Property Times eMagazine January2015

///// Issue 26 - January 2015
Zafer Taher, CEO, G&Co
PHASE 1 TO BE DELIVERED
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FROM THE EDITOR
HAPPYNEWYEAR!
New year brings new hopes and a lot of positivity.
After the long holidays, Dubai’s real estate market
is slowly getting into busier times. Yes it is a bit slow
but it is stable, which is what the market needs
right now. Stability is what everyone is looking for
while making an investment. While the secondary
market is gradually picking up, the off-plan market
witnessed the first launch of the year and needless
to say, the entire development was sold out in two
hours. Dubai’s latest entrant in the property devel-
opment sector, Danube Properties has launched its
second project Glitz in Dubai Studio City, after the
successful launch of Dreamz a few months back.
Buyers comprising mostly end users lined up at the
sales launch to buy their dream homes available at
extremely affordable rates with attractive payment
plans. I am sure we will witness more launches in
the first quarter of this year.
In the first issue of 2015, Property Times features a
new look and feel and better and richer content. In
this issue, we have one of Dubai’s recent yet impact-
ful developers on the cover; Zafer Taher , CEO of
G&Co, which launched in less than two years; Mil-
lennium Estates, Grand Views and now Millennium
Square, in Meydan. A ‘Sold Out’ sign board is what
every developer dreams of when they launch a new
project.G&Cosoldoutthefirsttwoprojectsinrecord
time and is expected to sell out the remaining units
in their latestproject Millennium Square soon. What
sets Zafer apart is, which is also the main reason
why he made it to the cover of Property Times this
Binesh Panicker
Editor-in-Chief & Co-Founder
P.O. Box: 76460, Dubai, UAE P.O. Box: 347431, Dubai, UAE
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month, is his commitment to deliver what he prom-
ised his investors at the time of the launch. His first
project Millennium Estates is expected to be ready
six months before the due date, while the con-
struction of Grand Views is also moving ahead at
a rapid pace. Dubai needs more developers like this
who not only launch high quality developments at
extremely good rates with good payment plans but
also strive to deliver the project on or before time.
We also have, in this issue, a wide gamut of articles
such as a study on the demand and supply equa-
tion in the market this year, a look residents and
commercial property owners’ views at Discovery
Gardens, Ajman’s latest development Al Zora etc
apart from, of course, our regular Q & A’s and other
useful columns.
In the meanwhile, the nominations for Dubai’s first
ever People’s Choice Real Estate Awards are pick-
ing up momentum with many leading real estate
agencies expressing their confidence to win maxi-
mum votes from the people of Dubai. I would like
to wish the nominees all the very best and I appreci-
ate their willingness and excitement to be a part of
something, which will make a huge impact in the
market in the years to come.
Happy reading!
/blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media-labs-llc /+PropertyonlineAeweb/
BINESH Panicker
Editor-in-Chief & Co-Founder
binesh@propertyonline.ae
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jatin@propertyonline.ae
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TOSEEF Ali Tidiwala
Accounts Executive
ali@propertyonline.ae
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E-magazine support
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January 2015 Issue -26 /// 5
propertyonline.ae

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08
NEWS AND ANALYSIS:
Glitz by Danube sold out
10
NEWS AND ANALYSIS:
Update on Remraam by REIDIN.com
12Column by Nita Maru, TWS Legal Consultants
14
PROPERTY EXPERT: Dounia Fadi, elysian
16MORTGAGE EXPERT:
Feyisesan Ekundare, MortgageMe
18Column by the Wolf of Real Estate
32Meet the agents
46Manchise: Column on by Jitheesh Thilak
52Exclusive property listings
G&Co
surges ahead
2015:
Dubai market
Al Zora
comes alive
More hotels
coming up in Dubai20 26 34 41
propertyonline.ae

OUTIN2HOURS
GLITZ
BY
DANUBE
propertyonline.aeNEWS&ANALYSIS

T
he very first day of the Danube Properties sales
launch for their second realty venture Glitz by
Danube, saw all their apartments sold out within
the first two hours of sale with constant requests
coming in. A sales meet organised for investors at the
Grand Hyatt Dubai, saw an overwhelming number of reg-
istered prospective buyers. Danube Properties, the prop-
erty development arm of Danube Group established in
2014, was started with the aim to build Luxury residential
property for the middle-income group. The division’s first
project Dreamz, with 171 luxury townhouses, were sold
out within the first day of the sales launch and received
more than 2,000 enquiries prior to the launch. Glitz by
Danube, a project worth AED300 million, saw that number
increase fourfold.
Rizwan Sajan, Founder and Chairman of Danube Group,
commented, “We are very pleased with the response to
our second project and it has further cemented our rep-
utation as a developer of people’s choice. Danube Proper-
ties was launched to develop luxury homes at affordable
prices in the market and we have successfully managed
to do so with both our projects. The construction business
has always been the key for driving growth in the country’s
economy. According to the Q2, 2014 report by Business
Monitor International, construction projects worth AED778
billion are under construction in the UAE. The recent
announcement of the Expo 2020 reflects the growing
strength of the Emirates and expected boost in the econ-
omy. “Being a leader in the building material industry, we
have been associated with a diversified portfolio of prop-
erties in the UAE. It is because of our years of experience
that we have an unwavering faith in Dubai’s real estate
market and chose to step into a different realm of the
property market. As an organization, we are excited and
ready to extend our committed support to the nation, to
position UAE’s pioneering role as a solid repository which
will bring business and promote growth in the economy,”
Rizwan added.
The spacious homes range in housing area from 470 to
1,645 square feet in each apartment block of eight levels.
The apartments feature contemporary design, luxury and
comfort within a setting of lush landscape. Each flat will
come with a fully fitted and equipped kitchen and high
standard finish from the country’s largest building mate-
rials and interiors supplier, Danube. The apartment block
will include some amenities like roof top golf course, lei-
sure deck with a barbeque station, kids play area cum party
hall, state-of-the-art health club and much more. Making
this sale more attractive is the payment plan being offered
by Danube to long-term investors and end-users, which
requires the buyer to pay 10% down payment followed by
15% in 60 days. The balance amount is paid in 75 equal
monthly installments of only 1% each.

AHMET KAYHAN
CEO, REIDIN.com
Remraam’s growth as a family-oriented community over the past six
months has been primarily due to the facilities and amenities on offer for
residents. By Binesh Panicker
REMRAAMCONTINUESTO
AMUSEANDRISE
NEWS&ANALYSIS
L
ocated on the new Emirates Road (erstwhile Dubai Bypass
Road), Remraam, developed by Dubai Properties Group, reg-
istered the maximum growth in terms of rentals at 25% in
RERA’s latest Rental Index; a testimony to the growing popu-
larity of the community.
Well maintained lawns, pools, tennis courts etc are some of
the highlights of this community, which is now easily accessi-
ble from differentparts of Dubai. Property Times, is association
with REIDIN, brings you the latest update in terms of rentals and
prices in this community as well as how it has fared over the past
few months.
propertyonline.ae

Source : REIDIN.com
REIDIN.com is widely used by real estate agents and investors for reliable, well-researched information on the country’s
real estate sector. REIDIN.com, founded in 2007, is a leading real estate information company focusing on UAE, Turkey and
other emerging countries. REIDIN.com helps professionals and individuals easily access the real estate information they need
to make more informed investment, purchase, sales, rent, mortgage, finance, development and management decisions.
REIDIN.com ‘Data & Research Team’ together with a global network of information partners endeavours to provide high-end
analysis and research support to its clients.
NEWS&ANALYSIS
24/7 SECURITY
LUSH GREEN SURROUNDINGS
SPACIOUS CHILDREN'S PARK
THREE SWIMMING POOLS
BASKET BALL AND TENNIS COURTS
BBQ AREA IN EACH CLUSTER
SPACIOUS TERRACE IN
SOME APARTMENTS
15 MINUTES FROM AL MAKTOUM
INTERNATIONAL AIRPORT
25 KMS FROM EXPO 2020 VENUE
RENTAL RATES OF REMRAAM
STUDIO 2 BEDROOM
1 BEDROOM 3 BEDROOM
UPCOMING GEANT SUPERMARKET
AND OTHER OUTLETS
propertyonline.ae

Nita Maru
LLB (Hons) UK | Solicitor and
Managing Partner
TWS Legal Consultants
Nita Maru, a Solicitor and Managing Partner of TWS Legal Consultants shares
some legal advice regarding the above.
THEUAEINHERITANCESYSTEM
Wills | Probate | Business Succession Planning | Company Formation | Contracts | Family & Divorce Matters
QUALIFIED SOLICITORS
DEDICATED TO PROTECTING YOU
YOUR FAMILY AND YOUR ASSETS.
propertyonline.ae
A
s if expat life were not fraught
enough with challenges and
complications, families of those
who invest in properties here
face further complications in the said
event that the property owner passes
away intestate.
How different is the UAE inheritance sys-
tem with that of other countries?
In the UAE, inheritance for Muslim nation-
als is guided by Sharia laws, while the law
of the deceased’s home country can be
applied for non-Muslim expatriates. Sha-
ria is not a codified law and is capable of
adaption, development and further inter-
pretation. Matters of inheritance coming
before the Dubai courts are heard by one
or more judges. Juries are not used. Further-
more, unlike in some Western jurisdictions,
there is no system of precedent in Dubai or
the UAE.
However, there are many uncertainties
regarding real estate inheritance issues.
Unlike other jurisdictions, the UAE does
not practice ‘right of survivorship’ (prop-
erty passing on to surviving joint owner
upon death of the other, as would be the
case in Commonwealth jurisdictions),
and the local courts will need to make the
final decisions.
What are the most common inheritance
concerns of clients who own property
here and what are the solutions?
The most common concerns are from expa-
triates that have bought property here either
intheirsolenameorjointlywiththeirspouse.
They are confused as to which inheritance
ria law principally operates by a system of
forced heirship or reserved shares.
Whereas the Civil Code states, in one part,
that the law of the home country applies
to matters of inheritance, in another part it
states,thatwhereawillmadebyanon-Mus-
lim involves the disposal of real estate in the
UAE, then UAE law applies. This is consistent
with the fact that in general, in the UAE, the
law of the state where property is located
applies to real property rights. This conflict
has caused confusion amongst non-Mus-
lims as to the inheritance of their property
upon their demise. To clarify the position
The Personal Status Law 2005, was passed
to add clarity to the terms of the Civil Code.
Legal opinion in the UAE remains divided on
whether this conflict is real or not. Conse-
quently,expatsarebecomingmorereceptive
totheideaofowningpropertyin anoffshore
company which is not subject to Sharia law
for the distribution of assets after death,
because technically, a company cannot
die, even when an individual does. Property
owned by expatriates is often contended in
the courts after death, whereas those which
are legally owned by a company will never
be. In real terms, the death of a homeowner
can often cause a family grief and trauma
due to lengthy inheritance processes, but
these can be avoided, if the unencumbered
freehold property is legally owned by a
company instead.
Why is it important for expats living in
the UAE to have a will, and what are
the consequences of not having a will
in place?
For expats living in the UAE, there is a very
simple reason to make a will. The Govern-
ment of Dubai’s official website states that
EXPERTADVICE
laws apply to their assets upon
their demise, and usually assume
that the laws of their native coun-
try automatically prevail over local
Sharia laws. Inheritance laws in
Dubai are not as straightforward
nor the same as those back in the/
in some Western countries. If an
expatriate owns property in Dubai
and passes away, the laws of their
home country may not apply to
their assets held within the UAE,
especially those that are fixed and
immovable. Matters of inheritance
in the UAE are governed by Federal
LawNo.5of1985regardingthelaw
of Civil Transactions in the UAE (the
“Civil Code”), and by Federal Law
No. 28 of 2005 regarding the UAE
Personal Affairs Law (the “Personal
Affairs Law”). As a general rule,
inheritance issues for Muslims are
dealt with in accordance with Sha-
ria, whereas for non-Muslims, the
law of the deceased’s home country
can apply. Succession under Sha-

