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Property Times October 2014

The document discusses various topics related to the Dubai real estate market, highlighting the impact of Cityscape Global 2014 on demand and future developments. It emphasizes real estate franchising opportunities, provides insights on rental yields in villa communities, and features interviews with industry professionals. Additionally, it includes exclusive property listings and expert advice to guide potential investors in the current market landscape.

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People’s Choice Real Estate Awards: COMING SOON Column by Director of Dejavu Real Estate | Turn to page 36 ///// Issue 23 - October 2014 Should I OR Should I Not ?Working in Dubai and living elsewhere? Find out why it may not be a good idea. By Michael Waters Pg 34
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LANNHILL REAL ESTATE EXCLUSIVE PROPERTIES Palm Jumeirah - Tiara Ruby AED 3,000,000 1 Bedroom Apartment 1,333 sq/� Atlan�s View LH-S-8791 Siv Hartvigsen 050 559 1266 BRN: 12105 Palm Jumeirah - Golden Mile AED 2,750,000 2 Bedroom Apartment 1,787 sq/� Park View LH-S-8785 Siv Hartvigsen 050 559 1266 BRN: 12105 Palm Jumeirah - Golden Mile AED 4,850,000 3 Bedroom Apartment 3,499 sq/� Sea View LH-S-8971 Stuart Bichard 056 361 4921 BRN: 31528 PalmJumeirah-DreamPalmResidence AED 4,906,814 2 Bedroom Apartment 2,230 sq/� Sea View LH-S-8835 Stuart Bichard 056 361 4921 BRN: 31528 The Lakes - Deema AED 5,999,999 4 Bedroom Villa 3,703 sq/� BUA Upgraded Villa LH-S-8762 Luke Banks 056 791 3290 BRN: 28762 Jumeirah Park AED 5,999,999 4 Bedroom Villa 4,335 sq/� BUA Community View LH-S-8331 Luke Banks 056 791 3290 BRN: 28762 Downtown - Armani Residences AED 6,900,000 1 Bedroom Apartment 1,263 sq/� Emaar Square View LH-S-8989 Craig English 056 254 4929 BRN: 26297 Downtown - Boulevard Point AED 5,050,000 3 Bedroom Apartment 1,903 sq/� Burj Khalifa and Fountain Views LH-S-8985 Craig English 056 254 4929 BRN: 26297 JLT - Laguna Moevenpick AED 1,700,000 1 Bedroom Apartment 1,173 sq/� SZR and Lake Views LH-S-8523 Steven Massam 056 140 2438 BRN: 31048 JGE - Whispering Pines AED 6,300,000 4 Bedroom Villa 3,737 sq/� BUA Full Golf Course View LH-S-8031 Luke Banks 056 605 4075 BRN: 28762 Dubai Marina - A�essa Tower AED 3,950,000 2 Bedroom Apartment 1,558 sq/� Full Marina and Sea View LH-S-9020 Jonathan Shippee 050 926 1317 BRN: 27593 Dubai Marina - The Address AED 2,690,000 1 Bedroom Apartment 880 sq/� Marina View LH-S-7611 Charlie Budnjo 050 225 9836 BRN: 31535 DIFC - Daman Tower AED 3,290,000 2 Bedroom Duplex Apartment 1,600 sq/� Panoramic Sea View LH-S-8392 Omar Kabalan 050 913 0523 BRN: 29969 Old Town - Reehan AED 2,350,000 1 Bedroom Apartment + Study 1,080 sq/� FullyFurnished&CommunityView LH-S-8739 Omar Kabalan 050 913 0523 BRN: 29969 901 Marina Plaza, Dubai Marina |Tel: +971 4 365 7222 | info@lannhill.com | www.lannhill.com | ORN 2062 facebook.com/lannhillrealestate twi�er.com/lannhillre instagram.com/lannhillrealestatelinkedin.com/in/lannhillrealestate Jumeirah Islands Mansion AED 20,000,000 5 Bedroom Villa 8,452 sq/� BUA Full Lake View LH-S-8515 Luke Banks 050 828 0075 BRN: 28762 Jumeirah Park AED 7,000,000 5 Bedroom Villa 4,689 sq/� BUA Back to Back View LH-S-5225 Omair Siddiqi 050 885 4376 BRN: 30933
FROM THE EDITOR THE BUZZ IS BACK! As expected, Cityscape Global 2014 brought the buzz back into the Dubai market. The num- ber of developments announced at the event by Dubai’s top class developers is indicative of the exciting times in store. These have been announced to cater to the future demand fueled by the steady influx of people to Dubai from all over the world in the next three to four years. The question of oversupply is irrelevant as the mar- ket is clearly heading towards a positive future and given the current sentiment post Cityscape Global, the demand is set to grow in the years to come, especially because the Expo2020 is only six years away. With many big corporates on a hiring spree and a steady increase in population, the demand for residential units will only go up from now, which is expected to put some pres- sure on the existing supply. Most of the projects that have been announced over the past few months will take more than two to three years to complete, which may push up the prices till more supply comes into the market. All in all, the chance of yet another bubble is remote because of the increasing demand and stringent regula- tions to keep the speculators at bay. In this issue of Property Times, we have put together a wide variety of articles ranging from advice from legal, mortgage and interior experts to innovations in the community management field to evolving hospitality designs. Our cover story is an analysis on why Dubai residents Binesh Panicker Editor-in-Chief & Co-Founder BINESH Panicker Editor-in-Chief & Co-Founder binesh@propertyonline.ae JATIN Deepchandani Head of Sales, Marketing & PR jatin@propertyonline.ae NYSAM K Shahul Senior Graphic Designer nysam@propertyonline.ae TOSEEF Ali Tidiwala Accounts Executive ali@propertyonline.ae KIRAN Reddy E-magazine support kiran@propertyonline.ae P.O. Box: 76460, Dubai, UAE P.O. Box: 347431, Dubai, UAE MEDIA LAB PUBLISHERS LLC Office 135, B Block Al Shafar investment Building Near 3rd interchange Sheikh Zayed Road Dubai, UAE, PO.Box: 235504 Tel: +971 4 33 86 724 Fax: +971 4 33 86 734 www.propertyonline.ae info@propertyonline.ae EDITORIAL editor@propertyonline.ae ADVERTISEMENT advertise@propertyonline.ae SUBSCRIPTION subscribe@propertyonline.ae Licensed by National Media Council P.O. Box: 102817, Dubai, UAE OUR TEAM CONTRIBUTOR PRINTER DISTRIBUTORS PUBLISHER Nicole Walter Freelance Writer P.O. Box: 485100, Dubai, UAE should not consider renting in other emirates to save money on rents in Dubai. Our contributor Michael Waters, Director of Studies (Real Estate)/ Assistant Professor, Institute for Social Policy, Housing, Environment & Real Estate (I-SPHERE), Heriot-Watt University Dubai Campus, sheds some light on how commuting expenses can offset your actual savings on rent by residing in other emirates and traveling to your workplace in Dubai everyday. This issue also carries an exclusive interview with the management team of Elysian Real Estate, which recently won an honorary award from Dubai Land Department as one of the top three real estate agencies in the emirate. Our contributor Nicole Walter catches up with the Italian architect Paolo Caputo, of Caputo Partnership International, the designer of Renaissance City, a unique development coming up in the UAE. From this issue, Property Times is launching a new segment dedicated to the thousands of real estate brokers in Dubai. We will carry profiles of some of the top performers as a token acknowl- edgment of their expertise and professionalism over the years. Last but not least, our ever-grow- ing section featuring listings from the top agen- cies in Dubai will provide discerning buyers with plenty of options to choose from. /blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media-labs-llc /+PropertyonlineAeweb/ October 2014 Issue -23 /// 5 propertyonline.ae
RESALENOW AVAILABLE 6 BEDROOMS + MAID’S + DRIVER’S G+2 FLOORS WITH PRIVATE ELEVATORS BUA: 6,044 SQFT WITH A FREE USABLE COVERED TERRACE INCLUDING GAZEBO FEATURE G+2 VILLAS SOLD OUT 65% ON COMPLETION CALL FOR PREMIUM FEW GOOD LOCATIONS AVAILABLE PROJECT
09EVENTS: Networking Night By Rufi Developers 10 NEWS AND ANALYSIS: Emirates Living by REIDIN.com 12Column by Nita Maru, TWS Legal Consultants 14 LEGAL EXPERT: Jerry Parks, Taylor Wessing 16MORTGAGE EXPERT: Feyisesan Ekundare, MortgageMe 18INTERIOR EXPERT: Adam Riccio, Under One Roof Meet the agents Stayconnected:MyCommunity Interview with Elysian Management Is it time to dispute the commute?20 25 28 34 22Column by Wolf of Real Estate, Mohanad Alwadiya 31 RENAISSANCE CITY: Interview with the Italian architect Paolo Caputo, Caputo Partnership International 36Column by Ahid Shaikh, Deja vu Real Estate 43Evolving hospitality design 45Column by Jitheesh Thilak: Uniform System of Accounts for the Lodging Industry 48Exclusive property listings 66PT Readers' page October 2014 Issue -23 /// 7 propertyonline.ae
This glitzy private event, organized by Rufi Developers, was attended by some of the leading real estate professionals and media persons. Rufi is planning to launch a few projects in the next few months. RUFI DEVELOPERS' NETWORKING NIGHT Eventns Samir Munshi, Jatin Deepchandani, Thinkal Bhal, Binesh Panicker, Harmeek Singh, Naveed Pirzada, Mehroz Rufi Harry Conner, Linda Tall Nizar Markiz, Mirjam Mouna October 2014 Issue -23 /// 8 propertyonline.ae
Aanya Aggerwal, Aakriti Kapur, Aamani Chopra, Yogini Sengupta Iris Nibbering, Sophie Page, Harmeek Singh, Naveed Pirzada, Tina Singh GQ Bar, JW Marriott Marquis INTRODUCING THE MOST OPULANT AND MULTILINGUAL TEAM OF REAL ESTATE PROFESSIONALS E N Q U I R Y Each SNS consultant is specially trained to focus in their areas
AHMET KAYHAN CEO, REIDIN.com News&Analysis V illa units have always attracted buyers in Dubai and the segment witnessed rapid growth over the past few years thanks to the ever growing demand for villas. Leading devel- opers have been announcing villa proj- ects over the past few months in a bid to cater to the rising demand and fill the void between demand and supply. Despite these announcements, the established villa communities in Dubai continue to remain a hot destination for investors and end users alike for a number of reasons such as good infrastructure, amenities, facilities, better rental yields and property appreciation rates. Property Times, in this edition, in association with REIDIN.com, analyses why these communities are still performing well. Why do buyers and investors still pre- fer these villa communities? Villa properties are good investment assets while real estate is overall favoured as a good investment class. In Dubai, they are mostly spacious and better-settled communities compared to most of the apartmentbuildingsorcommunities.One of the main issues around apartments is the walkability of the environment while when it comes to villa communities; it’s quite the opposite. On top of all these points, of course, comes the affordability segment as villa communities match the higher end of the investor pyramid hence they always have their own investor base. Another important factor is that these communities also offer quite strong rental yield rates. From an investor's point of view, what kind of returns one can expect from these three communities in terms of rental yields and property appreciation? Due to rapid increase in the sales prices, villa communities offer a lesser yield per- centage but most of them are still over mortgage rates with Arabian Ranches as the exception offering positive equity to its investors. ALWAYSINDEMAND Property Times in association with REIDIN.com takes a look at three of the top performing villa communities in Dubai; Springs, Lakes and Meadows. By Binesh Panicker Th e Springs, Dubai October 2014 Issue -23 /// 10 propertyonline.ae
Source : REIDIN.com REIDIN.com is widely used by real estate agents and investors for reli- able, 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 manage- ment 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 Yield Rates of the Villa Communities 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 City Wide The Springs and The Meadows Jumeirah ParkArabian Ranches The Springs- Villa Rent Prices The Meadows- Villa Rent Prices The Lakes- Villa Rent Prices Average Sales Prices (AED/Sqf) Min Max Min Max Min Max 130K 230K 300K 200K 300K 250K 1250 1550 1610 320K 300K 500K 500K 650K 250K 360K 270K 400K 300K 450K 160K 160K 220K 190K 250K 2 Bedroom 3 Bedroom 3 Bedroom The Springs The Meadows The Lakes 4 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom 6 Bedroom5 Bedroom 3 Bedroom 4 Bedroom 25% 20% 15% 10% -1% 0% 3% 5% 5% 7% 7% 2% 1% 5% 5% 0% -5% Sales Price Change of the Villa Communities The Springs & The Meadows Arabian Ranches Jumeirah Islands Jumeirah Park City WideThe Lakes Last 3 Months Last 6 Months Last 1 Year 7% 9% -3% 12% -2% 21% 19% 17% Rent Price Change of the Villa Communities The Springs & The Meadows Arabian Ranches Jumeirah Islands Jumeirah Park City WideThe Lakes Last 3 Months Last 6 Months Last 1 Year 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% 2% -4% 10% 6% 7% 5% 9% 2% -1% 0% -2% 1% 1% 2% 0%1% 8% 4% 13% How have these commuties been faring overthepastoneyearandhowdoyoulook at the future of these communities? It looks like there is a lot of pressure on the villa communities price rates and some of them had already started their correction coming down from price points even above 2008 peaks. The Lakes and Arabian Ranches had –1% and –2% drop on median rent prices, which is very nor- mal as the prices in these communities rapidly increased in the last 24 months. We presume the downward momentum will continue for couple of quarters more considering where the overall market has been heading towards in the last three months. October 2014 Issue -23 /// 11 propertyonline.ae
M ost of us indulge in the fairy- tale illusion that our lives will last a long time, and think it best not to dwell on the last chapter. It may sound mor- bid to discuss death, and it could be considered tedious to deliberate its effects, but it is not, and it should not be. Hence I refer to Richardson’s mem- orable quote, “When it comes to the future, there are three kinds of people: those who let it happen, those who make it happen, and those who wonder what happened” As an expat in the UAE, you may be very concerned about creating wealth and using it wisely during your life here. But it is more important to protect it - and your family - by deciding now what to do when faced with death and con- sider succession planning. Protecting your assets The Government of Dubai’s official website emphasises that ‘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 hav- ing planned your family’s future, local authorities will examine your estate and distribute it according to Sharia law, which may differ greatly from what you intend. There are also many uncertain- ties regarding real estate inheritance issues under Sharia, unlike other juris- dictions, the UAE does not practice ‘right of survivorship’ (where property passes on automatically to a surviving joint owner upon death of the other), and again, the local courts will have a final say in the matter. Meanwhile, personal assets includ- ing bank accounts will be frozen until liabilities have been discharged. Shared assets will also be frozen until the issues of inheritance are determined, and family members are often left without access to money during this period. Nita Maru LLB (Hons) UK Solicitor and Managing Partner TWS Legal Consultants PLANNING TODAY FOR TOMORROW If your family is left behind sorrowed, stranded, and strapped for cash, it won’t be because you did something wrong. It will be because you did nothing. Nita Maru emphasises the need to plan for the distant death tomorrow, starting today. ExpertAdvice Wills | Real Estate | Business Succession Planning | Company Formation | Contracts | Family Law QUALIFIED SOLICITORS DEDICATED TO PROTECTING YOU YOUR FAMILY AND YOUR ASSETS. propertyonline.ae
Dying intestate could also leave debts unpaid; until the estate is finally dealt with by the courts, and your fami- ly’s ongoing financial requirements are met. Preserving your business As a business owner, a significant por- tion of your wealth - and your family's main source of future income - will be tied up in your business. The success of your estate planning is dependent upon this business being transferred smoothly, or sold to a third party for a fair price. Either way, it takes consid- erable planning and preparation, and should be ranked high on a priority task list. If you do not have a proper business succession plan or estate planning in place, you simply cannot be sure what will happen after your death: whether your family will be provided for, who will look after your business, and when and how your beneficiaries will stand to gain from the investments you have made. All businesses - whether sole proprietor firms, partnerships, joint ven- tures, limited liability companies or free zone corporations - should plan for the transfer, succession, and/or sale of the business when faced with the death of the owner, or a partner. Safeguarding your family If you are parents, a simple will in the UAE can be used to specify who must look after your young children after your deaths. The absence of a will may goad authorities to intervene in guardianship matters, especially when both parents die simultaneously, and there is a possi- bility that their care may be entrusted to those you may not want. If you are married, it is wrong to assume that your spouse will get/inherit ExpertAdvice For further information please contact: TWS Legal Consultants, Office Suite 3001, HDS Tower, Jumeirah Lakes Towers, Dubai. Tel: +971 4 448 4284, Email: info@willsuae.com Website: www.twslegal.ae and www.willsuae.com everything you own. Sharia is based on a fixed share allocation system for the disbursement of assets, and a wife is entitled to receive only one-eighth of her deceased husband’s total estate if they have children. If you are in a second marriage, your Will can make provisions for children from previous relationships. You can also add exclusion clauses for ex-part- ners. If you are retired and made a will a long time ago, it ought to be updated to include grandchildren or to omit people you no longer wish to leave anything to. The first steps Seek the advice of specialised lawyers that are properly licensed to advise you on succession planning. Making proper arrangements will let your loved ones know that you care enough, and will save them considerable trouble. But more importantly, it ensures that you are in full control of what hap- pens to your family even when you are not with them. Many expatriate families continue to harbour the notion that living and working in the Middle East is a treat, but they forget that it could easily turn into a tragedy in the event of unplanned death. While the concern of ‘secur- ing’ lives is misguided at most times, secure planning for the future is most definitely a must. Call: +9714-4484284 Email: info@willsuae.com Website: www.twslegal.ae www.willsuae.com Dubai Skyline propertyonline.ae
If you have any legal queries about buying or renting, please email at editor@propertyonline.ae Our expert answers the legal queries about buying and renting properties. w i t h l e g a l e x p e r t ExpertAdvice If the new rent has been approved by RERA, then the tenant is obliged to pay that rent. If the tenant refuses to pay, then you have grounds to terminate the tenancy under the applicable landlord and tenant laws. That will require you to give 30 days formal notice of your demand for payment, which must be served via the Notary Public or by registered post. If the tenant still doesn’t pay, then you can refer the matter to the Rental Disputes Settle- ment Centre (Rent Committee, as was) with a request that an eviction order be issued. The fee for filing a case with the Rental Dispute Settlement Centre is 3.5% of the annual rent for the premises in question, up to a maximum fee of AED 20,000. Developers will often suggest that they would have completed but for mass buyer default in payments. Buyers on the other hand are quick to point out that they would have continued to pay had progress been made on site. There is probably some merit on both sides of this argument, but a ‘chicken and egg’ debate doesn’t really help either party now. The good news is that although you may have ceased making payments to one developer on a particular project, that itself does not automatically debar you from investing in another project in the city. If you are not of the ‘once bitten twice shy’ mentality, then go ahead. How do I evict my tenant who is refusing to pay the revised rent as per RERA rental cal- culator? How much will it cost me to file a complaint at Rental Dispute Settlement Centre? I invested in a property before the recession but the development is still not complete. However, I have been portrayed as a defaulter by the developer as I stopped making pay- ments when I saw no progress on the site. Now I am back in Dubai and would like to invest in a few properties but my concern is whether my 'defaulter' status will prevent me from buying properties in Dubai. Please advise. We can certainly advise and assist anyone wishing to establish a business in Dubai. There are many things to consider – a business plan, sourc- ing suitable premises, identifying a local sponsor to own the business, obtaining the necessary licenses from the Economic Department and from RERA, employing good staff, undergoing the necessary train- ing in the area of real estate that the com- pany will operate, to name but a few. The costs will include DED fees, RERA fees, visa fees, rent, and of course legal fees if you choosetoretainalawyertohelpyou. Those fees will usually be linked to the time that the lawyer is asked to spend on the matter, and the scope of the legal services you need. But remember, you can probably set up without incurring the expense of a lawyer, but it will cost you a lot more in legal fees to clean up the mess if it’s not done right the first time. I would like to set up a real estate company in Dubai. I have no background in real estate. Will you, as a law firm, be able to help me throughtheprocess?Whatarethecosts involved for using your services? Jerry Parks Partner Taylor Wessing Palm Jumeirah October 2014 Issue -23 /// 14 propertyonline.ae
If you have any mortgage related queries please email editor@propertyonline.ae Feyisesan Ekundare MortgageMe.ae Business Development Middle East/Africa M: +971 050 4168 548 Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai. w ith mo rtgage exp ert In accordance with UAE Central Bank guidelines, the maximum mortgage LTV for an off plan property is 50%. The buyer pays the ini- tial 50% of the cost in installments as agreed in the purchase contract while the lender finances the 50% balance. The loan, as with other types of mort- gages, is repaid monthly over an agreed tenure. Ideally, respective lenders restrict the provision of off plan mortgage loans to a selected list of off plan projects. Your mortgage advisor will be able to advise you on which lender to use for your specific off plan purchase. What is the maximum LTV banks will offer for an off plan property? And what is the repayment plan like? ExpertAdvice Yes, lenders do offer mortgages for multiple property purchase. Now, while these transactions are treated on a case-by-case basis, the pro- cess is made more seamless, if the said properties are within the same develop- ment project. The procedure is similar to other mortgage applications, but you should ask your mortgage adviser on the best lender to use. This is because some lenders have a maximum cap on mort- gage loans, which your transaction may exceed, and some have mortgage prod- ucts that cater specifically to these types of investment transactions. Ideally, the first property will be treated as a 1st time mortgage at 75%-85% LTV (if you have no existing mortgage liabilities) and the remaining properties will be treated as additional mortgages at 60%-70% LTV. I am an investor based in Dubai. Do banks give mortgages for multiple properties at the same time? If yes, what is the procedure to apply for a mortgage for the proper- ties I am planning to invest in? Most banks shy away from avail- ing mortgage loans to real estate professionals due to stability of earnings and frequent job changes. However, we at MortgageMe, subject to a minimum salary requirement, now have a solution for interested real estate professionals. For enquiries, please con- tact us and we would be delighted to discuss with you further. I am real estate professional with an average income of AED30,000 per month. Will I be eligible for a mortgage and what are the documents required? Dubai Marina October 2014 Issue -23 /// 16 propertyonline.ae
If you have any queries about renovations or conversions, please email at editor@propertyonline.ae Everything you need to know about property refurbishment, conversions and permissions. w i t h i n t e r i o r e x p e r t ExpertAdvice Adam Riccio Operations director Under One Roof 04 323 2722 We do a lot of this with our clients now and it is a very popular request. We have our own designers who will work with you to create the exact look and feel you want and also that meets the functionality you require interms of number of shelves, drawers, etc as well as the style of finish you are looking for eg., distressed wood, natural oak look or high gloss. Once the design is signed off, we manufacture the bespoke pieces in our factory here in Dubai and supply and install. As we have our own factory we can usually supply and install within two weeks if required. I have a number of areas where the space is a small alcove or recess. I wanted to fill them with bespoke, tailor made fitted furniture such as cupboards, chest of drawers andsoon.Isthissomethingyoucando? It is possible and generally approval is not required. We have undertaken a number of such projects and it does transform the look and feel of your home. We work with and recommend a number of different wooden floor suppliers who we trust and have good quality and after sales service. Often our clients choose the style of wooden floor and then get us to match the look in making fitted wardrobes and furni- ture for them. Is it possible to change the entire flooring of my villa from gran- ite to wooden flooring? Do you need permissions? Have you successfully completed any similar projects recently? We do undertake such projects all the time. It is a very popular request we get wherein home owners want to remodel their homes to create a space that works for them and their lifestyles. The first step in the process is to obtain your CAD drawings from your master developer, which will show all the technical aspects of your villa such as supporting walls, elec- trical plant and so on. This will be used as the basis for any alterations to ensure that the work you want to undertake is safe and will not affect the structural integrity of the property. We have our own in-house designers who will work with you to create the look and feel you want. We also have our own in-house engineer who will advise from the plans whether the alterations will be approved and are feasible. Once happy with the look, our engineer will submit the approval on-line and follow up with the relevant authorities, making changes to the designwhererequired.Oncewegetthesign off on the proposal from the developer, we can then execute the project. At the start, various deposits have to be paid for the approvals by the homeowner – some are refundable at the end and some are a basic charge. Once the project is complete, we make an appointment with the developer’s engineers’ office to come and inspect and sign off the work. It is important to keep this approval with your house purchase docu- mentation, as you will need it to be able to sell your property in the future. I bought a plot and built a villa in a leading community. But now I feel I should make more struc- tural changes to the villa such as reduc- ing the number of bedrooms, getting rid of the maid's room etc. What kind of approvals is required for this and do you undertake such projects? Downtown, Dubai October 2014 Issue -23 /// 18 propertyonline.ae
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MEET THE AGENTS When did you come to Dubai: November 2010. Previous profession: Marketing manager First sale in Dubai: My first sale was an office unit worth AED1.6 million located in Dubai Silicon Oasis. It was in 2011. What you like about your profession: I love meeting new people and in my industry, I get to meet different people on a daily basis. I really enjoy helping my clients make the right choices. I am always on the look out for exciting opportunities in life. Hobbies: I love dancing and horse riding. Why you love Dubai: The turning point in my life took place about four years ago when I stumbled upon a pic- tureofBurjKhalifawhilebrowsingandimmediatelyfellin love with it. Prior to that, I never even thought of moving out of Kiev but few months after this incident, I moved to Dubai. I am completely in love with this incredible city, because Dubai is always striving to become the best. When did you come to Dubai: April 2011 Previous profession: Designer First sale in Dubai: It was a two-bedroom apartment in Jumeirah Beach Residences in 2012 and it was sold for AED1.6 million. What you like about your profession: I love meeting a wide range of people from different walks of life. Hobbies: I love ballet dancing. I started doing it as kid and still enjoy doing it. Dancing also helps release stress from work and creates positive energy. I also love photog- raphy and anything to do with visual arts. WhyyouloveDubai: IloveDubaibecauseoftheoppor- tunity it provides and its beautiful lifestyle. Also in Dubai, I gettomeetmanyinterestingpeople.Ilovetheweatheras well occasionally and of course the sea! Iryna Poladko: Ukrainian, Rocky Real Estate, Property Consultant, RERA no. 25085 Hanna Liatsko: Belarus Driven Properties, Senior Sales Negotiator, RERA 29110 If you want to be featured on this page, contact us at editor@propertyonline.ae Market October 2014 Issue -23 /// 21 propertyonline.ae
