London’s Television Centre to be pitched to Dubai property buyers

Stanhope promises that the AHMM-designed building will include many other facilities including a gym, residents’ lounge with private screening room, private courtyard, gardens and a rooftop restaurant. And the building is located opposite Westfield London, Eur­ope’s largest shopping mall. Prices in the new development don’t come cheap. The ones being marketed in Dubai range from…

Dubai developer Nakheel brings an end to debt restructuring saga with Dh4.4bn payment

Nakheel has repaid a Dh4.4 billion Islamic bond as the developer emerges from a five-year financial restructuring. The company behind Dubai’s palm-shaped islands said the final trade creditor sukuk payment this week marked the end of a process that began in August 2011. It represents a major milestone for a developer often associated with both…

Handover of Dubai projects delayed as authorities get tough on fire safety

About “270 or more” building projects across Dubai have witnessed delays to handover as authorities have become much stricter in ensuring that cladding systems meet building and fire-safety standards, according to experts. New building codes which will demand higher-rated cladding panels are currently being circulated among consultants, and manufacturers of aluminium composite panels (ACPs), but…

Manazel first half profit weighed by reorganisation and staff costs at Abu Dhabi developer

Company reorganisation and staff costs ate into first half profits at Abu Dhabi-based property developer Manazel Real Estate. For the six months of 2016, profits at the developer which built Abu Dhabi’s mid market Al Reef compound fell 30.5 per cent to Dh31.2 million, down from Dh44.9m a year earlier. In a statement accompanying its…

Dubai’s Drake & Scull blames cancelled contracts and tough Saudi market for second quarter loss

The contractor posted a Dh207.6 million loss attributable to its parent company for the second quarter of this year, citing “project cancellations and one-off additional provisions”, most of which related to work in Saudi Arabia. Revenue for the quarter also dropped by 37 per cent year-on-year to Dh805m. A note from the auditor PwC accompanying…

Emaar launches homes in Dubai Creek Harbour

Dubai: Emaar Properties said on Sunday it has launched residences and villa town houses in Dubai Creek Harbour. The sales event will be on a first-come, first-served basis from August 18, at all participating Emaar Sales Centres in Dubai, Emaar said in a statement. Dubai Creek Harbour will feature commercial districts, leisure developments, residential neighbourhoods…