Dubai is to build the largest ever Expo site under the theme ‘Connecting Minds, Creating the Future'

The UAE has won the right to host the World Expo 2020 in Dubai under the theme ‘Connecting Minds, Creating the Future’. Every five years and for a period of six months, World Expos attract millions of visitors. The World Expo has never been held in the Middle East, Africa and South East Asia in the history of the event.

Dubai is to build the largest ever Expo site at Jebel Ali Dubai World Central (DWC) ahead of hosting the event in 2020 at a cost of between $2-4bn.
And Cynthia Corby, audit partner, construction industry leader, Deloitte Middle East, revealed ‘secondary infrastructure spend’ will be upwards of $8bn, and will include construction opportunities in the transport, hospitality, retail and commercial sectors.
She said: “With Dubai winning Expo 2020 we will see renewed confidence in the already improving construction industry. In a market that relies upon confidence and optimism, this is a much-needed stimulus to create momentum for a renewed development and economic cycle.”
Dubai’s Roads and Transport Authority (RTA) has revealed that they will fast-track a $1.36bn expansion of Dubai Metro’s Red Line to connect to DWC.

And Emaar Properties have announced that it has signed a memorandum of understanding with DWC to develop a massive (13.63mn m2) golf-centred residential estate adjacent to the area surrounding the Expo 2020 site.
In the company's report: 'Expo 2020: A game changer for Dubai', Corby said: “These are the first of many announcements regarding large-scale projects being planned in the wake of the Expo win.
“It only takes a quick analysis of the impact of an expected additional 20mn international visitors over a six-month period to see that significant investment in hospitality and retail infrastructure will be required.”
It is estimated that up to 30% of the potential 300,000 jobs created by Expo 2020 will be in the construction sector alone.

The government has also announced that all new and existing construction projects are going to be fast- tracked to be ready for 2020.
However, Jesdev Saggar, managing director, Infrastructure and Capital Projects, Deloitte Corporate Finance Limited, urged a level of caution as the Emirate continues its recovery from the economic crisis that enveloped the world in 2009.
He said: “Dubai has been dealing with the close out of its financial obligations over the downturn years and the lessons learnt during the close out of these obligations would be usefully applied to avoid this pressure as the government is to embark on funding future infrastructure to meet the demands of hosting a global event.
“While challenging, that does not mean that it cannot be done, these challenges can be met with the right planning and coordination of spend across all the authorities.
“Expo, like any major event is all about coordination and planning and its success or failure will be a result of how well the authorities unite to capitalize on its potential.”

if you are thinking of high returns on investment in Dubai please contact me on edith@flashproperties.com or +971557162933.

Emaar Launches Samara Villas In Dubai’s Arabian Ranches

The community will feature 177 villas in four styles.

By

Mary Sophia

19 hours ago

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Dubai developer Emaar has announced the launch of Samara, a villa community, in its popular development Arabian Ranches after recording strong investor interest for its previous communities.

The new project, which includes villas designed according to Spanish coastal architecture, will feature 177 three to five –bedroom villas in four styles, the developer said in a statement.

The community will also have amenities including a large retail centre, specialty food and beverage outlets, a healthcare centre and a daycare centre.

Located at the crossroads of al Qudra and Sheikh Mohammed Bin Zayed Road, Samara offers easy access to Dubai’s main hubs including Dubai Marina, Dubai Media City and Dubai Internet City.

“Each residential community within the Arabian Ranches development has recorded robust demand from investors,” said Arif Amiri, chief commercial officer, Emaar Properties.

“Through ‘Samara’ we are offering another opportunity to be part of one of Emaar’s fully-established communities featuring a golf course, polo club, and a Residents club.”

Emaar will launch sales for Samara in Dubai and Abu Dhabi on April 5 at 10am. Online registration for the sales in both the cities will begin on April 2, the developer said.

