complex comprising 19 uniquely designed residential buildings complete with a full range of value-added facilities such as a swimming pool, gym, Jacuzzi, landscaped gardens, mosque, shops, cafes and restaurants, clinic and pharmacy. Dunes Village will house 1,000 spacious studio, 1 and 2-bedroom apartments with balconies, which are all competitively priced and offer more affordable service charges compared to other developments in and around the area.Mohamed El Sabbagh, Managing Director, The Specialists, said: "Our aim is to consistently provide our clients with the best-value property packages, whether they are renting, buying or looking for secure property management. Being a total real estate solutions provider, The Specialists is also fully committed to protect the interest of all owners and tenants by delivering maintenance and management services that focus on enhancing the long-term sustainability of the Dunes Village development. We are grateful to Alserkal Properties for trusting in our expertise and capabilities as we look forward to a productive partnership with them in this project."The Dunes Village development benefits from its close proximity to key destinations in Dubai, including major road networks such as Emirates Road, Al Khail Road and Sheikh Zayed Road. It also sits right next to the popular Green Community & Green Community West developments and nearby Jebel Ali. Dunes Village is also ideally located within easy access of the UAE’s capital city Abu Dhabi, which is less than 45 minutes away.The Specialists delivers a comprehensive range of services to cover all types of property transactions within both the commercial and residential markets, for lease and for sale. The company currently conducts its operations in the UAE, Jordan, Lebanon and Syria.Alserkal Properties, part of Alserkal Group, has been in the property business since the 1950s. The company has since expanded and made significant contributions to the growth of the real estate sector in the UAE. Alserkal Properties continues to be actively involved in property development and real estate services.
 

Record Pace Of Construction On AED 80 Million ’Cambridge Business Centre’

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, has revealed that it is witnessing unprecedented construction progress on its AED 80 million ‘Cambridge Business Centre’ project in Dubai Silicon Oasis, despite the massive setback being faced by the UAE real estate and construction sectors. With construction of 3 of the 10 floors completed, initial steps are already being made in preparation for the scheduled handover of the project to the investors by the fourth quarter of 2009. The announcement is in line with the developer’s aims to build and deliver existing projects by leveraging its strong financial backing and partnerships with leading construction companies.As Memon Investments’ first commercial project in the region, ‘Cambridge Business Centre’ is the collaboration of a dedicated team of industry professionals who were tapped to bring in their expertise and ensure that the project will be at par with global standards for luxury commercial developments. Cairo Contracting Company, which has been awarded the main contract for the business tower, is among the UAE-based companies spearheading the construction progress of the commercial tower. Other construction majors involved in the project include WIN GATE Electromechanical Services, Stromek Emirates Foundation, HI-TECH Electro Mechanical Contracting Est., and Shanghai & Arabian Electromechanical LLC.“We are very proud to announce the exceptional progress we are seeing in the construction of our inaugural commercial tower, especially at a time when many construction projects are being delayed or cancelled as a result of the financial turmoil,” said Rizwan Shaikhani, Joint Managing Director, Memon Investments. “I believe that it is our strategy – one that involves strategic partnerships with leading construction organisations, as well as our fervent desire to satisfy the requirements of our customers – that is driving our success amidst these trying times.”Set to feature classic British architecture across its small, medium and large offices, ‘Cambridge Business Centre’ will boast of advanced facilities such as Wi-Fi technology, keyless entry and hi-speed internet connection. Commercial tenants are expected to benefit from the host of services and facilities on offer within the tower, which is set to house retail shops on the ground floor, banking facilities and a travel agency, in addition to amenities for rest and relaxation such as a fully-serviced health club at the rooftop. The 10-storey tower will offer a total built-up area of 160,000 square feet upon its completion by the fourth quarter of 2009.“Cambridge Business Centre marks the first commercial project we have launched and the success of this development is essential in our aims to build a strong repute within the UAE real state market. Our unwavering commitment to quality has brought us to our success in Dubai, and we are confident that this upward momentum will propel out growth within other promising destinations across the Emirates as well as the region,” concluded Shaikhani.