T here are always three essential ingre- dients considered prerequisites for any real estate market to function effectively. For investors, potential owner occupiers, developers or another indus- try stakeholder, these ingredients are of par- amount importance in ensuring long term profitable and sustainable growth in an indus- try which itself, is a key ingredient to long term economic growth. These ingredients can be summed up as the 3C’s or, more specifically, CAPITAL, CON- FIDENCE and CLARITY. The 3 C’s are interde- pendent whereby a shift or change in any one element will affect the other two. The relation- ship between all 3 C’s can be either positive or negative and can lead to a multiplier effect on growth or can increase the rates of contraction or decline. The good news is that all three have been recovering strongly for the past two years in Dubai. The amount of CAPITAL being injected into Dubai’s real estate has been steadily increasing since midway through 2011. This capital has come from a number of sources. For a start, Dubai has been the welcoming recipient of new cash from countries around the region whose investors have been seeking a relative safe haven from economies that have been decimated by political turmoil. In addition, creditors,suchasbankshavebeenmorewilling to lend cash as global and local economies sta- bilized and eventually returned to a semblance of growth. In addition, an increase in confi- dence in the local real estate space saw cash, previously stockpiled awaiting an improved investment environment, found its way into property purchases. However, cash does not always flow unhin- dered by risk perceptions and, regardless of events elsewhere in the world, Dubai could not have attracted so much capital unless investor confidence was returning in the emirate. CON- FIDENCE in Dubai has been steadily increasing since the world has slowly begun dragging itself fromthemireoftheglobalfinancialcrisis. Confidence in any investment venture can be really distilled to the perceived predictability of future cash flows and capital growth and, with much of Dubai’s property returning increased cash flows and capital growth, confidence is on the rise again. When you are investing in real estate you are really investing into an economy and you must have confidence in its future. Dubai’s economy is doing very well. Economic growth is strong at around 4.5% and independent bodies such as the IMF are forecasting 5%+ economic growth every year through to the end of the decade. The economy is being driven by fundamentals such as tourism and trade and a slew of new projects to grow these important revenue generating economic seg- ments are a feature of Dubai’s growth outlook. Dubai’s expects 12 million visitors in 2014, con- tinuing a growth trend of approximately 9% per annum since 2010, a statistic, which is the envy of many nations. And new initiatives such as the 2020 Expo are also important in building confidence in the emirate. The effect of the 2020 Expo on the UAE economy cannot be underrated in terms generating demand for real estate assets. Hosting the World Expo will provide additional impetus for the industry to enjoy continued growth and the predictable surge in demand for accommodation and commercial space of all types, from labor camps to offices to warehouses to apartments to executive villas, is sure to have a significant effect on property values. The last ingredient, CLARITY or transpar- ency, is arguably the most important. Investor confidence in and the level of understanding of their legal rights, the consistency in the appli- cation of the law, government economic and social policy along with knowledge of develop- ers track record in terms of quality, integrity and proficiency can be boosted by a proactive drive for clarity. Lawmakers have been working hard in Dubai to address the issues of CLARITY and CONFIDENCE in particular. Steps have been taken to introduce laws that better protect investor rights and standardize and clarify the relationship between developers and investors. The law is aimed at protecting investors in a variety of areas, from delays in the handing over of projects, changes specifications of properties, defects and any material departure from the contracts provisions. While the headlines regarding asset bubbles maymakesomepredictimpendinggloom,they really highlight that there is an unprecedented level of governance, oversight and scrutiny that the industry is being subjected to. The ongo- ing development of the industry’s regulatory framework and implementation of laws and regulations to safeguard both consumer and investor interests, the overall industry and the economy at large from rampant and irrespon- sible speculative, predatory or unethical prac- tices, reveals a mature and balanced approach to shaping an industry which exhibits sustain- able growth over the long term. The industry is much more resilient in 2014 and investor, not speculator, confidence has been making a big comeback. These steps towards increased CLARITY, showing clear intent by the regulating author- ities to develop a more sustainable and con- sistently profitable industry model has been essential in driving renewed CONFIDENCE in the industry resulting in massive injections of creditor’s and investor’s CAPITAL into Dubai’s real estate space. The recovery has been quite remarkable and is prominent among all the recoveries of nations worldwide. THREE VITAL ELEMENTS ESSENTIAL FOR A FLOURISHING REAL ESTATE MARKET 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 October 2014 Issue -23 /// 22 propertyonline.ae
A s Dubai and Abu Dhabi (imple- menting their own version) are getting increasingly used to the concept of jointly owned property laws, and with that professional property management, more sophisticated technologies have been entering the market. While Emrill recently launched, what they termed a ‘Business Smart Model’, pulling together its mobile maintenance service, mobile work order solution, and intelligent low cost wireless monitoring system into one solution for more service and cost effective facilities management, My Strata came up with ‘Strataware’ and recently revamped its ‘MyCommunity’ portal to make property management a breeze in terms of keeping tabs on oper- ations and communication. Ensuring smooth operations With around 400 interim ‘home’ own- ers associations now registered with Dubai’s Real Estate Regulatory Agency (RERA) and new communities need- ing facility and property management in the emirate’s future, these kinds of innovations have certainly served to improve the market. Although the last piece of the puz- zle to change the legal status of the STAY CONNECTED! interim owners associations into own- ers associations, doesn’t seem to be firmly in place as of yet, it isn’t making any difference to the day-to-day opera- tions. “I understand at least one Owners Association has been registered and that there are many more very close to being so. I don’t believe these delays are impacting the daily management of OA’s because they are still being run, in the majority, by professional management companies, as well as board members that are committed to looking after the affairs of their build- ings,” comments David Bugden CEO of MyStrata. Many in charge of managing communities in the UAE are already using MyCommunity, including Aldar, Emaar Properties, Khidmah, Asteco, Wasl Properties, Jumeirah Living, as well as Place and Mace Macro. Deyaar had floated an OA management software procurement tender won by MyCom- munity only recently. The developer has implemented it in properties it man- ages only but plans to roll it out in the near future in their own developments as well. “The choice to use this platform is primarily because it is compliant with Strata law and provides the facility of online payments in addition to Owners Association core functions,” says Saeed Al Qatami, CEO of Deyaar. “To date, the overall experience was good due to the technical support and respon- siveness from the team. The company is also regularly updating the software solution thereby enhancing user expe- rience,” he adds. Aldar has been using the portal for its 15 communities under a customized umbrella portal linking into individual sites, for three years now. “We re-branded the product for Aldar – they call it “Aldar Connect”. We did the same for MAF. We used Aldar’s corpo- rate colours and followed their brand guidelines,” David comments. Accord- ing to Aldar, although it had other ‘off the shelf’ options, it chose the MyCom- munity platform because its database is shared with Strataware, thus making it easy to keep residents up to date on developments. “Aldar has a policy of ‘paper-less communication’ across all our communities; therefore not having an online portal is not an option. Elec- tronically-recorded communication can easily be issued to all residents in one community or across various commu- nities with the click of a few buttons,” according to an Aldar official. An extremely useful system MyStrata has spent several years devel- oping an effective property manage- MyCommunity helps residents and managers keep in touch. By Nicole Walter/freelance writer Market October 2014 Issue -23 /// 25 propertyonline.ae
ment system for strata managers in the ‘clouds’. David points out that the few other overseas systems being used have had less of an impact because they weren’t on the ground. “We have been here for over seven years, our servers are hosted in the cloud in Dubai Inter- net City and all our support is done by experts located in Dubai, this is a much larger investment than any others have done,” he claims. Novus Community Management offers MyCommunity to all its clients, as it allows for relaying real-time financial information to their Owners Associations, Unit Owners and Board Members, as well as acts a pay- ment portal facility. “We are able to upload meeting notices and minutes for viewing by unit owners, along with general notices to both, owners and tenants, in our communities,” says Ste- phen Horner, Senior Community Man- ager at Novus Community Manage- ment Services, adding he was not aware of any other product available in Dubai that provided a complete integrated solution responding to the needs of specialist Owners Association manage- ment. “The MyStrata team are available locally in Dubai to provide support and training, and are continually working to improve their software based on our feedback,” he adds. The portal is also used regionally, such as by The Wave Muscat and The Pearl Qatar. “The system hosts over 450 communities on the platform in the Middle East, and there are over 50,000 registered users of the system. These users include owners, tenants, board members and property managers,” David adds. Not everyone knows about its existence because the software developer kept the system deliberately quiet as it is launching an upgraded version, with new features such as graphical reporting and a lobby screen system. “The new release will signifi- cantly improve the financial report- ing through MyCommunity in visu- ally appealing, easy-to-read reports,” says Stephen. Apart from the fact that the por- tal looks fresh and is easy to navigate, it saves property manager’s time by becoming a central point for all docu- ments related to managing the prop- erty, including ledger accounting, reports, and invoicing system, creating meeting documents and easily post them where needed, organizing pro- curement, as well as has its own e-mail and ‘SMS’ system. While the system cuts down valuable time on communication with all con- tacts in one place, access levels can also be set and its virtual reach goes way beyond a pin-board at a building recep- tion. “The software covers the needs of our communities for posting notices, reports, community communication, lodging work requests and a commu- nity wall for owners and tenants to con- nect. Because the system is online it can be accessed from anywhere in the world, and now from mobile devices as well,” Stephen remarks. The portal can also highlight the facil- ities and property types in a community making it a great tool for those looking for a property. “MyCommunity is a great communication tool first and foremost. It also delivers efficiency for property managers, which helps save costs. It is also a great marketing tool, you will not find a better web site for informa- tion on buying, selling, living or work- ing in a community or building than what you will find on MyCommunity,” David comments. “The choice to use this platform is primarily because it is compliant with Strata law and pro- vides the facil- ity of online payments in addition to Owners Asso- ciation core functions.” Saeed Al Qatami, CEO, Deyaar. Emirates Hills Market October 2014 Issue -23 /// 26 propertyonline.ae
Positive feedback from owners Residents have been responding favourably, according to Aldar’s com- munity managers, which lauded its ease of use and pointed out a healthy flow of traffic on a regular basis on the part of residents. “Most of our residents are happy with this channel of communication. Owners have the ability to view the financial statement for their unit and for the association they belong to. Residents appreciate that they can log in and raise job cards for mainte- nance and other issues, and view the status of their job card,” the Aldar offi- cial added. At the communities, which Novus manages, the response has been equally enthusiastic. “The usage by residents has steadily grown. Some of our community walls experience quite a volume of posts. Because it is an open forum, owners and tenants can communicate on any topic of interest,” says Stephen. “We ensure that we post all our com- munication on the MyCommunity por- tal so that our owners and tenants can access relevant documents and infor- mation anytime they wish,” he adds. In addition, a business directory keeps the resident abreast of who’s there in terms of shops and services and could actually be a means of income to the owners. “Property managers and Board Mem- bers can create their own retail and service provider listings, so if they want to sell this service and earn income for their community, that is fantastic, that is exactly why we developed it this way,” David explains. The cost factor While larger clients get a discount, the cost, which is around AED100 per unit per year, including both Strataware and MyCommunity, including everything down to support, is well weighed out by the benefits, and shouldn’t scare smaller OAs off, David believes. “Let’s say you have a small building of 50 units, the most they will pay is AED5,000 per year, for this they get a great look- ing web site, plus access to their state- ments in real time, financial reports, a credit card gateway, communication tools, community documents, main- tenance request system and so much more. What would your argument be, i.e. save money on arduous other ways of communicating between everyone for example,” he emphasizes. Most of MyCommunity clients today are using ‘Stra- taware’ the property management software already, but David says it wasn’t a prerequisite to using ‘MyCommunity’. “Currently MyCommunity links to Stra- taware, which is a system the major- ity of OA management companies in Dubai and Abu Dhabi are using. That said it could be linked to any back-end property management system via an API. Soon, we will be launching a stand- alone version, so a building will be able to create a web site, invite members and then use all the great features of the MyCommunity portal without any back-end system required,” he explains. Or an OA could simply just go for the MyCommunity software, in which case they pay a license fee, usually paid quarterly. “Most managers pass the cost on to their communities as it’s a very helpful tool for owners and residents. We set the system up for you, provide training and data migration, all of which is an easy process,” David concludes. ''Soon, we will be launching a stand-alone version, so a building will be able to create a web site, invite members and then use all the great features of the MyCom- munity portal without any back-end sys- tem required.” David Bugden, CEO, MyStrata. Arabian Ranches October 2014 Issue -23 /// 27
E stablished in 2006 with a small team of six, Elysian Real Estate has grown rapidly over the years to become one of the top three real estate agencies in Dubai (chosen by Dubai Land Department) ACCOLADESGALORE Elysian Real Estate, founded in 2006, has been recently selected by Dubai Land Department as one of the top three real estate agencies in Dubai; a testimony to the consistent performance of the company over the years. By Binesh Panicker with a team of over 150 staff including 120 real estate agents globally. Headed by Masood Naseeb, the Chair- man and Dounia Fadi, the Managing Direc- tor, the company is on the right track to scale new heights in the years to come. The young and dynamic Masood and Dounia tell Property Times readers about their jour- ney, growth, expansion, the market and much more. Market Sheikzayed Road, Dubai October 2014 Issue -23 /// 28 propertyonline.ae
Award from DLD When we got the award from Dubai Land Department after nine years of outstanding and consistent performance, we were very excited and proud of being recognized as one of the top three real estate companies in Dubai. We look at it as an acknowledgment of the hard work we put in over the years. We take great pride in the fact that we take care of every client of ours and most of them con- tinue to work with us because of our professionalism and expertise. Receiving this award now challenges us to maintain our current position and strive to become number one. Advice to end-users If you have long term plans for Dubai, I would advise you to buy now rather than continuing to rent. Home buyers choosing Dubai as their residence should consider buying based on their current needsandcomfort.Realestatemarketsacrosstheglobeexperience the cycle of highs and lows. In the current scenario in Dubai, prices areexpectedtoincreasemodestlybutsteadilybasedonpopulation increase. There will be sufficient buyers even for the new develop- ments that have been announced recently, so I strongly recom- mend that people should not wait any longer. If they find a home withintheirbudget,oneshouldconsiderbuyinginestablishedcom- munities such as Dubai Marina, Downtown, Palm Jumeirah etc as they are ideal for families with good infrastructure and community ambience. People moving to Dubai from Arab countries prefer to have spacious homes, so they should consider purchasing a villa in areas such as Jumeirah Village, The Villa Project or Jumeirah Park to name a few. Off plan vs ready properties? If a mortgage buyer purchases an off-plan property, he or she will have to continue to rent till the property is ready to move in, so they will have to consider three separate payments; the down payment to secure the unit plus the monthly mortgage installment plus their rent. If you can afford to pay the down payment required to buy a readyproperty,it’salwaysbetterforenduserstogoforareadyprop- erty so that they can move in immediately and don't need to pay rents anymore. However, some developers do offer really attractive payment schedules, which many end users will be able to afford. One has to look at all options before taking a decision. The company Elysianwasfoundedasarealestatebrokeragefirm.Wehadaproperplan in mind right from day one. We didn't want to sell property as an invest- ment, so we focused on selling homes to people. We focused on buyers from the Middle East and we always wanted to offer our clients the best available properties in the market whether it’s residential or commercial. Growth, expansion, way ahead We grew with the market and continued to focus on good customer ser- vice and professionalism. In nine years, we grew to more than 150 staff from six. We launched Elysian International in 2008, which is now doing extremelywell.OurfocusistobeNumber1inthissegment.Intwotothree years,wewillbesellingpropertiesinprimelocationssuchasLondon,New York, Australia etc. We will be targeting buyers from the MENA region, as they prefer to invest in other countries as well apart from the regional markets such as Dubai. By the end of this year, we will be launching a luxury division to cater to the growing demand in this segment, which needs an entirely different kind of customer service and expertise. Going forward, we want to further enhance our reputation as a trusted real estate company, servicing each and every client as per their individual requirements. The goal for us in the next ten years is to gain more knowl- edgeaboutthemarketsothatwecanofferpropertiesattheexactmarket price to our buyers. End-users Right now the demand for properties from end users is witnessing a steadyrise.Intheearlydaysoffreeholdera,nobodywassellingreadybuilt property; property was considered as an investment. When we started in 2006,wewereactuallysellingoff-planhousestoourclientsbasedontheir preferences and we were recommending units as per their budget and requirements. Dubai’s future We are all lucky to be here in Dubai. In the next five years, we will see a huge influx of people coming to live and work in Dubai. The trend has already begun. With increasing population, the demand for homes will keeprising.Thenewprojectsthathavebeenannouncedwillbeabsorbed by this population growth and investors as well. Those who are looking forhomesarealreadyfindingitdifficulttolocateapropertyoftheirchoice in some of the more desirable areas. Masood Naseeb, Chairman, Elysian Real Estate Market Dounia Fadi, Managing Director, Elysian Real Estate October 2014 Issue -23 /// 29 propertyonline.ae
A fascinating city could be grac- ing the horizons of Abu Dhabi or Dubai, if Stile Italiano Real Estate Industry (SIREI) gets its way. Backed by American-Chinese cap- ital and the expertise of its members, ranging from urban planners to Italian cultural, science and sporting organiza- tions, the real estate platform has been presenting the concept here in the UAE to ideally co-develop around three to four square kilometres city at an esti- mated cost of around $US30 billion. Massimo Mazzi, President of SIREI, said Renaissance City is a smart city, which will bring to life an Italian lifestyle in the UAE telling an urban story which devel- oped over centuries, an urban fabric fostering a vibrant economy and qual- ity of life. Property Times delved deeper into the concept, consulting the Ital- ian architect Paolo Caputo, of Caputo Partnership International, SIREI’s design partner for Renaissance City. As far as I understand, Renaissance City intends to express both Italian and Islamic renaissance, how are you integrating the two concepts into a homogenous one? The goal of the project is not to inte- grate the most "epidermal" figurative and formal traits of the "Renaissance" of the two cultures. It aims to merge the principles and the deeper meanings of Islamic and Italian culture. Many archi- tectural examples, and cities, in the Middle East and around the Mediterra- nean are already witnesses to this his- torical process. Italy and the West have learned a lot from Arab culture and vice versa "merging" knowledge, tech- niques and cultures without "confused" identities. This is very relevant currently seen in relationship with the processes of globalization. How do you express the original – historic architectureinthemoremodernbuildings? The architectural language fully expresses our modern and current events. At the same time, however, the structure of the buildings, the compo- sition of architectural and urban space in the project follow the same rules of historic places and buildings that created an optimal response to func- tional needs, and, above all, to the deep meaning of "inhabiting the world." It makes no sense to play with a frag- ment, a glimpse, of Venice. There is a lot more power in the tangle between streets, arcades, squares and waterways to evoke the quality of space and urban landscape of Venice. The city’s fabric seems to respond to boththeItalianandtraditionalArabcity urbandesign,howdidyoumergethem? There is a common identity to the cen- tres of Islamic cities and Italian villages and how they grew from the middle ages onwards. The urban plan is based on substantive rationality and its goal is an efficient and easy mobility. The research of the merger between Arab and Western models, or Italian, is the integration of a chessboard layout, typically of Roman origin, to a more complex system: fractionated, attentive to local connections, to the functional scale of the step (walking) and not to that of the mechanized mobility, closer to the Arab spatial sensitivity. BRINGING ITALY TO THE UAE Renaissance City is an urban fabric spun out of the deeper meaning of city life. By Nicole Walter/freelance writer Renaissance City Museum October 2014 Issue -23 /// 31
Market How are you managing the traffic flow versus pedestrians? The design allows for the movement of cars on the main road axes, although it aims to facilitate the circulation of eco- cars (electric and hydrogen), as well as the use of public transport that con- nects the main functional and "monu- mental" centres in the city. At the same time the compactness of the urban fabric and mutual proximity of the main central points are designed to encour- age pedestrian mobility: the distances can be covered in five to seven minutes walking, like going in Florence from Piazza Signoria to Ponte Vecchio, or in Rome from the Trevi Fountain to Piazza Navona. The needs of pedestrians have been considered within all urban sec- tors, the roads, paths within the blocks and walking promenades are designed in a way to obtain the best results in terms of comfort and perception of the urban landscape. In this respect you have designed a lot of cultural and art spaces to connect the city? Yes, my dream is to create places, which can communicate with each other, and represent the best of Italian art and Islamic art. The first centrality is the main mosque. I have imagined it as a place of prayer, but at the same time as a social space for spirituality, meditation and encounters between cultures, a place of individual and collective peace. The second central point is the Piazza Grandewithrestaurantsandamuseum? Yes, it will be shaped as a large square, punctuated by the volume of the Museum of Renaissance that hovers on the open space, the pavilions that sur- round it, and the area of the Museum Hotel. Really, it is the area the expresses the greatest representation of histor- ical Italian cities. A third central point is marked by a pattern that emulates the Galleria Vittorio Emanuele in Milan. A real "archetype" of today’s shopping centres, opposed to the model of a closed shopping mall estranged from the urban fabric. The Gallery will be the epicentre of shopping for the products of excellence ‘Made in Italy’ but will also allow for continuity weaving through the commercial space at ground floor of all the buildings of Renaissance City, especially within the Ring. A hotel com- plements The Gallery, as well as residen- tial accommodation and the Perform- ing Arts Centre, which bring us to the fourth central point. Here a set of the- atres, auditoriums, event spaces, have been designed to make Renaissance City a new capital of the Italian theatre and opera tradition, binding together the unique structure of the Penthouse Hotel, which will house spacious luxury residences coming in the most sophis- ticated Italian interior design and with hotel services. How do you make sure the city feels open and light, yet stays cool consider- ingtheclimatehere?Willonebeableto walk the city in the summer heat? The concept is designed so that beyond a short walk there is always plenty of the shade available along the way and within the blocks. Depending on the final location, the urban chessboard of Renaissance City will be orientated in an optimal manner with respect to the "solar path" and will include meshed or closed canopies to cover roads and open spaces. The relationship between shady and sunny spaces supported the adoption of chimneys for the upward movement of hot air to favour natural ventilation of open spaces. The vegeta- tion will be rich along the streets and in the garden courts, and the water (in the form of channels, ponds and fountains) will work together to create microcli- mate mitigating the heat during the warmer season. You are integrating a golf course and labyrinth botanical gardens into the city, the latter makes sense, the former a bit unusual for a ‘city’ but more of a typical residential community master plan in the UAE, what was the reason- ing behind it? The two themes have different reasons. The Botanical Garden is one of the fac- ets of the Renaissance. I think for the first time ever we will create an "Ital- ian Garden" with botanical species of the desert belonging to UAE latitudes, although not all necessarily native. I don’t know of any large maze designed with cacti or parterre whose rigorous geometry is drawn from succulent plants anywhere in the world. The Botanical Garden of the desert would be a real world “curiosity”. The golf course’s particular role in Renaissance City is to offer a conversation between the compact city and the garden city. The residential villas generate this dia- lect in continuity with the urban villas provided in the city’s quarters closest to the golf course. In the final design that will be implemented, the golf course’s area will represent the mean- Renaissance City shopping - Galleria October 2014 Issue -23 /// 32 propertyonline.ae
Market REGISTER FOR NEW LAUNCHES +971 52 88 66 288 T:04 395 75 45 F:04 395 75 46 www.candourproperty.com info@candourproperty.com ing of expansion towards the wonder- ful green and typical nature, which can be experienced in Italian Renaissance: Palazzo Te in Mantua, Palazzo Pitti and the Boboli Gardens in Florence. Did you place The ‘Cittadella’ arts & crafts centre close to the business dis- trict to make sure it stays lively when offices close? “La Cittadella” is thought as an alter- native commercial hub with respect to the Gallery. It is a “destination” of an urban route, unlike the gallery that is fully integrated into the fabric of the city. It is not a closed structure but, cov- ered by a photovoltaic macrostructure, and has the form of a "small town" that is related, through the open garden spaces, to the buildings of the business district. Nowadays offices working with the world are open almost 24/7, therefore I think a business district does not close completely by mid-afternoon. In any case, the "Cittadella" will bring life to this urban sector with great intensity. It's the place where one will get the best products in the market, and Ital- ian artisan textiles, leather, ceramics, wood, precious stones, and a treasure chest in design and the highest level of ‘Enogastronomy’. How large is the footprint of the city and the different districts? Renaissance City in its compact struc- ture covers an area of about three mil- lion square metres. The plan defines a square of 1,700 metres on each side: walking distance about twenty min- utes. The geometric shape can adapt to the shape of the area of development, reformulated by reducing or enlarging. Likewise, the "expansion zones" (Cita- della, Campus etc.) are subject to pos- sible modifications, such as for example to become partially reabsorbed inside the compact geometry. The nature of the city aims to strike a balance between its various districts function- ally integrated into a single structure in the mixed fabric that characterizes much of the urban plan. What will be the average and maxi- mumbeintermsofheightofbuildings? The city’s trend is horizontal with blocks of buildings between five and seven floors. Of course, exceptions are made for both residential buildings and for special features. The highest is the one housing the Hotel Galleria at 160 metres with 30 populated levels. However, spe- cial requests from developers could introduce a new design theme, such as the insertion of one or more "out of scale" buildings in the plan, without distorting the underlying principles of Renaissance City. Will you keep residential and offices completely separate or mix them as in ‘normal’ city? Renaissance City is based on a princi- ple of total morphological-functional integration. The residences and offices merge, follow and stratify within urban blocks whose ground floor is largely intended for small and medium scale businesses and service providers. In modulating the urban variety richness in terms of the number of offers and opportunities that the historical Italian urban models successfully represent, the project also proposes urban clus- ters, primarily residential or for office buildings. The business district inten- tionally is almost exclusively functional in character. Similarly, residential is based on a variety of solutions including villas, mixed within the urban fabric, or isolated at the golf course. All of these aspects will be subject to in-depth dis- cussions with the technical board when we will sit with the developers and real estate marketing strategists. Why are the schools, hospitals etc. along the Ring Road and not mixed into the more central parts of the city? The project includes all the numerous required service facilities to guaran- tee the optimal function of the social, administrative, cultural and economic structures of the city. These structures are integrated into the urban fabric but look outwards placed like a neck- lace along the ring, because the latter important element of the composition of the design of the city itself represents a real exchange system between the inner part of the town and the urban contour. The services are easily accessi- ble to pedestrians and via public trans- port that runs along the Ring. Renaissance City Performing Arts Centre October 2014 Issue -23 /// 33 propertyonline.ae
