Park Towers Dubai, Another Floor Every Week

Park Towers development now rising at one floor every week Luxury lifestyle provider DAMAC Properties, has announced that its iconic twin tower development – Park Towers - at DIFC is currently rising by a floor every week. The Park Towers mixed use development, including residential commercial office and retail offerings is now starting to appear on the DIFC landscape with the North Tower at floor five and the South Tower at level three. The seven podium levels have already been completed and the distinctive shape of the towers is starting to be revealed. Contractors Shapoorji Pallonji are currently completing a floor every six days – and are making good progress with the building which is expected to be completed next year. The impressive rate of progress at DIFC comes just a few weeks after DAMAC Properties also announced that its Ocean Heights tower at Dubai Marina had already reached the 37th floor with contractors completing a floor every five days. Park Towers is DAMAC Properties’ only development at the rapidly expanding new financial centre of Dubai and will offer more than 400 apartments in a range of sizes. These will be combined with ten floors of commercial space – three for shops and seven which will offer state of the art offices. The building will offer freehold facility for UAE nationals and expatriates. In addition it will have excellent connectivity with direct pedestrian access to the DIFC retail spine and financial centre and within easy walking distance of the several metro stations serving the area. By car the Sheik Zayed or Al Khail roads are minutes away. Commenting on the Park Towers construction progress, CEO of DAMAC Properties Peter Riddoch said: ‘DIFC has already attracted huge interest from world renowned firms who want to establish a base in Dubai and we designed Park Towers with these very companies and their employees in mind. “To be able to live at the heart of a financial district and be at the centre of the action with stock markets, banks and financial institutions just minutes away is both convenient and important to the people who work in this sector. ‘However to combine with this with well designed apartments set in lush green landscaping with walkways and waterways helps to creates an ambience of home and a sense that you can still get away from the stresses of every day – even in the middle of a buzzing city like Dubai. ‘In addition DIFC already has a number of parks, cafes and entertainment facilities so it offers the best of both worlds to those customers who chose to live there.’ Each apartment at Park Towers has been designed to optimise views with its curved fully glazed façade. There will also be a number of hotel type services which will be available for residents including a restaurant, room service, regular housekeeping and also individual post boxes. For those looking to extend their working day there will also be high-speed Internet access, faxes, photocopying and a round the clock manned help desk. A banquet hall and meeting room facility designed for private parties, gatherings, special occasions and business meetings has also been included together with a residents health club with tennis court, male and fem,ale changing rooms, saunas, steam rooms, swimming pools, gym, crèche, children’s play area, barbeque areas within landscaped gardens . Mr Riddoch said that the progress at Park Towers was now typical of the emphasis being placed on delivery by DAMAC Properties. He said:’ We are working hard with our contractors to ensure they understand how important it is for us to move forward in a positive direction together. ‘In these times of market rumour and uncertainty we feel that there is no better way to demonstrate our commitment to our customers than by achieving the level of progress seen at Park Towers – and also recently at Ocean Heights. This sends out a strong signal to customers that it is business as usual.’

Buying and Renting Apartments in Dubai

If you have good amount of money in your pocket and are firm believer of globalization with a certain taste for real state and traveling then Dubai is the only place on the Earth where you can accomplish all your desired goals to be completed, as far as it is concerned with investment or buying an apartment in Dubai.

Apparently, there are many reasons that led to the real estate market in Dubai to grow manifold. First of all, the development of oil industry since the discovery of oil in 1966 led to the immaculate development of Dubai in every sphere of life. As UAE is not much advanced, technologically, therefore, it had to seek assistance from many foreign companies which have made their project sites in UAE and Dubai as well. This resulted into the great influx of professionals as well as migrant labors in Dubai, approximately 80% population of Dubai is Migrant.

More population gets added in Dubai in form of tourists who come to Dubai enjoying desert, shopping and beaches in Dubai. Tax free goods including golden jewelry up to expensive cars is great craze for people around the globe as they frequently visit Dubai for buying in shopping festivals and malls in the city.

This huge crowd of human mass led to the need of residential space in form of hotels and Apartments in Dubai that led to appropriate growth of real estate property in Dubai. Presently Dubai has all prominent chains of hotels and every big builder from the Globe in real estate industry.

One can have two choices for owing an apartment in Dubai; one can either rent or permanently buy them as according to his need. For renting one can choose either any of one from apartments, hotels, hotel apartments and villas on short term basis on one's requirement and available budget. Renting a furnished apartment on self catering basis is very cheaper option than a hotel to stay when a tourist intend to stay in Dubai for a longer period of time, if compared to a holiday package. Dubai Marina is suited place with a cosmopolitan feeling for apartments in Dubai for foreign tourists.