The real estate firm has been expanding the Arabian Ranches neighbourhood with various types of themed villa communities such as CASA, Rosa, Palma, Rasha and Lila. Most recently, it also announced the launch of Arabesque-styled villa community Yasmin within the development.

Emaar has been launching a string of new projects as it looks to tap into Dubai’s yet-again booming real estate sector.

The Dubai-based property firm recently launched BLVD Crescent, a residential development in Downtown Dubai, which features two towers of 39 and 21 storeys. The project will consist of over 300 luxury residential units.

Spurred by strong investor interest, Emaar also launched the second phase of its residential complex Mulberry at Park Heights in its Dubai Hills Estate development.

for information on registration please contact me on edithmakena@gmail.com or +971557162933. 

All You Need To Know About Investing In Dubai Off-plan Properties and Escrow Accounts FAQ

THIS IS FAQ AND ANSWERS FROM DUBAI LAND DEPARTMENT.   What is the real estate escrow account? The goal of it? Who has to have it? The escrow account is the bank’s account of the project in which amounts collected from buyers of off-plan properties are deposited or amount by project’s financers. The escrow account aim is to regulate the functioning of the construction process of units sold off-plan, thus safeguarding the rights of investors. The law applies to all developers in Dubai without any exception who sell properties off-plan in Dubai, and in return they receive payments from the buyers or financers.  Who are the parties obliged to open an escrow account? The law applies to all developers in Dubai without any exception who sell properties off-plan in Dubai, and in return they receive payments from the buyers or financers.  Which financial institutions are approved by RERA to manage the escrow account? You can visit the Department's account of Trustees http://www.dubailand.gov.ae/English/Tanzeem/Developers/trusteeslist.aspx  Does the law apply to projects that have been announced before its release? The law applies to all projects selling off-plan either before or after the law. The law gives a period of 6 months since its release for all developers to adjust their situation in accordance with Law No. 8/2007 concerning real estate escrow account.  What are the ways available to communicate with the Real Estate Escrow Account Department? You can communicate with the department by: E-mail: trust@dubailand.gov.ae Phone: 042030555 Fax: 042349219 For more information, please visit the website: www.dubailand.gov.ae  What if the investor pays amount far outweigh the completion progress  or the project hasn’t started or under cancelation? If the project hasn’t started or under cancellation: The Land Department isn’t authorized to terminate any contract between the developer and the investor at  the request of the investor. If the investor is willing to terminate the contract,  he/she must refer to the concerned real estate court. The Department’s role in this case is to try to reach an amicable settlement between both parties. If the project is canceled: The escrow account is transfer to the Section of Projects’  Liquidation which, in turn requires the developer to repay investors within 60 days from the date of the cancellation. In case RERA sees a necessity to postpone the deadline it might extend this period. In case the developer fails to commit,  the case is transferred to the court in order to secure the right of investors. If the percentage of project progress is 5% or less, and all paid amount are deposited into the escrow account and the investor is willing to obtain the money back through RERA, given the developer hasn’t and wouldn’t construct the project, refer to the answer of question No 6 in the first paragraph. If the project isn’t cancelled and the investor is willing to obtain the money back, the investor must refer to the court. If the project in the process of cancellation or cancelled: At this stage, the project isn’t cancelled yet. And there are several procedures that must  be followed prior to the cancellation such as (submitting remedy, the Committee’s consideration of the remedy, issuing statement by the committee on which the necessary action is taken). This process takes 3 months at least.  What is the role of the liquidation of real estate projects section,  specifically for all projects canceled - under cancellation - completely stalled. The liquidation section role begin once the project is cancelled upon the developer’s request/or the project is cancelled and not in the process of cancellation.  Then, the section will recover the amounts from the escrow account and deposit them in the Trust Account in the Land Department to be distributed to beneficiaries, whether in full or in a certain percentage according to what is available in the account.  What about projects that have not been cancelled and the progress is less than 5%? RERA monitors progress of construction on the project on a regular basis and in the event that the project is stalled or the progress is very minor, the developer will be addressed to cancel the project. If there are no reasons justifying halt of construction of slow progress and failure to provide justifiable reasons for that, RERA will start the process of cancellation of project as per the procedures it follows.  Why there is no enough information about the history of progress in ongoing projects and delayed? Due to the current situation, and developer’s inability to start construction so there is no timeframe given about the start of construction by the developers, so it is difficult to identify specific date for the completion of these projects. However such projects might be subject to cancellation.  