IS IT TIME TO DISPUTE THE COMMUTE? C ommuting is an important aspect of daily life in most modern cities. In Dubai, resi- dents now faced with higher rents and other heightened costs of living are looking at cheaper alterna- tives and question whether commut- ing in from neighbouring Emirates is the key. What does the economic theory tell us about commuting? “Households will seek maximum utility of a locality over cost of travel”. So what does that mean in real terms? Accessibility and values (rents) have been a study of economists for hun- dreds of years. Theorists denote that premiums will be paid for land in close By Michael Waters MRICS – Director of Studies in Real Estate/Chartered Surveyor, Heriot-Watt University Dubai Campus proximity to central markets as the time forfeited to travel to the market place from further afield has an intrinsic value. With the development of transport networks and growth in car ownership this is far less of a concern in modern day life. However, the principles no doubt are still relevant today. Stud- ies have shown that there are broadly three main determinants of land use that include: 1. Accessibility; 2. Environmental characteristics; and 3. Rent Consumers will trade off 1 and 2 against 3. A consumer will try to choose an ‘optimum’ denoted in real terms by an income budget. Why do we commute? For commuting to be economically via- ble, we need to be compensated for the commuting costs through lower rents. People tend to support their decisions to commute in terms of the money saved on housing. However, commut- ing is a time consuming process and often many overlook the opportunity cost of intangible aspects, such as the psychological burden or stress derived from longer daily commuting patterns. The challenge exists when consumers are unable to correctly assess the true cost of commuting for their well-being. How much does commuting cost in Dubai? Let’s say the cost of gasoline is AED6.50 Market Sheikh Zayed Road, Dubai October 2014 Issue -23 /// 34 propertyonline.ae
per gallon and the typical 4x4 is work- ing at 30km to the gallon. A full-time employee in Dubai typically works 21 days per month culminating into 252 annual commuting days. So if we assume the average resident in Dubai commutes 30km each way per day that is an annual total distance of 15,120km or AED3,276 on the cost of gasoline alone. However, we need to consider that the cost of gasoline is not the only cost. If we include a typical business mileage claim of AED0.75 per km it gives us a better account of depreciation and vehicle maintenance, increasing cost in this example to AED11,340. A traditional assumption about the value of some- one’s time spent on an activity is equiv- alent to their wage rate. We can apply commuting time in terms of earnings foregone per hour travelling. According to UBS, the average Dubai expat earns Dh59.50 per hour. So a 1-hour daily commute adds another AED9,996 to the annual cost of commuting. Let us now look at some more real time com- muting patterns and earning assump- tions (see Table 1). So if we take the average Dubai work- ing resident they would need to see a cost saving of at least AED46,452 per annum on rent if they faced a 100-km daily commute each way, assuming all Dubai residents face a 20 minute daily commute (the global average). How- ever if we adjust the average salary to a more modest range, a middle man- ager/professional earning at AED150 per hour, the cost saving would need to be at least AED76,860. That is with- out any consideration to the extra time foregone sat in traffic, time spent away from family and the negative health implications of long-term commut- ing, reported as being “…the longer the commute, the higher the levels of one's obesity, cho- lesterol, pain, fatigue and anxiety”. Concluding remarks The analysis of asking rents did show that the rental savings from residing further afield are negligible. In some instances, rental ranges show residents further afield could be in a deficit posi- tion once the true cost of commuting is taken into account. All else being equal the numbers support residents remaining within the global average of a 25-30 minute one-way commute. The reasons people choose to live further afield are wide-ranging and typically defined by an income budget and a propensity to allocate a limit to annual housing costs. One also expects to get more space for their money towards the city boundaries, so commuting often suits larger households and fami- lies. Without the presence of rail transit systems where one can be more pro- ductive during their commuting time, it seems economics is telling us to stay within a shorter commuting pattern in Dubai. TABLE 1:THE COST OF COMMUTING Commuting distance (km) Annual commuting distance (km) Cost of vehicle (In AED) Earnings forgone (In AED) Total annual cost (In AED) Average resident 30km each way (20 minutes) 70km each way (40 minutes) 100 km each way (1 hour) Professional 21 working days/mth = 252 commuting days 15120 35280 50400 21 working days/mth = 252 commuting days AED 0.75 per km 11340 26460 37800 AED 0.75 per km Av = 59.50/hour 9996 19992 29988 Single commuter 21,336 46,452 67,788 Av = 150/hour Single commuter 30km each way (20 minutes) 70km each way (40 minutes) 15120 11340 25200 36,540 35280 26460 50400 76,880 100 km each way (1 hour) 50400 37800 75600 113,400 Michael Waters October 2014 Issue -23 /// 35
Market D ubai winning the Expo 2020 has been a major catalyst for the Dubai Real Estate growth. Increase in off-plan invest- ments has been seen across the board in the last year, with many develop- ments selling out within 48 hours of release. Off-plan property is one of the main investment options for foreign investors and draws in a large portion of local investors as well. In the cur- rent market, the challenge for investors and end-users is in selecting the best option from the array of off-plan proj- ects available. Investors should exercise careful due diligence, keeping in mind not only the dynamics of real estate but also the regional dynamic pillars which make the market move. Invest- ing in an off-plan property can be a daunting proposition for some- where to buy, which developer, payment plan, price and location are just some of the factors to keep in mind while selecting your off-plan investment product. In a rapidly growing market like the UAE it is important to take a deeper look and identify which product would stand out from the rest and make the best invest- ment in the long term. LOCATION Selecting the location of where to buy is one of the first factors to consider while investing. Often buying an aver- age property in a great location can be one of the best investment ideas. Some of the important factors to consider while selecting the location of where to buy are- Convenient access to popular places, shops and restaurants; Everyone wants to be near the best commer- Ahid Shaikh, Director of Déjà vu Real Estate, winner of the RERA Honorary award for 2014 speaks about the factors to consider when planning your off-plan investment. NARROWINGINONYOUR OFF-PLANINVESTMENT… ''Investors should exer- cise careful due diligence, keeping in mind not only the dynamics of real estate but also the regional dynamic pillars which make the market move.'' October 2014 Issue -23 /// 36 propertyonline.ae
cial districts. The closer you are to the center of town, the better the location and higher the price of the property. It also ensures proximity to the business areas where most of the offices are located. This is a phenomenon proven by decades of real estate sales across the world. In Dubai, one of the best addresses to own a property is Down- town Dubai, location being one of the key factors for this along with many others. Proximity to water or other iconic landmarks is another important factor. No matter where in the world you are based, someone will always pay for a great view or to be close to water. HISTORY OF THE DEVELOPER UAE offers a wide selection of proper- ties and different kind of developments to choose from. Selecting a developer carefully is an important aspect in plan- ning your investment. Keeping in mind the history of the developer is one of the main points to consider. Many developments in the UAE were plagued by late handovers or from being shelved; millions of dirhams were lost as people invested in developers with no reasonable financial backing. It is the developer’s obligation to handover the property on time and as per the sched- ule agreed and signed by the buyer. Another aspect to consider would be the quality of the construction and final product previously handed over by the developer. When buying an off- plan property, we mostly rely on artistic impressions and computer simulations of the final product, knowing what the quality of the projects previously deliv- ered by the developer will give us a good insight into what to expect from the investment. PAYMENT PLAN Buying on a payment plan is often one of the most attractive points while buy- ing an off-plan property. Investors have the benefit of paying a small percent- age of 10-20% as deposit to purchase the property and the rest over a period of two to three years depending on completion of the development. The safest kind of payment plan would be one linked to the construction progress of the development. Another type of payment plan to consider is one where an initial deposit of 10-20% is paid and the rest is paid on completion of the development. Escrow accounts are another important factor to consider. The escrow account’s aim is to regu- late the functioning of the construction process of units sold off-plan, thus safe- guarding the rights of investors. PRICE FACTORS Price may often be said to be one of the most important factors while pur- chasing any kind of property anywhere in the world. Purchasing early is one of the key factors in keeping your invest- ment to as minimum as possible. As construction of an off-plan project pro- gresses, the prices begin to rise steadily as well. Investing earlier on in a devel- opment also gives you the option to select and often purchase some of the Best units in the project. It allows you to choose the most sought after prop- erties which are more likely to offer a higher return on investment in the long run or even the best rental income upon completion. Investing in off-plan developments is an extremely lucrative option for all kinds of investors. Careful selection of your investment will not only reap you financial benefits in the long term but also allows you to purchase your dream home. Reducing risks and enhancing returns is the major consideration while investing in any property. Market Downtown Dubai October 2014 Issue -23 /// 37 propertyonline.ae
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DESIGNING IT RIGHT! W ith forecasts of around 250 hotels, equalling around 80,000 rooms, including hotel apartments, shoot- ing out of the ground by 2020, there is plenty of room for architects and inte- rior designers to apply the latest trends in hospitality design. Expectations are that Dubai, which has welcomed 5.8 million visitors in the first half of this year, the highest figure ever for this yearly period, and they are staying a lit- tle longer than before averaging close to four days, will be welcoming 20 mil- lion by Dubai Expo 2020. “Our ambitious vision, means the opportunity is now, while the Expo is an important milestone on Dubai’s timeline, it certainly is not the end of a journey. We must offer visitors unri- valled long-term sustainable facilities and experiences, there are plenty more tourism projects in the pipeline for peo- ple to experience Dubai to keep com- ing back,” Issam Abdul Rahim Kazim, CEO of the Dubai Corporation for Tour- ism and Commerce Marketing, said at the Vision Conference, taking place recently in Dubai. To speed up develop- ment, Dubai’s Department for Tourism and Commerce Marketing (DTCM), is closely liaising with the hotel industry stakeholders to get things done, offer- ing incentives to build three and four stars faster, as well as working with Dubai Municipality to shorten the time for design approvals to as little as two months. “Just as important is to main- tain the high standards of hospitality for which Dubai has become known for, be it a luxury resort, three-star city, or a cosy boutique hotel, it’s the standard of services that will be remembered. Cheaper doesn’t mean lower standards but low cost-high quality hotels,” Issam emphasizes. “We need to continue to diversify the hotel sector, steps have already been taken to broaden the offering so we can match the full spec- trum of visitors, requirements, as well as tastes,” he adds. The design element This is where the hospitality design- ers come in, which are increasingly looking to social media to identify the trending tastes. “Social media has a big influence on design, everyone these days can write a review on the various booking sites and travel advisors. As a designer you should go through these web pages, look at the images of the Hospitality These are exciting times ahead for hotel designers in Dubai. By Nicole Walter/freelance writer Bulgari Hotels & Resorts Dubai Artist Impression October 2014 Issue -23 /// 39 propertyonline.ae
REGISTER FOR NEW LAUNCHES +971 52 88 66 288 T:04 395 75 45 F:04 395 75 46 www.candourproperty.com info@candourproperty.com hotels people prefer when you’re going to develop a similar kind of product. Checking out the look of the building, interior design and so on is one of the key things to do,” says Bart Ledercq, Head of Structures Design at WSP. Chris Brown, VP and Practice Leader at HOK, wasn’t too sure if social media changed the firm’s design ideas. “In terms of driv- ing the design forward we do engage with social media before the open- ing but I am not convinced if it alters how we design,” he says, adding that Facebook for example may be a great place to seek out hotels but the danger was that once arrived guests, with their nose stuck in the virtual world, wouldn’t take the place in. “You rather engage in the design of a unique experience,” he explains, citing the trend to have large lobbies, which integrate the traditional reception, business centre etc. into one open shared space. “We are redesigning public spaces, where people can engage. Fully inte- grated technology distracts the guest. Our aim is to engage them in the expe- rience instead of living virtually. We want people to take in their surround- ings, and at the same time not have too many things to confuse guests,” Chris describes. Karim Benkirane, Head – Design & Development at Meraas Holding would concur that the future trend is about transformational space. “We don’t just have a lobby but a whole raft of other spaces, millennium travel- lers look for something more like their own living room, where everything is integrated instead of different spaces,” he says. “From a developer’s perspective it is more efficient, as well. The hotel becomes a smaller building increasing the revenue per room. In terms of archi- tecture we look for authentic, tangible and honest design in which we’re using local and regional materials, much more earthy,” Karim adds. Influx of more brands Chris says more tailored brands are coming to the market these days. “They have more of a timeless classic look, less extravagance, as well as seamless “Our ambitious vision, means the opportunity is now, whilst the Expo is an important milestone on Dubai’s timeline it certainly is not the end of a journey. We must offer visitors unrivalled long- term sustainable facilities and experiences, there are plenty more tourism projects in the pipeline for people to experience Dubai to keep coming back,” Issam Abdul- Rahim Kazim, CEO , Dubai Corporation for Tourism and Commerce Marketing Hospitality Burj Al Arab, Dubai October 2014 Issue -23 /// 41 propertyonline.ae
integration instead of a dynamic ten- sion between the interior and exterior designs,” he explains. Meraas is bringing the first Bulgari Hotel in a contemporary stylish design to Dubai. Karim reckons there is some confusion when it comes to what the words luxury and opulence actually mean. “The trend in Asia for example is barefoot luxury, you don't see that yet in Dubai but you will see more of that in the coming years,” he highlights. Bart points to another trend, bou- tique hotels to address the need for more bespoke experiences, as well as increasing requests to design three- and-four star hotels. “Emaar is develop- ing the Dubai Inns and there are more ibis hotels under development. We also see a lot of refurbishment happening, now after ten years of operation many are ready for a makeover. The way people want hotels to look like is ever changing,” he adds. The increase in appetite to develop mid-market hotels has been confirmed by DTCM, which has received 51 applications from hotel developers since the start of this year for its incentive initiative, which waves the 10% municipality fee for several years for this type of hotel. At the other end of the scale are the iconic hotels. Ledercq believes architecture is crucial here to make them stand out. “They attract a lot of people, the very first step is to get them into the doors so the design of the building needs to be iconic. From the moment they enter the lobby its up “Emaar is developing the Dubai Inns and there are more ibis hotels under development. We also see a lot of refurbishment happening, now after ten years of operation many are ready for a makeover.'' Bart Ledercq, Head of Structures Design, WSP Hospitality Atlantis, Dubai October 2014 Issue -23 /// 42 propertyonline.ae
to the operator to provide the experi- ence. Therefore the operator needs to be involved in the design process, so we can take the brand and guest expe- rience into consideration when design- ing,” he explains. Karim concurs: “The iconic nature of a hotel means that the Bulgari for example needs to differentiate itself from the other iconic hotels Armani, Burj al Arab etc. the design is not the sole driver, but repeat market is gained through bespoke customer service.” Chris alerts to some complications with design quirks when developers try and make their hotels stand out physically. “Operators need to make the room matrix work. For example, we are in discussions with operators on a hotel, which has slight curves, the rooms, which drive rates cannot be forgotten. You have to clearly understand what your clients want, so there is no discon- nect between design and operation,” he says. HOK would also carry out specific market studies, such as for the F&B outlets. “Restaurants are seen as desti- nations in itself these days,” Chris says. Marcos Cain Director & Founder at Stickman Design is calling for this kind of synergy between food and design. “Large operators’ brand guidelines are becoming a little bit archaic and could be reviewed, there is a lot more we could do. For example we looked at a herb garden feature growing under lights but were told we aren’t farmers,” he describes. Standing out from the rest Differentiation, with so many new hotels coming up, is the name of the game to stay competitive, and create a cityscape, which visitors can admire. “Around 250 hotels are needed, so if we all start to do the same thing it won’t be interesting anymore. It is the enormous variety of themes we have on offer at the moment, with all the different archi- tectural firms envisioning what hos- pitality projects should look like, that spices things up. We should encourage this diversity,” remarks Bart. While it was important to find a way to connect with a place in some shape or form, Benkirane doesn’t believe everything had to mimic traditional Arabic architecture. “We can’t transform all developments to look like the Al Qasr Fort, there are other ways of bringing local culture into the resorts or hotels,” he says. HOK is currently working on the Msheireb Downtown Doha proj- ect. Chris highlights that it was about a well thought through contemporary interpretation of the ‘old’. “We have to work harder to integrate historical precedence and modern aspects, pro- ducing a contemporary interpretation of existing Qatari architecture, rather than a paper idea on what a culturally relevant building is, such as simply adding an arch here and a mashrabiya there. Developers need to challenge architects to get the design idea right,” he concludes. Hospitality “In terms of driving the design forward we do engage with social media before the opening but I am not convinced if it alters how we design.” Chris Brown, VP and Practice Leader, HOK. Address Downtown, Dubai October 2014 Issue -23 /// 43 propertyonline.ae
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Column Jitheesh Thilak BA, LLB (Hons). LLM (Int. Economic Law) Solicitor (England & Wales), Advocate (Supreme Court of India) e: jthilak@gmail.com T he American Hotel & Lodging Association (AHLA) issued the new 11th edition of the Uniform System of Accounts for the Lodg- ing Industry (“Uniform System” or “USALI”) in July 2014. The edition reflects the first time that ownership interests were included in the Financial Management Committee that previously com- prised only operators, industry consultants, CPAs and educators. This article addresses what owners and operators need to evaluate to understand the impact of the 11th edition on manager fees and performance tests. It is considered to be the guide for hotel owners, managers and other interested parties for report- ing and presenting their property’s financial state- ments. The standardization established by this sys- tem permits internal and external users of financial statements to compare the financial position and operational performance of a particular property with similar types of properties in the lodging industry. The 11th Edition was published to keep up with changes brought by recent updates to generally accepted accounting principles in the United States of America (US GAAP), and to Interna- tional Financial Reporting Standards (IFRS). It also addresses new technology-related items and developments and new terminologies used in the industry. Some of the significant changes are as follows: 1. Hotel Operating Revenues- It requires that hotel operating revenues should only consist of revenues that are controlled or directed by hotel operations. In the past, revenues earned from commercial leases, even if not directly associated with the operation of the hotel and not managed or main- tained by hotel operator, were reported as part of rentals and other income. It requires that such items, which include among others, billboards or cell towers, be recorded as part of Non-Oper- ating Income and Expenses, a line item below Gross Operating Profit, and which was previously CHANGES IN THE UNIFORM SYSTEM OF ACCOUNTS referred to as Fixed Charges. The term rentals and other income were also changed to Miscellaneous Income. 2. Service Charges- A service charge is a mandatory amount billed to a guest’s or customer’s account for which the guest or the customer has no discretion as to payment, the amount of the charge, or its distribution to employees. Service charges must be accounted for as revenue and any corresponding payment of service charge to employees is treated as a wage expense. Although the previous edition of the Uniform System addressed the accounting for service charges in the Food & Beverage depart- ment, it did not address similar or sometimes related charges in other operated departments. The 11th Edition has addressed service charges on each oper- ated department and has included this on all oper- ated departments for consistency. 3. Information and Telecommunication Systems- A new line item referred to as Information and Tele- communication Systems was added, which should include administrative and complimentary phone and internet connectivity costs, and other telecom- munications-related expenses. System costs which were previously reported on specific departments should now be reported as part of Information and Telecommunication Systems. Among other various costs, system costs include the cost for point-of-sale reservation systems, accounting and property man- agement system licenses and maintenance, and related fees. The changes related to the creation of the Information and Telecommunication Systems line item has the most impact. Careful evaluation and analysis should be made for Information and Telecommunication Systems related costs to ensure compliance with the 11th Edition. 4. Non-Operating Income and Expenses- In addition to moving revenues from billboards, cell towers, etc. into this subsection, the 11th Edition requires owner-directed expenses that are not associated with hotel operations (e.g., asset management fees, receiver fees, owner directed market studies or audits) to be charged to Other, a line item within Non-Operating Income and Expenses. 5. Gross Versus Net Reporting- An entire section in the 11th Edition was added addressing the accounting for certain revenues as either gross or as net. Management must determine whether the hotel is acting as an agent or as a principal and to review various indicators. Some of the indicators which dictate reporting revenues either at gross or at net include agreements between the hotel and the supplier in addition to the standards of service and prices charged to the guest, as well as who assumes the risk of collection. The determination to report revenue on a net or gross basis further influences the classification of a revenue source as Miscellaneous Income or an Other Operated Department. 6. Mixed-Ownership Lodging Facilities- Over the past few years, existing hotel properties were built or converted into residential units, in essence, created mixed-ownership entities like time shares, rental pool arrangements etc. The operation of the mixed use projects does not in and of itself qualify the reve- nuestreamtoberecordedintheroomsdepartment. The Management should first consider whether the arrangement should be reported as gross or net, once the revenue treatment is determined, the party who bears the predominant economic risks, whether short term or long term risk has to be con- sidered as well. The consideration of such dictates the accounting for the various expenses incurred by the property to rent and service the units, such as labour cost and related expenses and operating expenses. 7. Rent for Staff Accommodation - Payroll cost will no longer have the cost of accommodation. How- ever the amount paid as allowance would still be shown as accommodation allowance in the Salary and wages section. Added clarification that rent of buildings used for employee housing should be included herein. However, rent reimbursement to employees and the cost of operating employee housing is a Payroll Related Benefit. Due to the standardization provided by the USALI, most, if not all, mortgage/loan agreements, fran- chiseagreementsandhotelmanagementcontracts contain specific provisions that require hotel owners and operators to prepare their financial statements in conformity with the Uniform System. Changes required by the Uniform System may also affect the basis for management incentive compensation amounts which are based on departmental results. Therefore, it is important that the hotel owners become knowledgeable of the changes as soon as possible. Although the 11th Edition is not effective until January 1, 2015, hotel owners and operators should start evaluating the potential impact of the changes required by the 11th Edition. Hospitality October 2014 Issue -23 /// 45 propertyonline.ae
LISTINGS
COMMUNITYSPECIALIST PALM JUMEIRAH S P E C I A L I S T Dorothy Biro +971 56 1053655 Dorothy@aquaproperties.com BRN : 29200 Antonina Turdalieva +971 55 4226575 Antonina@aquaproperties.com BRN : 28442 Tel +971 4 3882220 | www.aquaproperties.com J U M E I R A H Z A B E E L S A R AY  4 & 5 B E D V I L L A  A R E A S Q F T 6 , 3 4 7 - 7, 0 8 7  F U L LY F U R N I S H E D | S E A V I E W S t a r t i n g @ A E D 2 6 , 0 0 0 , 0 0 0 D R E A M PA L M R E S I D E N C E  4 B E D V I L L A  A R E A S Q F T 7, 6 8 3  SEA VIEW | PRIVATE POOL & GARDEN A E D 2 5 , 0 0 0 , 0 0 0 VICEROY HOTEL 4 BED VILLA AREA SQ FT 3 , 2 6 9 PRIVATE POOL, TERRACE & GARDEN AED 12,812,500 FAIRMONT RESIDENCE 2 BED + M A I D A PA R T M E N T AREA 1 , 8 2 0 | T Y P E E SEA VIEW AED 4,800,000 G O L D E N M I L E  1 B E D A PA R T M E N T  A R E A S Q F T 1 , 3 5 0 | T Y P E F  C O M M U N I T Y V I E W A E D 2 , 2 0 0 , 0 0 0 T I A R A A Q U A M A R I N E  1 B E D A PA R T M E N T  A R E A S Q F T 1 , 3 5 9 | T Y P E F  P O O L V I E W A E D 2 , 3 0 1 , 5 5 5 M A R I N A R E S I D E N C E  1 B E D A PA R T M E N T  AREA SQ FT 1 , 0 7 1 | R E N T E D  C O M M U N I T Y V I E W A E D 1 , 7 0 0 , 0 0 0 SHORELINE APARTMENTS - AL ANBARA  2 B E D + M A I D A PA R T M E N T  A R E A S Q F T 1 , 6 4 6  PA R T I A L S E A V I E W A E D 2 , 6 5 0 , 0 0 0
COMMUNITYSPECIALIST JUMEIRAH VILLAGE S P E C I A L I S T Teddy (Brn: 25252) - Agent Jumeirah Village +971 567295059 ah@spfrealty.com P L O T : G + 1  A R E A S Q F T : B U A . 4 4 0 0  N O R M A L V I E W A E D : 2 7 5 A E D P E R S Q . F P L O T : G + 4  AREA SQFT: BUA 67,000 PLOT.24000  V I E W : PA R K A E D : 1 8 0 A E D P E . F T VILLA : INDEPENDENT MEDITERRANEAN STYLE 2BEDS+MAID AREA SQ FT:2690 PLOT.2690 COMMUNITY AED 3,000,000 V I L L A : A R A B I C S T Y L E  4 B E D S  A R E A S Q F T : 3 7 1 8  V I E W : C O M M U N I T Y A E D 4 ,1 0 0 , 0 0 0 V I L L A : M E D I T E R R A N E A N S T Y L E  4 B E D S  A R E A S Q . F T : 3 1 7 5  V I E W : C O M M U N I T Y A E D 3 , 5 0 0 , 0 0 0 V I L L A : A R A B I C S T Y L E  2 B E D S + M A I D  A R E A S Q . F T : 2 6 9 0 P L O T 74 0 0  V I E W : C O M M U N I T Y A E D 3 , 2 0 0 , 0 0 0 T O W N H O U S E  2 B E D S  A R E A S Q . F T : 2 9 9 2  C O M M U N I T Y A E D 2 , 7 0 0 , 0 0 0 T O W N H O U S E  1 B E D  A R E A S Q . F T : 1 6 3 6  C O M M U N I T Y A E D 1 , 6 5 0 , 0 0 0 Tel +971 4 3396222 | www.spfrealty.com
S P E C I A L I S T THE LAKES Cornelia Gould - Client Manager +971 56 115 9043 | cornelia@exclusive-links.com BRN. 26800 Christina Steinhoff -Client Manager +971 50 768 0533 | christina@exclusive-links.com BRN: 29137 COMMUNITYSPECIALIST Tel +971 4 422 5750 | www.exclusive-links.com DEEMA TYPE 4 4 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 7000, BUA 3,703  VIEW: PARK & POOL AED 6.45 MILLION GHADEER TYPE 1E 3 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 6,800, BUA 3,105 VIEW: PARK & POOL AED 5 MILLION GHADEER – TYPE 3M 3 BEDS + STUDY AREA SQ.FT: PLOT 3,122 BUA 2,485 VIEWS: COMMUNITY AED 4 MILLION MAEEN TYPE C END UNIT (EXTENDED) 3 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 4,200 BUA 3000 VIEW: PARK & POOL AED 4.2 MILLION DEEMA TYPE 5 3 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 4,921 BUA 3,628 VIEWS: PARK & POOL AED 5.65 MILLION DEEMA TYPE 2 CORNER 4 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 6,200 BUA 4,019 VIEW: PARK & POOL AED 6.8 MILLION GHADEER TYPE 2E 3 BEDS + STUDY & MAIDS AREA SQ.FT: PLOT 5,600 BUA 2,788 VIEW: PARK & POOL AED 4.9 MILLION MAEEN TYPE 17 4 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 6,500 BUA 3,950 VIEWS: COMMUNITY AED 6.5 MILLION ZULAL TYPE C MIDDLE 3 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 3,200 BUA 2,552 VIEW: COMMUNITY AED 3.7 MILLION DEEMA TYPE 4 4 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 5,190 BUA 3,703 VIEW: PARK & POOL AED 5.85 MILLION
JUMEIRAH PARK S P E C I A L I S T Adam Mahdoul Jumeirah Park Specialist +971 55 139 9866 | adam@pennington.ae LEGACY 3-BED APARTMENT AREA: 3,500 SQ. FT. MAID’S ROOM AED: 4,700,000 (PN-S-1485) LEGACY 4-BED APARTMENT AREA: 4,335 SQ. FT. MAID’S ROOM AED: 5,900,000 (PN-S-1502) LEGACY SMALL 3-BED APARTMENT AREA: 3,063 SQ. FT. PRIVATE SWIMMING POOL AED: 4,000,000 (PN-S-1488) REGIONAL 4-BED APARTMENT AREA: 3,500 SQ. FT. MAID’S ROOM AED: 5,850,000 (PN-S-1520) JUMEIRAH PARK 3-BED APARTMENT AREA: 3,527 SQ. FT. MAID’S ROOM AED: 3,900,000 (PN-S-1523) LEGACY SMALL 3-BED APARTMENT AREA: 3,063 SQ. FT. HUGE LIVING ROOM AED: 220,000 (PN-R-1514) REGIONAL SMALL 3-BED APARTMENT AREA: 3,063 SQ. FT. BRIGHT WALLS & INTERIORS AED: 220,000 (PN-R-1513) LEGACY 4-BED APARTMENT AREA: 4,335 SQ. FT. HUGE LIVING ROOM AED: 305,000 (PN-R-1517) LEGACY LARGE 3-BED APARTMENT AREA: 3,500 SQ. FT. PRIVATE SWIMMING POOL AED: 260,000 (PN-R-1510) Tel +971 4 4537375 | www.pennington.ae info@pennington.ae | ORN No. 12512 COMMUNITYSPECIALIST FOR SALE FOR RENT
COMMUNITYSPECIALIST Talha (RERA ID – 28747) +971 55 6431582 | talha@snsprop.com BUSINESS BAY S P E C I A L I S T Tel +971 4 395 7593 | www.snsprop.com SNSPROPERTIES RESIDENTIAL EXECUTIVE TOWERS TYPE: 1BR, 2BR, 3BR & 4BR AREA SQ.FT: 1288 ONWARDS AED 1200/ SQFT ONWARDS EXECUTIVE BAY TYPE: 2BR (FULLY FURNISHED) AREA SQ.FT: 1020 AED 1,725,000 EXECUTIVE BAY TYPE: STUDIO AREA SQ.FT: 483 AED 750,000 AED COMMERCIAL BAY SQUARE TYPE: OFFICE AREA SQ.FT: 1579-4466 TYPE: OFFICE AED 1150/SQFT ONWARDS BAYSWATER TYPE: OFFICE AREA SQ.FT: 750 AED 1,050,000 EMPIRE HEIGHTS (FULL FLOOR) TYPE: OFFICE AREA SQ.FT: 10,305 AED 940/ SQFT PLOTS WE HAVE THE WIDEST VARIETY OF PLOTS (MIXED USE, RESIDEN- TIAL, COMMERCIAL) ON THE LAKE AND MEYDAN FACING.
