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Lincoln Park on Umm Suqeim Road, launched by DAMAC Properties

DAMAC Properties Launches Luxury Living in Dubai Starting from AED 449,000

DAMAC Properties has launched its latest serviced apartments on Umm Suqeim Road, providing its luxury living concept in the centre of Dubai for units starting from AED 449,000.

Lincoln Park, on Umm Suqeim Road, which will be completed by the end of this year, is near the recently opened Miracle Garden and is just ten minutes drive from the Mall of the Emirates and Sheikh Zayed Road. The project offers a luxurious family living environment within easy access of both sides of Dubai.

“Lincoln Park comes complete with a gymnasium, swimming pool, restaurants & retail outlets and offers all the conveniences of a serviced apartment at an unbeatable price,” said Ziad El Chaar, Managing Director, DAMAC Properties. “The Umm Suqeim Road area is set for major development and growth in the coming years and this is a great opportunity to invest in Dubai real estate before prices inevitably rise.”

Lincoln Park comprises one, two and three bedroom units, inspired by Chicago-style architecture, with a well articulated and ornamented front entrance, flat roofs with parapet walls and beautifully designed roof terraces.

Interested clients can call the DAMAC Properties call centre on 04 301 9999 or visit the DAMAC Properties office at Ocean Heights in Dubai Marina or Park Towers at DIFC.

DAMAC Properties recently announced it was on target to complete 3,328 units throughout the region by the end of 2013.

Lincoln Park is the fourth launch by DAMAC Properties this year alone, following the announcement of DAMAC Residenze in Dubai Marina, DAMAC Esclusiva in Riydah, KSA, both of which are being developed with interiors by Italian fashion-house FENDI, and DAMAC Towers by Paramount – a hotel and luxury serviced residences in the heart of the Burj Area.

DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq feet. DAMAC Properties also has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.

A look at how DAMAC Towers by paramount will look when completed in 2015

‘DAMAC Towers by Paramount’ Brings Hollywood Glamour to Middle East Living and Hospitality

From ‘The Godfather’, ‘Breakfast at Tiffany’s’ and ‘Titanic’, Paramount Pictures has become synonymous with entertainment and above all creativity, and today the brand stands for more – adventure and escape. Now, in its 101st year, the global launch of ‘DAMAC Towers by Paramount’ in Dubai marks the company’s first venture into the hotel and real estate industry.

DAMAC's Ziad El Chaar with Thomas van Vliet, Chief Executive Officer from Paramount Hospitality afte ...

DAMAC’s Ziad El Chaar with Thomas van Vliet, Chief Executive Officer from Paramount Hospitality after the announcement this morning at ITB in Berlin

In an exclusive partnership with DAMAC Properties, the leading luxury private developer in the Middle East, and Paramount Hotel & Resorts (PHR-FZ-LLC), the official licensee of Paramount, ‘DAMAC Towers by Paramount’, will comprise a 540 key Paramount Hotel & Residences and more than 1,400 units of DAMAC Maison – Paramount co-branded serviced hotel residences located in the heart of the downtown Burj Khalifa area in Dubai, a new tourism hotspot.

The US$ 1 billion ‘DAMAC Towers by Paramount’ is currently under construction, and once completed by the end of 2015, will provide enviable views of the world tallest tower, the Burj Khalifa and provide easy access to one of the world’s largest shopping malls, The Dubai Mall. This area welcomed more than 65 million visitors in 2012, an increase of over 20 percent compared to 2011. The number is more than the amount of annual tourists to New York City (52 million).

Speaking at ITB Berlin, the world’s leading travel trade show, in order to launch the project to the global travel market, DAMAC Properties Managing Director, Ziad El Chaar, said: “The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project. We will employ the same, tried and tested production process, pioneered by Paramount Pictures at the studio, to direct, design and detail a world-class experience. The Paramount brand stands for more than exceptional film and entertainment: it’s an inviting lifestyle.”

The four towers which make up ‘DAMAC Towers by Paramount’ are brought together with a multi level plaza, offering an eclectic selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.

One tower will comprise of the Paramount Hotel & Residences with the remaining three towers, housing the DAMAC Maison – Paramount co-branded serviced Hotel Residences.

“Most people know the famous Paramount Pictures logo, with the mountain and 22 stars, and they also watched many of the iconic movies the studio produced. The hotels, resorts and residences produced by PHR FZ-LLC will be developed using the creative process honed over Paramount’s 100 year history. Warm service, design, entertainment, food, beverage and spa concepts will combine magically to mark a new chapter for the brand and to set a rare standard in luxury hospitality,” said Thomas van Vliet, Chief Executive Officer, PHR FZ-LLC.