Call: +9714-4484284
Email: info@willsuae.com
Website: www.willsuae.com
www.twslegal.ae
TWS Legal Consultants
Office Suite 3001,
HDS Tower, J L T , Dubai.
Tel: +971 4 448 4284
Email: info@willsuae.com
Website: www.twslegal.ae
and www.willsuae.com
FOR FURTHER
INFORMATION
PLEASE CONTACT:
propertyonline.ae
‘the UAE Courts will adhere to Sharia law in
any situation where there is no will in place’.
This means that if you die without a will or a
succession plan, the local courts will exam-
ine your estate and distribute it according
to Sharia law. All personal assets of the
deceased, including bank accounts, will be
frozen until liabilities have been discharged.
A wife who has children will qualify for
only one-eighth of her deceased husband’s
estate, and without a will or estate planning
will work with the DIFC Courts for
the production of grants and court
orders for the distribution of assets.
As the grant is issued by the DIFC
Court, it will be directly enforceable
in Dubai without the need to go
throughtheDubaiCourts.Also,asa
“common law” jurisdiction, the use
of the DIFC procedure would allow
for testamentary freedom for dispo-
sitions for non-Muslim expatriates
and a speedy and orderly admin-
istrative process of a deceased
non-Muslim’s estate in Dubai.The
DIFC will be the first jurisdiction in
the MENA region, where non-Mus-
lims will be able to register a will
under internationally-recognized
common law principles.
If my husband dies, will our joint
bank accounts get frozen?
In principle, the government will
freeze accounts until all liabilities
of your husband are cleared such
EXPERTADVICE
as loans, credit cards and business debts;
this can happen within 1 hour of a fatality!
The procedure for reactivating the accounts
is complex.
Mr Jones and Mr Davies are business
partners and equal shareholders in a
LLC company in Dubai, in the fash-
ion / clothing trade. Their business is
growing rapidly and they are extremely
successful. Mr Jones is concerned
that in the event of
death of either one
of them what the
implications are.
In the event of a shareholder’s
death, local probate laws are
applied to a business, but
the results may
be unpredict-
able as shares
do not pass
automatically
by survivorship, nor can another family
member take over in lieu. However, we can
secure arrangements to avoid lengthy local
probate and guarantee
business continuity.
At TWS, we understand the implications
and importance of planning for the future
as an expat in the UAE. Can you afford not
to talk to them ?
in place, this
distribution
will be applied
automatically.
Even shared
assets will be
frozen until the
issue of inheritance is determined by the
local courts. There is also no automatic
transfer of shares where businesses
are concerned.
Recently I have heard about the
upcoming DIFC Wills and Probate
Registry . How does the impending
Registry help expatriates with assets
in Dubai?
The upcoming DIFC Wills and Probate
Registry will provide a mechanism for
non-Muslims with assets in Dubai only
to pass on their estates according to their
wishes. The rules governing the Wills and
Probate Registry will complement existing
UAE laws on inheritance for non-Muslims,
and provide non-Muslims with the option
and right to choose the way in which their
estates are distributed; they will have the
freedom to distribute their assets as they
wish. The DIFC Wills and Probate Registry
will be within the DIFC jurisdiction and

If you have any queries about buying or renting, please email at editor@propertyonline.ae
Our expert answers the queries about your real estate investments.
w i t h p r o p e r t y e x p e r t
Depending on the number of bed-
rooms you require the area would dif-
fer. I always advise clients to purchase
from a good developer, as later when you plan
to resell it will be so much easier to do so. With
AED1.5 million you can purchase a one bed-
room or studio in the Marina or Downtown
area. However, the one bedrooms with the
best developers still exceed the AED1.5 million
mark and a studio would be more realistic.
The good developers include Emaar, Trident,
Damac and Select Group. The prices for their
onebedroomswithagoodviewusuallystartat
AED1.6 million up to as high as AED2.3 million.
To conclude, I would advise purchasing a unit
in the most popular areas, so that whether the
market is up or down will still be sought after.
TheseareaincludeMarina,JBR,Downtownand
PalmJumeirah.
This will depend on whether you
are an investor or an end user. As
an investor keeping the Down-
town units will be a better choice especially
if you are the first owner who have bought
directly from the developer or at very reason-
able premium from the secondary market
as renting and receiving the rent will allow
you to achieve a high ROI, also at the time
of selling; your money will not be stuck
in one place and you may sell one and
keep one. If, however, you are an end user
acquiring a villa will be a better choice, as
you will have bigger space with less annual
service charges to pay. Captain gain can
also be achieved if the location of the villa is
very strategic.
I am a mortgage buyer with a
budget of AED1.5 million. Which
areas and what type of properties
would you recommend?
Iwouldpersonallyrecommendgoing
for off plan as most of the off plan
properties from Emaar are branded
as either The Address or Vida, The prices are
still lower then ready assets in the same area.
You also do not expose your capital up
front as you follow payment plan and If you
invest in the right off plan project your capi-
tal gain is higher annually compared to the
ready properties appreciation, most impor-
tantly your future ROI is higher than the one
you receive from ready assets.
You can off load and resell off plan assets
quicker and easier then the ready one. When
buying off plan you have better choice on
the unit size, location and view.
My friends are advising me to
invest in off plan properties rather
than ready properties. What is the
right thing to do if I am looking at it as
pure investment?
I have a couple of properties in
Downtown. Is it a good idea to sell
them and buy a villa in an estab-
lished community?
Dounia Fadi
Managing Director
elysian
04 323 4545elysian
Maral Khalil Mira Martinova
Sheikh Zayed road, Dubai
elysian
propertyonline.aeEXPERTADVICE

BUYINGBUYING
SELLINGSELLING
RENTINGRENTING
info@elysian.com
elysianrealestate.com
Dubai: 04 323 4545
Abu Dhabi: 02 409 0000
G l o b a l
elysian.luxury
BUY • SELL • RENT • PROPERTY MANAGEMENT
PROPERTYPROPERTY
MANAGEMENTMANAGEMENT
Awarded Top 3 Agency in Dubai by RERA & DLD
Dubai’s Most Popular Broker Award 2014
Whatever your property needs are...
...all the signs point to,
Whatever your property needs are...
...all the signs point to,

If you have any mortgage related queries please email editor@propertyonline.ae
Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai.
w ith mo rtgage exp ert
Mortgage brokers and consultants
perform similar roles but the nature
and scope of both activities vary.
For example, mortgage brokers in the UAE-
offer a regulated financial activity – Both
are responsible for ensuring the advice that
is appropriate for the borrowers' circum-
stances, but only the broker is held liable
by the regulating body if the advice is later
shown to be defective. The consultant, on
the other hand is not. Thus, the work under-
taken by both the broker and the consul-
tants depend on the depth of their service
and liabilities. That being said, the goal of
both is to save their clients as much money
as possible by offering the best advice for the
clients circumstances.
Brokers and consultants achieve this by
assessingtheclient'scircumstancesviainter-
viewsandmortgagefactfindformsandface
to face interviews - this may include assess-
ment of credit history, which is normally
obtained via credit reports of affordability,
which is verified by income documentation,
and of future plans to determine the optimal
duration of the proposed mortgage loan;
scanning the entire market to find mortgage
products that fits the client's specific needs
- This is usually carried out in conjunction
with the client wherein a detailed compar-
ative analysis report is compiled on multi-
ple products (four of the best in the market
vis-à-vis the client’s financial position and
profile). This report highlights the pros/cons
as it relates to the client’s needs and the best
What exactly is the role of a mort-
gage broker/consultant? Do you
charge a percentage of the mort-
gage value or a fixed price?
Depending on the lender, the client’s
profile, the transaction type and
if the information provided by the
applicant is factual, getting a pre-approval
usually takes anywhere between three to
five days.
The pre-approval process is basically the
same for all lenders and usually involves
carefully examining the applicant’s submit-
ted documents, conducting a credit check
with the UAE central bank to assess the
applicant’s financial position, conducting a
security check to determine applicant’s sta-
tus, determining the applicant’s debt service
ratio and eligibility status and coming up
with an approved loan amount based on
the applicant’s risk profile.
From the date of submitting the
application, how long does it to
get a mortgage pre approval?
What are the different stages?
In the UAE, on a combined monthly
salary of AED40, 000, you will be eligi-
bleforaAED3millionloanifyouhave
no credit cards and zero existing liabilities. It
My wife and I have a combined
salary of AED40,000 per month.
What is the maximum mortgage
amount we can avail of? How do we
apply together for the mortgage and
who will be liable for repayment?
EXPERTADVICE
suited product is then selected; assisting the
client in gathering all the relevant docu-
ments required for a mortgage application
and securing a pre-approval from the cho-
sen lender; assisting in completing a lender
application form, clarifying legal disclosures
and submitting the required application
documents to the lender; and following up
on the transaction until disbursement while
keeping the client updated at all times and
being on ground to ensure that the land
transfer process at the Land Department is
executed seamlessly.
The service charge can be anywhere from
0% to 1.5% of the mortgage loan amount.
Some firms charge a fixed price but ideally
charges are based on the level of difficulty
in executing the mortgage transaction; the
natureofthemortgagetransaction;thelevel
of the standard of service provided; and the
client’s profile.
Feyisesan Ekundare
MortgageMe.ae
Business Development
Middle East/Africa
M: +971 050 4168 5
is important to note that if the income/pro-
file of one partner is sufficient to guarantee
mortgage loan eligibility, then the income
of the other partner will not necessarily be a
factorintheloaneligibility/qualificationpro-
cess. However, on a joint mortgage with the
title deed in both names, both owners will be
financially liable whether or not repayment
is being handled by either partner.
propertyonline.ae

