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Formula One World for Dubai

Middle Eastern development company Union Properties has signed an agreement with the Formula One Administration (FOA) team to build a US$360m (£206m, 301m euros) Formula One World theme park within the MotorCity area of Dubailand.

Developed by Union Properties in conjunction with FOA, the Dubai theme park will cover 5 million sq ft (465,000sq m).

The site will include a hotel and conference centres.

Combined with Sheikh Maktoum’s A1 GP motorsport series – it is seen as the next step towards Dubai hosting a future Formula One World Championship series.

The CEO of Formula One Administration, Bernie Ecclestone, said: “I have every confidence that Union Properties will deliver an outstanding development which F1 fans the world over will enjoy.” Details: www.up.ae

Prices and rentals rising again in good Dubai locations

After stalling in the first-half villa and apartment prices for completed units in the best locations are starting to rise again. And there is no let up to the runway rental increases which seem sure to top some official annual estimates of 30% in Dubai.

The Dubai real estate market seems to be surging ahead again, at least for completed properties. Anecdotal evidence points to annual price rises of 7-10% for apartments and villas in the most-favored locations, and agents report a shortage of supply.

The situation as regards off-plan sales is far more clouded. Some rumors in the marketplace suggest that off-plan sales by developers this autumn have fallen short of expectations. Certainly the pull-back on new launches suggests this market is not what it was in Dubai, and some re-sellers are struggling to find buyers.

Delays, one year or two?

However, delays to the completion of new units continue to exert pressure on the existing housing stock which has to accommodate more and more expatriates arriving in Dubai. Optimists reckon that in one year's time new housing supply will be sufficient to meet demand, but more cynical souls think two years may prove a more realistic estimate.

Everything is working against fast completion of projects: there are more labor disputes, traffic is holding up the delivery of building materials and construction costs are soaring.

This factor will make a big difference to rentals and also property prices. For the longer upward demand pressures remain in place then the higher rents and property prices will go. Indeed, the property price rises seen this autumn are very modest by comparison to the 25-50% rent rises in Dubai this year.

The fact that higher rentals make buying a more attractive option has not been lost on home buyers or investors. There is an ongoing conversion of tenants to home owners.

Property Law imminent

Two more factors working in favor of this conversion process are the likely imminent Dubai Property Law and greater competition in the local mortgage market.

The former will eliminate buyers' fears about the legality of ownership, while the latter should ensure that it becomes cheaper to own a home, and keep the lid on mortgage payments if US interest rates rise further.

For the doomsayers who have long predicted a crash for Dubai property, the day of reckoning is put back yet again, while those who bought early have made strong equity gains on their property and have saved a lot of those exorbitant rental payments.

The Palm Trump International Hotel and Tower will be the luxury centerpiece building of the Palm Golden Mile, located on the trunk of the Palm Jumeirah. Shaped like an opening tulip, the gold condo-apartment hotel will have five hundred 1, 2, and 3 bedroom apartments and penthouses, each with a sea view and access to five-star amenities.

The Palm Trump International Hotel and Tower will be a 50-storey building, rising 360 meters (1,181 feet) high. The development will also include a selection of high-end boutiques, fine dining, signature roof top restaurants, bars, swimming pools, and a luxurious spa and health club. The AED 1.46 billion (US$ 400 million) hotel will be the first joint venture between Al Nakheel and The Trump Organization, who's president and chairman is Donald Trump.

Construction on the Palm Trump Intl. Hotel and Tower will begin in early 2006

Donald's talks about the Palm Trump - MSNBC

Donald Trump has also secured the following brand and project names in Dubai :

Trump tower
Trump plaza
Trump international hotel & tower (the golden one on palm jumeirah)
Trump place
Trump grande ocean resort & residences (the world???)
Trump world tower
Trump palace
Mara-lago club
Trump international golf club estates at trump national golf club
The residences at trump national golf club
Trump park avenue (difc)
Trump island villas (the world)
Trump villas
Residences at trump tower
Trump international beach club

Post Edited (yellow_bird) : 10/24/2005 9:46:31 PM GMT

The Dubai Mall, developed by Emaar Properties and due for completion in September 2007, has 3.8 million square feet of retail space over four levels and will be home to over 1200 stores. The mall will feature in excess of 150 food and beverage outlets ranging from fast food through to waterfront fine dining.

Since winning the contract for The Dubai Mall, Future Food has set up a local office in Dubai and commenced defining the food & beverage strategy to meet the demands for innovation and exceed global best practice for a mall environment.

Future Food is responsible for determining the overall food & beverage strategy for the mall, master planning food precincts and recommending concepts and operators in order to give the mall a unique point of difference in the local market and status on the world scene.

Special consideration will be given to the way in which food is executed, with an emphasis on generating genuine customer 'experiences' and alignment of the broader retail statements and mall entertainment to the food & beverage offer.

The Mall has a number of other special features, most notably its position adjacent to the Burj Dubai Tower, which when complete will be the tallest in the world, together with world's first indoor/outdoor active lifestyle precinct with a retractable roof, an Olympic size ice rink and a 51m long Aquarium with walk through tunnel.

ARMANI to Design Dubai Luxury Hotels

Giorgio Armani's sense of style will soon be gracing luxury hotels in the desert hub of Dubai, including one in the world's tallest building, currently under construction, the local press reported.

The Italian fashion designer's vision will be seen in the interiors and amenities of seven hotels and three resorts in Dubai, a one billion dollar project being handled by Dubai-based developer EMAAR Properties.

Armani himself is expected to oversee all fashion aspects of the hotels and resorts under a deal signed with EMAAR.

Post Edited (yellow_bird) : 10/24/2005 10:06:27 PM GMT

VERSACE to Design Dubai Luxury Hotel

Guests at the Palazzo Versace Dubai will be able to step on to their private, man-made beach and have their feet protected by temperature-controlled sand.

'The temperature the whole year will be 22 degrees [Celsius],' says Soheil Adedian, joint managing director of Sunland Group Limited, the property developer which previously partnered Versace for its first hotel on Australia's Gold Coast in 2000.

Work on the £385 million Palazzo Versace begins next year, with the opening in 2008. There will be 215 suites and 204 villas, all heavily branded by Versace. The hotel will also include a recording studio in a bid to attract musicians on retreat.

Post Edited (yellow_bird) : 10/24/2005 10:06:41 PM GMT

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WOW!!!!