Show villas in Mohammed Bin Rashid City District One nearing completion

Village situated in prime location in heart of Dubai

Meydan Sobha, the developer of Dh21 billion Mohammed Bin Rashid City-District One, said it is making rapid progress with the construction of its show village.

The Show village, which will act as a unique showcase of the development, is already approximately 80 per cent complete and when finished will comprise nine Show villas, a demonstration of the world-leading Crystal Lagoon feature, extensive landscaping and a bespoke sales centre.

District One is an exclusive residential destination situated in a prime location in the heart of Dubai, a mere 2.9 kilometres from the Burj Khalifa. The expansive development is just five minutes from the entertainment and financial centres of the city, but it will be one of the lowest density residential developments in any international city, with over 65 per cent of its 1,100 acres dedicated to open and green space.

Launched by Meydan Sobha, an equally owned joint venture between Meydan Group LLC and Sobha Developers Ltd, the project, which will be delivered in four phases, will be completed in approximately seven years.

The nine actual villas in the show village will offer buyers a preview of what their future life of luxury will look like as they will be identical in every respect to the homes that residents will be able to buy. One of the unique selling propositions of District One will be the world’s biggest manmade lagoon, which is being constructed by globally renowned Crystal Lagoons, and the Show Village will also include a portion of the actual lagoon built using the same technology.

Commenting on the development, Saeed Humaid Al Tayer, Chairman and CEO of Meydan Group said: “Mohammed Bin Rashid City-District One is poised to become a monumental destination in Dubai, offering a residential development in the heart of the city that is currently unique to anything else in the region. The development also includes various attraction points ranging from parks, man-made beaches and the largest Crystal lagoon in the world to sports fields with cycling tracks, an equestrian club and shopping & dinning promenade with an array of restaurants. With master planning, aesthetic design and build of the highest quality, the show villas’ completion provides customers with the ability to physically experience their future lifestyle in a true and meaningful manner.”

Prospective buyers in District One will have the option of distinct villa styles and a vast array of floor plans, ranging from four to eight bedrooms.  The project embodies a lifestyle that blends luxury with natural beauty and nouvelle residential.

“With a three-decade-long pedigree of developing and constructing lifestyle destinations, District One will be the jewel in Sobha’s crown,” said PNC Menon, Founder and Chairman of Sobha Group. “We expect to complete the nine villas by November. Our partnership with Meydan will enable us to deliver expertise, choice and quality to an entirely new community in the heart of Dubai.”

In addition to the stunning villas themselves and the vast lagoon, District One will also deliver a phenomenal range of features and activities including parks, manmade beaches, canals, water sports, and even an equestrian club with riding trails. The development will also feature a promenade with a wide selection of stores, restaurants, cafes, lively bistros and entertainment options.

Source: emirates247

Last day to save 2% on property transfer fees

Nakheel kept its doors open till midnight on Wednesday

Developers in Dubai witnessed an unprecedented rush when customers sought to get registration documents on Wednesday so that they can complete the entire process with the Dubai Land Department on Thursday (today), which is the last working day before transfer fees are hiked to 4 per cent from October 6 (Sunday).

Nakheel, a Dubai-based developer, kept its office open till midnight on Wednesday to provide customers with registration documents, as today (Thursday) is the last day for investors to save 2 per cent on transfer fees.

“We decided to keep our office open till midnight on Wednesday to meet the customers requests. The numbers swelled to almost eight to 10 times more than we usually get,” a company spokesperson told Emirates 24|7.

According to industry sources, Emaar Properties and Deyaar Development offices were flooded with customer requests.

As informed earlier, some registration trustees will also be keeping their offices open till 10 pm to allow investors to register their transfer today.

This website had earlier reported that developers were working extended hours to cope with customer rush, who are seeking no-objection certificates and registration documents to complete the transfer of their properties.

On Sunday, the total real estate transactions had touched Dh5.1 billion at the Dubai Land Department.

The new registration fee, effective October 6, covers all property transactions in the emirate of Dubai except for the industrial sector, including warehouses.

Dubai Land Department’s Director-General Sultan Butti bin Mejren said: “The move is aimed to stop quick transactions (flipping), which is unhealthy for the market and results in sudden price increases.

“The decision has come at the right time. The market has matured and investor confidence is growing. The move is not likely to have any negative impact.”