What the expected time period for the liquidation is of cancelled and stalled projects? The period is indefinite, once the complete documents and details of payments and eligible persons each projects will then be in the track of liquidation. Most investors complain about the inability to communicate with some developers and about the process and completion phase and they can’t obtain this clear  information from the developer, however they are demanded to make new payments. However, due to the payments are scheduled according to the percentage of completion, and the investor has the right once received a request for payment from the develop to inquire about the percentage of completion in the current project by a  letter from the project consultant/approved by the Land Department. Otherwise, the investor is not required to make the payment unless the project reached the specific stage or completion percentage according to the agreed payments schedule  between the parties. Does the investor have the right to request the completion rate for any project or a simplified report on the project. Investor may obtain completion percentage report prepared by the technical auditor  of RERA after paying the audit fees of AED 15000 + AED 10 as knowledge surcharge.  Can the investor cancel his contract with the developer without resorting to the judiciary? The Land Department isn’t authorized to terminate any contract between  the developer and the investor at the request of the investor.  If the investor is willing to terminate the contract with the developer, then he/she must resort to the concerned real estate court. The LD role is limited to conciliation between the parties and settles the dispute amicably without having the final word in the dispute and  without intervention in the final settlement.  What if completion rate, for example, 40% - 60% and the project is  completely stalled and the developer is absent like Dubai Star Project? In such cases, the Land Department and RERA intervene to safeguard the  rights of the concerned parties and for the completion of the project.  Is there a law deterrent to developers’ manipulation and those offenders by RERA? All laws issued stipulate the existence of sanctions against developers in conflict with the laws and regulations for real estate development.  What are the procedures to open an escrow account? The developer must fill the form on "registration developer & project approval"  and provide the required documents after the adoption of the project by RERA represented in the Department of escrow account. The account is opened by the account trustee based on the certification of the project.  Who can manage the escrow account? A bank or financial institution licensed by the Central Bank of the United Arab Emirates to receive deposits of others and operating in Dubai can serve as account trustee. This bank or institution, must be accredited by RERA and must sign a written agreement with RERA stating the terms and conditions of managing escrow accounts.  Can escrow account trustee, offer financing for the project’s developer? Yes, the bank or financial institution can serve as account trustee can provide financing of the project.  For which purposes amounts deposited in the escrow account can be utilized? As a general rule, the amounts can only be paid from the escrow account to make payments for the land, contractors, consultants and marketing related to the project. Not all expenses incurred by the developer on the project are eligible to be paid from the escrow account. For example, a 5% only of total sales can be used for marketing the project.  Can amounts deposited in the escrow account be used for making payments? The written agreement between the developer and the account trustee contains details of the main phases of construction required for releasing certain amount from the escrow account. The project’s manager working for the developer will inform the account trustee abut completing a certain major phase, and will submit a request to make payment to service providers. The responsible engineer of the trustee side will visit and audit the project, and to confirm that the major construction phase mentioned has been completed. Once this is done,  the account trustee is entitled to pay the needed payment to service providers from the escrow account.  What is the purpose of the withheld amount of 5%? Article 14 of the escrow account law states holding 5% of the total amount paid in the escrow account for a period of one year after completion of the project. This amount act as a guarantee that the developer or contractor will effectively address any clear flaws in that property upon completion which can appear within one year of completion. The law became effective on June 28, 2007, when it was published in the Official Gazette.  If the developer had begun selling off plan and need to open an escrow account,  shall the developer deposit the amount he collected earlier from the investors? Yes, all amounts received from the buyers must be deposited in the escrow account.  What are the financial institutions approved by RERA for the management of the escrow account? 1. Dubai Islamic Bank 9. National Bank of Abu Dhabi 2. Emirates IslamicBank 10. Bank of Sharjah 14. Al Masraf 3. Abu DhabiCommercial Bank 11. Bank of Baroda 15. First Gulf Bank 4. Emirates NBD Bank 5. Standard Chartered Bank 6. Mashreq Bank 7. Al Ahli Bank of Kuwait 8. Noor Islamic Bank 12. Citibank 13. Abu Dhabi  Islamic Bank 16. Sharjah Islamic Bank 17. United Bank  What are the objectives of the escrow account law? The law was issued in order to control of the real estate market in Dubai and to regulate the construction and selling of properties off-plan to guarantee the rights of buyers.  What about projects that have been announced before the law issuance? The law applies to all projects announced by before/after the publishing of the law in the Official Gazette. In some cases, the developer may be excluded  from opening the escrow account, especially for projects near completion and has  if company doesn’t have other issues in its projects or with its investors. However, the granting of the exception, is jurisdiction of RERA.  How to manage the escrow account? The escrow account must be opened bearing the name of the project, and it must be utilized for purposes related to developer of the project. The amount deposited in the account can’t be seized on behalf of the developer’s creditors. if you need more information on the Dubai market please contact me on edith@flashproperties.com