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T
here is no denying that oil
is really, really important.
Those that dismiss the pos-
sible effects that significant
shifts in supply, demand, prices and
politics on economies will be deny-
ing history and ignoring logic. But
those that overestimate the effect of
tumult in the oil industry only serve
to exacerbate or magnify fears of
unlikely events occurring. If there
is one thing that we should have
learnedfromtherecentglobalfinan-
cial crisis, it’s that cooler heads are
morelikelytoprevail.Thereasonwhy
this should be is that cooler heads
are more adept at separating emo-
tion from logic, cause from effect
and fiction from fact. The recent
reactions to the dramatic reduction
in oil prices have been, while under-
standable, disturbingly overdone.
Why disturbing? Because reactions
often reveal underlying thinking (or
lack thereof) that drove recent reac-
tions far from rational. The reactions
of stock markets globally, mainly on
cue from the US, were noteworthy
because of their rapidity and severity.
They were also noteworthy because
of the lack of cool headed analysis
that should have been applied to the
dramatic price shift that theworld’s
most vital and essential commodity
experienced. The old adage of panic
breeds panic sprung to mind as the
flurry of phone calls that I received
from investor clients, finance brokers
and journalists provided me with a
barometer as to the level of unease
that surrounded the likely effect
of the oil industry machinations
OIL … COOL HEADS REQUIRED
Mohanad Alwadiya, MD of Harbor Real Estate & Instructor at the Dubai Real Estate Institute, the official
training & certification arm of the Dubai Land Department
MARKET
propertyonline.ae

on the direction of Dubai’s real
estate industry.
The most disturbing theme
that was common to all the calls
I received was the short-sighted-
ness of the opinions and concerns
being offered. Little thought was
being given to a balanced analy-
sis of what a decline in oil prices
really means in terms of demand
for Dubai’s real estate in the long
term. For a start, those in the oil
industry understand that, given
the costs of exploration and high
level of capital required to com-
mence green-field operations,
careful consideration must be
given to possible price fluctua-
tions to ensure continuity of prof-
itable operations. In ensuring
that excess profits in the
times of high prices are
held in reserve for
the times when
prices fall,
established
players in
the indus-
try can
“smooth
out” the
peaks and
troughs
of oil rev-
enues. So,
while many of
the shortsighted
doomsayers were
predicting a virtual
halt in public spending
and infrastructural investment
in the UAE, they forgot that a vir-
tual decade ofrecord oil prices
has enabled Abu Dhabi alone to
accumulate an estimated US$
800 billion in reserves. Needless
to say, it would take an extended
period, possibly a decade or more,
of severely depressed oil prices, for
those reserves to be diminished.
Not that Dubai would be wholly
relying on those reserves anyway.
With an economy that has diver-
sified to the extent that only 6% of
the Emirates GDP is reliant upon
oil, and that a lower oil price will
actually assist the growth of more
prominent economic drivers such
as trade and tourism, the Emirate
does not appear to be particu-
larly vulnerable to a temporary dip
in oil prices.
Similarly, the established
non-government oil conglomerates
which enjoy lower costs of pro-
duction due to more established
operations and older, lower cost
extraction methods are also in a
position to absorb a lower oil price.
In reality, it is only the “Johnny come
lately” high cost operations, some of
which are highly lev-
eraged, that are
threatened.
But as
they
say,
there
is
nothing
like a good
industry shake-
out to bring markets
back into equilibrium. Which is
not to say that there are no short-
er-term advantages to a lower oil
price. There are. If you come from
a country that has to import all of
its energy needs then a decrease in
the price of oil can help relieve the
pressure on costs associated with
manufacturing, distribution, travel,
tourism and even the cost of com-
muting for any family with a car.
The increase in disposable income
can be a significant catalyst to eco-
nomic growth, something which is
being chased by every country in
the world.
It just so happens that many
investors that enjoy the returns that
Dubai’s real estate contributes to
their coffers come from countries
such as India, a country which
benefits enormously from cheaper
energy. As a matter of fact, other
than Russia which is mired in issues
larger than just the price of oil,
the vast majority of nationalities
that comprise the Dubai investor
mix will either not be affected or
will tangibly benefit from a lower
oil price. So why the panic? There
has been almost universal agree-
ment that the real estate Industry
in Dubai has achieved a level of
maturity that enabled it to suc-
cessfully manage the huge risks
associated with being the hottest
real estate market in the world
over the last couple of years. So
why would it succumb to this latest
development and collapse with a
resounding crash? Well … it won’t,
simply because there is no funda-
mental reason why it will which will
pass the test of reason and logic.
Unfortunately, many of the calls I
received came from shortsighted
stakeholders, some over leveraged,
whose debt position is such that
any slight perception of increased
risk generates irrational behavior.
Theyeasilygravitatetodoomsayers
who can only see the negative side
to any equation adding momen-
tum to baseless fears and negative
rhetoric. As an industry, we need to
understand that there will always
be change and challenges. It is a
measure of our maturity, as to how
we consider, analyze and address
issues that threaten to affect our
desired state or outcomes.
Clearly, we have a way to go.
MARKET
propertyonline.ae

COVERSTORY
T
he biggest challenge for a
new developer in a mar-
ket like Dubai, which went
through a downturn, is to
gain the confidence and trust of the
buyers and investors. G & Co suc-
cessfully managed to launch three
projects with two of them getting
sold out immediately while the third
one is being sold currently. However,
the developer, although very new at
the time of their first project in March
2012, was quick to realize that what
mattered was to deliver a high qual-
ity project on time and if possible,
before time. Their first project Millen-
nium Estates in Meydan was sold out
in 40 days and it gave G&Co a lot of
confidence to launch their second
G&Co is all set to create history in Dubai’s real estate market. The developer’s first of the three projects so far, Millennium
Estates in Meydan, is on track to being delivered six months before the original handover date. By Binesh Panicker
TRUST…
project; Grand Views, which was also
sold out in record time, followed by
the third project Millennium Square
launched recently.
Zafer Taher, CEO, G&Co, says they
believe in delivering good qual-
ity projects on time so that buyers
continue to have faith in them in
the future.
ZAFER on
The beginning
The thought process started seven
to eight years back. We realized like
many other investors that Dubai’s
real estate market had huge poten-
tial and we thought of creating a
fund in 2006-07, which was a private
equity fund where people could
invest in to buy some good assets in
Dubai. We started buying what we
thought at the time potential prop-
erties that, in the future, could give us
good returns.
One of those assets, which we
purchased in 2006, was a large plot
of about 5 million square feet of land
in Meydan. It was still a desert but
there was a talk in the town about
Meydan becoming a massive com-
munity in the future. We thought of it
as a location, which would be central
and close to everything and become
propertyonline.ae

a prime asset in the future. We had
also acquired assets in Khawaneej
and Emirates Road. In beginning of
2008, we realized that perhaps we
might be facing a scenario. We didn’t
predict the global melt down, but we
thought that perhaps the interna-
tional markets were a bit jittery at the
time. We obviously had good finan-
cial advisors in the fund, who advised
us to wait for six to seven months
before we would launch the proj-
ect and they were right because in
August things started looking really
dire and by November you know
where we were.
So we had to make a difficult
decision: whether to leave the asset
and wait for the crisis to be over or
sell and cash out at whatever price
we could get. We knew Meydan
was such a prime location. Know-
ing Dubai very well, knowing that
one day we will be so central, we
decided to keep it, which was a very
good decision.
We sat on the assets until 2012 at a
very high cost, when people started
talking about a recovery in the mar-
ket,butstillnobodywastalkingabout
launches. However, we decided, after
consulting our sales partners and
advisors, to launch the project as we
felt the grounds were fertile enough
and that people wanted Dubai to
come back into the game. And in
March 2012, we took the plunge. For
the record, we were the first devel-
opers to launch a project in Dubai
during the period of recovery. We
quickly realized that there was a lot of
appetite in the market for good proj-
ects that offer fundamentals such as
good location, right price point and
good design.
Millennium Estates
G & Co was the only developer at
that time offering off-plan properties
and the market was still reeling from
the past three to four years of uncer-
tainty. We had to offer something
special and, with our business part-
“FOR THE RECORD, WE WERE
THE FIRST DEVELOPERS TO
LAUNCH A PROJECT IN DUBAI
DURING THE PERIOD OF RECOV-
ERY. WE REALIZED THAT THERE
WAS A LOT OF APPETITE IN THE
MARKET FOR GOOD PROJECTS
THAT OFFER FUNDAMENTALS
SUCH AS GOOD LOCATION,
RIGHT PRICE POINT AND GOOD
DESIGN.” ZAFER TAHER,
CEO, G&CO
propertyonline.aeCOVERSTORY

COVERSTORY
ners and advisors, we decided the
price point and payment plan might
help overcome those fears. There
is, of course, a risk for the developer
but we also have to think of the end
users as they are also taking an equal
if not larger risk. If you try to remove
a little bit of that concern by mak-
ing the payment plan more flexible
and achievable, then the end user
will be more confident. Millennium
Estates, which is worth AED1.5 bil-
lion, features 198 luxury villas located
on Meydan’s south extension. For
G&Co, it was our first project and
we needed to prove ourselves in
the market. It was very difficult for
a newcomer to come into Dubai
after the crisis and launch a proj-
ect. We took a conscious decision
that we should get the basics right.
If you want to succeed you need to
do better than others, you need to
offer bigger, higher specs at a lower
price point.
That was the first point. The sec-
ond point was delivery. The entire
project was sold out in 40 days, as
the buyers really liked the location,
the quality and the price point. We
had to do a lot more in terms of price
point, design and payment plan. The
payment plan was 25%-75%, which
was unheard of. Now Millennium
Estates is on target to be delivered
six to seven months before the
due delivery date. The villas will be
ready for handover by June or July
this year.
The sizes of the villas range from
5,400 square feet to 6,800 square
feet and will also feature large green
“IF YOU WANT TO SUC-
CEED, YOU NEED TO DO
BETTER THAN OTHERS,
YOU NEED TO OFFER
BIGGER, HIGHER SPECS AT
A LOWER PRICE POINT.”
ZAFER TAHER
propertyonline.ae