As for buying apartments even take initial steps after buying apartments from a real estate agent of repute. An agent can assist you in finding, researching, investigating and buying a property of your choice within budget. The most preferred location to buy a property in Dubai are Jumeirah, Meadows, Dubai Marina, Deira, Arabian Ranches, Business Bay or the Golden Beaches, Dubai Palm Island, The Springs, Emirates Hills,etc.

Government Investment and Buyer Confidence keep Dubai Building

The Dubai property scene has taken a hit this year but will still attract investment, report Alex Evans and Ben Dahlstrom in the Times online.

Dubai, the virtual city that once existed only in stunning computer-generated images, is taking shape and emerging out of the sands. For some, it’s the greatest example of what can be achieved through focused government investment and investor confidence. For others, it’s a bold experiment that could still fail spectacularly as the world goes into economic slowdown.

Despite the rising cost of steel and cement, Dubai has 4m sq m of property under construction, worth a staggering £2.7 trillion. It is looking to rising tourism, an increasing local population and new buyers from emerging economies for future demand, with its favourable tax status drawing businesses, professionals and those looking for a luxury haven to the city.

Whatever your view of Dubai, its global visibility is impressive. Aspirational buyers from India’s burgeoning middle class are looking for holiday home investments, while Russia’s senior professionals are seeking tax-friendly and prestigious destinations with renewed impetus, following that country’s recent stock market collapse.

Unlike other second-home destinations such as Florida and Spain, where concern about buyer interest prevails, the main anxiety about Dubai has always been about delivery now – will the property be finished on time and of the quality promised? – although doubts have also been raised over projections of potential oversupply in the future. In the meantime, a dearth of available units means rents are still high and, despite attempts to cap rent increases, professionals are seeing less benefit from their tax-free earnings.

The prevailing view, however, is that Dubai will ultimately deliver. An estimated 140,000 accommodation units due to be completed by 2010 are predicted to bring rents down, making the city more attractive to international workers – and thereby creating further demand for rental property.

As the Dubai stock market has convulsed and the extent of sovereign and corporate debt has been revealed, there has been an understandable loss of investor confidence in the sustainability of its growth, and the security of investment in the region.

On the other hand, Dubai’s government has introduced several confidence-boosting measures over the past year. Developers are now obliged to hold all payments in escrow and a new online registration system (Ogood) will create transparency by introducing a property index. To avoid cases of off-plan units being sold to several buyers, developers must preregister before selling. And it is not just buyers who need more regulation. To protect developers from “flippers” (off-plan buyers who want to sell before completion and may not be able to pay the full price if they do not find a buyer), the authorities have declared that buyers defaulting on payments or breaching contracts will forfeit 30% of the sale price to the developer.

Dubai has always been a bold market. Bolstered by local wealth, international expertise and government support, it will continue to generate interest.

Business Bay Building Works Continue

Enabling works have been completed on site at its Executive Bay development at Business Bay in Dubai. Executive Bay is one of eleven properties that DAMAC Properties has planned for the Business Bay area. The site has been shored and excavation for basements completed, by the enabling works contractors Al Habtoor STFA for the development which will include a shopping arcade on the ground floor together with state of the art office space overlooking a waterfront location. DAMAC Properties’ eye catching Executive Bay towers will feature hi-speed internet connectivity, security, and recreational facilities, such as a gymnasium, health club facilities and swimming pool. . Each tower comprises a series of three interconnected triangular buildings and will have a common landscaped courtyard and café. Welcoming the progress on site at Executive Bay, CEO of Damac Properties Mr Peter Riddoch said that the next stage of construction would begin as soon as tenders had been assessed. ‘It is pleasing to note that we are in a position to go ahead with construction as soon as we have appointed the successful contractor, he said. DAMAC Properties will eventually have a total of eleven projects in the Business Bay area. The company has also recently announced that its XL Tower development has reached Podium 3 level and enabling works have also been completed at both its Capital Bay and Park Central projects. Business Bay will eventually cover an area of 64m square feet along the banks of the extended Dubai Creek and is expected to attract a number of regional and international companies. It has been designed as a commercial and business cluster in line with Dubai’s growing global business community base and will be similar in nature to Manhattan in New York with upscale residential complexes also available on site. Mr Riddoch added:‘We are delighted to see progress at so many of our sites across Business Bay and know that reaching these different milestones is important for our customers who have invested in these properties at such a prime location and are looking forward to seeing them rise in the skyline over the next year. ‘We believe that Business Bay will eventually become known as one of the best locations in the world for international businesses and look forward to being at the centre of this exciting new development in Dubai’s future.’