UAE-based Kasco Developments has announced the launch of its debut project Onda in the heart of Business Bay, Dubai with a core focus on well-being. The company has a planned pipeline for the development and sale of 1 million square feet of residential projects by 2025.   The new and exclusive 23-floor freehold community building offers 348 residences including 85 studios starting at 449 sq ft; 190 one-bedroom at 848 sq.ft, 69 two bedrooms at 1246 sq ft & 4 exclusive three bedrooms at a starting size of 3025 sq ft featuring spacious living with stylish and elegant interiors, said the developer.   Prioritising wellness, the residents will be treated with indoor and outdoor community spaces, wellness hubs, state-of-the-art architecture, cutting-edge smart-home technology…

Mered, a leading international real estate developer, has announced the appointment of Michael Belton as its new Chief Executive Officer (CEO). In his new role, Michael will focus on expanding the company’s portfolio in the UAE, including the development of the ICONIC Tower and Large-scale Abu Dhabi project on Al Reem Island. He is also tasked with growing the Mered team to support future growth across the UAE and GCC region, enhancing investor relations, increasing the company’s market visibility, and driving innovative projects that set new standards in the real estate sector. Prior to this, Belton served as the Head of Development for the Qiddiya Performing Arts Center in Saudi Arabia, a key part of the Kingdom’s Vision 2030 initiative.   In this role, he…

Dubai Holding Asset Management (DHAM) announced today that its residential leasing portfolio, formerly known as Dubai Asset Management, has been rebranded as Dubai Residential. This rebranding follows the integration of Nakheel and Meydan into Dubai Holding, resulting in the significant expansion of Dubai Residential’s portfolio. The new identity marks a key milestone in the company’s journey of shaping the city’s residential leasing landscape, spanning over two decades. The move reaffirms the group’s commitment to enhancing the quality of life for Dubai’s residents and supporting the emirate’s continued development. Unified under the Dubai Residential brand, the portfolio spans 40,000 homes, serving over 150,000 residents. From premium waterfront…

Equitativa, the largest real estate investment trust manager in GCC, has announced that one of its units, Emirates REIT, has completed the sale of Office Park - its Grade A commercial asset in Dubai Internet City - to Tecom Investment, a wholly-owned subsidiary of Tecom Group. The agreed sale price of AED720 million ($196 million) represents a substantial premium over the property's Fair Valuation as of June 30, 2024. Equitativa said the net sale proceeds will be used to reduce Emirates REIT’s banking facilities and partially redeem the secured sukuk certificates issued in December 2022, in line with the terms and conditions. The completion of the Office Park sale capitalises on favourable market conditions, allowing Emirates REIT to realise significant gains and reduce its FTV…

UAE-based real estate developer Ajmal Makan has announced that 85% work has been completed on its flagship projects - Blue Pearls and Blue Waves - located within the expansive Ajmal Makan City – Sharjah Waterfront project. Giving a project update, Ajmal Makan stated that all residential units in ‘Blue Waves’ and the majority of units in ‘Blue Pearls’ have been sold out. With the work in its final stages, both projects are likely to be completed by the first quarter of 2025 as opposed to the original schedule, which aimed for project handover by the fourth quarter of next year. The Ajmal Makan – Sharjah Waterfront stands apart for its prime location, with seamless access to prominent tourist attractions and essential amenities within the…

Dubai is facing a shortage of villas and townhouses due to an influx of high-net-worth individuals in the post-pandemic period and the fact that many expatriates are now looking to settle down on a long-term basis. Industry executives suggest that foreign residents who plan to make the UAE their home on a long-term basis prefer bigger villas, townhouses and amenities that can cater to the entire family.   Meanwhile, property developers also focus on apartments due to astronomical costs linked to villa community developments and higher profit margins offered by high-rise apartment towers. Meanwhile, property developers also focus on apartments due to astronomical costs linked to villa community developments and higher profit margins offered by high-rise apartment towers. As…

Dubai Investments has announced that significant progress has been made on Violet Tower, its latest residential development in Jumeirah Village Circle (JVC). Strategically located in the heart of JVC, this AED300 million ($82 million) development is designed to cater to the rising demand for thoughtfully planned urban living spaces. It will feature 27 residential floors, comprising 287 units that range from studios to two-bedroom apartments, all designed to maximise space efficiency and modern living standards.   Giving a project update, Dubai Investments said its foundation phase is nearing completion, with 99.3% of the piling work already finished, marking a major milestone in the construction timeline.   Enabling works are expected to be concluded by the year-end and…

  UAE-based One Development, the international boutique real estate developer, has announced the appointment of AE7, the globally respected architectural and engineering group, as the consultant for its flagship AED2 billion ($544 million) project set to be launched in Dubai’s City of Arabia.   As per the deal, AE7 will manage all aspects of the development’s master planning and will be responsible for architecture, design (research and application), AI innovation integration, development management, engineering (mechanical and electrical), interior design, landscape architecture, project management, and built-in sustainability practices of this soon-to-be-unveiled project.   AE7 is a global top-50 multi-billion-dollar building, design and construction…

ABU DHABI - Abu Dhabi Global Market (ADGM) has announced enhancements to its Real Property Regulations, introduced new off-plan development regulations and launched a unified digital platform, AccessRP, following its strategic expansions to Al Reem Island. The new regulatory framework and the digital platform aim to support the growth and innovation in the real estate sector and reinforce ADGM's global position as a business-friendly real estate environment and a reliable and attractive destination for global and local investors. Both will drive digital transformation, and the platform will provide a full range of unified real estate services, including transaction services and other integrated services for developers and property owners, to enhance the customer experience and ease real…

Dubai developer Union Properties (UPP) has announced an AED 1.159 billion ($315 million) project starting at the end of the month, which it says will turn a profit of AED 200 million. The Takaya project overlooking Dubai Autodrome in Motor City, which is is scheduled for competition in October 2027, will include residential towers, villas and commercial space.  (Writing by Imogen Lillywhite; editing by Seban Scaria)

Abu Dhabi developer Aldar has announced an AED 1.75 billion ($476 million) joint venture with Expo City Dubai as part of Expo City’s recently announced development masterplan. The six-building project next to Dubai Exhibition Centre will be developed by the 50:50 JV and will include residential, office and retail space, a bourse filing said. Abu Dhabi Securities Exchange (ADX)-listed Aldar will be responsible for the asset management of the completed development. Last year, Aldar announced a JV with Dubai Holding to develop residential communities and has also announced developing a logistics park with Dubai ports and logistics company DP World, as well as an office project in Dubai International Finance Centre (DIFC).

Leading Dubai developer Binghatti Properties is embarking on a portfolio expansion that will almost double the size of its portfolio within the next 18 months to AED 100 billion, compared to the current AED 40 billion. This comes after Binghatti had recently displayed strong performance in the market in the first half of the year. Muhammad Binghatti, the Chairman of Binghatti Properties, commented recently to the media in Dubai, stating that his company which has recently partnered with global brands including automotive legends Bugatti and Mercedes-Benz, as well as horology and jewelry brand Jacob&Co. is planning to launch 12,000 units within the next three months. This is in tandem with the developer receiving cashflows from projects that will be handed over during the next three…