Brasilia
Visit: by appointement
Dubai, JLT Cluster N, Jbc 4 Tower 1302,
P.O Box 309130 JLT Dubai, U.A.E
Showroom Tel: +971 44286688
Faxline: +971 44278833
E-mail: helen@designmobl.com
www.designmobl.com
Design Mobl @design_mobl DESIGN_MOBL
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COVERSTORY
spaces with walkways and common
parks. We started selling the units
at AED1,050 per square foot, which
was at that time about AED100 to
AED200 below the nearest bench-
mark. In phase II, we had incremental
price increases of about AED75 per
After the successful launches of Millennium Estates
and Grand Views, G & Co recently announced their
latest development in Meydan; Millennium Square,
which is an AED2.8 billion high-end residential com-
munity. The rapid construction progress of the devel-
oper’s previous two projects has further cemented G
& Co’s commitment to delivering their projects on or
before time, which will go a long way in boosting the
confidence of the buyers and investors. This new com-
munity will have semi-detached villas in line with the
existing demand in the market.
The size of a villa is 3,479 square feet with the prices
starting from AED4.3 million. Millennium Square also
boasts an attractive and flexible payment plan of
30%-70%. According to the developer, like its previous
developments, Millennium Square is also attracting
attention from a huge number of buyers, with 100
units already sold within days of the launch. The
project is expected to be delivered by the last quarter
of 2016.
square foot. We target 25% internal
rate of return (IIR) on its investment
in the project. With Millennium
Estates it’s close. Remember the cost
of financing for us because of the
payment plan is higher and the cost
of construction is much higher than
your typical development. Perhaps
our return on investment is lower
today than where it should be, but
we believe that building the brand-
name and taking it forward on the
back of Millennium Estates will help
us achieve better results in the future.
Our buyers include Emiratis, GCC
nationals, Indians, Southeast Asians,
Chinese, Russians and Europeans. It
is a mix bag; it’s a typical textbook
Dubai demographic.
Grand Views
It is a continuation of Millennium
Estates. We listened to our buyers
and felt that there was a need for
smaller units for smaller families but
with the same quality that G&Co
offered in Millennium Estates. Grand
Views is an AED2.48 billion develop-
ment, featuring 300 five-bedroom
townhouses and 176 villas.
The villas were sold out in no time.
The construction has started already
and we will try and deliver slightly
before the due handover date to
keep this track record going. It will be
ready by end of 2016.
AED1.5 BILLION(The total value of Millennium Estates)
AED2.48 BILLION(The total value of Grand Views)
AED2. 8 BILLION(The total value of Millennium Square)
AED4.3 MILLION(Price of a villa in Millennium Square)
MILLENNIUMSQUARE:
G&CO’SLATESTOFFERING
propertyonline.ae

propertyonline.aeMARKET
How is the market expected to fare this year? By Nicole Walter/freelance writer
ECONOMICGROWTHAND
SUPPLYTOBALANCETHEMARKET
AS2015PRICEPACESLOWS

MARKET
30,000
30%
5%
FORECASTED
SUPPLY IN
VACANCY RATE
IN OVERALL
DUBAI OFFICE
MARKET
DUBAI’S
ECONOMIC
GROWTH
2015
propertyonline.ae
T
he second half of 2014 hinted
at how this year would start
by putting the breaks on the
2013 frenzy as the market sta-
bilizes, preparing for future growth.
Setting the tone, Craig Plumb, Head
of Research at JLL MENA, predicts a
relatively subdued Dubai residential
market, trading in a narrow band of
prices of less than 10% up in some,
down in other locations, for this year.
“This stability is to be welcomed as it
will allow the city to regain some of
its competitiveness, which it has lost
as a result of unsustainable growth in
prices over the past two years. Dubai
willcontinuetoattractbusinessesand
residents looking to benefit from its
strategic location within the region,”
says. However, most units won’t be
available for rent before the end of
2016, and despite ongoing price sta-
bilization, John alerts prospective ten-
ants shouldn’t hope to bag a bargain
in their preferred location or building,
either. “Rent increases will continue
for very specific developments and
products in line with demand and
are contingent on the type of own-
ership structure. While 2016 may feel
like an interminable wait for many
frustrated tenants, it will also provide
much-needed stock in the run-up to
Expo 2020,” he adds, remarking that a
final tally of the required units for this
game-changing six-month festival is
as yet unknown.“However, the spec-
tre of rampant vacancy levels due to
a surfeit of oversupply post-Expo is
nothing more than an urban myth,”
he remarks.
Nicholas Maclean, Managing Direc-
tor at CBRE Middle East would concur,
pointing out that it was the num-
bers of new Fortune 500 companies
setting up in Dubai already today,
despite the Expo, which were driv-
ing the market. “We have a greater
level of interest to expand operations,
bringing new people, which can put
down roots here, than we have ever
had in our history,” he adds. “If we
are growing our population to three
million plus here, then actually the
housing stock is not enough,” he says,
conceding that a large proportion
of those may need affordable hous-
ing. Nicholas, however, highlighted
the strategic vision to transform the
he remarks, adding that it appeared
the Abu Dhabi market had more
growth left for prices to increase
more quickly this year.
John Stevens, Managing Direc-
tor at Asteco Property Manage-
ment, points out that the fore-
casted supply of around 30,000
new homes, which matches the
firm’s own internal research count-
ing a required 24,000 apartments
and 6,000 to 9,000 villas, would
meet demand.
“These homes will come online
within the next two years, giving
Dubai residents a breather when it
comes to choice and, hopefully, a
return to relative affordability,” he
Downtown , Dubai
Sheikh Zayed road , Dubai

other tier of the market - managed office
portfolios at single-owned buildings are full.
It isn’t the location, or the building quality
but the ownership structure, which puts
companies off. However, Matthew points
out that in some areas such as in JLT, where
a lot of SMEs take start-up offices, strata
still works.
Vacancy rates at secondary offices have
actually gradually reduced, and outper-
formed, at a 12% y-o-y increase, prime
offices but largely due to the fact that they
were coming from a very low base. Prime
rents are touching the AED2,000 a square
metre mark, and increased by 6% y-o-y.
Matthew expects this trend to continue.
There doesn’t seem to be a relief in sight
either, as developers are forced to complete
what they had originally sold to a multi-
tude of investors. “For now that situation is
not going to improve, a lot more is coming
through in Business Bay for example. Some
are to do well there, but we’re talking about
two single-ownership properties out of
many,” says Matthew.
He says some developers solved the
conundrum by buying back offices sold as
a fractional product from the owners and
made it attractive again for occupiers, but
they are far and few in between. “The prob-
lem is to get original investors to see a single
viewpoint, some just added to them to their
portfolio, as in residential, and are not inter-
ested in even selling or leasing. So, there
are many products in this market which
are never going to see high occupation,”
he explains.
“No one in their right mind would
develop a strata office today as the mar-
ket is not there, and what is being devel-
oped that corporations are looking for,
large floor plates, is relatively piecemeal,”
Matthew adds.
The reason being, although the market is
exceptionally strong for that type of prod-
uct, is the potential risk of holding the asset
for many years to gets its value, and the
returns and wider vacancy rates have also
been off-putting. “Yet, the developers who
pushed that button are benefitting form
the fact that there is little competition in the
market,” Matthew adds. The situation means
that the 80 live requirements for large offices
CBRE has on their books, including from the
US and Western Europe, either wanting to
bring their staff under one roof or new to
Dubai, have to improvise. “One firm requires
100,000 square feet and it will depend on
nature of the existing economy to increase
the proportion of those that can have
an impact on the economy, rather than-
just some spending power, which would
increase demand for the high-end reales-
tate being created.
Demand for office units
CBRE has noted current interest for offices
coming from the oil and gas, pharmaceu-
tical, technology and financial sectors, as
well as retailers supporting their expan-
sion with regional HQs. “Law firms are
very active right now and their expansion
is always a good indication of the market.
APAC FDI companies are also relocating
components of their business to Dubai
to target Africa from here,” adds Nicho-
las. These developments bode well for
residential but obviously for the office
market, which continues to experience
vacancy rates of an average of 38% for
Dubai overall, thanks to the continuing
overhang of boom-time strata buildings
nearing completion.
Matthew Green, Head of Research &
Consultancy at CBRE Middle East, says the
office stock has doubled since 2008 and
whilst strata fractional ownership space
isn’t easy to fill, the opposite is true for the
“RENT INCREASES WILL CONTINUE
FOR VERY SPECIFIC DEVELOP-
MENTS AND PRODUCTS IN LINE
WITH DEMAND AND ARE CONTIN-
GENT ON THE TYPE OF OWNER-
SHIP STRUCTURE. WHILE 2016 MAY
FEEL LIKE AN INTERMINABLE WAIT
FOR MANY FRUSTRATED TENANTS,
IT WILL ALSO PROVIDE MUCH-
NEEDED STOCK IN THE RUN-UP
TO EXPO 2020.” JOHN STEVENS,
MANAGING DIRECTOR AT ASTECO
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propertyonline.ae
their timing if we can find contin-
uous floors, it almost doesn’t exist
now. The new supply that is coming
in DIFC, or developed by Emaar, is
two years away, which will have an
effect on the rental values over the
next couple of years,” he says.
Residential units
While it will be the office, hospitality
and industrial sectors to perform best
in the UAE this year, according to a
recent JLL MENA Investor Sentiment
Survey, respondents are thinking of
taking their money into the residen-
tial sector in KSA, as well as looking
at opportunities back home in the
UK and US. “Investors are recognis-
ing that there is relatively little further
upside in the residential market in the
UAE,” says Craig. However, the UAE’s
emergence as a global business hub
and its mega infrastructure projects
will sustain the Emirates’ maturing
residential real estate market, says
Faisal Durrani, International Research
& Business Development Manager at
Cluttons.
“They are all expected to fuel the
development of the real estate mar-
ket in 2015 and beyond. However,
we expect growth to take on a much
more muted tone over the next three
to six months as the market adjusts
to the evolving conditions,” he adds.
may spread into the last quarter of
2015 unless a good number of new
investors pour in, or end user/occu-
piers decide to buy the properties
for which they pay a good rate of
rent,” he says, while he recommends
watching Abu Dhabi closely. “Con-
sidering the size of the market and
upcoming supply, the slowdown
may last longer than Dubai in 2015.
Most likely it’s a year to start con-
sidering significant levels of invest-
ment with lowering price levels,”
he says.
Matthew is content that the hyper-
inflation, which had dramatically
increased the cost of living for every-
one is subsiding. “We are still seeing
transactions but at a lower rate. As
the market is slowly maturing, we
can look forward to a little more sta-
bility. We don’t expect to see a repeat
of this year’s performance in 2015
but far more marginal growth levels,”
he says, adding that the announced
large master-planned projects are
signalling supply isn’t about to slow
down. Buyers to snap up this supply
will be around. Nicholas says the buy-
ers’ make up hasn’t changed much
over the years, as Dubai is still seen as
a safe haven and a good bet to invest
in the GCC, even if it goes through
blips like all markets do. “There is still
quite a large proportion of people,
who buy apartments just for capital
growth and we don’t see that men-
tality changing. The market is rela-
tively well insulated by the 4.5% UAE
(5% Dubai) economic growth with
people coming to stay. I don’t see
anyone’s rents falling of the cliff right
now,” he remarks.
Matthew reckons that more could
be done, if authorities wanted to
regulate the off-plan market further,
to reduce the risk of boom and bust
cycles, although he forecasts a period
of stability. “Obviously, it is a market,
which attracts speculative invest-
ment from cash buyers, these factors
really increase the volatility, and they
could tighten it up more to improve
that. On the flipside they don’t want
to put off investors, Dubai obviously
functions because of these mecha-
nisms as well,” he concludes.
THE UAE’S EMERGENCE AS A GLOBAL
BUSINESS HUB AND ITS MEGA
INFRASTRUCTURE PROJECTS WILL
SUSTAIN THE EMIRATES’ MATURING
RESIDENTIAL REAL ESTATE MARKET.
THEY ARE ALL EXPECTED TO FUEL THE
DEVELOPMENT OF THE REAL ESTATE
MARKET IN 2015 AND BEYOND.
HOWEVER, WE EXPECT GROWTH TO
TAKE ON A MUCH MORE MUTED
TONE OVER THE NEXT THREE TO SIX
MONTHS AS THE MARKET ADJUSTS TO
THE EVOLVING CONDITIONS.” FAISAL
DURRANI, INTERNATIONAL RESEARCH
& BUSINESS DEVELOPMENT MANAGER,
CLUTTONS.
Ahmet Kayhan, Co-Founder & CEO
of REIDIN, would concur expecting
both, Dubai and Abu Dhabi, mar-
kets to be slower this year than last.
“Dubai’s flattening and correction
Green Community , Dubai

