Emaar Bawadi unveils Asmaran
Emaar Bawadi, the joint venture between Emaar Properties and Bawadi, has announced the mixed-use components of its first project, Asmaran. The 70 million sq ft project, which will be a part of Bawadi in Dubailand, will be home to over 55,000 people and feature a family-oriented theme park with a wide range of attractions. [AMEInfo.com]
Al Barari releases 10 villas
Ten villas in the Al Barari development in Dubai have gone on sale during Cityscape Abu Dhabi, the developers said in a statement. The move came after an initial offering of 9 villas, each of which were listed for at least Dhs40m ($11m), sold out on 28 April. In total, 300 villas will be offered in the development in the Nad Al Sheba area that will boast 800 species of plants, hundreds of which have never been seen before in the UAE, six botanical gardens, and the longest manmade waterway in the world.
[AMEInfo.com]
Saudi developer eyes Abu Dhabi
Land Saudi Arabia, a Saudi-based real estate company which is currently developing mixed-use projects in Qatar, Saudi Arabia and Jordan worth more than $20bn, is eyeing Abu Dhabi as its next market, a senior company executive told Gulf News. Nasri El-Helou said the company intends to develop luxury projects that cater to the elite segment of the population in the emirate. The return on investment for property developers in Abu Dhabi is still good, despite rising development costs, he noted.
[AMEInfo.com]
Abu Dhabi's housing shortage to ease in 3 years
Abu Dhabi's housing shortage will ease within the next three years as projects under construction will provide new supply to the market, the executive director of Abu Dhabi's Urban Planning Council told Gulf News yesterday at Cityscape Abu Dhabi. Al Hosani said the new areas will cater to both the high and middle income segements of the emirate's population. He said one example is Mohammad Bin Zayed City, which will offer 30,000 units targeted at the middle class.
[AMEInfo.com]
Aldar plans $1bn fund
Aldar Properties, Abu Dhabi's largest property firm, plans to launch a $1bn real estate fund next year, the company's CEO Ronald Barrott told Reuters in an interview. He said Aldar will also tap the debt markets further this year to help finance its expansion plans. The company is looking at acquisitions in the US and Europe. [AMEInfo.com]
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