COMMUNITYSPECIALIST OLYMPIC PARK 1 BED AREA SQ.FT: 987  VIEW: GOLF COURSE AED 1,100,000 | RENTED ROYALE RESIDENCE 1 2 BEDS AREA SQ.FT: 2052 Duplex VIEW: FULL GOLF COURSE AED 1,650,00 | VACANT ROYALE RESIDENCE 1 2 BEDS AREA SQ.FT: 1503 VIEWS: FULL GOLF COURSE AED 1,352,700 | VACANT GOLF VIEW RESIDENCE 1 BED AREA SQ.FT: 900 VIEW: GOLF COURSE + EMIRATES ROAD AED 1,250,000 | RENTED ROYALE RESIDENCE 1 1 BED AREA SQ.FT: 1040 VIEW:SWIMMING POOL AED 832,000 | VACANT ROYALE RESIDENCE 1 2 BEDS AREA SQ.FT: 1502 VIEWS: GOLF COURSE, COMMUNITY AED 1,201,536 | VACANT CHAMPION TOWER 3 BEDS AREA SQ.FT: 1500 VIEW: COMMUNITY VIEW AED 1,400,000 | HANOVER AFTER A MONTH Tel +971 4 430 8902 | www.castlesplaza.com pawittar@castlesplaza.com S P E C I A L I S T SPORTS CITY RERA # 203 Pavi (BRN 9821) - Agent Sports city +971 50 30 66767
Real Properties from Real Estate Agents REAL ESTATE Prestigious Villas for Sale Astunning5bedroom,plusstudy,villainEmiratesHills benefitting from a fantastic location facing the lake. With a built up area of approximately 9,500 sq. ft., this family home offers modern living with 3 reception areas and dining room. Downstairs there is also a separate kitchen, a maid’s room, storage, a powder room plus guest bedroom with en-suite. Upstairs boasts four en-suite bedrooms, a study also with en-suite as well as a good-size family area. The garden is tastefully landscaped with a large heated/chilled pool. The pool includes water features plus 2 separate seating areas, one with a bar. This property also has 2 additional staff quarters outside of the property. Emirates Hills E Sector 5 Bedrooms Plot: 21,000 sq. ft. Fully Furnished AED 35,500,000/- Mohamad 0509034245 BRN. 6240 LAKEVIE W This villa offers an abundance of space, natural light and elegant finishing.Offeringover7,000sq.ft.oflivingspaceandanalmost 14,000 sq. ft. plot size this is an exceptional 6 bedroom family home, in immaculate condition. There is an opportunity to purchase the villa fully furnished, making it the perfect turn-key solution for the right buyer. All the marble flooring, wood work, lighting and cabinets have been polished, revelled, re-stained and are all in perfect order. The interior design includes antique furniture, lighting and remote operated curtains and blinds. The kitchen has been upgraded to offer a contemporary finish with allthemod-cons. Palm Jumeirah GalleryView SignatureVilla 6 Bedrooms Plot: 13,400 sq. ft. approx. StunningSeaandBurjAlArabviews AED 34,000,000/- Sammi 0506728766 BRN. 7256 This6bedroomstunningvillaisspreadover3floors,eachwith its own balcony or terrace. A sprawling courtyard entrance adds to the grandeur of the property. On entering you will be welcomed by a huge open plan living and dining area. A superbly equipped kitchen will offer you all the room you need for culinary entertaining. The bedrooms are well presented with fitted wardrobes and en-suite bathrooms. The large terrace on the third floor, offers a great alternative for an entertainment area. The landscaped gardens make way for a generous swimming pool, with Jacuzzi, coupled with the sublime vista of Emirates Golf Course and the imposing Dubai skyline in the background. This is truly a property with a view. The Lakes Hattan L2 6 Bedrooms Plot: 12,400 sq. ft. Golf course view AED 18,999,955/- Alastair 055 106 6926 BRN. 23169 SK YLINE VI EW U PGRADED GENERALLISTINGS
ORN: 936 REAL ESTATE For Sales and Rental Enquiries 04 306 9999 www.espace.ae Exclusive with Espace One of the most unique and spectacular homes in the whole ofTheMeadowscommunity.Locatedonalargerthanaverage plot of approximately 12,000 sq. ft., this excellent family home comprises 5 bedrooms plus maids room and study as well as a swimming pool and outdoor area with breathtaking panoramic views across the lake. This is genuinely one of the best and longest lake views available in Dubai and at over half a kilometer, this is a view only available to a few villas. The property boasts a double garage to the left with a large landscaped driveway leading to the front door. Upon entering the villa, you will notice the fantastic finishing throughout, including dark wood flooring and paneling. Immediately to the right is a large bedroom with en-suite, and if you look at floor plans for other L1's you will see the connecting patio area. Meadows Hattan L1 5 Bedrooms Plot: 12,000 sq. ft. Close to park & pool AED 13,500,000/- John 0527742223 BRN. 25393 LAKEVIE W SetonaquietedgeoftheRanchesGolfCourse,thisluxuryvilla is also positioned at the end of the cul de sac of the avenue, guaranteeinglittletraffic.Thevisualappealofthehighvaulted living room ceilings is significant and with it the palpable cooling effect of the open space. The Type 17 enjoys; 5 bedrooms, one of which is a spacious downstairs guest bedroom with adjacent bathroom, perfect for elderly family members who come to stay or easily transformable into a private study. This villa is nestled on a comfortable, well aired, plot of almost 8,200 sq. ft. with a beautiful private pool enjoying great privacy. Arabian Ranches MiradorLaColeccion–Type17 5 Bedrooms Plot: 8,200 sq. ft. Cape reed pergola AED 6,750,000/- Patrick 050 940 0865 BRN. 8810 Thisvillaismeticulouslymaintainedwithintheprestigiousand most desired Springs 2 community. The property offers 3 bedrooms, a contemporary kitchen and double parking. The main floor has a spacious living area with access to the yard and enjoys natural lighting. This villa has been well kept and offers an ideal location in the upper Springs. It offers 2,455 sq.ft. of luxury Dubai living. Make use of a landscaped garden that is perfect for entertaining. The villa is conveniently located close to pool and park and also offers easy access to all the amenities customary to this well-established area. Springs 2 Type 3M 3 Bedrooms Plot: 2,778 sq. ft. Near park & pool AED 3,250,000/- Andre 0553955288 BRN. 29164 P RIMELOCAT ION GOL FCOURSEVIE W
Dubai's Boutique Agency GENERALLISTINGS Offered for sale is this luxury 5 bedroom brand new family villa located at Sienna Lakes, Jumeirah Golf Estates. The development nestles on the edge of the 18 hole Fire golf course and offers spectacular lake and golf course views. Sienna Lakes offers only 68 exclusive luxury villas offering 4,5 and 6 bedrooms of exceptionally high specification including Versace floor tiling, Poggenpohl kitchens with fitted Miele appliances, burglar alarm, fire alarm and CCTV are all standard. All villas come with private pools and fully landscaped gardens as standard and these delightful homes are ready to move into straight away. We proudly offer this lovely key ready Sonoma villa described as follows: Basement : Suitable for gymnasium or home cinema Ground floor with a guest bedroom and en-suite , large family room with access to the outside courtyard , dining area, separate living room with views to the rear of the property and golf and lake, kitchen with Poggenpohl fitted kitchen, Miele appliances throughout with central island cooking station, laundry room with Miele washer and dryer. First floor offers a further 4 good sized bedroom including master suite with dressing room, en-suite and balcony overlooking the courtyard. A further three bedrooms all en-suite with bedroom 3 offering small adjoining room ideal for small study or further dressing area. All bedrooms are fitted with high quality wardrobes. High specification floor tiling and wooden flooring throughout the villa, plus carpets to the dressing room areas. Externally there is a two car garage with electric up and over doors, off road parking, external entrance to maids room, private swimming pool to the rear with views overlooking the lake and golf course of the Fire Course in Jumeirah Golf Estates. Selling Price: AED 11.5M net *Mortgages are available on this property PAUL BENNETT (BRN 29192) +971 55 417 1195 paul.b@pbredubai.com Jumeirah Golf Estates
info@pbredubai.com | www.pbredubai.com Valencia, Lime Tree Valley 5 Bed | Lake and Park View | AED 12,000,000 Tarragona, Lime Tree Valley 6 Bed | Lake Views | AED 12,500,000 Sienna, Sienna Lakes 5 Bed | Golf Views | AED 13,500,000 Mirabella, Sienna Lakes 5 Bed | Community Views | AED 11,950,000 Granada, Lime Tree Valley 5 Bed | Golf Views | AED 10,100,000 Plots for Sale Golf Views | AED 3,875,000 Almeria, Lime Tree Valley 4 Bed | Golf Views | AED 7,700,000 Girona, Lime Tree Valley 5 Bed | Landscape Views | AED 8,800,000 +971 4 442 5434 | ORN 11959
CONCEPT FRENCH RIVIERA APARTMENTS WITH 1, 2 & 3 BEDS LOCATION - JVC THE NEW CENTRE OF DUBAI DEVELOPERS WITH A HAUTE DESIGN CULTURE Developer montecarloresidences.com 800773S P F t o l l f r e e (ORN: 1021) RUSTIC GLAMOUR PORTO FINO REAL ESTATE DEVELOPMENT INTRODUCES THE FIRST OF IT’S SERIES OF DEVELOPMENTS, DESIGNED AND INSPIRED BY THE MEDITERRANEAN COAST. MONTE CARLO, KNOWN FOR IT’S CHIC TASTE AND FINE LIVING IS NOW ACCESSIBLE THROUGH THE DESIGN OF THIS TRIPLE BAND FAÇADE, ADORNED WITH STRIATIONS OF GLISTENING GLASS, TEXTURED STONE, AND ORNAMETAL BOUGAINVILLEA. THE DEVELOPMENT TRANSPORTS YOU FROM SOFT, LIGHT TONES TO WARM, DEEPER HUES. TEXTURES AND COLOURS OF MATERIALS HAVE BEEN CAREFULLY SELECTED TO DELIVER AN ENVIRONMENT OF GLAMOUR, WHILE ENHANCING PEACE AND SERENITY. STARTING AT WITH 30/70 PAYMENT PLAN* *Only For 2 and 3 Bedroom Units COMPLETION SEPTEMBER 2015 AED 872,355/- CONSTRUCTION STARTED
+971 4 3882220 aquaproperties.com RERA ORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District, Dubai facebook.com/aquaproperties ARABIAN RANCHES MIRADOR LA COLLECCION TYPE 14 4 BED+MAID, 5 BATHS, WELL PLANNED, 3,809 SQ.FT. BUA & 7,400 SQ.FT. PLOT, VACANT, MOVE IN TODAY AED 5,400,000/- Johnny (BRN 31388) 056 6967268 CULTURE VILLAGE D1 TOWER MOST DEMANDED LAYOUT "01" 3 BED+ MAID, 2,018 SQ.FT. FULL CREEK & WATER VIEWS AED 5,250,000/- Dorothy (BRN 29200) 056 1053655 DUBAILAND THE VILLA - MAZAYA TYPE A1 5 BED+MAID, 3,600 SQ.FT. BUA, 6,000 SQ.FT. LANDSCAPED PLOT, HIGHLY SOUGHT AFTER LOCATION AED 3,850,000/- Khusro (BRN 27523) 055 8992429 DUBAI MARINA MAG 218 SPACIOUS 1,558 SQ.FT. 2 BED APT, 2.5 BATHS + FULL VIEWS, POOL FACILITIES & TRAM STOP AT DOORSTEP AED 2,400,000/- Sofiene (BRN 31373) 056 7559188 DOWNTOWN BURJ VIEWS TOWER A 789 SQ.FT. 1 BED + 1.5 BATHS, POOL, GREAT FACILITIES & SHOPPING, PARTIAL FOUNTAIN & B.BAY VIEWS AED 1,625,000/- Yasmine(BRN 28107) 050 3544377 DUBAI SILICON OASIS LA VISTA 1 725 SQ.FT. 1 BED APT, 1.5 BATHS, POOL & PARKING FACILITIES GREAT INVESTOR DEAL AED 695,000/- Abdul Razak (BRN 28441) 050 3048467 Contact us for multiple listings in your area of choice for sale and rent, or list your properties by emailing us at info@aquaproperties.com You can also subscribe to receive information via email for our upcoming developments in strategic locations launching soon! 1,2,3 & 4 BEDROOMS SIMPLEX AND DUPLEX PRESTIGE PROPERTY IN A GATED COMMUNITY FREEHOLD APARTMENTS AVAILABLE FOR SALE FEW UNITS REM AINING OLGANA TOWER - AL SUFOUH UNRIVALED PAYMENT PLAN 5% BOOKING 5% 30 DAYS 40% CONSTRUCTION LINKED MILESTONES 10% ON COMPLETION 40% PAYABLE IN 2 YEARS AFTER POSSESSION STUNNING VIEWS OF PALM JUMEIRAH, THE ARABIAN GULF & BURJ AL ARAB ESCROW NO. : 001582348323101 PROJECT NO : 138 DEVELOPER : ABYAAR REAL ESTATE DEVELOPMENT BEST OFF PLAN OPPORTUNITY JVC BEAUTIFULLY FINISHED STUDIO, 1 & 2 BEDROOM APARTMENTS OPTIMUM LOCATION EASY ACCESS TO AL KHAIL ROAD RESIDENCE AMENITIES & SERVICES CLUB HOUSE, SPA, FITNESS CENTER, POOL & JACUZZI CONSTRUCTION LINKED PAYMENT PLAN SELLING FAST INVEST NOW TO GAIN OVER 12% RENTAL RETURN STUDIO STARTING @ AED 362,000/- 1 BEDROOM STARTING @ AED 691,000/- 2 BEDROOM STARTING @ AED 1,418,000/- SERENITY LAKES - JVC ESCROW NO. : 0016204988951 PROJECT NO : 1555 DEVELOPER : GULF LAND PROPERTY DEVELOPERS LLC GENERALLISTINGS
Compiled by Reshmi Raveendran If you wish to be featured on this page, contact us at editor@propertyonline.ae FromOurReaders When did you land in this ‘Land of Dreams’ called Dubai? I was born here ... so all my life. I live in Sharjah. My favourite areas in Dubai are Jumeirah, Burj Khalifa and Dubai Mall. Where do you stay? Which are the top three places in Dubai you love to hang out in? Abdelkhaliq Abdalla - Emirati Head of Engineering and Development, Sharjah Airport Services When did you land in this ‘Land of Dreams’ called Dubai? I came to Dubai in May 2014. I am staying currently in Dubai Silicon Oasis. I usually go to the Dubai Mall area, Palm Jumeirah and Jumeirah Beach. Where do you stay? Which are the top three places in Dubai you love to hang out in? Akram Barhoush - Jordanian Admin and Finance Manager, Greenland Co. LLC When did you land in this ‘Land of Dreams’ called Dubai? In 2005, I came to Dubai looking for a job. I am now living in Al Nahda, Sharjah. I love greenery so I frequently visit Nad Al Sheba. I also love Downtown Dubai and Palm Jumeirah. Where do you stay? Which are the top three places in Dubai you love to hang out in? Santhosh Kumar - Indian Sales Manager, Al Zayan Auto Parts LLC READERS' PAGE October 2014 Issue -23 /// 66 propertyonline.ae
ONE Real Estate : Oasis Centre, Office 75, Al Quoz, Sheikh Zayed Road We Specialise in the following areas: OneRealEstateDubai @OneRealEST ORN: 12019 t 043883861 e info@one-re.com w www.one-re.com One Real Estate SALES SALES SALES LEASING LEASING LEASING PROPERTY EVALUATION PROPERTYEVALUATION INVESTMENT ADVICE INVESTMENTADVICE INVESTMENTADVICE àDOWNTOWN àOLD TOWN àDUBAI MARINA àARABIAN RANCHES àJUMERIAH PARK àJUMERIAH ISLANDS àTHE GREENS àPALM JUMERIAH àEMIRATES LIVING Experience exceence for your life One Dubai One Vision
Think Real Estate...Think Real Estate... ...Think elysian...Think elysian info@elysian.com www.elysianrealestate.com Call us: 04 323 4545 AWARDED TOP 3 BROKERAGE FIRM IN DUBAI BY RERA & DLD BUY • SELL • RENT • PROPERTY MANAGEMENTBUY • SELL • RENT • PROPERTY MANAGEMENT With over 70 qualified real estate brokers at your service...

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Property Times October 2014

  • 1.
    People’s Choice RealEstate Awards: COMING SOON Column by Director of Dejavu Real Estate | Turn to page 36 ///// Issue 23 - October 2014 Should I OR Should I Not ?Working in Dubai and living elsewhere? Find out why it may not be a good idea. By Michael Waters Pg 34
  • 2.
    After three decadesof experience, local knowledge and achieving results for the region’s top property owners, developers and investors, our success is now yours to benefit from. As a Franchisee, you’ll get exclusive access to our enviable Sales & Leasing Listings: EXCLUSIVE OR JOINT AGENT &MANY MORE
  • 3.
    *Less Royalty Fees Following30 Years of success as an industry leader, we are pleased to announce the launch of our unique Real estate Franchising Opportunities so that brokers and entrepreneurs like you, can enjoy the financial rewards and success you deserve. Open Your Own Real Estate Brokerage? COMMISSION* CREDIBILITY YOUR OWN BUSINESS SUPPORT the astecO sales & leasing BROkeRage FRanchise To secure your exclusive opportunity call: +971 600 54 7773 licensing@asteco.com
  • 4.