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I
magine chirping birds and green
landscapes juxtaposed with tennis
courts, children playing, world-
class shopping and easy access to
bustling business districts – and what
you get is Discovery Gardens, a trea-
sured haven for residents. Launched
by Nakheel in 2004, Discovery Gar-
dens is a themed residential commu-
nity inspired by nature, providing an
exceptional family-oriented environ-
ment to its inhabitants.
Since its handover in 2008, the
modern community of 291 buildings
comprising over 26,000 apartments
has been a preferred choice for fami-
lies. “With my office located in Dubai,
the daily commute from Sharjah to
Dubai had become a grind for me.
I had read a lot about this project
of Nakheel and a few friends who
had moved here had good things to
say about it'', says Venkatsubrama-
nian. Economically also it made sense
as the rent was reasonable, including
cooling charges and all other main-
tenance handled by the landlord. But
what clinched the deal was the drive
through the Discovery community.
The chirping of the birds, the layout,
the greenery, the kids play areas, the
peace and quiet, all within easy reach
of Sheikh Zayed Road had me and
my wife convinced that this is where
we wanted to live and see our kids to
grow up. So when prices fell due to
the property market crash in 2009,
we took advantage of the dip and
moved”, says Venkatsubramanian,
a long-time resident of Discovery
Gardens. His wife, Priya adds, “Even
though the place was still develop-
ing at the time, when we looked at
other options like Bur Dubai, Ghusais
or Deira, Discovery was great val-
ue-for money for the holistic lifestyle it
offered. For me, good neighborhood
schools like Winchester and DPS as
well as the Jebel Ali hospital within
THEBESTOFALLWORLDS
the community mattered a lot.” The
cosmopolitan community’s proximity to
Dubai’s major business and economic
centers including Dubai Internet City
& Dubai Media City makes it an ideal
combination of countryside living within
city limits.
The strategic location close to Ibn bat-
tuta,theworld’slargestthemedshopping
mall, easy access to the Ibn and Nakheel
Harbor Metro stations and a prolifer-
ation of amenities has also upped the
community’s popularity quotient over
the years. Priya elaborates, “The place is
very self-sufficient now. Other than Ibn
Battuta and Geant, we now have ample
conveniences from home-delivering
supermarkets to nurseries, pharmacies,
gymnasiums, restaurants and salons.
Training and activity centers have also
come up within Discovery, with bus ser-
vices provided by institutes in Jumeirah
Lakes Towers. And the well-maintained
landscaped gardens, courtyards, courts
for tennis, basketball and volleyball,
community swimming pools complete
with lifeguards, kids play areas and the
extensive parking make this place ideal
for families”. But the increased popular-
ity has meant a greater inflow of fam-
ilies and worsening traffic conditions.
Although an additional entry/exit point
has alleviated traffic woes to some
extent, residents feel much more needs
to be done given the rapidly increas-
ing load. “Over that last five years, they
have added just one exit. While this has
helped a little bit, we need a lot more,
as the number of residents and cars has
also gone up considerably. Also, opening
U-turns and approach roads towards the
schools area and the new Ibn Battuta
Gate exit will reduce the strain on the
main arterial road during peak hours”,
feels Venkatsubramanian. Other than
the traffic, the foul odor emanating from
theneighborhood sewage treatment
plant in Gardens is a cause for discom-
fort. Despite these glitches, residents are
quick to point out that the pros far out-
weigh the cons.
“We feel blessed to be living here.
It was the best decision for us”
adds Priya. Residents, however, feel
minor improvements could go a long
way in further positioning the commu-
nity as a classy district. These include
increased overall cleanliness and better
lighting for the community areas. Priya
explains, “It’s a family oriented place
with benches for relaxation and play
areas for kids. It would be nice if these
places were brighter and better lit”. Other
suggestions include a community hall
for the use of residents, as well as com-
munity events that will allow residents
to bond and thrive, and add vibrancy
and value to the quality of life of Dis-
covery inhabitants. With recent ramped
up safety measures, including physical
security guards, surveillance cameras
and access card control for all buildings,
as well as enhanced street lighting, illu-
minated direction boards and a better
road network, Discovery Gardens will
continue to maintain its attraction as a
community offering reasonably priced
sophisticated living.
Discovery Gardens, a treasured haven for residents By Neha Kaul/freelance writer
The Venkatsubramanian family
propertyonline.ae

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ROBUSTCOMMERCE
W
ith a captive resident
population of nearly
60,000, Discovery Gardens
presents ample com-
mercial opportunities for shops and
local market places. Speaking to the
owner of Aneeq Fashions, a boutique
store retailing in formal ethnic Indian
wear as well as smart casual western
outfits, we understand what makes
the commerce district in Discovery
Gardens tick.
“I have been living in Discovery since
2009, and I loved our life here. But I
could feel the gap for an outlet with
ethnic Indian wear to cater to the very
large Asian and Indian crowd. Some-
thing small and simple, where people
could come in quickly, shop and leave.
Not like going to a mall. So in 2012,
seeing the growing opportunity for the
success of such a business, we launched
our store. And till date we are the only
stand-alone shop of its kind, catering
not only to the Discovery crowd, but
also Gardens, Marina and JLT. And
business has been great”, says Moham-
med Arif, owner, Aneeq Fashions. With
the diversifying inhabitant base of the
community, and sensing the lack of
such services in Discovery, the store
added tailoring for Indian outfits as well
as alteration services for men’s cloth-
ing, targeting another recurrent need
of residents.
The cost-effective and reason-
able rent base of the community has
attracted the middle to high-income
bracket, which underscores the popu-
larity of neighborhood stores. Arif sup-
ports this view by adding, “The rents
here are very reasonable for the size of
apartments and the quality of life that
you get. So it attracts a lot of middle to
high-income crowd. These are the peo-
ple who prefer to shop in independent
stores rather than malls and are not
brand conscious or specific, which is
why we saw roaring business over the
last few years as rents remained at the
stable low end. We even expanded our
store this year to cater for the heavy
festival season shopping and the
growing crowd”.
Other than restaurants, which face
tough competition from the malls and
other independent outlets, most other
commercial establishments in Discov-
ery benefit from the ‘neighborhood
market’ concept, preferred by residents.
For many, like Aneeq, competition lies
as far away as Karama, thus assuring
a captive audience. “Our competitors
are in Karama and Bur Dubai. And
many husbands actually thank me as
them and their families prefer shop-
ping locally rather than commuting
all the way. They can save on the Salik
fee, and the wives can come in anytime
to shop for themselves, for the kids and
for the husbands. Plus there is nothing
similar to us in and around this whole
area, in terms of the quality of what we
offer, and the price we offer it at. And
we have maintained it, because it fits
in well with the profile of the people liv-
ing here and in neighboring districts,”
affirms Arif. On the downside, a recent
spike in rents mid last year has seen a big
outflow of the middle-income residents,
nearly 50% as per Arif, which he feels has
impacted their business considerably.
With a higher income group and differ-
ent nationality profiles coming in, the
store has adapted its styling to suit their
taste as well. But business has not recov-
ered as desired. “These people prefer
high-end stores and lifestyle shopping in
malls. It’s difficult to attract them to our
shops”, adds Arif.
The well maintained streets, extensive
parking, recently ramped-up lighting as
well as the general air of vibrancy and
security for families has continued to
keep Discovery Gardens at the top of the
list of preferred communities. And this
has aided the footfall in shops located
in the local markets. Enhanced popu-
larity has meant a constantly growing
crowd, thereby making commerce a
more viable and attractive option. For
shop-owners, the enhanced street light-
ing, improved access, metro proximity,
as well as the addition of illuminated
direction signboards have made nav-
igation simpler, eased operations and
impacted sales positively. “Discovery is
very popular as a place to stay. So the
crowd never decreases, only grows. Plus
access from other adjacent areas like
JLT, Marina has become easier and has
also improved business. Now with the Al
Furjan villas, and more community proj-
ects around the area being handed over,
the future looks even brighter”, adds
Arif happily.
Discovery residents prefer ‘neighborhood markets’
Mohammed Arif, Owner, Aneeq Fashions
propertyonline.ae

MARKET
propertyonline.ae
When did you come to Dubai? In 2012
Previous profession: Internal Audit Manager
First sale in Dubai (villa, APARTMENT or commercial? Which year? And value of the trans-
action? Marina Wharf Apartment, Selling Price at AED 1.9M, in year 2012
What you like about your profession? I have learnt that there is no substitute for hard work and
client satisfaction. As an agent, I focus my energies on being professional and client orientated; these
traits are continuously valuable in an ever-competitive market such as Dubai's.
Hobbies: Reading, cooking and swimming
Favourite hangouts: Malls, Madinat Jumeirah and beaches
Why you love Dubai? The city is fast growing and there are lots opportunities available for each
and every individual
When did you come to Dubai? First time I came to Dubai in August 2013
Previous profession: My previous profession was translator of four languages in one of the most
influential companies in my country that deals in several fields on an international level.
First sale in Dubai (villa, APARTMENT or commercial? Which year? And value of the transac-
tion? My first deal was an apartment in Sports City which I sold for AED1.1 million in March 2014.
What you like about your profession? I love my profession for its endless opportunities. On a daily
basis, I meet different people with different mind setup and preferences that give me the best experi-
ence regarding knowledge of the business and communication with the people. With each meeting
more doors open, which creates more chances for business and better future.
Hobbies: My hobbies are travelling and collecting specialties from different countries.
Why you love Dubai? I love Dubai because it’s a leading city; it’s the best place I have ever been to.
Tanya Kadysheva
Russian, Taktical Realty Group
Sale Agent, RERA: 27207
Oxana Victor
Republic of Moldova
Gold Coast Real Estate
Sales Executive, RERA: 43454

