Dubai Marina, Palm Jumeirah projects top charts on apartment deals
Le Reve in Dubai Marina continues to top the list of apartment deals recorded by the Dubai Land Department (DLD) for the second consecutive quarter this year.
Major expansion healthcare sector will enhance emirate's readiness to host Expo 2020
Al Maidoor said the strategic plan will translate the long-term vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, which sees Dubai as a popular destination for medical tourism in the Gulf and the Middle East.
The estimated cost of building the Dynamic Tower in Dubai, where each of 80 floors will rotate independently, has been put at Dh2 billion by its developer.
The tower is expected to cost around Dh2 billion (£355million), Italian architect Dr David Fisher from Florence who owns the Rotating Tower Technology Company, told the Daily Mail.
The tower, industry sources said, was planned to come up on the Sheikh Zayed Road. The company did not respond to questions mailed by Emirates 24|7 despite several reminders.
According to Dr Fisher, each floor of the tower will take only six days to assemble around the core once permission is granted and the concrete structures are in place. Thus, the 80 floors will be completed in mere 480 days.
Dubai is already home to the 310-metre Cayan Tower, the world's tallest tower featuring a 90-degree twist, in Dubai Marina. It was build at the cost of over Dh1 billion.
The tower has been designed with swimming pools, gardens and even lifts for cars to park outside their apartments.
In a statement issued to this website in March 2011, the developer had said that it is keen to put the project back on track in Dubai with plans to unveil similar towers across the Gulf countries.
“The Dynamic Tower in Dubai is on hold. Of course, Dr David Fisher and our team would be delighted to have the tower in Dubai on track,” the company had said.
However, the company had till then not secured funding for its Dubai project. Besides, it had not sold any apartment despite getting “many requests from all over the world.”
The 420-metre building's apartments would spin a full 360 degrees, at voice command, around a central column by means of power-generating wind turbines.
The first 20 floors will be for retail space, the next 15 for a hotel, the next 35 floors will have residential apartments and the top 10 floors will have luxury villa-style apartments.
The company has announced plans to build one in Moscow as well and other cities include London, Milan, Paris, Rome, New York and Miami.
According to Daily Mail, each of the Dynamic Towers are designed to be self-sustaining and can generate electricity from wind and solar power. Up to 79 wind turbines will be fitted to each floor to generate enough energy to fuel the building's electricity.
Fisher also claimed that the buildings would be able to identify changes in climate and temperature and regulate energy through the building's surface.
Being an “intelligent” building, it will also be able to manage the internal temperature of rooms automatically - making it cooler in the summer and warmer in the winter, he maintained.
The Government of Dubai Land Department announces the launch of its ’Registration Trustees’ service that will allow for complete customer transactions outside official working hours through licensed legal offices.
Sultan Butti Bin Mejren, Director General of the Land Department, commented, "We strive through our integrated and advanced platforms to make transactions easier for our customers; being able to complete property deals outside of working hours and at different locations will not only save time and effort for all parties involved, but also serves to relieve congestion at customer service centres. This unique service joins a number of initiatives aimed at elevating the high standards currently followed by the LD."
Bin Mejren explained, "The launch of the new electronic service is part of a comprehensive developmental plan that follows in the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, that calls for facilitating interaction and transaction with government services through providing government services online."
He added, "All of our efforts continue to focus on providing the best customer experience, and this latest development is a step further in that direction. The addition of licensed legal offices around the emirate will make transactions more efficient for all involved."
’Registration Trustees’ will initially handle sales, mortgages and leasing by accepting customer applications and sending them to the LD for processing and printing. These will then be returned the next day by office or courier. All transactions will be carried out under the terms and conditions of the LD to ensure the legitimacy of each transaction.
Some of the main conditions for being a ’Registration Trustees’: the applicant does not have prior real estate brokers or real estate developer licenses, emiratization should not be less than 70% in the company’s license, the management should be 100% Emiratis, and in case of any changes, modifications or updates in the company’s license LD must be informed.
The development presents a unique opportunity for those in the legal profession - namely those over the age of 22 with a Bachelor’s degree in law - as ’registration trustees’ in the real estate market. The LD has opened registration for accredited citizen lawyers who are interested in acting as ’Registration Trustees’.
Two of Dubai's real estate developers have formed a joint venture to build a huge residential and commercial area near the city's downtown as part of the Mohammed Bin Rashid City project.
Emaar Properties and Meraas Holding, both backed by the Dubai government, plan construction of a commercial centre, low- and mid-rise residences, an 18-hole golf course and other facilities over 11 million sq m.
Featuring vast stretches of landscaped parks and gardens, walkways and extensive open areas, Dubai Hills Estate will serve as a rejuvenating getaway in the heart of the city, a statement published by news agency WAM said.
Dubai Hills Estate, the first phase of MBR City, will also have high-end retail centres and varied leisure amenities plus educational institutions, healthcare facilities and mosques.
The project will be a cornerstone of a planned tourism and retail district announced last November by Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum. Over the past year, the emirate's property market has begun recovering strongly from its 2008-2010 crash.
The two companies did not say how much they expected their project to cost, how it would be financed or when it would be completed.
Abdulla Al Habbai, group chairman of Meraas Holding, said: "Dubai's property sector is recording robust growth, led by the transformational growth of the city.
"Our joint venture with Emaar Properties to develop Dubai Hills Estate will bring incredible value to the property sector of Dubai and the city's economy."
Mohamed Alabbar, chairman of Emaar Properties, added: "MBR City is redefining the concept of urban development with a firm focus on the emerging needs of the city, as Dubai further underlines its position as a global business and leisure hub.
"Our plan is to work with Meraas to build a new world-class community that will appeal to discerning customers."
Last month, it was reported that the first phase of Dubai’s Mohammed bin Rashid City will be completed in seven years at the earliest.
The mammoth project will include the world's biggest shopping mall, more than 100 hotels, a Universal Studios franchise and a public park larger than Hyde Park.
The first phase of the project will be developed by 50/50 joint-venture of Dubai’s Meydan and Sobha Group. Known as Mohammed bin Rashid City – District One, the project will feature 1,500 luxury villas, 7km of manmade lagoons and beaches, as well as retail, leisure and sports amenities.
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