    LANNHILL REAL ESTATE EXCLUSIVEPROPERTIES Palm Jumeirah - Tiara Ruby AED 3,000,000 1 Bedroom Apartment 1,333 sq/� Atlan�s View LH-S-8791 Siv Hartvigsen 050 559 1266 BRN: 12105 Palm Jumeirah - Golden Mile AED 2,750,000 2 Bedroom Apartment 1,787 sq/� Park View LH-S-8785 Siv Hartvigsen 050 559 1266 BRN: 12105 Palm Jumeirah - Golden Mile AED 4,850,000 3 Bedroom Apartment 3,499 sq/� Sea View LH-S-8971 Stuart Bichard 056 361 4921 BRN: 31528 PalmJumeirah-DreamPalmResidence AED 4,906,814 2 Bedroom Apartment 2,230 sq/� Sea View LH-S-8835 Stuart Bichard 056 361 4921 BRN: 31528 The Lakes - Deema AED 5,999,999 4 Bedroom Villa 3,703 sq/� BUA Upgraded Villa LH-S-8762 Luke Banks 056 791 3290 BRN: 28762 Jumeirah Park AED 5,999,999 4 Bedroom Villa 4,335 sq/� BUA Community View LH-S-8331 Luke Banks 056 791 3290 BRN: 28762 Downtown - Armani Residences AED 6,900,000 1 Bedroom Apartment 1,263 sq/� Emaar Square View LH-S-8989 Craig English 056 254 4929 BRN: 26297 Downtown - Boulevard Point AED 5,050,000 3 Bedroom Apartment 1,903 sq/� Burj Khalifa and Fountain Views LH-S-8985 Craig English 056 254 4929 BRN: 26297 JLT - Laguna Moevenpick AED 1,700,000 1 Bedroom Apartment 1,173 sq/� SZR and Lake Views LH-S-8523 Steven Massam 056 140 2438 BRN: 31048 JGE - Whispering Pines AED 6,300,000 4 Bedroom Villa 3,737 sq/� BUA Full Golf Course View LH-S-8031 Luke Banks 056 605 4075 BRN: 28762 Dubai Marina - A�essa Tower AED 3,950,000 2 Bedroom Apartment 1,558 sq/� Full Marina and Sea View LH-S-9020 Jonathan Shippee 050 926 1317 BRN: 27593 Dubai Marina - The Address AED 2,690,000 1 Bedroom Apartment 880 sq/� Marina View LH-S-7611 Charlie Budnjo 050 225 9836 BRN: 31535 DIFC - Daman Tower AED 3,290,000 2 Bedroom Duplex Apartment 1,600 sq/� Panoramic Sea View LH-S-8392 Omar Kabalan 050 913 0523 BRN: 29969 Old Town - Reehan AED 2,350,000 1 Bedroom Apartment + Study 1,080 sq/� FullyFurnished&CommunityView LH-S-8739 Omar Kabalan 050 913 0523 BRN: 29969 901 Marina Plaza, Dubai Marina |Tel: +971 4 365 7222 | info@lannhill.com | www.lannhill.com | ORN 2062 facebook.com/lannhillrealestate twi�er.com/lannhillre instagram.com/lannhillrealestatelinkedin.com/in/lannhillrealestate Jumeirah Islands Mansion AED 20,000,000 5 Bedroom Villa 8,452 sq/� BUA Full Lake View LH-S-8515 Luke Banks 050 828 0075 BRN: 28762 Jumeirah Park AED 7,000,000 5 Bedroom Villa 4,689 sq/� BUA Back to Back View LH-S-5225 Omair Siddiqi 050 885 4376 BRN: 30933
  • 5.
    FROM THE EDITOR THEBUZZ IS BACK! As expected, Cityscape Global 2014 brought the buzz back into the Dubai market. The num- ber of developments announced at the event by Dubai’s top class developers is indicative of the exciting times in store. These have been announced to cater to the future demand fueled by the steady influx of people to Dubai from all over the world in the next three to four years. The question of oversupply is irrelevant as the mar- ket is clearly heading towards a positive future and given the current sentiment post Cityscape Global, the demand is set to grow in the years to come, especially because the Expo2020 is only six years away. With many big corporates on a hiring spree and a steady increase in population, the demand for residential units will only go up from now, which is expected to put some pres- sure on the existing supply. Most of the projects that have been announced over the past few months will take more than two to three years to complete, which may push up the prices till more supply comes into the market. All in all, the chance of yet another bubble is remote because of the increasing demand and stringent regula- tions to keep the speculators at bay. In this issue of Property Times, we have put together a wide variety of articles ranging from advice from legal, mortgage and interior experts to innovations in the community management field to evolving hospitality designs. Our cover story is an analysis on why Dubai residents Binesh Panicker Editor-in-Chief & Co-Founder BINESH Panicker Editor-in-Chief & Co-Founder binesh@propertyonline.ae JATIN Deepchandani Head of Sales, Marketing & PR jatin@propertyonline.ae NYSAM K Shahul Senior Graphic Designer nysam@propertyonline.ae TOSEEF Ali Tidiwala Accounts Executive ali@propertyonline.ae KIRAN Reddy E-magazine support kiran@propertyonline.ae P.O. Box: 76460, Dubai, UAE P.O. Box: 347431, Dubai, UAE MEDIA LAB PUBLISHERS LLC Office 135, B Block Al Shafar investment Building Near 3rd interchange Sheikh Zayed Road Dubai, UAE, PO.Box: 235504 Tel: +971 4 33 86 724 Fax: +971 4 33 86 734 www.propertyonline.ae info@propertyonline.ae EDITORIAL editor@propertyonline.ae ADVERTISEMENT advertise@propertyonline.ae SUBSCRIPTION subscribe@propertyonline.ae Licensed by National Media Council P.O. Box: 102817, Dubai, UAE OUR TEAM CONTRIBUTOR PRINTER DISTRIBUTORS PUBLISHER Nicole Walter Freelance Writer P.O. Box: 485100, Dubai, UAE should not consider renting in other emirates to save money on rents in Dubai. Our contributor Michael Waters, Director of Studies (Real Estate)/ Assistant Professor, Institute for Social Policy, Housing, Environment & Real Estate (I-SPHERE), Heriot-Watt University Dubai Campus, sheds some light on how commuting expenses can offset your actual savings on rent by residing in other emirates and traveling to your workplace in Dubai everyday. This issue also carries an exclusive interview with the management team of Elysian Real Estate, which recently won an honorary award from Dubai Land Department as one of the top three real estate agencies in the emirate. Our contributor Nicole Walter catches up with the Italian architect Paolo Caputo, of Caputo Partnership International, the designer of Renaissance City, a unique development coming up in the UAE. From this issue, Property Times is launching a new segment dedicated to the thousands of real estate brokers in Dubai. We will carry profiles of some of the top performers as a token acknowl- edgment of their expertise and professionalism over the years. Last but not least, our ever-grow- ing section featuring listings from the top agen- cies in Dubai will provide discerning buyers with plenty of options to choose from. /blog/propertyonlineae/propertyonline.ae /proponlineuae /propertytimes/ /company/media-labs-llc /+PropertyonlineAeweb/ October 2014 Issue -23 /// 5 propertyonline.ae
  • 6.
    RESALENOW AVAILABLE 6 BEDROOMS +MAID’S + DRIVER’S G+2 FLOORS WITH PRIVATE ELEVATORS BUA: 6,044 SQFT WITH A FREE USABLE COVERED TERRACE INCLUDING GAZEBO FEATURE G+2 VILLAS SOLD OUT 65% ON COMPLETION CALL FOR PREMIUM FEW GOOD LOCATIONS AVAILABLE PROJECT
  • 7.
    09EVENTS: Networking Night ByRufi Developers 10 NEWS AND ANALYSIS: Emirates Living by REIDIN.com 12Column by Nita Maru, TWS Legal Consultants 14 LEGAL EXPERT: Jerry Parks, Taylor Wessing 16MORTGAGE EXPERT: Feyisesan Ekundare, MortgageMe 18INTERIOR EXPERT: Adam Riccio, Under One Roof Meet the agents Stayconnected:MyCommunity Interview with Elysian Management Is it time to dispute the commute?20 25 28 34 22Column by Wolf of Real Estate, Mohanad Alwadiya 31 RENAISSANCE CITY: Interview with the Italian architect Paolo Caputo, Caputo Partnership International 36Column by Ahid Shaikh, Deja vu Real Estate 43Evolving hospitality design 45Column by Jitheesh Thilak: Uniform System of Accounts for the Lodging Industry 48Exclusive property listings 66PT Readers' page October 2014 Issue -23 /// 7 propertyonline.ae
  • 8.
    This glitzy privateevent, organized by Rufi Developers, was attended by some of the leading real estate professionals and media persons. Rufi is planning to launch a few projects in the next few months. RUFI DEVELOPERS' NETWORKING NIGHT Eventns Samir Munshi, Jatin Deepchandani, Thinkal Bhal, Binesh Panicker, Harmeek Singh, Naveed Pirzada, Mehroz Rufi Harry Conner, Linda Tall Nizar Markiz, Mirjam Mouna October 2014 Issue -23 /// 8 propertyonline.ae
  • 9.
    Aanya Aggerwal, AakritiKapur, Aamani Chopra, Yogini Sengupta Iris Nibbering, Sophie Page, Harmeek Singh, Naveed Pirzada, Tina Singh GQ Bar, JW Marriott Marquis INTRODUCING THE MOST OPULANT AND MULTILINGUAL TEAM OF REAL ESTATE PROFESSIONALS E N Q U I R Y Each SNS consultant is specially trained to focus in their areas
  • 10.
    AHMET KAYHAN CEO, REIDIN.com News&Analysis V illaunits have always attracted buyers in Dubai and the segment witnessed rapid growth over the past few years thanks to the ever growing demand for villas. Leading devel- opers have been announcing villa proj- ects over the past few months in a bid to cater to the rising demand and fill the void between demand and supply. Despite these announcements, the established villa communities in Dubai continue to remain a hot destination for investors and end users alike for a number of reasons such as good infrastructure, amenities, facilities, better rental yields and property appreciation rates. Property Times, in this edition, in association with REIDIN.com, analyses why these communities are still performing well. Why do buyers and investors still pre- fer these villa communities? Villa properties are good investment assets while real estate is overall favoured as a good investment class. In Dubai, they are mostly spacious and better-settled communities compared to most of the apartmentbuildingsorcommunities.One of the main issues around apartments is the walkability of the environment while when it comes to villa communities; it’s quite the opposite. On top of all these points, of course, comes the affordability segment as villa communities match the higher end of the investor pyramid hence they always have their own investor base. Another important factor is that these communities also offer quite strong rental yield rates. From an investor's point of view, what kind of returns one can expect from these three communities in terms of rental yields and property appreciation? Due to rapid increase in the sales prices, villa communities offer a lesser yield per- centage but most of them are still over mortgage rates with Arabian Ranches as the exception offering positive equity to its investors. ALWAYSINDEMAND Property Times in association with REIDIN.com takes a look at three of the top performing villa communities in Dubai; Springs, Lakes and Meadows. By Binesh Panicker Th e Springs, Dubai October 2014 Issue -23 /// 10 propertyonline.ae
  • 11.
    Source : REIDIN.com REIDIN.comis widely used by real estate agents and investors for reli- able, 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 manage- ment 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 Yield Rates of the Villa Communities 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 City Wide The Springs and The Meadows Jumeirah ParkArabian Ranches The Springs- Villa Rent Prices The Meadows- Villa Rent Prices The Lakes- Villa Rent Prices Average Sales Prices (AED/Sqf) Min Max Min Max Min Max 130K 230K 300K 200K 300K 250K 1250 1550 1610 320K 300K 500K 500K 650K 250K 360K 270K 400K 300K 450K 160K 160K 220K 190K 250K 2 Bedroom 3 Bedroom 3 Bedroom The Springs The Meadows The Lakes 4 Bedroom 4 Bedroom 5 Bedroom 6 Bedroom 6 Bedroom5 Bedroom 3 Bedroom 4 Bedroom 25% 20% 15% 10% -1% 0% 3% 5% 5% 7% 7% 2% 1% 5% 5% 0% -5% Sales Price Change of the Villa Communities The Springs & The Meadows Arabian Ranches Jumeirah Islands Jumeirah Park City WideThe Lakes Last 3 Months Last 6 Months Last 1 Year 7% 9% -3% 12% -2% 21% 19% 17% Rent Price Change of the Villa Communities The Springs & The Meadows Arabian Ranches Jumeirah Islands Jumeirah Park City WideThe Lakes Last 3 Months Last 6 Months Last 1 Year 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% 2% -4% 10% 6% 7% 5% 9% 2% -1% 0% -2% 1% 1% 2% 0%1% 8% 4% 13% How have these commuties been faring overthepastoneyearandhowdoyoulook at the future of these communities? It looks like there is a lot of pressure on the villa communities price rates and some of them had already started their correction coming down from price points even above 2008 peaks. The Lakes and Arabian Ranches had –1% and –2% drop on median rent prices, which is very nor- mal as the prices in these communities rapidly increased in the last 24 months. We presume the downward momentum will continue for couple of quarters more considering where the overall market has been heading towards in the last three months. October 2014 Issue -23 /// 11 propertyonline.ae
  • 12.
    M ost of usindulge in the fairy- tale illusion that our lives will last a long time, and think it best not to dwell on the last chapter. It may sound mor- bid to discuss death, and it could be considered tedious to deliberate its effects, but it is not, and it should not be. Hence I refer to Richardson’s mem- orable quote, “When it comes to the future, there are three kinds of people: those who let it happen, those who make it happen, and those who wonder what happened” As an expat in the UAE, you may be very concerned about creating wealth and using it wisely during your life here. But it is more important to protect it - and your family - by deciding now what to do when faced with death and con- sider succession planning. Protecting your assets The Government of Dubai’s official website emphasises that ‘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 hav- ing planned your family’s future, local authorities will examine your estate and distribute it according to Sharia law, which may differ greatly from what you intend. There are also many uncertain- ties regarding real estate inheritance issues under Sharia, unlike other juris- dictions, the UAE does not practice ‘right of survivorship’ (where property passes on automatically to a surviving joint owner upon death of the other), and again, the local courts will have a final say in the matter. Meanwhile, personal assets includ- ing bank accounts will be frozen until liabilities have been discharged. Shared assets will also be frozen until the issues of inheritance are determined, and family members are often left without access to money during this period. Nita Maru LLB (Hons) UK Solicitor and Managing Partner TWS Legal Consultants PLANNING TODAY FOR TOMORROW If your family is left behind sorrowed, stranded, and strapped for cash, it won’t be because you did something wrong. It will be because you did nothing. Nita Maru emphasises the need to plan for the distant death tomorrow, starting today. ExpertAdvice Wills | Real Estate | Business Succession Planning | Company Formation | Contracts | Family Law QUALIFIED SOLICITORS DEDICATED TO PROTECTING YOU YOUR FAMILY AND YOUR ASSETS. propertyonline.ae
  • 13.
    Dying intestate couldalso leave debts unpaid; until the estate is finally dealt with by the courts, and your fami- ly’s ongoing financial requirements are met. Preserving your business As a business owner, a significant por- tion of your wealth - and your family's main source of future income - will be tied up in your business. The success of your estate planning is dependent upon this business being transferred smoothly, or sold to a third party for a fair price. Either way, it takes consid- erable planning and preparation, and should be ranked high on a priority task list. If you do not have a proper business succession plan or estate planning in place, you simply cannot be sure what will happen after your death: whether your family will be provided for, who will look after your business, and when and how your beneficiaries will stand to gain from the investments you have made. All businesses - whether sole proprietor firms, partnerships, joint ven- tures, limited liability companies or free zone corporations - should plan for the transfer, succession, and/or sale of the business when faced with the death of the owner, or a partner. Safeguarding your family If you are parents, a simple will in the UAE can be used to specify who must look after your young children after your deaths. The absence of a will may goad authorities to intervene in guardianship matters, especially when both parents die simultaneously, and there is a possi- bility that their care may be entrusted to those you may not want. If you are married, it is wrong to assume that your spouse will get/inherit ExpertAdvice For further information please contact: TWS Legal Consultants, Office Suite 3001, HDS Tower, Jumeirah Lakes Towers, Dubai. Tel: +971 4 448 4284, Email: info@willsuae.com Website: www.twslegal.ae and www.willsuae.com everything you own. Sharia is based on a fixed share allocation system for the disbursement of assets, and a wife is entitled to receive only one-eighth of her deceased husband’s total estate if they have children. If you are in a second marriage, your Will can make provisions for children from previous relationships. You can also add exclusion clauses for ex-part- ners. If you are retired and made a will a long time ago, it ought to be updated to include grandchildren or to omit people you no longer wish to leave anything to. The first steps Seek the advice of specialised lawyers that are properly licensed to advise you on succession planning. Making proper arrangements will let your loved ones know that you care enough, and will save them considerable trouble. But more importantly, it ensures that you are in full control of what hap- pens to your family even when you are not with them. Many expatriate families continue to harbour the notion that living and working in the Middle East is a treat, but they forget that it could easily turn into a tragedy in the event of unplanned death. While the concern of ‘secur- ing’ lives is misguided at most times, secure planning for the future is most definitely a must. Call: +9714-4484284 Email: info@willsuae.com Website: www.twslegal.ae www.willsuae.com Dubai Skyline propertyonline.ae
  • 14.
    If you haveany legal queries about buying or renting, please email at editor@propertyonline.ae Our expert answers the legal queries about buying and renting properties. w i t h l e g a l e x p e r t ExpertAdvice If the new rent has been approved by RERA, then the tenant is obliged to pay that rent. If the tenant refuses to pay, then you have grounds to terminate the tenancy under the applicable landlord and tenant laws. That will require you to give 30 days formal notice of your demand for payment, which must be served via the Notary Public or by registered post. If the tenant still doesn’t pay, then you can refer the matter to the Rental Disputes Settle- ment Centre (Rent Committee, as was) with a request that an eviction order be issued. The fee for filing a case with the Rental Dispute Settlement Centre is 3.5% of the annual rent for the premises in question, up to a maximum fee of AED 20,000. Developers will often suggest that they would have completed but for mass buyer default in payments. Buyers on the other hand are quick to point out that they would have continued to pay had progress been made on site. There is probably some merit on both sides of this argument, but a ‘chicken and egg’ debate doesn’t really help either party now. The good news is that although you may have ceased making payments to one developer on a particular project, that itself does not automatically debar you from investing in another project in the city. If you are not of the ‘once bitten twice shy’ mentality, then go ahead. How do I evict my tenant who is refusing to pay the revised rent as per RERA rental cal- culator? How much will it cost me to file a complaint at Rental Dispute Settlement Centre? I invested in a property before the recession but the development is still not complete. However, I have been portrayed as a defaulter by the developer as I stopped making pay- ments when I saw no progress on the site. Now I am back in Dubai and would like to invest in a few properties but my concern is whether my 'defaulter' status will prevent me from buying properties in Dubai. Please advise. We can certainly advise and assist anyone wishing to establish a business in Dubai. There are many things to consider – a business plan, sourc- ing suitable premises, identifying a local sponsor to own the business, obtaining the necessary licenses from the Economic Department and from RERA, employing good staff, undergoing the necessary train- ing in the area of real estate that the com- pany will operate, to name but a few. The costs will include DED fees, RERA fees, visa fees, rent, and of course legal fees if you choosetoretainalawyertohelpyou. Those fees will usually be linked to the time that the lawyer is asked to spend on the matter, and the scope of the legal services you need. But remember, you can probably set up without incurring the expense of a lawyer, but it will cost you a lot more in legal fees to clean up the mess if it’s not done right the first time. I would like to set up a real estate company in Dubai. I have no background in real estate. Will you, as a law firm, be able to help me throughtheprocess?Whatarethecosts involved for using your services? Jerry Parks Partner Taylor Wessing Palm Jumeirah October 2014 Issue -23 /// 14 propertyonline.ae
  • 16.
    If you haveany mortgage related queries please email editor@propertyonline.ae Feyisesan Ekundare MortgageMe.ae Business Development Middle East/Africa M: +971 050 4168 548 Looking for a mortgage? Our expert answers your queries about securing a mortgage in Dubai. w ith mo rtgage exp ert In accordance with UAE Central Bank guidelines, the maximum mortgage LTV for an off plan property is 50%. The buyer pays the ini- tial 50% of the cost in installments as agreed in the purchase contract while the lender finances the 50% balance. The loan, as with other types of mort- gages, is repaid monthly over an agreed tenure. Ideally, respective lenders restrict the provision of off plan mortgage loans to a selected list of off plan projects. Your mortgage advisor will be able to advise you on which lender to use for your specific off plan purchase. What is the maximum LTV banks will offer for an off plan property? And what is the repayment plan like? ExpertAdvice Yes, lenders do offer mortgages for multiple property purchase. Now, while these transactions are treated on a case-by-case basis, the pro- cess is made more seamless, if the said properties are within the same develop- ment project. The procedure is similar to other mortgage applications, but you should ask your mortgage adviser on the best lender to use. This is because some lenders have a maximum cap on mort- gage loans, which your transaction may exceed, and some have mortgage prod- ucts that cater specifically to these types of investment transactions. Ideally, the first property will be treated as a 1st time mortgage at 75%-85% LTV (if you have no existing mortgage liabilities) and the remaining properties will be treated as additional mortgages at 60%-70% LTV. I am an investor based in Dubai. Do banks give mortgages for multiple properties at the same time? If yes, what is the procedure to apply for a mortgage for the proper- ties I am planning to invest in? Most banks shy away from avail- ing mortgage loans to real estate professionals due to stability of earnings and frequent job changes. However, we at MortgageMe, subject to a minimum salary requirement, now have a solution for interested real estate professionals. For enquiries, please con- tact us and we would be delighted to discuss with you further. I am real estate professional with an average income of AED30,000 per month. Will I be eligible for a mortgage and what are the documents required? Dubai Marina October 2014 Issue -23 /// 16 propertyonline.ae
  • 18.