When did you come to Dubai? Moved to Dubai in August 2008
Previous profession: I have always been an Estate Agent. First in Windsor (in Berkshire) from the age of
17 (I am now 34)
First sale in Dubai (villa, APARTMENT or commercial? Which year? And value of the transaction?
The Residences, Downtown. One-bedroom apartment sold in September 2008 at AED925,000
What you like about your profession? Having been in real estate for over 17 years, it is safe to say this
is the only profession for me. I have been selling property in The Downtown Burj Khalifa area for the past
six years and I have met thousands of buyers, sellers, real estate agents, developers, celebrities- and even
royalty from every corner of the earth! The little added bonus to my job is getting to do viewings in one of
the most famous buildings in the world, not to mention the tallest… Burj Khalifa
Hobbies: Playing football three times a week, walking my dog on the beach, running.
Why you love Dubai? I love Dubai because of the amazing ambition. I couldn’t believe this country
could do anymore but having just been to Cityscape, I was wrong! There are so many amazing up and
coming things and this is only the beginning. I planned to come here for just two years, but I am now
proud to call Dubai my permanent home.
When did you come to Dubai? August 2008
Previous profession: I was only a student before coming to Dubai
First sale in Dubai (villa, APARTMENT or commercial? Which year? And value of the
transaction? It was an apartment worth AED3.8 million in 2008.
What you like about your profession?
I am able to interact and deal with VIP's and big business persons. Most importantly, I get to
learn a lot from these successful people.
Hobbies: I love playing football during my leisure time.
Why you love Dubai?
Dubai is a very unique and cosmopolitan city, it is also a fast-growing city and a pretty safe
place to live and raise children. Dubai is tax-free as well.
Alex Prestedge
British, Prestige Real Estate,
Senior Property Consultant,
RERA:11309
Navid Hamedi
Iranian, Kensington Finest
Properties International, Senior
Property Consultant, BRN 29916

Ajman’s Lifestyle Development Al Zorah’s first phase is expected to be ready by early 2016. By Nicole Walter/freelance writer
CREATING
‘PLACESFORLIFE’
O
n the drawing board
for quite a few years, Al
Zorah’s developers a JV
between Solidere and
the Ajman government have been
quietly working on the project’s
infrastructure and started construc-
tion of its first phase to complete
by early 2016. Lebanese developer
Solidere, known to create ‘places
for life’, master-planned this huge
5.4 million square metres freehold
and free-zone development, which
could reach an investment value
of AED60 billion, taking advan-
tage of the unique beauty spot it
occupies along the coast of Ajman,
with pristine beaches, dunes and
mangroves where 58 species of
birds live, including the attractive
pink flamingo.
Future residents paying a visit
to the site would already spot the
advanced greenery, courtesy of the
6,000 square metres nursery on-site,
at the 18-hole golf course by Nicklaus
Design and managed by Swiss Troon
Golf, as well as glistening lake waters.
“We already have nine holes ready
and the rest in June. Once the grass
matures in fall 2015 we expect it to
be playable, when the villas should
be ready for handover as well,” Imad
Dana, CEO of Al Zorah Development
Company, says. The 42 four-to-six
bedroom golf villas, offering plenty

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of space from 4,800 to 6,000 square
feet were launched for sale at this year’s
Cityscape starting at AED3.8 million.
Coming in a contemporary and airy
design, each villa sports has its own
swimming pool. Although pretty much
a traffic free area, each villa has two-
parking spots and visitors will also find
dedicated spaces.
What to expect?
“Residents will enjoy unobstructed
views of the golf course and mangrove
forest, each taking up 1 million square
metres, in close proximity to the lake,”
Imad points out. The distance from
the entrance ‘The Gateway’ of the
development at Sheikh Mohammed
Bin Zayed Road down to the beach is
around four kilometres, an enjoyable
trip by golf cart on a dedicated trail.
Buyers automatically become golf club
community members, which shares
a site with a wellness centre to be
built and operated by a Turkish devel-
oper, who plans to offer detoxification
programmes and the likes. The villas
fall into the ‘Golf Course’ district of Al
Zorah, an area to enjoy low density,
even when the second phase com-
pletes between 2017 and 2020, adding
a mix of 60 villas and townhouses, and
nine apartment buildings no higher
than seven storeys.“We’re keeping the
flexibility to build more larger or smaller
villas depending onwhat people want,
although one idea is to develop luxuri-
ous villas in their own closed commu-
nity,” says Imad.
The developer is making sure that
residents moving in and the ‘leisurely’
lifestyle promised will run as good as in
tandem. The infrastructure, roads and
landscaping will be ready. Four mari-
nas have already been created at ‘The
Creek Side’ district and one of them will
be furnished with pontoons and restau-
rants along the quay, which can accom-
modate up to 50 boats. In future, as the
second phase, this area will become a
fully-fledged high-end residential apart-
ment, villa and hotel quarter affording
views of the mangroves. Two hotel
resorts, the Oberoi Al Zorah and Lux* Al
Zorah are already under construction in
the ‘The Beachfront’ district. The latter
to be managed by the boutique Mau-
ritian operator Lux* Resorts & Hotels,
WE ALREADY HAVE NINE HOLES
READY AND THE REST IN JUNE.
ONCE THE GRASS MATURES IN
FALL 2015 WE EXPECT IT TO BE
PLAYABLE, WHEN THE VILLAS
SHOULD BE READY FOR HANDOVER
AS WELL.” IMAD DANA, CEO, AL
ZORAH DEVELOPMENT COMPANY.

will feature only 110 keys, with the
smallest room measuring 90 square
metres. “The resort is really luxurious
with a lot of space 100,000 square
metres for the 110 rooms, and takes
up 300 metres of our 1.6 kilometres
beachfront,” says Imad.
“This will be Lux* first resort in
the Middle East and we chose them
because we wanted an operator
specialized in resorts, as opposed to
a business hotel. We want guests to
feel like they are in Mauritius with-
out having to fly all the way there,”
he adds.
The Oberoi Al Zorah will be bigger
with 190 rooms. “Whereas the Lux
is more vibrant and family oriented,
with more outlets, five restaurants
and a beach club with lounge and
music, the Oberoi is known for quiet
luxury, the client will enjoy a vast
space, spa and restaurants but in
calm surroundings,” Imad explains.
The hotels complete the picture
of the first phase of the develop-
ment. “Everything in phase I is under
construction at a cost of AED2 bil-

MARKET
propertyonline.ae
RESIDENTS WILL ENJOY UNOB-
STRUCTED VIEWS OF THE GOLF
COURSE AND MANGROVE FOREST,
EACH TAKING UP ONE MILLION
SQUARE METRES, IN CLOSE PROX-
IMITY TO THE LAKE.” IMAD DANA
SIZE OF
AL ZORAH
DEVELOPMENT
STARTING
PRICE OF
GOLF VILLAS
THE NUMBER OF
ROOMS
AT OBEROI AL ZORAH)
5.4
3.9
190
MILLION
SQ. FT.
MILLION
AED
lion, and we expect it to be open
by end of 2015, beginning 2016,”
says Imad.
Second phase
The design and construction of the
second phase components are run-
ning kind of alongside the first phase,
says Imad. Those include a boutique
resort with on-the-water villas near
thegolfcourse,aswellasabeachclub
and 300 metres long boardwalk with
shops and restaurants and three resi-
dential apartment buildings serviced
by the already appointed hotel oper-
ators, coming in distinct contempo-
rary designs at ‘The Beachfront’. “The
residences could even complete by
beginning 2017 and put into the
hotel rental pool, we willstart con-
struction and launch sales early next
year,” he says, adding ‘The Beach-
front’ has space for another four
hotels one may become a 500-room
hotel with water-park. Much of the
development of the second phase
is in the hands of sub-developers.
“We’ve already handed over the plots
to our initial investors and expect
them to start building once they see
the success of the first phase,” says
Imad, adding that judging by the
interest shown in Al Zorah the sec-
ond phase could move quickly. “It
is a nice community with no traffic.
We are attracting local interest from
Ajman and other emirates, people

MARKET
propertyonline.ae
who have businesses and would like
to live this lifestyle and can commute
even to Dubai, thanks to the upgrade
of Emirates Road and National Paints
bridge, it only takes 25 minutes,”
he explains.
However, he added that the proj-
ect would be grown organically,
depending on the excitement it
would generate and marketcon-
ditions, the second phase may or
may not be ready by 2020. “It has to
come naturally, we want end-users
to come and enjoy a refined lifestyle
and outdoor activities, such as jog-
ging and cycling, as of course the
beach. We reserved two-thirds of
our master plan for public spaces,”
Imad says.
“We would also like to make the
development affordable to a big
segment of the market, keeping in
mind near the beach we will go no
higher than four floors yet have sea
views,” he adds. ‘The Peninsula’, as
the spine of the development will
be the last to be developed, com-
plete with a pedestrian retail and
leisure souk-style strip. It could also
include Ajman’s first exhibition cen-
tre, according to the developer. “The
Peninsula is really the third phase,
we have to wait for a critical mass
in the development to plan effec-
tively, we may even include offices,”
Imad concludes.
IT HAS TO COME NATURALLY,
WE WANT END-USERS TO COME
AND ENJOY A REFINED LIFE-
STYLE AND OUTDOOR ACTIV-
ITIES, SUCH AS JOGGING AND
CYCLING, AS OF COURSE THE
BEACH. WE RESERVED TWO-
THIRDS OF OUR MASTER PLAN
FOR PUBLIC SPACES,”
IMAD DANA

HOSPITALITY
propertyonline.ae
According to a recent CBRE report, Dubai today already houses 64,000 rooms, over double than
that in 2005, with 3,500 keys alone having completed last year. By Nicole Walter/freelance writer
NEWHOTELSCOMINGONLINE
TOSOFTENPERFORMANCE