The serviced Hotel residences will feature fully-fitted kitchens and services that also include valet parking, concierge, housekeeping, in-room beauty treatments, a child minding service and kids club. In addition owners can elect to add their residence in the ‘rental pool’ whilst they are away, allowing for rental returns to be generated.

DAMAC Properties has completed 37 buildings to date with 7,817 units and has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.

Paramount Hotels & Resorts is a lifestyle hospitality company that celebrates the power of creativity in all its forms – entertainment, design, service, cuisine, wellness, and technology – to meet the needs of the new creative spirits of discerning luxury travellers.

Further information is available at www.damacproperties.com or by visiting the Paramount Hotels & Resorts stand at ITB Berlin from 6-10 March 2013 at Hall Nine, Stand 317.

Dubai Property Market – 2013 Outlook

As we turn the corner into the home straight of 2012, www.dubaipropertyinvest.com dusted off its crystal ball and took a look at what to expect in the Dubai property market in 2013.

Recent announcements by the Dubai Government are an additional fillip to a market which has seen sustained and improved growth throughout 2012.

That key word we keep talking about here: Confidence is again riding high (hopefully not too high) and the market is more stable than it has been in the past three to four years.

Executives are starting to think about the direction of the market in Dubai and lay out their plans for the coming year, and supporting that with investment.

Ziad Al Chaar, DAMAC Properties Managing Director, told us that growth is sustainable in the near future, if you know where to look: “2012 has delivered on our predictions at the start of the year – prices in the Dubai market steadily grew with each quarter outperforming the last. In 2013 buyers will definitely be able to benefit from this capital growth, but will need to be very savvy about where they invest and in which projects in each area.”

And this is a key element. While we often look at numbers and data across the board in Dubai, the market remains fragmented with some areas driving premium prices and others yet to fire into action. This creates opportunity for investment, but new clients to the market should be careful and do their research.

Look for the areas where the Government have committed to infrastructure investment over 2013 to provide a guide to where the latest projects will not only be completed in good time, but where services will also be close to hand.

“Encouragingly, there are indications that some of the lessons of the last real estate crisis have been learned,” said Jones Lang LaSalle in its latest look at the Dubai market.

“This is still Dubai and it is as ambitious as ever but we are also seeing a more mature and considered approach which is only going to benefit the long term health and credibility of the real estate sector amongst domestic and international investors and stakeholders,” added Alan Robertson, chief executive officer, of Jones Lang LaSalle in the Middle East and North Africa.

This more stable take on development should hold Dubai in good stead through 2013 with job opportunities created as the cranes swing back into action. There will also be a host of projects actually coming on line next year from developers who focused on delivery rather than new announcements over the past couple of years.

Next year could turn out to be one of the most consistent of recent years. We expect to see less erratic movement in prices across the twelve months with a steady climb of 4-5% per quarter in the most sought after locations.

Do you agree with our assessment of what is to come in 2013? We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

Cityscape Global Directer Walter Molman on this year's show

In Depth – We Speak with Cityscape Global Director, Wouter Molman

With just a couple of weeks to go until Cityscape Global opens its doors at Dubai International Convention and Exhibition Centre www.dubaipropertyinvest.com spoke with the shows Director, Wouter Molman in detail about the changes to this year’s show, what we can expect and how the industry has changed in the past few years.

How has Cityscape Global evolved over the past three years since the downturn in the market?

On the exhibition side, over the past three years Cityscape Global has gradually been attracting an increasing amount of international exhibitors looking to tap into the Gulf region for potential investors. This year, nearly 50% of the exhibition space will be occupied by international exhibitors, with pavilions from countries including Turkey, Russia, Egypt, Iraq, Qatar, UK and India.

This transition toward being a more global real estate event is following the repositioning strategy two years ago. Cityscape Dubai was rebranded to Cityscape Global to recognize international appeal of the event, and we are now really seeing the results.

This repositioning has allowed Cityscape to constantly keep abreast of the changing international real estate market and launch new initiatives alongside the show ensuring the event keeps the ‘fresh’ feel. 2012 has seen the introduction of the Country of Honour where Turkey have been positioned to emphasise their growing dominance in  the real estate market due to the recent reciprocity law attracting keen attention from international investors. This new initiative allows Cityscape Global to evolve with the market highlighting new regions of grown and interest to our event participants.

Having said that, confidence in the local real estate market is also increasing, and this is reflected by the amount of UAE based developers participating at this year’s show looking to showcase their most recent real estate project updates and launches – watch this space.

As a result, the Cityscape Global exhibition has grown by over 50% this year, which is a testament to the strength of the Cityscape brand as well as the growing confidence in Dubai as a leading business hub for emerging markets globally.