    If you haveany queries about renovations or conversions, please email at editor@propertyonline.ae Everything you need to know about property refurbishment, conversions and permissions. w i t h i n t e r i o r e x p e r t ExpertAdvice Adam Riccio Operations director Under One Roof 04 323 2722 We do a lot of this with our clients now and it is a very popular request. We have our own designers who will work with you to create the exact look and feel you want and also that meets the functionality you require interms of number of shelves, drawers, etc as well as the style of finish you are looking for eg., distressed wood, natural oak look or high gloss. Once the design is signed off, we manufacture the bespoke pieces in our factory here in Dubai and supply and install. As we have our own factory we can usually supply and install within two weeks if required. I have a number of areas where the space is a small alcove or recess. I wanted to fill them with bespoke, tailor made fitted furniture such as cupboards, chest of drawers andsoon.Isthissomethingyoucando? It is possible and generally approval is not required. We have undertaken a number of such projects and it does transform the look and feel of your home. We work with and recommend a number of different wooden floor suppliers who we trust and have good quality and after sales service. Often our clients choose the style of wooden floor and then get us to match the look in making fitted wardrobes and furni- ture for them. Is it possible to change the entire flooring of my villa from gran- ite to wooden flooring? Do you need permissions? Have you successfully completed any similar projects recently? We do undertake such projects all the time. It is a very popular request we get wherein home owners want to remodel their homes to create a space that works for them and their lifestyles. The first step in the process is to obtain your CAD drawings from your master developer, which will show all the technical aspects of your villa such as supporting walls, elec- trical plant and so on. This will be used as the basis for any alterations to ensure that the work you want to undertake is safe and will not affect the structural integrity of the property. We have our own in-house designers who will work with you to create the look and feel you want. We also have our own in-house engineer who will advise from the plans whether the alterations will be approved and are feasible. Once happy with the look, our engineer will submit the approval on-line and follow up with the relevant authorities, making changes to the designwhererequired.Oncewegetthesign off on the proposal from the developer, we can then execute the project. At the start, various deposits have to be paid for the approvals by the homeowner – some are refundable at the end and some are a basic charge. Once the project is complete, we make an appointment with the developer’s engineers’ office to come and inspect and sign off the work. It is important to keep this approval with your house purchase docu- mentation, as you will need it to be able to sell your property in the future. I bought a plot and built a villa in a leading community. But now I feel I should make more struc- tural changes to the villa such as reduc- ing the number of bedrooms, getting rid of the maid's room etc. What kind of approvals is required for this and do you undertake such projects? Downtown, Dubai October 2014 Issue -23 /// 18 propertyonline.ae
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    Contact us: Tel:+971 4 33 86 724 | Advertisement: advertise@propertyonline.ae Be a part of the most comprehensive and user-friendly Property portal in Dubai MORE LEADS AT LESSER PRICES
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    MEET THE AGENTS Whendid you come to Dubai: November 2010. Previous profession: Marketing manager First sale in Dubai: My first sale was an office unit worth AED1.6 million located in Dubai Silicon Oasis. It was in 2011. What you like about your profession: I love meeting new people and in my industry, I get to meet different people on a daily basis. I really enjoy helping my clients make the right choices. I am always on the look out for exciting opportunities in life. Hobbies: I love dancing and horse riding. Why you love Dubai: The turning point in my life took place about four years ago when I stumbled upon a pic- tureofBurjKhalifawhilebrowsingandimmediatelyfellin love with it. Prior to that, I never even thought of moving out of Kiev but few months after this incident, I moved to Dubai. I am completely in love with this incredible city, because Dubai is always striving to become the best. When did you come to Dubai: April 2011 Previous profession: Designer First sale in Dubai: It was a two-bedroom apartment in Jumeirah Beach Residences in 2012 and it was sold for AED1.6 million. What you like about your profession: I love meeting a wide range of people from different walks of life. Hobbies: I love ballet dancing. I started doing it as kid and still enjoy doing it. Dancing also helps release stress from work and creates positive energy. I also love photog- raphy and anything to do with visual arts. WhyyouloveDubai: IloveDubaibecauseoftheoppor- tunity it provides and its beautiful lifestyle. Also in Dubai, I gettomeetmanyinterestingpeople.Ilovetheweatheras well occasionally and of course the sea! Iryna Poladko: Ukrainian, Rocky Real Estate, Property Consultant, RERA no. 25085 Hanna Liatsko: Belarus Driven Properties, Senior Sales Negotiator, RERA 29110 If you want to be featured on this page, contact us at editor@propertyonline.ae Market October 2014 Issue -23 /// 21 propertyonline.ae
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    T here are alwaysthree essential ingre- dients considered prerequisites for any real estate market to function effectively. For investors, potential owner occupiers, developers or another indus- try stakeholder, these ingredients are of par- amount importance in ensuring long term profitable and sustainable growth in an indus- try which itself, is a key ingredient to long term economic growth. These ingredients can be summed up as the 3C’s or, more specifically, CAPITAL, CON- FIDENCE and CLARITY. The 3 C’s are interde- pendent whereby a shift or change in any one element will affect the other two. The relation- ship between all 3 C’s can be either positive or negative and can lead to a multiplier effect on growth or can increase the rates of contraction or decline. The good news is that all three have been recovering strongly for the past two years in Dubai. The amount of CAPITAL being injected into Dubai’s real estate has been steadily increasing since midway through 2011. This capital has come from a number of sources. For a start, Dubai has been the welcoming recipient of new cash from countries around the region whose investors have been seeking a relative safe haven from economies that have been decimated by political turmoil. In addition, creditors,suchasbankshavebeenmorewilling to lend cash as global and local economies sta- bilized and eventually returned to a semblance of growth. In addition, an increase in confi- dence in the local real estate space saw cash, previously stockpiled awaiting an improved investment environment, found its way into property purchases. However, cash does not always flow unhin- dered by risk perceptions and, regardless of events elsewhere in the world, Dubai could not have attracted so much capital unless investor confidence was returning in the emirate. CON- FIDENCE in Dubai has been steadily increasing since the world has slowly begun dragging itself fromthemireoftheglobalfinancialcrisis. Confidence in any investment venture can be really distilled to the perceived predictability of future cash flows and capital growth and, with much of Dubai’s property returning increased cash flows and capital growth, confidence is on the rise again. When you are investing in real estate you are really investing into an economy and you must have confidence in its future. Dubai’s economy is doing very well. Economic growth is strong at around 4.5% and independent bodies such as the IMF are forecasting 5%+ economic growth every year through to the end of the decade. The economy is being driven by fundamentals such as tourism and trade and a slew of new projects to grow these important revenue generating economic seg- ments are a feature of Dubai’s growth outlook. Dubai’s expects 12 million visitors in 2014, con- tinuing a growth trend of approximately 9% per annum since 2010, a statistic, which is the envy of many nations. And new initiatives such as the 2020 Expo are also important in building confidence in the emirate. The effect of the 2020 Expo on the UAE economy cannot be underrated in terms generating demand for real estate assets. Hosting the World Expo will provide additional impetus for the industry to enjoy continued growth and the predictable surge in demand for accommodation and commercial space of all types, from labor camps to offices to warehouses to apartments to executive villas, is sure to have a significant effect on property values. The last ingredient, CLARITY or transpar- ency, is arguably the most important. Investor confidence in and the level of understanding of their legal rights, the consistency in the appli- cation of the law, government economic and social policy along with knowledge of develop- ers track record in terms of quality, integrity and proficiency can be boosted by a proactive drive for clarity. Lawmakers have been working hard in Dubai to address the issues of CLARITY and CONFIDENCE in particular. Steps have been taken to introduce laws that better protect investor rights and standardize and clarify the relationship between developers and investors. The law is aimed at protecting investors in a variety of areas, from delays in the handing over of projects, changes specifications of properties, defects and any material departure from the contracts provisions. While the headlines regarding asset bubbles maymakesomepredictimpendinggloom,they really highlight that there is an unprecedented level of governance, oversight and scrutiny that the industry is being subjected to. The ongo- ing development of the industry’s regulatory framework and implementation of laws and regulations to safeguard both consumer and investor interests, the overall industry and the economy at large from rampant and irrespon- sible speculative, predatory or unethical prac- tices, reveals a mature and balanced approach to shaping an industry which exhibits sustain- able growth over the long term. The industry is much more resilient in 2014 and investor, not speculator, confidence has been making a big comeback. These steps towards increased CLARITY, showing clear intent by the regulating author- ities to develop a more sustainable and con- sistently profitable industry model has been essential in driving renewed CONFIDENCE in the industry resulting in massive injections of creditor’s and investor’s CAPITAL into Dubai’s real estate space. The recovery has been quite remarkable and is prominent among all the recoveries of nations worldwide. THREE VITAL ELEMENTS ESSENTIAL FOR A FLOURISHING REAL ESTATE MARKET 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 October 2014 Issue -23 /// 22 propertyonline.ae
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    A s Dubai andAbu Dhabi (imple- menting their own version) are getting increasingly used to the concept of jointly owned property laws, and with that professional property management, more sophisticated technologies have been entering the market. While Emrill recently launched, what they termed a ‘Business Smart Model’, pulling together its mobile maintenance service, mobile work order solution, and intelligent low cost wireless monitoring system into one solution for more service and cost effective facilities management, My Strata came up with ‘Strataware’ and recently revamped its ‘MyCommunity’ portal to make property management a breeze in terms of keeping tabs on oper- ations and communication. Ensuring smooth operations With around 400 interim ‘home’ own- ers associations now registered with Dubai’s Real Estate Regulatory Agency (RERA) and new communities need- ing facility and property management in the emirate’s future, these kinds of innovations have certainly served to improve the market. Although the last piece of the puz- zle to change the legal status of the STAY CONNECTED! interim owners associations into own- ers associations, doesn’t seem to be firmly in place as of yet, it isn’t making any difference to the day-to-day opera- tions. “I understand at least one Owners Association has been registered and that there are many more very close to being so. I don’t believe these delays are impacting the daily management of OA’s because they are still being run, in the majority, by professional management companies, as well as board members that are committed to looking after the affairs of their build- ings,” comments David Bugden CEO of MyStrata. Many in charge of managing communities in the UAE are already using MyCommunity, including Aldar, Emaar Properties, Khidmah, Asteco, Wasl Properties, Jumeirah Living, as well as Place and Mace Macro. Deyaar had floated an OA management software procurement tender won by MyCom- munity only recently. The developer has implemented it in properties it man- ages only but plans to roll it out in the near future in their own developments as well. “The choice to use this platform is primarily because it is compliant with Strata law and provides the facility of online payments in addition to Owners Association core functions,” says Saeed Al Qatami, CEO of Deyaar. “To date, the overall experience was good due to the technical support and respon- siveness from the team. The company is also regularly updating the software solution thereby enhancing user expe- rience,” he adds. Aldar has been using the portal for its 15 communities under a customized umbrella portal linking into individual sites, for three years now. “We re-branded the product for Aldar – they call it “Aldar Connect”. We did the same for MAF. We used Aldar’s corpo- rate colours and followed their brand guidelines,” David comments. Accord- ing to Aldar, although it had other ‘off the shelf’ options, it chose the MyCom- munity platform because its database is shared with Strataware, thus making it easy to keep residents up to date on developments. “Aldar has a policy of ‘paper-less communication’ across all our communities; therefore not having an online portal is not an option. Elec- tronically-recorded communication can easily be issued to all residents in one community or across various commu- nities with the click of a few buttons,” according to an Aldar official. An extremely useful system MyStrata has spent several years devel- oping an effective property manage- MyCommunity helps residents and managers keep in touch. By Nicole Walter/freelance writer Market October 2014 Issue -23 /// 25 propertyonline.ae
  • 26.
    ment system forstrata managers in the ‘clouds’. David points out that the few other overseas systems being used have had less of an impact because they weren’t on the ground. “We have been here for over seven years, our servers are hosted in the cloud in Dubai Inter- net City and all our support is done by experts located in Dubai, this is a much larger investment than any others have done,” he claims. Novus Community Management offers MyCommunity to all its clients, as it allows for relaying real-time financial information to their Owners Associations, Unit Owners and Board Members, as well as acts a pay- ment portal facility. “We are able to upload meeting notices and minutes for viewing by unit owners, along with general notices to both, owners and tenants, in our communities,” says Ste- phen Horner, Senior Community Man- ager at Novus Community Manage- ment Services, adding he was not aware of any other product available in Dubai that provided a complete integrated solution responding to the needs of specialist Owners Association manage- ment. “The MyStrata team are available locally in Dubai to provide support and training, and are continually working to improve their software based on our feedback,” he adds. The portal is also used regionally, such as by The Wave Muscat and The Pearl Qatar. “The system hosts over 450 communities on the platform in the Middle East, and there are over 50,000 registered users of the system. These users include owners, tenants, board members and property managers,” David adds. Not everyone knows about its existence because the software developer kept the system deliberately quiet as it is launching an upgraded version, with new features such as graphical reporting and a lobby screen system. “The new release will signifi- cantly improve the financial report- ing through MyCommunity in visu- ally appealing, easy-to-read reports,” says Stephen. Apart from the fact that the por- tal looks fresh and is easy to navigate, it saves property manager’s time by becoming a central point for all docu- ments related to managing the prop- erty, including ledger accounting, reports, and invoicing system, creating meeting documents and easily post them where needed, organizing pro- curement, as well as has its own e-mail and ‘SMS’ system. While the system cuts down valuable time on communication with all con- tacts in one place, access levels can also be set and its virtual reach goes way beyond a pin-board at a building recep- tion. “The software covers the needs of our communities for posting notices, reports, community communication, lodging work requests and a commu- nity wall for owners and tenants to con- nect. Because the system is online it can be accessed from anywhere in the world, and now from mobile devices as well,” Stephen remarks. The portal can also highlight the facil- ities and property types in a community making it a great tool for those looking for a property. “MyCommunity is a great communication tool first and foremost. It also delivers efficiency for property managers, which helps save costs. It is also a great marketing tool, you will not find a better web site for informa- tion on buying, selling, living or work- ing in a community or building than what you will find on MyCommunity,” David comments. “The choice to use this platform is primarily because it is compliant with Strata law and pro- vides the facil- ity of online payments in addition to Owners Asso- ciation core functions.” Saeed Al Qatami, CEO, Deyaar. Emirates Hills Market October 2014 Issue -23 /// 26 propertyonline.ae
  • 27.
    Positive feedback fromowners Residents have been responding favourably, according to Aldar’s com- munity managers, which lauded its ease of use and pointed out a healthy flow of traffic on a regular basis on the part of residents. “Most of our residents are happy with this channel of communication. Owners have the ability to view the financial statement for their unit and for the association they belong to. Residents appreciate that they can log in and raise job cards for mainte- nance and other issues, and view the status of their job card,” the Aldar offi- cial added. At the communities, which Novus manages, the response has been equally enthusiastic. “The usage by residents has steadily grown. Some of our community walls experience quite a volume of posts. Because it is an open forum, owners and tenants can communicate on any topic of interest,” says Stephen. “We ensure that we post all our com- munication on the MyCommunity por- tal so that our owners and tenants can access relevant documents and infor- mation anytime they wish,” he adds. In addition, a business directory keeps the resident abreast of who’s there in terms of shops and services and could actually be a means of income to the owners. “Property managers and Board Mem- bers can create their own retail and service provider listings, so if they want to sell this service and earn income for their community, that is fantastic, that is exactly why we developed it this way,” David explains. The cost factor While larger clients get a discount, the cost, which is around AED100 per unit per year, including both Strataware and MyCommunity, including everything down to support, is well weighed out by the benefits, and shouldn’t scare smaller OAs off, David believes. “Let’s say you have a small building of 50 units, the most they will pay is AED5,000 per year, for this they get a great look- ing web site, plus access to their state- ments in real time, financial reports, a credit card gateway, communication tools, community documents, main- tenance request system and so much more. What would your argument be, i.e. save money on arduous other ways of communicating between everyone for example,” he emphasizes. Most of MyCommunity clients today are using ‘Stra- taware’ the property management software already, but David says it wasn’t a prerequisite to using ‘MyCommunity’. “Currently MyCommunity links to Stra- taware, which is a system the major- ity of OA management companies in Dubai and Abu Dhabi are using. That said it could be linked to any back-end property management system via an API. Soon, we will be launching a stand- alone version, so a building will be able to create a web site, invite members and then use all the great features of the MyCommunity portal without any back-end system required,” he explains. Or an OA could simply just go for the MyCommunity software, in which case they pay a license fee, usually paid quarterly. “Most managers pass the cost on to their communities as it’s a very helpful tool for owners and residents. We set the system up for you, provide training and data migration, all of which is an easy process,” David concludes. ''Soon, we will be launching a stand-alone version, so a building will be able to create a web site, invite members and then use all the great features of the MyCom- munity portal without any back-end sys- tem required.” David Bugden, CEO, MyStrata. Arabian Ranches October 2014 Issue -23 /// 27
  • 28.
    E stablished in 2006with a small team of six, Elysian Real Estate has grown rapidly over the years to become one of the top three real estate agencies in Dubai (chosen by Dubai Land Department) ACCOLADESGALORE Elysian Real Estate, founded in 2006, has been recently selected by Dubai Land Department as one of the top three real estate agencies in Dubai; a testimony to the consistent performance of the company over the years. By Binesh Panicker with a team of over 150 staff including 120 real estate agents globally. Headed by Masood Naseeb, the Chair- man and Dounia Fadi, the Managing Direc- tor, the company is on the right track to scale new heights in the years to come. The young and dynamic Masood and Dounia tell Property Times readers about their jour- ney, growth, expansion, the market and much more. Market Sheikzayed Road, Dubai October 2014 Issue -23 /// 28 propertyonline.ae
  • 29.
    Award from DLD Whenwe got the award from Dubai Land Department after nine years of outstanding and consistent performance, we were very excited and proud of being recognized as one of the top three real estate companies in Dubai. We look at it as an acknowledgment of the hard work we put in over the years. We take great pride in the fact that we take care of every client of ours and most of them con- tinue to work with us because of our professionalism and expertise. Receiving this award now challenges us to maintain our current position and strive to become number one. Advice to end-users If you have long term plans for Dubai, I would advise you to buy now rather than continuing to rent. Home buyers choosing Dubai as their residence should consider buying based on their current needsandcomfort.Realestatemarketsacrosstheglobeexperience the cycle of highs and lows. In the current scenario in Dubai, prices areexpectedtoincreasemodestlybutsteadilybasedonpopulation increase. There will be sufficient buyers even for the new develop- ments that have been announced recently, so I strongly recom- mend that people should not wait any longer. If they find a home withintheirbudget,oneshouldconsiderbuyinginestablishedcom- munities such as Dubai Marina, Downtown, Palm Jumeirah etc as they are ideal for families with good infrastructure and community ambience. People moving to Dubai from Arab countries prefer to have spacious homes, so they should consider purchasing a villa in areas such as Jumeirah Village, The Villa Project or Jumeirah Park to name a few. Off plan vs ready properties? If a mortgage buyer purchases an off-plan property, he or she will have to continue to rent till the property is ready to move in, so they will have to consider three separate payments; the down payment to secure the unit plus the monthly mortgage installment plus their rent. If you can afford to pay the down payment required to buy a readyproperty,it’salwaysbetterforenduserstogoforareadyprop- erty so that they can move in immediately and don't need to pay rents anymore. However, some developers do offer really attractive payment schedules, which many end users will be able to afford. One has to look at all options before taking a decision. The company Elysianwasfoundedasarealestatebrokeragefirm.Wehadaproperplan in mind right from day one. We didn't want to sell property as an invest- ment, so we focused on selling homes to people. We focused on buyers from the Middle East and we always wanted to offer our clients the best available properties in the market whether it’s residential or commercial. Growth, expansion, way ahead We grew with the market and continued to focus on good customer ser- vice and professionalism. In nine years, we grew to more than 150 staff from six. We launched Elysian International in 2008, which is now doing extremelywell.OurfocusistobeNumber1inthissegment.Intwotothree years,wewillbesellingpropertiesinprimelocationssuchasLondon,New York, Australia etc. We will be targeting buyers from the MENA region, as they prefer to invest in other countries as well apart from the regional markets such as Dubai. By the end of this year, we will be launching a luxury division to cater to the growing demand in this segment, which needs an entirely different kind of customer service and expertise. Going forward, we want to further enhance our reputation as a trusted real estate company, servicing each and every client as per their individual requirements. The goal for us in the next ten years is to gain more knowl- edgeaboutthemarketsothatwecanofferpropertiesattheexactmarket price to our buyers. End-users Right now the demand for properties from end users is witnessing a steadyrise.Intheearlydaysoffreeholdera,nobodywassellingreadybuilt property; property was considered as an investment. When we started in 2006,wewereactuallysellingoff-planhousestoourclientsbasedontheir preferences and we were recommending units as per their budget and requirements. Dubai’s future We are all lucky to be here in Dubai. In the next five years, we will see a huge influx of people coming to live and work in Dubai. The trend has already begun. With increasing population, the demand for homes will keeprising.Thenewprojectsthathavebeenannouncedwillbeabsorbed by this population growth and investors as well. Those who are looking forhomesarealreadyfindingitdifficulttolocateapropertyoftheirchoice in some of the more desirable areas. Masood Naseeb, Chairman, Elysian Real Estate Market Dounia Fadi, Managing Director, Elysian Real Estate October 2014 Issue -23 /// 29 propertyonline.ae
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    A fascinating city couldbe grac- ing the horizons of Abu Dhabi or Dubai, if Stile Italiano Real Estate Industry (SIREI) gets its way. Backed by American-Chinese cap- ital and the expertise of its members, ranging from urban planners to Italian cultural, science and sporting organiza- tions, the real estate platform has been presenting the concept here in the UAE to ideally co-develop around three to four square kilometres city at an esti- mated cost of around $US30 billion. Massimo Mazzi, President of SIREI, said Renaissance City is a smart city, which will bring to life an Italian lifestyle in the UAE telling an urban story which devel- oped over centuries, an urban fabric fostering a vibrant economy and qual- ity of life. Property Times delved deeper into the concept, consulting the Ital- ian architect Paolo Caputo, of Caputo Partnership International, SIREI’s design partner for Renaissance City. As far as I understand, Renaissance City intends to express both Italian and Islamic renaissance, how are you integrating the two concepts into a homogenous one? The goal of the project is not to inte- grate the most "epidermal" figurative and formal traits of the "Renaissance" of the two cultures. It aims to merge the principles and the deeper meanings of Islamic and Italian culture. Many archi- tectural examples, and cities, in the Middle East and around the Mediterra- nean are already witnesses to this his- torical process. Italy and the West have learned a lot from Arab culture and vice versa "merging" knowledge, tech- niques and cultures without "confused" identities. This is very relevant currently seen in relationship with the processes of globalization. How do you express the original – historic architectureinthemoremodernbuildings? The architectural language fully expresses our modern and current events. At the same time, however, the structure of the buildings, the compo- sition of architectural and urban space in the project follow the same rules of historic places and buildings that created an optimal response to func- tional needs, and, above all, to the deep meaning of "inhabiting the world." It makes no sense to play with a frag- ment, a glimpse, of Venice. There is a lot more power in the tangle between streets, arcades, squares and waterways to evoke the quality of space and urban landscape of Venice. The city’s fabric seems to respond to boththeItalianandtraditionalArabcity urbandesign,howdidyoumergethem? There is a common identity to the cen- tres of Islamic cities and Italian villages and how they grew from the middle ages onwards. The urban plan is based on substantive rationality and its goal is an efficient and easy mobility. The research of the merger between Arab and Western models, or Italian, is the integration of a chessboard layout, typically of Roman origin, to a more complex system: fractionated, attentive to local connections, to the functional scale of the step (walking) and not to that of the mechanized mobility, closer to the Arab spatial sensitivity. BRINGING ITALY TO THE UAE Renaissance City is an urban fabric spun out of the deeper meaning of city life. By Nicole Walter/freelance writer Renaissance City Museum October 2014 Issue -23 /// 31