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HOSPITALITY
propertyonline.ae
D
ubai’s hospitality sector is
as strong as ever, although
experts have started to
detect signs of performance
slightly softening in some areas due
to additions to the market since last
summer and expect this trend to
continue. According to a recent CBRE
report, Dubai today already houses
64,000 rooms, over double than that
in 2005, with 3,500 keys alone having
completed last year. “We have been
achieving 10% growth y-o-y since
2011. Supply has been growing at
a fantastic rate, and whilst this year
may not have reached the peak of
last year, we’re still performing at
a rate which is exceptionally high
compared to the majority of other
international markets,” remarks Mat-
thew Green, Head of Research at
CBRE Middle East. The consultancy
firm predicts close to 27,000 new
hotel rooms, including apartments,
to appear until 2017, most of which
will come on-line this year at just
over 10,000, of which rooms slightly
dominate at around 5,400 keys.
Hotel rooms then clearly take over
the landscape versus apartments, in
2016 and 2017 in terms of new sup-
ply. JLL Hotels & Hospitality Group’s
Hotel Intelligence Dubai 2014 sur-
vey meanwhile counts around 20
properties, around 4,600 rooms, due
to open this year, although post-
poning hotel opening date isn’t
unusual. “Over the year to August,
the Dubai market has recorded
occupancy rates of 78 percent, rel-
atively flat compared to 2013,” says
Craig Plumb, Head of Research at
JLL MENA, remarking that last year
was Abu Dhabi’s year, where occu-
pancies rose from 64 percent to 71
percent (2013-2014). “For the first
time ever, hotel occupancies in Abu
Dhabi exceeded those in Dubai in
July 2014, driven by attractive room
rates with the daily average rate
(ADR) over the year to August at
US$133, although the Dubai mar-
ket continues to experience much
higher levels of ADR at US$238, and
therefore enjoys a higher revenue
per room (RevPAR),” he adds.
Visitor numbers of close to six
million, an increase of 27% from the
first half of 2013 to the second half of
2014, saw guest nights increasing by
around 15% to 22.6 million, accord-
ing to CBRE, thus creating demand
for new hotel openings. The firm
measured the performance of upper
scale (4*) properties, which managed
to increase ADR by around 20% to
AED867over 2012 and 2013, and rais-
GIVEN THE AMOUNT OF SUPPLY
COMING ONLINE IN THE NEXT
COUPLE OF YEARS WE HAVE TO
EXPECT THAT SOME DEFLATION-
ARY PRESSURES WILL BE FELT ON
ADRS, BUT WITH OCCUPANCY
RATES STAYING SO HIGH, THAT’S
NOT GOING TO HAVE A HUGE
IMPACT ON THE HOTELS, BUT
RATHER MEANS JUST A BIT OF A
NORMALIZATION.” MATTHEW
GREEN, HEAD OF RESEARCH,
CBRE MIDDLE EAST
Business Bay , Dubai

propertyonline.ae
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HOSPITALITY
64,000 27,000
THE NUMBER
OF HOTEL
ROOMS
IN DUBAI
THE NUMBER
OF NEW
ROOMS
EXPECTED
TILL 2017
propertyonline.ae
ing performance again by close to 7% in the first
nine months of 2014. While luxury (5*) hotels
performed well, despite the rapidly increas-
ing supply witnessed over the last three years,
even surpassing the ADR AED1,392 achieved in
2013 at AED1,491 during the first nine months
of 2014. “Given the amount of supply coming
online in the next couple of years we have to
expect that some deflationary pressures will be
felt on ADRs, but with occupancy rates staying
so high, that’s not going to have a huge impact
on the hotels, but rather means just a bit of a
normalisation,” Matthew comments.
Rates
Hoteliers in Dubai in fact have little to com-
plain about, as the performance of their prop-
erties is stellar compared to other countries in
the region and indeed the world, even if they
had to reduce expectations a little looking into
the future. “This year and next, rates will prob-
ably have to soften, but one could maybe say
that hotels are the victim of their own success,
complaints by hoteliers are relative. Some are
concerned looking at the huge pipeline, 35,000
already signed up for to complete by 2020 and
other not yet known on the drawing board, but
really hoteliers have nothing to worry about
looking at the mid-to-long term,” remarks Guy
Wilkinson, Managing Partner of Viability. Guy
expects a temporary performance blip on the
graph looking towards Expo 2020 between now
and up to 2018, as supply readies for pre-event
set up, event, as well as post-event activity, as
Dubai’s Department of Tourism and Commerce
Marketing (DTCM) would ensure that enough
events etc. are being created to guarantee
demand. “Hotels opening now will have to slice
the pie a little bit as a supply and demand mis-
match will occur over the next couple of years
and that’s only normal. There will be a tempo-
rary blip on the graph in terms of performance
but we’re talking a couple of percentage points
only, any city goes through cycles, and Dubai
seems to be reaching its shallow cycle that’s all,”

HOSPITALITY
propertyonline.ae
he adds. A recent market study by Viability high-
lighted that new hotels in town have already
been influencing market performance in certain
areas since last summer. “For example, the Jebel
Ali area, which traditionally benefitted from
frustrated demand from hotels along the cen-
tral stretch of SZR didn’t get these clients last
summer, which led to a softening of room rates.
Hoteliers are wondering if they have to start
seeing Jebel Ali and Al Barsha as self-contained
areas. Indeed, they can look forward to Jebel Ali
in ten years time becoming a multi-modal hub,”
Guy says, adding that price competition on The
Palm was also evident due to new properties
opening there. “You have to be in spots like
Downtown Burj Khalifa to charge good room
rates, the further out you go out of town you
have to be flexible. However, we need hotels
in secondary locations, they may have to buy a
bit of occupancy for the next couple of years by
softening their rates, but this could be good for
Dubai’s future as there is always a danger that
it could price itself out of the regional tourism
market,” he remarks.
More supply
Matthew highlights that a lot of the new supply
emerging in Downtown Burj Khalifa, Business
Bay, DIFC and Sheikh Zayed Road, close to 8,000
keys, is focused on the corporate segment.
Although he reckons that in the future more lei-
sure focused supply would be coming through.
“The market is still dominated by five-star prod-
uct and I don’t think that is likely to change,”
he says, despite the government pushing and
seeing an uptake in the mid-scale segment. “As
a tourism destination, Dubai is always going to
remain a luxury destination,” he adds.
Among the list of new properties envis-
aged to open this year, are some brands new
to Dubai, including the Hard Rock Hotel in
the Dubai Marina - Marina 101, Rosewood,
Starwood’s St. Regis in October and the W
Hotel (Jan 2016) in Al Habtoor City alongside
a second Westin for the Emirate, the Palazzo
Versace, a Langham Hotel (2016), as well as
Damac’s Paramount. “We have a lot of new
names coming to the Emirate of Dubai, such
as in the five-star segment, the Viceroy on Palm
Jumeirahin2016andtheFourSeasonsJumeirah
Beach has just opened,” says Matthew. “Next
year alone we have 10,000 rooms, and hotel
apartments coming through, but a lot of that is
from the likes of Damac, and at the moment and
it remains to be seen how they actually stack up
as a hotel apartment product, but this is what
they have been launched and will be utilised as,”
he concludes.
Luxury Hotel, Dubai

Column
Jitheesh Thilak
BA, LLB (Hons). LLM (Int. Economic Law)
Solicitor (England & Wales),
Advocate (Supreme Court of India)
e: jthilak@gmail.com
T
he increase in the number of hotel
operators and expansion of global
hotel brands into Middle East has
placed pressure on operators to
offer more competitive terms to owners.
At the same time, owners have become
more knowledgeable and savvy when
negotiating management contract terms
as the increased sophistication of hotel
investors has led to a better understanding
of hotel operations. The combined effect
has been that the balance of power has
largely shifted more in favour of the owner
when contracting with many operators.
Owners can now negotiate terms which
increase their control, flexibility and leverage
in the business and finances of operating
decisions, while operators face more
performance tests and incentives. Owners
are increasingly thinking beyond profit
and loss and have become more involved
in key decisions, although there is still an
obligation to limit this to key matters and
not to interfere with the day-to-day running
of the business. The maturing market has
given room to the birth of the new form of
mechanism called Manchise, which is still in
its nascent stages in
the region.
MANCHISEAGREEMENTS
INTHEMIDDLEEAST
HOSPITALITY
If you are a hotel owner who wishes to
shop around the best branding/manage-
ment strategy for your hotel, following are
the triggering questions that would provide
you insights in choosing the most advanta-
geous management/franchise/
manchise model:
· What type of owner are you? Independent,
Private Equity, REIT?
· Who can achieve the greatest profit from
the hotel? How and Why?
· Are you a skilled hotelier? What’s your
reason for hotel ownership?
· Could an existing brand speak to your
target guests and add sales?
· Will operators even consider your hotel
facility, location and market?
propertyonline.ae

· Do lenders demand a brand or affiliation to
provide mortgage funds?
· Should you give up control, trust an operator
and use asset managers?
· Do you have capital to renovate and main-
tain the brand standards?
· What is your long term/medium term
exit strategy?
“Manchise” is a concurrent trend with man-
agement contracts. The term is based on two
words- management and franchise. A hotel
operator takes care of management and fran-
chise agreements together. For the first three
to five years, the company operates the hotel
under a management contract. Thereafter
the local operator-owner or long-term lessee
operator assumes the hotel’s operational
responsibility under a franchise contract.
“Manchising” is, as the name suggests, a
pre-opening, opening and operational
stages of the hotel where the most of
the effort is required to establish the
systems, procedures, hiring, training,
cost control etc in the hotel for the
initial years of operation. It gives new
entrants into the industry the opportu-
nity to learn the hotel business without
jeopardizing their investment, and once
the hotel operation is beginning to sta-
bilise and mature, the owner will also
be ready to run it as he wishes. From the
owner’s perspective it is advantageous
as the project itself would be on a ready
built operational path while the tran-
sition happens to the franchise mode,
wherein the owner has an option for an
early divestment with no frills attached
franchise agreement or the owner may
also decide to run the hotel in an auto
pilot mode as programmed by the
operator during the initial manage-
ment phase. From the investor/lender
perspective, manchise option would
be welcoming aspect as the most risky
period in a hotel investment is the initial
stages of operation, where the lenders
have a comfort of the hotel being in
the safe hands of the experienced hotel
operator.
Currently manchise business model
is widely used in China, India and
Europe, but is not yet common in the
Middle East. This is not a new concept
for the Middle East, but is expected
to appeal to regional owners as the
market keeps maturing.
hybrid form of franchise and management
agreements. The forms of contract can
vary from a complete combination of both
forms of agreement, to one that is initially a
management agreement but which after an
initial term, say three to five years, moves to a
franchise relationship. The rationale behind
manchising is that the operator has greater
control over the operation of a hotel through
their management at the outset of the rela-
tionship, which is not the case with a “pure”
franchise agreement. This approach has clear
advantages for operators launching new
brands and/or entering the Middle East mar-
ket. “Manchising” may provide an alternative
to new owner-operators to get a fresh start,
and why not to some already existing ones
as well. Manchise model is ideal for budget
and mid-market hotels where owners may
be more closely involved with the day-to-day
running of the hotel.
Manchise is an evolving concept with
advantages to the owner and the operator.
As an operator/franchisor, it would be ideal
to have complete control of the development,
HOSPITALITY
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COMMUNITYSPECIALIST

propertyonline.ae
SPRINGS
S P E C I A L I S TTel +971 4 4537375 | www.pennington.ae
info@pennington.ae | ORN No. 12512
VILLA – REF: R - 1710
3 BEDS + STUDY
AREASQ. FT. : 2,456
LANDSCAPED GARDEN
AED: 165,000
2 BEDS + STUDY
AREA SQ. FT.: 1,794
GARDEN
AED: 145,000
VILLA – REF: S 1566
2 BED + STUDY
GARDEN
AED: 2,079,995
2 BEDS + STUDY
GARDEN / PARK
AED: 125,000
FOR RENT
2 BED + STUDY
AED: 1,979,995
VILLA FULLY UPGRADED – REF: S 1396
2 BED + STUDY
AED: 2,299,995
2 BEDS + STUDY
GARDEN
AED: 2,100,000
3 BEDS + MAID + STUDY
GARDEN
AED: 3,700,000
FOR SALE
COMMUNITYSPECIALIST