DominaTower previously (Dubai Star) By Ernesto Preatoni JLT Hot Sale Units Available NOW!!

MILANO FINANZA – PREATONI, ENTREPRENEUR, HAS 

PURCHASED A 48 FLOOR TOWER VALUED AT 100 

MILLION EURO

Always on the hunt for emerging markets, Ernesto Preatoni bet on Dubai.

For now buying a tower, the Dubai star which is a 48 floor building valued at 100 million euro, is just the start as there are already other operations underway.  The emirate’s real estate market was amongst the first to feel the pinch in 2009. The country has stopped a step back from the brink in 2010 thanks to the rescue by Abu Dhabi. After the bursting of the speculative bubble, which has cut prices 50%, the real estate market has presented signs of depression for a long time.

“Today, however, the crisis seems to be behind us. On the contrary, in 2012, the brick grows”says Preatoni.

“Foreigners have begun to buy and housing prices regained some lost ground which amounted to 15 billion in total sales last year”.  Hence the decision to invest on the part of the Italian entrepreneur. The Dubai star, dubbed Domina Towers is located in the Jumeirah Lake Towers, a large district built along the edges of artificial lakes in the heart of the city. Soon he went to the rescue of a bankrupt company.  The construction of the tower began in 2006 by the German ACI, but because of the market collapse, the complete project had failed. The skyscraper was then purchased by Preatoni Real Estate Developments, which will focus on the business development of the UAE. Once completed, the Domina Tower will have 48 floors with 600 units, divided between commercial storefronts, offices and apartments. The work will be completed by the Preatoni Real Estate Developments in April 2015. Considering a current value in the area of € 2000 per squaremeter, the total value of the Domina Tower will be about 100million. Currently, 80% of the units are sold on the card and paid in varying degrees. For those who want to get out of their investment, then it can be liquidated. Preatoni estimated that only 20% of customers will not confirm investment and therefore leaving only about a hundred units. But as mentioned,Preatoni arrived in Dubai to stay and already has plans to build a sales network site which will be managed by his son Eugenio Preatoni

Pay only 50% now and the rest ON A PAYMENT PLAN over the construction progress on an Escrow Account. The building is 75% done already and completion is targeted to be after 18 months, we have 1 bedrooms and 2 bedrooms. The units have the Oqood ready. edithmakena@gmail.com or +971557162933. 

