ENBD REIT has sold two Dubai residential towers as part of a turnaround strategy which it said is for growth and portfolio optimisation. The Al Ramth towers in Remraam on the outskirts of Dubai, were sold for an undisclosed sum, with proceeds deployed to reduce debt with loan to value down to 49.4% from 51%, the real estate investment trust said.   The two Remraam residential towers, Al Ramth 57 and 59, are located in Dubailand and offer a total of 105 units with a net leasable area of 112,154 square feet.   A bourse filing said the decision to divest is in line with the REIT’s turnaround strategy and proactive asset management.   The units were acquired in September 2015 and represent 4% of the REIT’s portfolio value.   ENBD REIT, managed by…

Al Habtoor Group, a pioneer in the construction and real estate industry, has announced that steady progress is being made on its premium luxury development - Al Habtoor Tower - in Dubai with more than 30% of the work already completed.       Poised to become a new icon on Dubai's skyline, Al Habtoor Tower has, within its first year, established unprecedented benchmarks in construction, utilising 100-m-deep barette foundations - a world record.   The project boasts an innovative six-day floor cycle time for construction above ground, showcasing the rapid pace and efficiency maintained despite the complex structural demands. ADVERTISING       The Habtoor Group said this landmark project was setting new standards in architectural design and…

Azizi Developments, a leading private developer in the UAE, has announced completing 41% construction of Azizi Vista in Dubai Studio City, one of Dubai’s most distinguished residential areas.     Featuring studio apartments and one- and two-bedroom residences, the development’s projected completion date is set for Q1 of 2025.   With overall finishes currently at 23%, progress on Azizi Vista is advancing rapidly. The structural work is 100% complete, blockwork at 96%, internal plaster at 74%, and HVAC and MEP at 39% and 36%, respectively. The total manpower has been increased to 447. Innovative construction technology   Farhad Azizi, CEO of Azizi Developments, said: “Through our rigorous quality control measures, strong partnerships, and…

The Cabinet of the United Arab Emirates, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, approved 2,618 housing approvals worth more than AED 2 billion during the first half of 2024.       This initiative is part of the UAE's ongoing efforts to provide a decent life and suitable housing for all citizens, meeting their needs, enhancing their stability, and improving their quality of life.   The UAE government prioritises the housing sector, which constitutes a critical strategic axis of the federal government's work in coordination with local governments and relevant authorities. This effort aims to provide all means of support and factors of social stability, most notably adequate…

Dubai-based Emaar Properties PJSC posted an H1 2024 net profit attributable to shareholders of 5.34 billion dirhams ($1.45 billion), up 8% compared year-on-year (YoY) on rising retail sales amid higher demand for real estate in Dubai.       Revenue came to AED14.4 billion, 17% higher on year, it said in a DFM disclosure on Thursday.   Emaar's property sales backlog reached AED 90.1 billion as of end June 2024 and is set to further boost future revenue, the company said. Emaar Development    Emaar Development PJSC, the property development company specialising in build-to-sell properties is majority-owned by Emaar Properties. It made a net profit of AED 2.50 billion, an increase of 15% compared to the same period in 2023.   Emaar Development's…

DHG Properties, a leading Swiss real estate development company, has announced that it has achieved significant sales milestone for its latest project, Helvetia Residences, located in Jumeirah Village Circle, Dubai, with 58% of its units getting sold within the development.       Dubai's real estate sector has shown impressive growth with active off-plan and ready property activity. Off-plan properties saw total transactions make up about 62.4% of the market in Q2 of 2024, said the company in a statement.   Flats were the most popular property type, equating to AED4.3 billion in value with 81.7% of these transactions in hot spots including Dubai Hills, Business Bay, and Jumeirah Village Circle, it stated. ADVERTISING       During the same…

Dubai-based ZaZEN Properties has announced the launch of its key development - ZaZEN Ivy -featuring 71 residential units - ranging from 717 sq ft to 2,200 sq ft - along with several key amenities.       Set for handover in Q1 2026, the project boasts a plethora of amenities and ground-floor retail outlets catering to residents and visitors of Al Furjan.   On the new project, ZāZEN Properties said Ivy will be setting a new standard for community living in Al Furjan, catering to both investors and end-users alike.   The key development offers a variety of unit types - from standard one- and two-bedroom apartments to two- and three-bedroom apartments alongwith maid’s rooms, fully fitted kitchens, expansive balconies as well as…

Alef Group, a leading real estate developer in Sharjah, has announced the launch of the Nama 4 building as a part of Al Mamsha Raseel, situated within Zone 3 of Alef Group’s Al Mamsha development, Sharjah’s inaugural pedestrian-friendly community. The Nama cluster consists of 1,029 units spread across six buildings, with Nama 4 featuring 198 units, including one-, two- and three-bedroom apartments. Alef Group CEO Issa Ataya said: "We are proud to announce the successful launch of Nama 4 within Al Mamsha Raseel. Aligned with Sharjah’s development goals, Alef Group has dedicated extensive efforts to provide exceptional investment prospects with this project." "Nama 4 boasts innovative features and fittings, including superior wall insulation for noise regulation,…

Dubai South Properties announced that the construction of The Pulse Beachfront, a luxury master-planned community in Dubai South’s Residential District, is 90% complete. In a press release on Tuesday, the company said that phase 1, which comprises 251 units, is expected to be finished by the end of the year. Nabil Al Kindi, CEO of Dubai South Properties, said, “We are pleased to see the progress of construction as per our set timelines. Dubai South as an area and its residential projects have had great interest from investors in the past few years, given the strategic location, quality of units, amenities and the pricing of our projects.”

based Azizi Developments has signed up dsgn - a leading interior design consultancy firm - for its ambitious mixed-use tower project, Burj Azizi, coming up on a prime plot of land on Dubai’s Sheikh Zayed Road.       As per the deal, the company will be providing design consultancy services for Burj Azizi, which on completion is set to become the second tallest skyscraper in the world.   dsgn is a leading interior design consultancy firm known for its creativity, versatility and practical approach in commercial, civic and hospitality projects.   A specialist in interior architecture and design, space planning, and FF&E, dsgn has been involved in notable mega-projects such as the Vida Beach Hotel in Dubai Creek Harbour, Jumeirah Al Naseem in…

Driven Properties, a leading real estate brokerage in Dubai, said it has orchestrated the sale of one of the largest plots in Business Bay, paving the way for the building of a new, sustainable, premium office park by Lamar Development. The office park will serve as a welcome addition to the area, addressing the critical shortage of Grade A office spaces in Business Bay and the city at large. This investment on the canal strip puts the Gross Development Value for Lamar’s existing and upcoming developments across the canal to over AED12 billion ($3.26 billion). With neighbouring off-plan office developments seeing prices that exceed AED7,000 per sq ft, the sale solidifies Driven Properties’ position as a trusted provider, even in the face of short supply. The plot, sitting…

UAE-based Azizi Developments has announced that 97% of the construction work has been completed on its premium condominium project - Amber - located within Al Furjan community in Dubai. The key project, featuring a mix of studios, one-, two- and three-bedroom residences, is set for completion in Q3. Giving a project update, Azizi said the structure, blockwork, internal plaster, MEP, and HVAC work are now fully completed at Amber, along with the tiling, swimming pool, and elevator jobs. External works and façade works are 90% and 98% complete, respectively with the overall finishes now standing at 98%. Lauding the steady progress, CEO Farhad Azizi said: "We are excited to share the remarkable progress at Amber. Our proactive and meticulous strategy in material procurement and…