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    Market How are youmanaging the traffic flow versus pedestrians? The design allows for the movement of cars on the main road axes, although it aims to facilitate the circulation of eco- cars (electric and hydrogen), as well as the use of public transport that con- nects the main functional and "monu- mental" centres in the city. At the same time the compactness of the urban fabric and mutual proximity of the main central points are designed to encour- age pedestrian mobility: the distances can be covered in five to seven minutes walking, like going in Florence from Piazza Signoria to Ponte Vecchio, or in Rome from the Trevi Fountain to Piazza Navona. The needs of pedestrians have been considered within all urban sec- tors, the roads, paths within the blocks and walking promenades are designed in a way to obtain the best results in terms of comfort and perception of the urban landscape. In this respect you have designed a lot of cultural and art spaces to connect the city? Yes, my dream is to create places, which can communicate with each other, and represent the best of Italian art and Islamic art. The first centrality is the main mosque. I have imagined it as a place of prayer, but at the same time as a social space for spirituality, meditation and encounters between cultures, a place of individual and collective peace. The second central point is the Piazza Grandewithrestaurantsandamuseum? Yes, it will be shaped as a large square, punctuated by the volume of the Museum of Renaissance that hovers on the open space, the pavilions that sur- round it, and the area of the Museum Hotel. Really, it is the area the expresses the greatest representation of histor- ical Italian cities. A third central point is marked by a pattern that emulates the Galleria Vittorio Emanuele in Milan. A real "archetype" of today’s shopping centres, opposed to the model of a closed shopping mall estranged from the urban fabric. The Gallery will be the epicentre of shopping for the products of excellence ‘Made in Italy’ but will also allow for continuity weaving through the commercial space at ground floor of all the buildings of Renaissance City, especially within the Ring. A hotel com- plements The Gallery, as well as residen- tial accommodation and the Perform- ing Arts Centre, which bring us to the fourth central point. Here a set of the- atres, auditoriums, event spaces, have been designed to make Renaissance City a new capital of the Italian theatre and opera tradition, binding together the unique structure of the Penthouse Hotel, which will house spacious luxury residences coming in the most sophis- ticated Italian interior design and with hotel services. How do you make sure the city feels open and light, yet stays cool consider- ingtheclimatehere?Willonebeableto walk the city in the summer heat? The concept is designed so that beyond a short walk there is always plenty of the shade available along the way and within the blocks. Depending on the final location, the urban chessboard of Renaissance City will be orientated in an optimal manner with respect to the "solar path" and will include meshed or closed canopies to cover roads and open spaces. The relationship between shady and sunny spaces supported the adoption of chimneys for the upward movement of hot air to favour natural ventilation of open spaces. The vegeta- tion will be rich along the streets and in the garden courts, and the water (in the form of channels, ponds and fountains) will work together to create microcli- mate mitigating the heat during the warmer season. You are integrating a golf course and labyrinth botanical gardens into the city, the latter makes sense, the former a bit unusual for a ‘city’ but more of a typical residential community master plan in the UAE, what was the reason- ing behind it? The two themes have different reasons. The Botanical Garden is one of the fac- ets of the Renaissance. I think for the first time ever we will create an "Ital- ian Garden" with botanical species of the desert belonging to UAE latitudes, although not all necessarily native. I don’t know of any large maze designed with cacti or parterre whose rigorous geometry is drawn from succulent plants anywhere in the world. The Botanical Garden of the desert would be a real world “curiosity”. The golf course’s particular role in Renaissance City is to offer a conversation between the compact city and the garden city. The residential villas generate this dia- lect in continuity with the urban villas provided in the city’s quarters closest to the golf course. In the final design that will be implemented, the golf course’s area will represent the mean- Renaissance City shopping - Galleria October 2014 Issue -23 /// 32 propertyonline.ae
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    Market REGISTER FOR NEW LAUNCHES +97152 88 66 288 T:04 395 75 45 F:04 395 75 46 www.candourproperty.com info@candourproperty.com ing of expansion towards the wonder- ful green and typical nature, which can be experienced in Italian Renaissance: Palazzo Te in Mantua, Palazzo Pitti and the Boboli Gardens in Florence. Did you place The ‘Cittadella’ arts & crafts centre close to the business dis- trict to make sure it stays lively when offices close? “La Cittadella” is thought as an alter- native commercial hub with respect to the Gallery. It is a “destination” of an urban route, unlike the gallery that is fully integrated into the fabric of the city. It is not a closed structure but, cov- ered by a photovoltaic macrostructure, and has the form of a "small town" that is related, through the open garden spaces, to the buildings of the business district. Nowadays offices working with the world are open almost 24/7, therefore I think a business district does not close completely by mid-afternoon. In any case, the "Cittadella" will bring life to this urban sector with great intensity. It's the place where one will get the best products in the market, and Ital- ian artisan textiles, leather, ceramics, wood, precious stones, and a treasure chest in design and the highest level of ‘Enogastronomy’. How large is the footprint of the city and the different districts? Renaissance City in its compact struc- ture covers an area of about three mil- lion square metres. The plan defines a square of 1,700 metres on each side: walking distance about twenty min- utes. The geometric shape can adapt to the shape of the area of development, reformulated by reducing or enlarging. Likewise, the "expansion zones" (Cita- della, Campus etc.) are subject to pos- sible modifications, such as for example to become partially reabsorbed inside the compact geometry. The nature of the city aims to strike a balance between its various districts function- ally integrated into a single structure in the mixed fabric that characterizes much of the urban plan. What will be the average and maxi- mumbeintermsofheightofbuildings? The city’s trend is horizontal with blocks of buildings between five and seven floors. Of course, exceptions are made for both residential buildings and for special features. The highest is the one housing the Hotel Galleria at 160 metres with 30 populated levels. However, spe- cial requests from developers could introduce a new design theme, such as the insertion of one or more "out of scale" buildings in the plan, without distorting the underlying principles of Renaissance City. Will you keep residential and offices completely separate or mix them as in ‘normal’ city? Renaissance City is based on a princi- ple of total morphological-functional integration. The residences and offices merge, follow and stratify within urban blocks whose ground floor is largely intended for small and medium scale businesses and service providers. In modulating the urban variety richness in terms of the number of offers and opportunities that the historical Italian urban models successfully represent, the project also proposes urban clus- ters, primarily residential or for office buildings. The business district inten- tionally is almost exclusively functional in character. Similarly, residential is based on a variety of solutions including villas, mixed within the urban fabric, or isolated at the golf course. All of these aspects will be subject to in-depth dis- cussions with the technical board when we will sit with the developers and real estate marketing strategists. Why are the schools, hospitals etc. along the Ring Road and not mixed into the more central parts of the city? The project includes all the numerous required service facilities to guaran- tee the optimal function of the social, administrative, cultural and economic structures of the city. These structures are integrated into the urban fabric but look outwards placed like a neck- lace along the ring, because the latter important element of the composition of the design of the city itself represents a real exchange system between the inner part of the town and the urban contour. The services are easily accessi- ble to pedestrians and via public trans- port that runs along the Ring. Renaissance City Performing Arts Centre October 2014 Issue -23 /// 33 propertyonline.ae
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    IS IT TIMETO DISPUTE THE COMMUTE? C ommuting is an important aspect of daily life in most modern cities. In Dubai, resi- dents now faced with higher rents and other heightened costs of living are looking at cheaper alterna- tives and question whether commut- ing in from neighbouring Emirates is the key. What does the economic theory tell us about commuting? “Households will seek maximum utility of a locality over cost of travel”. So what does that mean in real terms? Accessibility and values (rents) have been a study of economists for hun- dreds of years. Theorists denote that premiums will be paid for land in close By Michael Waters MRICS – Director of Studies in Real Estate/Chartered Surveyor, Heriot-Watt University Dubai Campus proximity to central markets as the time forfeited to travel to the market place from further afield has an intrinsic value. With the development of transport networks and growth in car ownership this is far less of a concern in modern day life. However, the principles no doubt are still relevant today. Stud- ies have shown that there are broadly three main determinants of land use that include: 1. Accessibility; 2. Environmental characteristics; and 3. Rent Consumers will trade off 1 and 2 against 3. A consumer will try to choose an ‘optimum’ denoted in real terms by an income budget. Why do we commute? For commuting to be economically via- ble, we need to be compensated for the commuting costs through lower rents. People tend to support their decisions to commute in terms of the money saved on housing. However, commut- ing is a time consuming process and often many overlook the opportunity cost of intangible aspects, such as the psychological burden or stress derived from longer daily commuting patterns. The challenge exists when consumers are unable to correctly assess the true cost of commuting for their well-being. How much does commuting cost in Dubai? Let’s say the cost of gasoline is AED6.50 Market Sheikh Zayed Road, Dubai October 2014 Issue -23 /// 34 propertyonline.ae
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    per gallon andthe typical 4x4 is work- ing at 30km to the gallon. A full-time employee in Dubai typically works 21 days per month culminating into 252 annual commuting days. So if we assume the average resident in Dubai commutes 30km each way per day that is an annual total distance of 15,120km or AED3,276 on the cost of gasoline alone. However, we need to consider that the cost of gasoline is not the only cost. If we include a typical business mileage claim of AED0.75 per km it gives us a better account of depreciation and vehicle maintenance, increasing cost in this example to AED11,340. A traditional assumption about the value of some- one’s time spent on an activity is equiv- alent to their wage rate. We can apply commuting time in terms of earnings foregone per hour travelling. According to UBS, the average Dubai expat earns Dh59.50 per hour. So a 1-hour daily commute adds another AED9,996 to the annual cost of commuting. Let us now look at some more real time com- muting patterns and earning assump- tions (see Table 1). So if we take the average Dubai work- ing resident they would need to see a cost saving of at least AED46,452 per annum on rent if they faced a 100-km daily commute each way, assuming all Dubai residents face a 20 minute daily commute (the global average). How- ever if we adjust the average salary to a more modest range, a middle man- ager/professional earning at AED150 per hour, the cost saving would need to be at least AED76,860. That is with- out any consideration to the extra time foregone sat in traffic, time spent away from family and the negative health implications of long-term commut- ing, reported as being “…the longer the commute, the higher the levels of one's obesity, cho- lesterol, pain, fatigue and anxiety”. Concluding remarks The analysis of asking rents did show that the rental savings from residing further afield are negligible. In some instances, rental ranges show residents further afield could be in a deficit posi- tion once the true cost of commuting is taken into account. All else being equal the numbers support residents remaining within the global average of a 25-30 minute one-way commute. The reasons people choose to live further afield are wide-ranging and typically defined by an income budget and a propensity to allocate a limit to annual housing costs. One also expects to get more space for their money towards the city boundaries, so commuting often suits larger households and fami- lies. Without the presence of rail transit systems where one can be more pro- ductive during their commuting time, it seems economics is telling us to stay within a shorter commuting pattern in Dubai. TABLE 1:THE COST OF COMMUTING Commuting distance (km) Annual commuting distance (km) Cost of vehicle (In AED) Earnings forgone (In AED) Total annual cost (In AED) Average resident 30km each way (20 minutes) 70km each way (40 minutes) 100 km each way (1 hour) Professional 21 working days/mth = 252 commuting days 15120 35280 50400 21 working days/mth = 252 commuting days AED 0.75 per km 11340 26460 37800 AED 0.75 per km Av = 59.50/hour 9996 19992 29988 Single commuter 21,336 46,452 67,788 Av = 150/hour Single commuter 30km each way (20 minutes) 70km each way (40 minutes) 15120 11340 25200 36,540 35280 26460 50400 76,880 100 km each way (1 hour) 50400 37800 75600 113,400 Michael Waters October 2014 Issue -23 /// 35
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    Market D ubai winning theExpo 2020 has been a major catalyst for the Dubai Real Estate growth. Increase in off-plan invest- ments has been seen across the board in the last year, with many develop- ments selling out within 48 hours of release. Off-plan property is one of the main investment options for foreign investors and draws in a large portion of local investors as well. In the cur- rent market, the challenge for investors and end-users is in selecting the best option from the array of off-plan proj- ects available. Investors should exercise careful due diligence, keeping in mind not only the dynamics of real estate but also the regional dynamic pillars which make the market move. Invest- ing in an off-plan property can be a daunting proposition for some- where to buy, which developer, payment plan, price and location are just some of the factors to keep in mind while selecting your off-plan investment product. In a rapidly growing market like the UAE it is important to take a deeper look and identify which product would stand out from the rest and make the best invest- ment in the long term. LOCATION Selecting the location of where to buy is one of the first factors to consider while investing. Often buying an aver- age property in a great location can be one of the best investment ideas. Some of the important factors to consider while selecting the location of where to buy are- Convenient access to popular places, shops and restaurants; Everyone wants to be near the best commer- Ahid Shaikh, Director of Déjà vu Real Estate, winner of the RERA Honorary award for 2014 speaks about the factors to consider when planning your off-plan investment. NARROWINGINONYOUR OFF-PLANINVESTMENT… ''Investors should exer- cise careful due diligence, keeping in mind not only the dynamics of real estate but also the regional dynamic pillars which make the market move.'' October 2014 Issue -23 /// 36 propertyonline.ae
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    cial districts. Thecloser you are to the center of town, the better the location and higher the price of the property. It also ensures proximity to the business areas where most of the offices are located. This is a phenomenon proven by decades of real estate sales across the world. In Dubai, one of the best addresses to own a property is Down- town Dubai, location being one of the key factors for this along with many others. Proximity to water or other iconic landmarks is another important factor. No matter where in the world you are based, someone will always pay for a great view or to be close to water. HISTORY OF THE DEVELOPER UAE offers a wide selection of proper- ties and different kind of developments to choose from. Selecting a developer carefully is an important aspect in plan- ning your investment. Keeping in mind the history of the developer is one of the main points to consider. Many developments in the UAE were plagued by late handovers or from being shelved; millions of dirhams were lost as people invested in developers with no reasonable financial backing. It is the developer’s obligation to handover the property on time and as per the sched- ule agreed and signed by the buyer. Another aspect to consider would be the quality of the construction and final product previously handed over by the developer. When buying an off- plan property, we mostly rely on artistic impressions and computer simulations of the final product, knowing what the quality of the projects previously deliv- ered by the developer will give us a good insight into what to expect from the investment. PAYMENT PLAN Buying on a payment plan is often one of the most attractive points while buy- ing an off-plan property. Investors have the benefit of paying a small percent- age of 10-20% as deposit to purchase the property and the rest over a period of two to three years depending on completion of the development. The safest kind of payment plan would be one linked to the construction progress of the development. Another type of payment plan to consider is one where an initial deposit of 10-20% is paid and the rest is paid on completion of the development. Escrow accounts are another important factor to consider. The escrow account’s aim is to regu- late the functioning of the construction process of units sold off-plan, thus safe- guarding the rights of investors. PRICE FACTORS Price may often be said to be one of the most important factors while pur- chasing any kind of property anywhere in the world. Purchasing early is one of the key factors in keeping your invest- ment to as minimum as possible. As construction of an off-plan project pro- gresses, the prices begin to rise steadily as well. Investing earlier on in a devel- opment also gives you the option to select and often purchase some of the Best units in the project. It allows you to choose the most sought after prop- erties which are more likely to offer a higher return on investment in the long run or even the best rental income upon completion. Investing in off-plan developments is an extremely lucrative option for all kinds of investors. Careful selection of your investment will not only reap you financial benefits in the long term but also allows you to purchase your dream home. Reducing risks and enhancing returns is the major consideration while investing in any property. Market Downtown Dubai October 2014 Issue -23 /// 37 propertyonline.ae
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    THE HARBOR EXCLUSIVE LISTINGS 04 325 1616 050 916 6543 THISISFORYOU! HARBOR REAL ESTATE ACHIEVES ISO 9001:2008 CERTIFICATION Developer Holding Company READY TO MOVE-IN 6 & 7 B/R VILLAS I In-house payment plan: 10% on booking & 90% over 3 years I The largest plots (14,300 - 30,341 sq. ft.) & built-up areas (8,117 - 8,392 sq. ft.) in the entire development Prices start from AED 8,300,000 ‫مـثـيـل‬ ‫بال‬ ‫وحـصـريـة‬ ‫ونـادرة‬ ‫جـاهـزة‬ ‫فـلـل‬ READY, RARE & UPGRADED VILLAS DUBAILAND DUBAI MARINA  Strategic location within the Dubai Marina district providing easy access to all key attractions in Dubai  A selection of VACANT units ready to move-in for end-users & RENTED units with high ROI for investors  Impressive sea, SZR, Dubai Marina & DMC views  Premium finishes and fixtures SULAFA TOWER,DUBAI MARINA A big selection of RENTED units generating immediate rent ROI for investors (up to 7%) & up to 7% expected annual capital appreciation Type Net Area Starting from 1 B/R 915-966 sq.ft. AED 1,372,000 2 B/R 1,372-1,390 sq.ft. AED 2,101,000 3 B/R 1,508-1,726 sq.ft. AED 2,202,000 MOTORCITY  68 Studios & 44 1 B/R apartments ready-to-move-in with a payment in 2-4 cheques  Generously-sized units with basement storage  Well-maintained & managed by the AWARD WINNING ISO 9001:2008 CERTIFIED Harbor Real Estate Property Management team BARTON HOUSE,MOTORCITY LUXURY STUDIO & 1 B/R APARTMENTS RENT prices start from AED 57,000 for STUDIO & AED 82,000 for 1 B/R Dreaming of coming home to serenity at the end of each day? Barton House is just the place for you. Lead a wholesome, unhurried urban lifestyle … close enough to the city, away from the noise.
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    DESIGNING IT RIGHT! W ithforecasts of around 250 hotels, equalling around 80,000 rooms, including hotel apartments, shoot- ing out of the ground by 2020, there is plenty of room for architects and inte- rior designers to apply the latest trends in hospitality design. Expectations are that Dubai, which has welcomed 5.8 million visitors in the first half of this year, the highest figure ever for this yearly period, and they are staying a lit- tle longer than before averaging close to four days, will be welcoming 20 mil- lion by Dubai Expo 2020. “Our ambitious vision, means the opportunity is now, while the Expo is an important milestone on Dubai’s timeline, it certainly is not the end of a journey. We must offer visitors unri- valled long-term sustainable facilities and experiences, there are plenty more tourism projects in the pipeline for peo- ple to experience Dubai to keep com- ing back,” Issam Abdul Rahim Kazim, CEO of the Dubai Corporation for Tour- ism and Commerce Marketing, said at the Vision Conference, taking place recently in Dubai. To speed up develop- ment, Dubai’s Department for Tourism and Commerce Marketing (DTCM), is closely liaising with the hotel industry stakeholders to get things done, offer- ing incentives to build three and four stars faster, as well as working with Dubai Municipality to shorten the time for design approvals to as little as two months. “Just as important is to main- tain the high standards of hospitality for which Dubai has become known for, be it a luxury resort, three-star city, or a cosy boutique hotel, it’s the standard of services that will be remembered. Cheaper doesn’t mean lower standards but low cost-high quality hotels,” Issam emphasizes. “We need to continue to diversify the hotel sector, steps have already been taken to broaden the offering so we can match the full spec- trum of visitors, requirements, as well as tastes,” he adds. The design element This is where the hospitality design- ers come in, which are increasingly looking to social media to identify the trending tastes. “Social media has a big influence on design, everyone these days can write a review on the various booking sites and travel advisors. As a designer you should go through these web pages, look at the images of the Hospitality These are exciting times ahead for hotel designers in Dubai. By Nicole Walter/freelance writer Bulgari Hotels & Resorts Dubai Artist Impression October 2014 Issue -23 /// 39 propertyonline.ae
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    REGISTER FOR NEW LAUNCHES +97152 88 66 288 T:04 395 75 45 F:04 395 75 46 www.candourproperty.com info@candourproperty.com hotels people prefer when you’re going to develop a similar kind of product. Checking out the look of the building, interior design and so on is one of the key things to do,” says Bart Ledercq, Head of Structures Design at WSP. Chris Brown, VP and Practice Leader at HOK, wasn’t too sure if social media changed the firm’s design ideas. “In terms of driv- ing the design forward we do engage with social media before the open- ing but I am not convinced if it alters how we design,” he says, adding that Facebook for example may be a great place to seek out hotels but the danger was that once arrived guests, with their nose stuck in the virtual world, wouldn’t take the place in. “You rather engage in the design of a unique experience,” he explains, citing the trend to have large lobbies, which integrate the traditional reception, business centre etc. into one open shared space. “We are redesigning public spaces, where people can engage. Fully inte- grated technology distracts the guest. Our aim is to engage them in the expe- rience instead of living virtually. We want people to take in their surround- ings, and at the same time not have too many things to confuse guests,” Chris describes. Karim Benkirane, Head – Design & Development at Meraas Holding would concur that the future trend is about transformational space. “We don’t just have a lobby but a whole raft of other spaces, millennium travel- lers look for something more like their own living room, where everything is integrated instead of different spaces,” he says. “From a developer’s perspective it is more efficient, as well. The hotel becomes a smaller building increasing the revenue per room. In terms of archi- tecture we look for authentic, tangible and honest design in which we’re using local and regional materials, much more earthy,” Karim adds. Influx of more brands Chris says more tailored brands are coming to the market these days. “They have more of a timeless classic look, less extravagance, as well as seamless “Our ambitious vision, means the opportunity is now, whilst the Expo is an important milestone on Dubai’s timeline it certainly is not the end of a journey. We must offer visitors unrivalled long- term sustainable facilities and experiences, there are plenty more tourism projects in the pipeline for people to experience Dubai to keep coming back,” Issam Abdul- Rahim Kazim, CEO , Dubai Corporation for Tourism and Commerce Marketing Hospitality Burj Al Arab, Dubai October 2014 Issue -23 /// 41 propertyonline.ae
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    integration instead ofa dynamic ten- sion between the interior and exterior designs,” he explains. Meraas is bringing the first Bulgari Hotel in a contemporary stylish design to Dubai. Karim reckons there is some confusion when it comes to what the words luxury and opulence actually mean. “The trend in Asia for example is barefoot luxury, you don't see that yet in Dubai but you will see more of that in the coming years,” he highlights. Bart points to another trend, bou- tique hotels to address the need for more bespoke experiences, as well as increasing requests to design three- and-four star hotels. “Emaar is develop- ing the Dubai Inns and there are more ibis hotels under development. We also see a lot of refurbishment happening, now after ten years of operation many are ready for a makeover. The way people want hotels to look like is ever changing,” he adds. The increase in appetite to develop mid-market hotels has been confirmed by DTCM, which has received 51 applications from hotel developers since the start of this year for its incentive initiative, which waves the 10% municipality fee for several years for this type of hotel. At the other end of the scale are the iconic hotels. Ledercq believes architecture is crucial here to make them stand out. “They attract a lot of people, the very first step is to get them into the doors so the design of the building needs to be iconic. From the moment they enter the lobby its up “Emaar is developing the Dubai Inns and there are more ibis hotels under development. We also see a lot of refurbishment happening, now after ten years of operation many are ready for a makeover.'' Bart Ledercq, Head of Structures Design, WSP Hospitality Atlantis, Dubai October 2014 Issue -23 /// 42 propertyonline.ae
  • 43.