MR. PREATONI AT THE DOMINA SITE

AMAZING JLT VIEWS

LAKE VIEWS AND JUST NEXT TO THE METRO

AMAZING EMIRATES LIVING VIEWS

DOMINA TOWER PROGRESS

INTERIOR FINISHING ALREADY UNDERWAY

AMAZING VIEWS

"TIRED OF QUEUING", I can register you for Boulevard Crescent through EPA (Emaar Preferred Access) for this Sales event.

Launching sales on 22nd March 2014     BLVD Crescent in Downtown Dubai by Emaar. 

Twin towers will offer views of Burj Khalifa, the Dubai Fountain and the Opera District

Emaar Properties, a Dubai-based developer, is launching BLVD Crescent, a twin tower development in Downtown Dubai.

BLVD Crescent has a main tower comprising 39 levels of residential apartments, a second tower of 21 levels and a further level of podium apartments, according to the company website.

The towers will offer views of Burj Khalifa, the Dubai Fountain and the Opera District.

Please provide the following details should you wish to be registered for EPA 

1. Name as per Passport
2. Date of Birth
3. Nationality
4. Passport Number
5. Passport Date of Issue
6. Passport Date of Expiry
7. Mobile Number
8. Address and PO Box
9. Email Address 

Include all and send it to edithmakena@gmail.com.

I'm a registered Broker ID number 28723.

The project is being launched simultaneously in Dubai, Abu Dhabi, Almaty and Shanghai.

Online registration for Dubai and Abu Dhabi opens on March 19 with sales starting on March 22.

Emaar Chairman Mohamed Alabbar told Emirates 24|7 that the company was not going out replicate Downtown Dubai model anywhere in the emirate and ruled out plans to build a tower higher than 828-metre Burj Khalifa.

“Our Downtown is the Downtown. We will never build a tall building like this (Burj Khalifa) so Downtown will always remain the Downtown,” he said.

The developer on Saturday announced plans to list up to 25 per cent of the Emaar Malls Group equity through a secondary offering of shares.

The funds raised through the sale of 25 per cent of the company, estimated to be between Dh8 to Dh9 billion (over $2 to $2.4 billion), will be primarily distributed as dividend to the company’s shareholders.

Tips To Get Your Home Sold

Tips To Get Your Home Sold

If you have decided that you will be selling your home at some point this year, then there is no better time to start the planning and preparation process than right now. However, even though the housing market’s inventory of homes for sale is still rather depleted your home isn’t going to sell itself for you. But there are steps that you can take to help ensure that you sell your home quick and at a premium price.

1.)   Hire The Right Agent: Maybe the most important thing you can do to ensure a successful sale is to hire an experienced and knowledgeable real estate agent to help guide you through the selling process. The right realtor can make all the difference in the successfulness of your home sale.

2.)   Make All Necessary Repairs: It is very important to go through your entire home and make all necessary repairs. This is everything from big issues like any wholes in the walls to little things like leaky faucets. As you walk through your home make a list of needed repairs and then be sure to fallow through.

3.)   Boost Your Curb Appeal: Once all your necessary repairs have been made it is time for you to start focusing on boosting your curb appeal. You curb appeal is what will develop your potential buyers’ first impressions and needs some close attention. Be sure to fix up your exterior and clean up your landscaping to optimize your cub appeal as much as possible.

4.)   Have Your Home Staged: Having your home staged is very important to a successful sale. It involves a variety of aspects such as ridding your home of all clutter, depersonalizing it, giving it a deep clean, and arranging furniture and furnishings in the most appealing and inviting way.

5.)   Determine A Reasonable Price: It is very important to keep your emotions in check and remember that your memories don’t add up to any real value. The worst thing you can do is overvaluing your home and wind up scaring away potential buyers. Be sure to listen to your realtor and set a reasonable and realistic asking price for your home.

6.)   Differentiate From The Competition: It is important that you attract attention from potential buyers and create a lasting impression that will have your home stuck in their heads. Consider adding a luxurious upgrade to really differentiate your home from the competition.