There have also been some significant developments over the past three years for the Cityscape Global conferences. Cityscape Global will host three dedicated conferences that reflect the changing dynamics of the current global real estate market.

The Global Real Estate Summit, Retail City, and the World Architecture Congress will spotlight the latest news, analysis and insight on the world’s foremost real estate markets, involving the most influential and respected leaders in the industry.

All of the big players in the UAE market, DAMAC Properties, Emaar and Nakheel have remained big supporters of the show. What role do they play in the industry and how important is it to support them while also expanding globally?

UAE developers, both big and small players alike will continuously play a crucial role in the development of Cityscape Global and of course their participation in the show is always highly valued.

Within the local real estate sector, it is important that the big names continue to propel the industry forward, as they set the benchmark and are essentially the measuring barometer of how well the industry is performing. 

While Cityscape Global is become more popular with international exhibitors, it will still always remain a ‘Dubai’ show and is the ideal platform for local players to drive growth in real estate investment and development both in emerging markets within the Middle East and globally. In that sense, supporting local players whilst also expanding globally go hand in hand, with the local developers benefiting from this further widespread awareness generated from the international investors looking to the event as a ‘shop window’ for international real estate investment opportunities.

How would you explain the importance of exhibitions at a time when more business is going online. How do you stay relevant?

While online commerce continues to gain traction, the face-to-face element of events will ensure it will always continue to have a unique benefit over any other means of conducting business.  Having said that, Cityscape Global embraces the online and digital age and we have incorporated several online campaigns in our communications strategies with exhibitors and visitors including business matching services, and native mobile applications.

We look to integrate these new technologies that become available with Cityscape events to further enhance our participant’s experiences, promoting further business interaction before the start of the event, and long after the doors close.

2012 will see the launch of the new Cityscape Global business matching service myCityscape, connecting exhibitors to pre-registered visitors allowing them to network and arrange their time during the event in a much more effective and efficient manner, by pre-scheduling meetings online with potential clients and investors.

To support this initiative, we have also introduced a mobile application allowing the audience to download a specific Cityscape app to their phone. The app lets users connect with each other during the show, keeping constant contact for organising and rescheduling meetings whilst in the exhibition halls. Directly linked to the business matching service, the app ensures participants take full advantage of the business opportunities on offer at Cityscape Global 2012.

What key developments are needed at UAE Government level to ensure the Dubai property market remains strong?

There has been a lot of talk about introducing a long term property visa, and this certainly wouldn’t harm investor confidence in the Dubai property market, however there have been some mixed views on how strong the impact of such a regulation (once implemented) will be.

The market is also now awaiting a new set of regulations to be implemented by the Dubai Land Department, which will protect investors from delays and unilateral changes to the real estate projects they have invested in, allowing them to get their money back when developers violate the terms and conditions. This will further improve transparency and investor confidence in the Dubai real estate market.

Can you share some statistics on how the market is currently?

According to the Jones Lang LaSalle’s Dubai Real Estate Market Overview Q2 2012, the signs are that Dubai’s real estate sector is set for double digit growth in the next three years, due to a constant stream of fresh project handovers across the commercial, residential and hospitality sectors.

In the residential sector, 6,000 units were completed in the first six months of 2012, bringing the total number of residential units in Dubai to 344,000.  A further 24,000 residential units are expected to be delivered for the remainder of 2012, while another 15,000 units should be ready for handover in 2013 and 2014, presenting a supply increase of 11 per cent from the current amount of stock.

Office space in Dubai is also expected to increase by 24 per cent by the end of 2013, reaching 7.2 million square metres. The emirate is likely to add an extra 1.1 million sq m to the current 6.1 million sq m, though it must be mentioned there is currently 2.2 million sq m of office space currently on hold.

Meanwhile, the hospitality sector in Dubai continues to show no signs of slowing down, with the opening of Millennium Plaza on Sheikh Zayed Road, the Rixos The Palm, and the Melia Bur Dubai in the first half of this year adding a further 850 hotel rooms to Dubai’s booming tourism industry, amounting to a total of 54,300 rooms. Another 11,300 rooms are expected to be injected by the end of 2014, up 20 per cent from the current amount of rooms.

Residential, hospitality and retail sectors all are generally expected to have bottomed out, with villas and apartments showing a double digit growth on 2008 levels. Over the first half of 2012, the Dubai Land Department reported just under 19,000 land transactions totalling US$ 1.7 billion, up 21 percent on the same period last year.

Cityscape Global takes place from 2 – 4 October 2012 at Dubai International Convention and Exhibition Centre.

Dubai Property Invest will be at Cityscape all three days bringing the latest news and updated from the developers