    to the operatorto provide the experi- ence. Therefore the operator needs to be involved in the design process, so we can take the brand and guest expe- rience into consideration when design- ing,” he explains. Karim concurs: “The iconic nature of a hotel means that the Bulgari for example needs to differentiate itself from the other iconic hotels Armani, Burj al Arab etc. the design is not the sole driver, but repeat market is gained through bespoke customer service.” Chris alerts to some complications with design quirks when developers try and make their hotels stand out physically. “Operators need to make the room matrix work. For example, we are in discussions with operators on a hotel, which has slight curves, the rooms, which drive rates cannot be forgotten. You have to clearly understand what your clients want, so there is no discon- nect between design and operation,” he says. HOK would also carry out specific market studies, such as for the F&B outlets. “Restaurants are seen as desti- nations in itself these days,” Chris says. Marcos Cain Director & Founder at Stickman Design is calling for this kind of synergy between food and design. “Large operators’ brand guidelines are becoming a little bit archaic and could be reviewed, there is a lot more we could do. For example we looked at a herb garden feature growing under lights but were told we aren’t farmers,” he describes. Standing out from the rest Differentiation, with so many new hotels coming up, is the name of the game to stay competitive, and create a cityscape, which visitors can admire. “Around 250 hotels are needed, so if we all start to do the same thing it won’t be interesting anymore. It is the enormous variety of themes we have on offer at the moment, with all the different archi- tectural firms envisioning what hos- pitality projects should look like, that spices things up. We should encourage this diversity,” remarks Bart. While it was important to find a way to connect with a place in some shape or form, Benkirane doesn’t believe everything had to mimic traditional Arabic architecture. “We can’t transform all developments to look like the Al Qasr Fort, there are other ways of bringing local culture into the resorts or hotels,” he says. HOK is currently working on the Msheireb Downtown Doha proj- ect. Chris highlights that it was about a well thought through contemporary interpretation of the ‘old’. “We have to work harder to integrate historical precedence and modern aspects, pro- ducing a contemporary interpretation of existing Qatari architecture, rather than a paper idea on what a culturally relevant building is, such as simply adding an arch here and a mashrabiya there. Developers need to challenge architects to get the design idea right,” he concludes. Hospitality “In terms of driving the design forward we do engage with social media before the opening but I am not convinced if it alters how we design.” Chris Brown, VP and Practice Leader, HOK. Address Downtown, Dubai October 2014 Issue -23 /// 43 propertyonline.ae
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    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 Follow us on: NOW OPEN
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    Column Jitheesh Thilak BA, LLB(Hons). LLM (Int. Economic Law) Solicitor (England & Wales), Advocate (Supreme Court of India) e: jthilak@gmail.com T he American Hotel & Lodging Association (AHLA) issued the new 11th edition of the Uniform System of Accounts for the Lodg- ing Industry (“Uniform System” or “USALI”) in July 2014. The edition reflects the first time that ownership interests were included in the Financial Management Committee that previously com- prised only operators, industry consultants, CPAs and educators. This article addresses what owners and operators need to evaluate to understand the impact of the 11th edition on manager fees and performance tests. It is considered to be the guide for hotel owners, managers and other interested parties for report- ing and presenting their property’s financial state- ments. The standardization established by this sys- tem permits internal and external users of financial statements to compare the financial position and operational performance of a particular property with similar types of properties in the lodging industry. The 11th Edition was published to keep up with changes brought by recent updates to generally accepted accounting principles in the United States of America (US GAAP), and to Interna- tional Financial Reporting Standards (IFRS). It also addresses new technology-related items and developments and new terminologies used in the industry. Some of the significant changes are as follows: 1. Hotel Operating Revenues- It requires that hotel operating revenues should only consist of revenues that are controlled or directed by hotel operations. In the past, revenues earned from commercial leases, even if not directly associated with the operation of the hotel and not managed or main- tained by hotel operator, were reported as part of rentals and other income. It requires that such items, which include among others, billboards or cell towers, be recorded as part of Non-Oper- ating Income and Expenses, a line item below Gross Operating Profit, and which was previously CHANGES IN THE UNIFORM SYSTEM OF ACCOUNTS referred to as Fixed Charges. The term rentals and other income were also changed to Miscellaneous Income. 2. Service Charges- A service charge is a mandatory amount billed to a guest’s or customer’s account for which the guest or the customer has no discretion as to payment, the amount of the charge, or its distribution to employees. Service charges must be accounted for as revenue and any corresponding payment of service charge to employees is treated as a wage expense. Although the previous edition of the Uniform System addressed the accounting for service charges in the Food & Beverage depart- ment, it did not address similar or sometimes related charges in other operated departments. The 11th Edition has addressed service charges on each oper- ated department and has included this on all oper- ated departments for consistency. 3. Information and Telecommunication Systems- A new line item referred to as Information and Tele- communication Systems was added, which should include administrative and complimentary phone and internet connectivity costs, and other telecom- munications-related expenses. System costs which were previously reported on specific departments should now be reported as part of Information and Telecommunication Systems. Among other various costs, system costs include the cost for point-of-sale reservation systems, accounting and property man- agement system licenses and maintenance, and related fees. The changes related to the creation of the Information and Telecommunication Systems line item has the most impact. Careful evaluation and analysis should be made for Information and Telecommunication Systems related costs to ensure compliance with the 11th Edition. 4. Non-Operating Income and Expenses- In addition to moving revenues from billboards, cell towers, etc. into this subsection, the 11th Edition requires owner-directed expenses that are not associated with hotel operations (e.g., asset management fees, receiver fees, owner directed market studies or audits) to be charged to Other, a line item within Non-Operating Income and Expenses. 5. Gross Versus Net Reporting- An entire section in the 11th Edition was added addressing the accounting for certain revenues as either gross or as net. Management must determine whether the hotel is acting as an agent or as a principal and to review various indicators. Some of the indicators which dictate reporting revenues either at gross or at net include agreements between the hotel and the supplier in addition to the standards of service and prices charged to the guest, as well as who assumes the risk of collection. The determination to report revenue on a net or gross basis further influences the classification of a revenue source as Miscellaneous Income or an Other Operated Department. 6. Mixed-Ownership Lodging Facilities- Over the past few years, existing hotel properties were built or converted into residential units, in essence, created mixed-ownership entities like time shares, rental pool arrangements etc. The operation of the mixed use projects does not in and of itself qualify the reve- nuestreamtoberecordedintheroomsdepartment. The Management should first consider whether the arrangement should be reported as gross or net, once the revenue treatment is determined, the party who bears the predominant economic risks, whether short term or long term risk has to be con- sidered as well. The consideration of such dictates the accounting for the various expenses incurred by the property to rent and service the units, such as labour cost and related expenses and operating expenses. 7. Rent for Staff Accommodation - Payroll cost will no longer have the cost of accommodation. How- ever the amount paid as allowance would still be shown as accommodation allowance in the Salary and wages section. Added clarification that rent of buildings used for employee housing should be included herein. However, rent reimbursement to employees and the cost of operating employee housing is a Payroll Related Benefit. Due to the standardization provided by the USALI, most, if not all, mortgage/loan agreements, fran- chiseagreementsandhotelmanagementcontracts contain specific provisions that require hotel owners and operators to prepare their financial statements in conformity with the Uniform System. Changes required by the Uniform System may also affect the basis for management incentive compensation amounts which are based on departmental results. Therefore, it is important that the hotel owners become knowledgeable of the changes as soon as possible. Although the 11th Edition is not effective until January 1, 2015, hotel owners and operators should start evaluating the potential impact of the changes required by the 11th Edition. Hospitality October 2014 Issue -23 /// 45 propertyonline.ae
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    COMMUNITYSPECIALIST PALM JUMEIRAH S PE C I A L I S T Dorothy Biro +971 56 1053655 Dorothy@aquaproperties.com BRN : 29200 Antonina Turdalieva +971 55 4226575 Antonina@aquaproperties.com BRN : 28442 Tel +971 4 3882220 | www.aquaproperties.com J U M E I R A H Z A B E E L S A R AY  4 & 5 B E D V I L L A  A R E A S Q F T 6 , 3 4 7 - 7, 0 8 7  F U L LY F U R N I S H E D | S E A V I E W S t a r t i n g @ A E D 2 6 , 0 0 0 , 0 0 0 D R E A M PA L M R E S I D E N C E  4 B E D V I L L A  A R E A S Q F T 7, 6 8 3  SEA VIEW | PRIVATE POOL & GARDEN A E D 2 5 , 0 0 0 , 0 0 0 VICEROY HOTEL 4 BED VILLA AREA SQ FT 3 , 2 6 9 PRIVATE POOL, TERRACE & GARDEN AED 12,812,500 FAIRMONT RESIDENCE 2 BED + M A I D A PA R T M E N T AREA 1 , 8 2 0 | T Y P E E SEA VIEW AED 4,800,000 G O L D E N M I L E  1 B E D A PA R T M E N T  A R E A S Q F T 1 , 3 5 0 | T Y P E F  C O M M U N I T Y V I E W A E D 2 , 2 0 0 , 0 0 0 T I A R A A Q U A M A R I N E  1 B E D A PA R T M E N T  A R E A S Q F T 1 , 3 5 9 | T Y P E F  P O O L V I E W A E D 2 , 3 0 1 , 5 5 5 M A R I N A R E S I D E N C E  1 B E D A PA R T M E N T  AREA SQ FT 1 , 0 7 1 | R E N T E D  C O M M U N I T Y V I E W A E D 1 , 7 0 0 , 0 0 0 SHORELINE APARTMENTS - AL ANBARA  2 B E D + M A I D A PA R T M E N T  A R E A S Q F T 1 , 6 4 6  PA R T I A L S E A V I E W A E D 2 , 6 5 0 , 0 0 0
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    COMMUNITYSPECIALIST JUMEIRAH VILLAGE S PE C I A L I S T Teddy (Brn: 25252) - Agent Jumeirah Village +971 567295059 ah@spfrealty.com P L O T : G + 1  A R E A S Q F T : B U A . 4 4 0 0  N O R M A L V I E W A E D : 2 7 5 A E D P E R S Q . F P L O T : G + 4  AREA SQFT: BUA 67,000 PLOT.24000  V I E W : PA R K A E D : 1 8 0 A E D P E . F T VILLA : INDEPENDENT MEDITERRANEAN STYLE 2BEDS+MAID AREA SQ FT:2690 PLOT.2690 COMMUNITY AED 3,000,000 V I L L A : A R A B I C S T Y L E  4 B E D S  A R E A S Q F T : 3 7 1 8  V I E W : C O M M U N I T Y A E D 4 ,1 0 0 , 0 0 0 V I L L A : M E D I T E R R A N E A N S T Y L E  4 B E D S  A R E A S Q . F T : 3 1 7 5  V I E W : C O M M U N I T Y A E D 3 , 5 0 0 , 0 0 0 V I L L A : A R A B I C S T Y L E  2 B E D S + M A I D  A R E A S Q . F T : 2 6 9 0 P L O T 74 0 0  V I E W : C O M M U N I T Y A E D 3 , 2 0 0 , 0 0 0 T O W N H O U S E  2 B E D S  A R E A S Q . F T : 2 9 9 2  C O M M U N I T Y A E D 2 , 7 0 0 , 0 0 0 T O W N H O U S E  1 B E D  A R E A S Q . F T : 1 6 3 6  C O M M U N I T Y A E D 1 , 6 5 0 , 0 0 0 Tel +971 4 3396222 | www.spfrealty.com
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    S P EC I A L I S T THE LAKES Cornelia Gould - Client Manager +971 56 115 9043 | cornelia@exclusive-links.com BRN. 26800 Christina Steinhoff -Client Manager +971 50 768 0533 | christina@exclusive-links.com BRN: 29137 COMMUNITYSPECIALIST Tel +971 4 422 5750 | www.exclusive-links.com DEEMA TYPE 4 4 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 7000, BUA 3,703  VIEW: PARK & POOL AED 6.45 MILLION GHADEER TYPE 1E 3 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 6,800, BUA 3,105 VIEW: PARK & POOL AED 5 MILLION GHADEER – TYPE 3M 3 BEDS + STUDY AREA SQ.FT: PLOT 3,122 BUA 2,485 VIEWS: COMMUNITY AED 4 MILLION MAEEN TYPE C END UNIT (EXTENDED) 3 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 4,200 BUA 3000 VIEW: PARK & POOL AED 4.2 MILLION DEEMA TYPE 5 3 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 4,921 BUA 3,628 VIEWS: PARK & POOL AED 5.65 MILLION DEEMA TYPE 2 CORNER 4 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 6,200 BUA 4,019 VIEW: PARK & POOL AED 6.8 MILLION GHADEER TYPE 2E 3 BEDS + STUDY & MAIDS AREA SQ.FT: PLOT 5,600 BUA 2,788 VIEW: PARK & POOL AED 4.9 MILLION MAEEN TYPE 17 4 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 6,500 BUA 3,950 VIEWS: COMMUNITY AED 6.5 MILLION ZULAL TYPE C MIDDLE 3 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 3,200 BUA 2,552 VIEW: COMMUNITY AED 3.7 MILLION DEEMA TYPE 4 4 BEDS + MAIDS & STUDY AREA SQ.FT: PLOT 5,190 BUA 3,703 VIEW: PARK & POOL AED 5.85 MILLION
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    JUMEIRAH PARK S PE C I A L I S T Adam Mahdoul Jumeirah Park Specialist +971 55 139 9866 | adam@pennington.ae LEGACY 3-BED APARTMENT AREA: 3,500 SQ. FT. MAID’S ROOM AED: 4,700,000 (PN-S-1485) LEGACY 4-BED APARTMENT AREA: 4,335 SQ. FT. MAID’S ROOM AED: 5,900,000 (PN-S-1502) LEGACY SMALL 3-BED APARTMENT AREA: 3,063 SQ. FT. PRIVATE SWIMMING POOL AED: 4,000,000 (PN-S-1488) REGIONAL 4-BED APARTMENT AREA: 3,500 SQ. FT. MAID’S ROOM AED: 5,850,000 (PN-S-1520) JUMEIRAH PARK 3-BED APARTMENT AREA: 3,527 SQ. FT. MAID’S ROOM AED: 3,900,000 (PN-S-1523) LEGACY SMALL 3-BED APARTMENT AREA: 3,063 SQ. FT. HUGE LIVING ROOM AED: 220,000 (PN-R-1514) REGIONAL SMALL 3-BED APARTMENT AREA: 3,063 SQ. FT. BRIGHT WALLS & INTERIORS AED: 220,000 (PN-R-1513) LEGACY 4-BED APARTMENT AREA: 4,335 SQ. FT. HUGE LIVING ROOM AED: 305,000 (PN-R-1517) LEGACY LARGE 3-BED APARTMENT AREA: 3,500 SQ. FT. PRIVATE SWIMMING POOL AED: 260,000 (PN-R-1510) Tel +971 4 4537375 | www.pennington.ae info@pennington.ae | ORN No. 12512 COMMUNITYSPECIALIST FOR SALE FOR RENT
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    COMMUNITYSPECIALIST Talha (RERA ID– 28747) +971 55 6431582 | talha@snsprop.com BUSINESS BAY S P E C I A L I S T Tel +971 4 395 7593 | www.snsprop.com SNSPROPERTIES RESIDENTIAL EXECUTIVE TOWERS TYPE: 1BR, 2BR, 3BR & 4BR AREA SQ.FT: 1288 ONWARDS AED 1200/ SQFT ONWARDS EXECUTIVE BAY TYPE: 2BR (FULLY FURNISHED) AREA SQ.FT: 1020 AED 1,725,000 EXECUTIVE BAY TYPE: STUDIO AREA SQ.FT: 483 AED 750,000 AED COMMERCIAL BAY SQUARE TYPE: OFFICE AREA SQ.FT: 1579-4466 TYPE: OFFICE AED 1150/SQFT ONWARDS BAYSWATER TYPE: OFFICE AREA SQ.FT: 750 AED 1,050,000 EMPIRE HEIGHTS (FULL FLOOR) TYPE: OFFICE AREA SQ.FT: 10,305 AED 940/ SQFT PLOTS WE HAVE THE WIDEST VARIETY OF PLOTS (MIXED USE, RESIDEN- TIAL, COMMERCIAL) ON THE LAKE AND MEYDAN FACING.
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    COMMUNITYSPECIALIST OLYMPIC PARK 1 BED AREASQ.FT: 987  VIEW: GOLF COURSE AED 1,100,000 | RENTED ROYALE RESIDENCE 1 2 BEDS AREA SQ.FT: 2052 Duplex VIEW: FULL GOLF COURSE AED 1,650,00 | VACANT ROYALE RESIDENCE 1 2 BEDS AREA SQ.FT: 1503 VIEWS: FULL GOLF COURSE AED 1,352,700 | VACANT GOLF VIEW RESIDENCE 1 BED AREA SQ.FT: 900 VIEW: GOLF COURSE + EMIRATES ROAD AED 1,250,000 | RENTED ROYALE RESIDENCE 1 1 BED AREA SQ.FT: 1040 VIEW:SWIMMING POOL AED 832,000 | VACANT ROYALE RESIDENCE 1 2 BEDS AREA SQ.FT: 1502 VIEWS: GOLF COURSE, COMMUNITY AED 1,201,536 | VACANT CHAMPION TOWER 3 BEDS AREA SQ.FT: 1500 VIEW: COMMUNITY VIEW AED 1,400,000 | HANOVER AFTER A MONTH Tel +971 4 430 8902 | www.castlesplaza.com pawittar@castlesplaza.com S P E C I A L I S T SPORTS CITY RERA # 203 Pavi (BRN 9821) - Agent Sports city +971 50 30 66767
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    Real Properties fromReal Estate Agents REAL ESTATE Prestigious Villas for Sale Astunning5bedroom,plusstudy,villainEmiratesHills benefitting from a fantastic location facing the lake. With a built up area of approximately 9,500 sq. ft., this family home offers modern living with 3 reception areas and dining room. Downstairs there is also a separate kitchen, a maid’s room, storage, a powder room plus guest bedroom with en-suite. Upstairs boasts four en-suite bedrooms, a study also with en-suite as well as a good-size family area. The garden is tastefully landscaped with a large heated/chilled pool. The pool includes water features plus 2 separate seating areas, one with a bar. This property also has 2 additional staff quarters outside of the property. Emirates Hills E Sector 5 Bedrooms Plot: 21,000 sq. ft. Fully Furnished AED 35,500,000/- Mohamad 0509034245 BRN. 6240 LAKEVIE W This villa offers an abundance of space, natural light and elegant finishing.Offeringover7,000sq.ft.oflivingspaceandanalmost 14,000 sq. ft. plot size this is an exceptional 6 bedroom family home, in immaculate condition. There is an opportunity to purchase the villa fully furnished, making it the perfect turn-key solution for the right buyer. All the marble flooring, wood work, lighting and cabinets have been polished, revelled, re-stained and are all in perfect order. The interior design includes antique furniture, lighting and remote operated curtains and blinds. The kitchen has been upgraded to offer a contemporary finish with allthemod-cons. Palm Jumeirah GalleryView SignatureVilla 6 Bedrooms Plot: 13,400 sq. ft. approx. StunningSeaandBurjAlArabviews AED 34,000,000/- Sammi 0506728766 BRN. 7256 This6bedroomstunningvillaisspreadover3floors,eachwith its own balcony or terrace. A sprawling courtyard entrance adds to the grandeur of the property. On entering you will be welcomed by a huge open plan living and dining area. A superbly equipped kitchen will offer you all the room you need for culinary entertaining. The bedrooms are well presented with fitted wardrobes and en-suite bathrooms. The large terrace on the third floor, offers a great alternative for an entertainment area. The landscaped gardens make way for a generous swimming pool, with Jacuzzi, coupled with the sublime vista of Emirates Golf Course and the imposing Dubai skyline in the background. This is truly a property with a view. The Lakes Hattan L2 6 Bedrooms Plot: 12,400 sq. ft. Golf course view AED 18,999,955/- Alastair 055 106 6926 BRN. 23169 SK YLINE VI EW U PGRADED GENERALLISTINGS
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    ORN: 936 REAL ESTATE ForSales and Rental Enquiries 04 306 9999 www.espace.ae Exclusive with Espace One of the most unique and spectacular homes in the whole ofTheMeadowscommunity.Locatedonalargerthanaverage plot of approximately 12,000 sq. ft., this excellent family home comprises 5 bedrooms plus maids room and study as well as a swimming pool and outdoor area with breathtaking panoramic views across the lake. This is genuinely one of the best and longest lake views available in Dubai and at over half a kilometer, this is a view only available to a few villas. The property boasts a double garage to the left with a large landscaped driveway leading to the front door. Upon entering the villa, you will notice the fantastic finishing throughout, including dark wood flooring and paneling. Immediately to the right is a large bedroom with en-suite, and if you look at floor plans for other L1's you will see the connecting patio area. Meadows Hattan L1 5 Bedrooms Plot: 12,000 sq. ft. Close to park & pool AED 13,500,000/- John 0527742223 BRN. 25393 LAKEVIE W SetonaquietedgeoftheRanchesGolfCourse,thisluxuryvilla is also positioned at the end of the cul de sac of the avenue, guaranteeinglittletraffic.Thevisualappealofthehighvaulted living room ceilings is significant and with it the palpable cooling effect of the open space. The Type 17 enjoys; 5 bedrooms, one of which is a spacious downstairs guest bedroom with adjacent bathroom, perfect for elderly family members who come to stay or easily transformable into a private study. This villa is nestled on a comfortable, well aired, plot of almost 8,200 sq. ft. with a beautiful private pool enjoying great privacy. Arabian Ranches MiradorLaColeccion–Type17 5 Bedrooms Plot: 8,200 sq. ft. Cape reed pergola AED 6,750,000/- Patrick 050 940 0865 BRN. 8810 Thisvillaismeticulouslymaintainedwithintheprestigiousand most desired Springs 2 community. The property offers 3 bedrooms, a contemporary kitchen and double parking. The main floor has a spacious living area with access to the yard and enjoys natural lighting. This villa has been well kept and offers an ideal location in the upper Springs. It offers 2,455 sq.ft. of luxury Dubai living. Make use of a landscaped garden that is perfect for entertaining. The villa is conveniently located close to pool and park and also offers easy access to all the amenities customary to this well-established area. Springs 2 Type 3M 3 Bedrooms Plot: 2,778 sq. ft. Near park & pool AED 3,250,000/- Andre 0553955288 BRN. 29164 P RIMELOCAT ION GOL FCOURSEVIE W
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    Dubai's Boutique Agency GENERALLISTINGS Offeredfor sale is this luxury 5 bedroom brand new family villa located at Sienna Lakes, Jumeirah Golf Estates. The development nestles on the edge of the 18 hole Fire golf course and offers spectacular lake and golf course views. Sienna Lakes offers only 68 exclusive luxury villas offering 4,5 and 6 bedrooms of exceptionally high specification including Versace floor tiling, Poggenpohl kitchens with fitted Miele appliances, burglar alarm, fire alarm and CCTV are all standard. All villas come with private pools and fully landscaped gardens as standard and these delightful homes are ready to move into straight away. We proudly offer this lovely key ready Sonoma villa described as follows: Basement : Suitable for gymnasium or home cinema Ground floor with a guest bedroom and en-suite , large family room with access to the outside courtyard , dining area, separate living room with views to the rear of the property and golf and lake, kitchen with Poggenpohl fitted kitchen, Miele appliances throughout with central island cooking station, laundry room with Miele washer and dryer. First floor offers a further 4 good sized bedroom including master suite with dressing room, en-suite and balcony overlooking the courtyard. A further three bedrooms all en-suite with bedroom 3 offering small adjoining room ideal for small study or further dressing area. All bedrooms are fitted with high quality wardrobes. High specification floor tiling and wooden flooring throughout the villa, plus carpets to the dressing room areas. Externally there is a two car garage with electric up and over doors, off road parking, external entrance to maids room, private swimming pool to the rear with views overlooking the lake and golf course of the Fire Course in Jumeirah Golf Estates. Selling Price: AED 11.5M net *Mortgages are available on this property PAUL BENNETT (BRN 29192) +971 55 417 1195 paul.b@pbredubai.com Jumeirah Golf Estates
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    info@pbredubai.com | www.pbredubai.com Valencia,Lime Tree Valley 5 Bed | Lake and Park View | AED 12,000,000 Tarragona, Lime Tree Valley 6 Bed | Lake Views | AED 12,500,000 Sienna, Sienna Lakes 5 Bed | Golf Views | AED 13,500,000 Mirabella, Sienna Lakes 5 Bed | Community Views | AED 11,950,000 Granada, Lime Tree Valley 5 Bed | Golf Views | AED 10,100,000 Plots for Sale Golf Views | AED 3,875,000 Almeria, Lime Tree Valley 4 Bed | Golf Views | AED 7,700,000 Girona, Lime Tree Valley 5 Bed | Landscape Views | AED 8,800,000 +971 4 442 5434 | ORN 11959
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    CONCEPT FRENCH RIVIERA APARTMENTSWITH 1, 2 & 3 BEDS LOCATION - JVC THE NEW CENTRE OF DUBAI DEVELOPERS WITH A HAUTE DESIGN CULTURE Developer montecarloresidences.com 800773S P F t o l l f r e e (ORN: 1021) RUSTIC GLAMOUR PORTO FINO REAL ESTATE DEVELOPMENT INTRODUCES THE FIRST OF IT’S SERIES OF DEVELOPMENTS, DESIGNED AND INSPIRED BY THE MEDITERRANEAN COAST. MONTE CARLO, KNOWN FOR IT’S CHIC TASTE AND FINE LIVING IS NOW ACCESSIBLE THROUGH THE DESIGN OF THIS TRIPLE BAND FAÇADE, ADORNED WITH STRIATIONS OF GLISTENING GLASS, TEXTURED STONE, AND ORNAMETAL BOUGAINVILLEA. THE DEVELOPMENT TRANSPORTS YOU FROM SOFT, LIGHT TONES TO WARM, DEEPER HUES. TEXTURES AND COLOURS OF MATERIALS HAVE BEEN CAREFULLY SELECTED TO DELIVER AN ENVIRONMENT OF GLAMOUR, WHILE ENHANCING PEACE AND SERENITY. STARTING AT WITH 30/70 PAYMENT PLAN* *Only For 2 and 3 Bedroom Units COMPLETION SEPTEMBER 2015 AED 872,355/- CONSTRUCTION STARTED
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    +971 4 3882220 aquaproperties.com RERAORN # 303 Suite 1601, Boulevard Plaza Tower 1, Burj Khalifa District, Dubai facebook.com/aquaproperties ARABIAN RANCHES MIRADOR LA COLLECCION TYPE 14 4 BED+MAID, 5 BATHS, WELL PLANNED, 3,809 SQ.FT. BUA & 7,400 SQ.FT. PLOT, VACANT, MOVE IN TODAY AED 5,400,000/- Johnny (BRN 31388) 056 6967268 CULTURE VILLAGE D1 TOWER MOST DEMANDED LAYOUT "01" 3 BED+ MAID, 2,018 SQ.FT. FULL CREEK & WATER VIEWS AED 5,250,000/- Dorothy (BRN 29200) 056 1053655 DUBAILAND THE VILLA - MAZAYA TYPE A1 5 BED+MAID, 3,600 SQ.FT. BUA, 6,000 SQ.FT. LANDSCAPED PLOT, HIGHLY SOUGHT AFTER LOCATION AED 3,850,000/- Khusro (BRN 27523) 055 8992429 DUBAI MARINA MAG 218 SPACIOUS 1,558 SQ.FT. 2 BED APT, 2.5 BATHS + FULL VIEWS, POOL FACILITIES & TRAM STOP AT DOORSTEP AED 2,400,000/- Sofiene (BRN 31373) 056 7559188 DOWNTOWN BURJ VIEWS TOWER A 789 SQ.FT. 1 BED + 1.5 BATHS, POOL, GREAT FACILITIES & SHOPPING, PARTIAL FOUNTAIN & B.BAY VIEWS AED 1,625,000/- Yasmine(BRN 28107) 050 3544377 DUBAI SILICON OASIS LA VISTA 1 725 SQ.FT. 1 BED APT, 1.5 BATHS, POOL & PARKING FACILITIES GREAT INVESTOR DEAL AED 695,000/- Abdul Razak (BRN 28441) 050 3048467 Contact us for multiple listings in your area of choice for sale and rent, or list your properties by emailing us at info@aquaproperties.com You can also subscribe to receive information via email for our upcoming developments in strategic locations launching soon! 1,2,3 & 4 BEDROOMS SIMPLEX AND DUPLEX PRESTIGE PROPERTY IN A GATED COMMUNITY FREEHOLD APARTMENTS AVAILABLE FOR SALE FEW UNITS REM AINING OLGANA TOWER - AL SUFOUH UNRIVALED PAYMENT PLAN 5% BOOKING 5% 30 DAYS 40% CONSTRUCTION LINKED MILESTONES 10% ON COMPLETION 40% PAYABLE IN 2 YEARS AFTER POSSESSION STUNNING VIEWS OF PALM JUMEIRAH, THE ARABIAN GULF & BURJ AL ARAB ESCROW NO. : 001582348323101 PROJECT NO : 138 DEVELOPER : ABYAAR REAL ESTATE DEVELOPMENT BEST OFF PLAN OPPORTUNITY JVC BEAUTIFULLY FINISHED STUDIO, 1 & 2 BEDROOM APARTMENTS OPTIMUM LOCATION EASY ACCESS TO AL KHAIL ROAD RESIDENCE AMENITIES & SERVICES CLUB HOUSE, SPA, FITNESS CENTER, POOL & JACUZZI CONSTRUCTION LINKED PAYMENT PLAN SELLING FAST INVEST NOW TO GAIN OVER 12% RENTAL RETURN STUDIO STARTING @ AED 362,000/- 1 BEDROOM STARTING @ AED 691,000/- 2 BEDROOM STARTING @ AED 1,418,000/- SERENITY LAKES - JVC ESCROW NO. : 0016204988951 PROJECT NO : 1555 DEVELOPER : GULF LAND PROPERTY DEVELOPERS LLC GENERALLISTINGS
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    Compiled by ReshmiRaveendran If you wish to be featured on this page, contact us at editor@propertyonline.ae FromOurReaders When did you land in this ‘Land of Dreams’ called Dubai? I was born here ... so all my life. I live in Sharjah. My favourite areas in Dubai are Jumeirah, Burj Khalifa and Dubai Mall. Where do you stay? Which are the top three places in Dubai you love to hang out in? Abdelkhaliq Abdalla - Emirati Head of Engineering and Development, Sharjah Airport Services When did you land in this ‘Land of Dreams’ called Dubai? I came to Dubai in May 2014. I am staying currently in Dubai Silicon Oasis. I usually go to the Dubai Mall area, Palm Jumeirah and Jumeirah Beach. Where do you stay? Which are the top three places in Dubai you love to hang out in? Akram Barhoush - Jordanian Admin and Finance Manager, Greenland Co. LLC When did you land in this ‘Land of Dreams’ called Dubai? In 2005, I came to Dubai looking for a job. I am now living in Al Nahda, Sharjah. I love greenery so I frequently visit Nad Al Sheba. I also love Downtown Dubai and Palm Jumeirah. Where do you stay? Which are the top three places in Dubai you love to hang out in? Santhosh Kumar - Indian Sales Manager, Al Zayan Auto Parts LLC READERS' PAGE October 2014 Issue -23 /// 66 propertyonline.ae
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    ONE Real Estate: Oasis Centre, Office 75, Al Quoz, Sheikh Zayed Road We Specialise in the following areas: OneRealEstateDubai @OneRealEST ORN: 12019 t 043883861 e info@one-re.com w www.one-re.com One Real Estate SALES SALES SALES LEASING LEASING LEASING PROPERTY EVALUATION PROPERTYEVALUATION INVESTMENT ADVICE INVESTMENTADVICE INVESTMENTADVICE àDOWNTOWN àOLD TOWN àDUBAI MARINA àARABIAN RANCHES àJUMERIAH PARK àJUMERIAH ISLANDS àTHE GREENS àPALM JUMERIAH àEMIRATES LIVING Experience exceence for your life One Dubai One Vision
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