Source: emirates247

Dubai property owner pays Dh53,000 to buy JLT parking

Claims developer refused to issue NOC unless he bought parking space

A property owner has paid Dh53,000 to buy a parking space in a tower in the Jumeirah Lakes Towers (JLT) master community.

RB, who requested only his initials be used, told Emirates 24|7 that he paid Dh53,000 to buy a parking space in August to get a no-objection certificate (NOC) for the title deed from the developer.

“I tried to convince the developer to issue the NOC, but he insisted that I buy a parking space.”

In 2012, this website reported that a developer refused to issue a NOC to the owner unless he bought a parking space.

“I didn’t have Dh40,000 to buy a parking bay last year, but I decided to buy it now by taking a personal loan. The developer hiked the price by 32 per cent and did not negotiate,” RB said.

However, despite buying the parking space, the developer has still not issued him the NOC, RB claims.

“No reason has been given for the delay. I keep on following up with them, but they aren’t giving any concrete answer,” he claims.

Parking barriers

Dubai Multi-Commodities Centre (DMCC), master developer of JLT, commenced activation of parking barriers in September 2012 with 16 clusters now covered.

This website reported then that in an email sent to a JLT resident, DMCC said the centre was finalising a solution and would issue JLT parking permits for those who require additional parking spaces.

The centre states that parking barriers have been activated to ensure that those people who have purchased the right to exclusive use of parking garages can park their vehicles, sell or lease their spaces.

“Any owner or tenant who has not acquired parking rights is advised to contact their tower developer, owners association, or landlord as soon as possible to avoid any inconvenience.”

Currently, there are free visitor parking bays and street level parking spaces available across the community. DMCC has emphasised there are plenty of parking spaces available for residents, office workers and visitors.

Source: emirates247

Dubai property registration fee doubled to 4%

New property transactions fees structure to kick in from October 6; buyer, seller to pay 2% each

The Dubai Land Department (DLD) on Thursday announced the doubling of the property registration fee to 4 per cent from 2 per cent.

The new registration fees covers all property transactions in the emirate of Dubai except for the industrial sector, including warehouses.

The new fee structure will start to be implemented from October 6, 2013.

DLD Director-General Sultan Butti bin Mejren said: “The move is aimed to stop quick transactions (flipping) which are unhealthy for the market and result in sudden price increases. “The decision has come at the right time… the market has matured and investor confidence is growing. The move in not likely to have any negative impact.”

Mejren pointed out that 110 countries in the world had higher property registration rates than Dubai, citing United Kingdom, which charges 4-10 per cent, France 8 per cent and India 7.3 per cent.

As per the decree, the fee will be split 2 per cent each between the buyer and seller. Although the previous law did specify one per cent each for the seller and buyer, in practice the buyer always paid the two per cent.  Mortgage registration fees remain same at 0.25 per cent of the mortgage value to encourage end-users.

No rollback

Asked if the department would consider delaying the implementation, Mejren asserted in no way the decision would be rolled out.

“The mechanism to issue laws in Dubai has evolved. We took almost three months to finalise the decision and I was been reviewed by the financial and legal department and even by investors. The law has been issued and is being executed. There is no way it will be revised.” Although the government hopes to slow down the price rise and discourage flippers, some experts believe this will not discourage genuine buyers because the price increases are based on real demand in Dubai property and not flipping.

Transaction reach Dh162b

In the last week (Sept 15 to 19), DLD registered property transactions worth Dh1.2 billion apart from Dh990 million in mortgages, the highest recorded in the past 50 years, Mejren revealed, adding that in the first nine months of 2013, Dubai has registered transactions worth Dh162 billion compared to Dh90 billion same period last year. In 2012, total transaction reached Dh145 billion.

Revealing that the Dubai market was on an upswing, Knight Frank, UK-based global consultancy, said on Wednesday growing investor confidence has already led to price increases with villas witnessing price appreciation of 11.4 per cent and apartments rising 15.1 per cent since beginning of 2013.

The Wealth Report 2013, released earlier this year, has revealed Dubai as one of the most favoured ‘safe haven’ locations for global investors.

“There is a definite focus on quality by buyers, which is now recognised clearly by developers. With the resurgence of Dubai real estate has come a more acute awareness of trust, reputation and the ability of developers to deliver a high quality product,” the consultancy said.

Standard Chartered said earlier that Dubai’s property market is not heading towards another crash with market is more sustainable and influenced by an improved economy rather than speculation.

Source: emirates247