COMMUNITYSPECIALIST
S P E C I A L I S T
DUBAI MARINA
Tel +971 4 395 7593 | www.snsprop.com
Marcelline
+971 55 21 6 73 78
engo@snsprop.com
MANCHESTER STUDIO 380 620 K
DEC TOWER STUDIO 500 750 K
ADDRESS DUBAI MARINA STUDIO 548 1.5 MILLION
MARINA DIAMOND 1 575 800 K
MARINA PINNACLE 1 761 850 K
MARINA DREAMS 1 795 925 K
DEC TOWER 1 823 1.1 MILLION
ADDRESS DUBAI MARINA 1 850 2.3 MILLION
MARINA DIAMOND 2 1100 1.4 MILLION
MARINA WHARF 2 1200 1.7 MILLION
TORCH 2 1400 1.8 MILLON
MAG218 2 1799 2.1 MILLION
PARK ISLAND 2 1743 2.6 MILLION
MANCHESTER 3 1320 1.55 MILLION
MARINA PINNACLE 3 1583 1.79 MILLION
MARINA WHARF 3 1600 2 MILLION
23 MARINA 3 2189 3.5 MILLION
LA RESIDENCIA DEL 3 3442 7 MILLION
SALE PRICE
(ONWARDS)SQ.FTBEDROOMBUILDING
5 BR | TRIDENT BAY SIDE VILLA | BUA – 6900 SQ FT | PLOT 9000 SQ FT
FULL MARINA VIEW | PRIVATE ELEVATOR | ROOFTOP JACUZZI | 2 CAR PARK , SMART HOME SYSTEM | 8.5 MILLION
BEAUTIFUL 4 BR PENTHOUSE IN LE REVE | DUBAI MARINA | 6400 SQ FT | FULLY FITTED WITH RICCI MILAN KITCHEN
| PENTHOUSES ARE CLASSIC STYLE WITH MODERN & CLASSIC STYLE | SP – 24 MILLION
FULL FLOOR 8 BR PENTHOUSE WITH SIZE OF 12800 SQ FT AND 8 CAR PARKING’S ALSO AVAILABLE AT 56 MILLION
SNS PROPERTIES
ORN - 2576
Katerina
+971 55 216 77 90
ekat@snsprop.com
(BRN) – 25450

COMMUNITYSPECIALIST
Imran j (Brn: 12258) - Senior property consultant
+971 50 4289220 im@spfrealty.com
Tel +971 4 3396222 | www.spfrealty.com
BUSINESS BAY
S P E C I A L I S T
EXECUTIVE TOWER B
RENTED
1BED+ LAUNDRY
AREASQFT: 1357
SHEIKH ZAYED ROAD VIEW
AED 1,650,000/-
EXECUTIVE TOWER M (HOT DEAL)
VACANT
2BEDS + LAUNDRY
AREA SQFT:1425
LAKE VIEW
HIGH FLOOR
AED 2,000,000/-
RENTED
2BEDS + LAUNDRY
AREA SQFT:1578
UNOBSTRUCTED VIEW OF BURJ KHALIFA & SEA
HIGH FLOOR
AED 2,450,000/-
EXECUTIVE TOWER H
VACANT
4BEDS + MAID’S
AREA SQFT: 2866
SEA VIEW
AED 4,500,000/-
PENTHOUSE IN EXECUTIVE TOWERS
G + 1 (LEVEL)
AREA SQFT: 6300
ALL BEDROOMS ENSUITE
UPGRADED
4 BEDS + MAID’S + STORE
PRIVATE SWIMMING POOL
LAKE & SEA VIEW
AED 10,000,000/-
VACANT
2BEDS
AREA SQ FT:1578
UNOBSTRUCTED SEA VIEW
HIGH FLOOR
AED 2,400,000/-
EXECUTIVE TOWER J
VACANT
3BEDS + MAID’S + LAUNDRY
AREA SQ FT:2197
BUSINESS BAY & LAKE VIEW
HIGH FLOOR
AED 4,500,000/-
EXECUTIVE TOWER L (HOT DEAL)
RENTED
4BEDS + MAID’S
AREA SQ FT:3450
SEA & LAKE VIEW
MOST DEMANDING LAYOUT
AED 4,750,000/-

RERA # 203
04 4308902
www.castlesplaza.com
GEETU | Rera # 25209 | 0551126979 | 0553800897 | geetu@castlesplaza.com
PALM JUMEIRAH
MARINA RESIDENCE
AED 20,000,000 net
FROND B
AED 14,000,000 net
FROND L
AED 13,500,000 net
FROND C
AED 14,600,000 net
CANAL COVE
3 Bedroom + Maid’s | BUA 3800 | Vacant AED 8,000,000 net
MARINA RESIDENCE
AED 2,700,000 net
COMMUNITYSPECIALIST

+971 4 3882220
aquaproperties.com
RERA ORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District, Dubai facebook.com/aquaproperties
JUMEIRAH VILLAGE CIRCLE - JVC
COME HOME TO JVC
SPACIOUS G+2 TOWNHOUSE VILLAS,
3 BEDS+FAMILY ROOM+STUDY,
SPACIOUS LIVING ROOM, 3,943 SQ.FT.
2 CAR PARKINGS+MAID’S ROOM,
BEAUTIFUL TERRACE, CUSTOM STAIRCASE
AED 2,995,000/-
M
O
V
E
IN
TO
D
A
Y!
Qaiser (BRN 29276)
050 9191567
Soﬁene (BRN 31373)
056 7559188
ARABIAN RANCHES
MIRADOR LA COLECCION - TYPE 14
4 BED+MAID, 4 BATH,
3,809 SQ.FT. BUA, 7,400 SQ.FT. PLOT,
MOVE IN TODAY
AED 5,000,000/-
Johnny (BRN 31388)
056 6967268
M
U
ST
SEE
PALM JUMEIRAH
JUMEIRAH ZABEEL SARAY
5 BED, 5 BATH, 7,087 SQ.FT.
SEA VIEW,
A GUARANTEED INVESTMENT
AED 38,000,000/-
Dorothy (BRN 29200)
056 1053655
EX
Q
U
ISITE
OLD TOWN
YANSOON
3 BED+MAID+STUDY, 5 BATH,
2,138 SQ.FT.
POOL VIEW
AED 4,900,000/-
Dorothy (BRN 29200)
056 1053655
SPEC
TA
C
U
LA
R
PALM JUMEIRAH
MARINA RESIDENCE 2 - TYPE B
3 BED+MAID, 5 BATH,
2,540 SQ.FT.
SEA VIEW
AED 4,500,000/-
Zia Hasan (BRN 29236)
050 2989796
STU
N
N
IN
G
V
IEW
S
JVT
DISTRICT 9F
2 BED+MAID TOWNHOUSE,
2,992 SQ.FT. BUA, 3,100 SQ.FT. PLOT,
PARK AND LAKE FACING
AED 2,550,000/-
Zia-ul-Isam (BRN 31367)
055 3095036
C
O
R
N
ER
U
N
IT
W
ITH
B
IG
PLO
T
SIZE
ARABIAN RANCHES
MIRADOR LA COLECCION - TYPE 13
FULL GOLF COURSE VIEW,
FULLY UPGRADED
AED 8,900,000/-
Johnny (BRN 31388)
056 6967268
FU
LLY
U
PG
R
A
D
ED
DOWNTOWN
BOULEVARD CENTRAL 2
1 BED+STUDY, 2 BATH,
1,448 SQ.FT.
PARTIAL BURJ KHALIFA VIEW
Yasmin (BRN 28107)
055 7962787
M
U
ST
SEE
DIFC
SKY GARDEN
2 BED, 3 BATH,
1,752 SQ.FT.
ZABEEL VIEW
AED 2,500,000/-
Fahd (BRN 27522)
055 2519878
PR
IM
E
LO
C
A
TIO
N
DUBAI MARINA
MAG 218
PARTIAL SEA & MARINA VIEW,
HIGH FLOOR
AED 2,400,000/-
Kavita (BRN 31377)
055 4690532
G
R
EA
T
LO
C
A
TIO
N
GENERALLISTINGS
AED 1,750,000/-

RERA # 203
04 4308902
Oksana Dobrovolska | BRN: 11556 | Mobile: 050-4252031 | oksana@castlesplaza.com
Type 12, 7 Bedrooms + study + maid’s, Plot: 18,600 sq.ft., BUA: 6,911 sq.ft., Opposite to pool & park on
the cul de sac, upgrades done by arabtec, 8 bedrooms all ensuite upgraded 3 seperate kitchens
drivers quarters and outside guest quaters / Gym, 80 ft luxury swimming pool, jacuzzi, majlis area with
outisde entertainment, children Astro Turk play area, vacant on transfer
ARABIAN RANCHES - MIRADOR SP: AED 11,000,000/-
6 bedrooms + study with En-Suite + maid’s Room
Plot: 10,970 sq.ft., BUA: 12,701 sq.ft.
1 Basement, Garage Spaces 3
Style D9, Vacant
ARABIAN RANCHES - ALBARARI SP: AED 14,000,000/-
GENERALLISTINGSGENERALLISTINGS

Property Times eMagazine January2015

Property Times eMagazine January2015

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