Sindalah the Jewel of NEOM Finally Unveiled | Kanebridge News
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Sindalah the Jewel of NEOM Finally Unveiled

Showcasing the First Physical Gems of NEOM’s Vision for Sustainable and Innovative Experiences

Press Release
Mon, Oct 28, 2024 11:10amGrey Clock 3 min

Sindalah, the luxury island destination and first physical showcase of NEOM, has been unveiled by the NEOM Board of Directors. First announced by His Royal Highness Mohammed bin Salman, Crown Prince and Chairman of the NEOM Board of Directors in December 2022, Sindalah’s opening marks an exciting milestone in NEOM’s progress.

Transforming Sindalah from idea to reality has been the result of an extensive two-year effort, from a 30,000-strong workforce at its peak across four local contracting partners and up to 60 subcontractors. It marks a significant step in realizing the Kingdom’s tourism ambitions under Saudi Vision 2030 and reaffirms NEOM‘s ability to conceive and deliver new and exciting destinations. To celebrate this occasion, Sindalah has welcomed its first wave of invited guests to experience the island’s allure.

Located in the glistening azure waters of the Red Sea, five kilometers off the NEOM coastline in northwest Saudi Arabia, Sindalah is a distinctive, luxury resort destination spread over 840,000 square meters. Ideally positioned 17 hours by sea from key Mediterranean destinations, Sindalah will serve as NEOM’s gateway to the Red Sea, providing easy access for European, Saudi and GCC yacht owners.

Sindalah blends the natural beauty of the island with tech-driven design and architectural excellence. With the island masterfully designed by leading yachting architecture firm, Luca Dini, Sindalah offers world-class restaurants, hotels, venues and experiences. Set to welcome up to 2,400 guests per day by 2028, the island will also generate around 3,500 jobs, helping to drive the ongoing development of the Kingdom’s thriving hospitality and tourism industries, thereby supporting diversification of the economy in line with Saudi Vision 2030.

Nadhmi Al-Nasr, CEO of NEOM

Nadhmi Al-Nasr, Chief Executive Officer, NEOM, said: “NEOM is committed to supporting the Kingdom’s new era of luxury tourism, with the opening of Sindalah. The realization of this landmark destination, the gateway to the Red Sea, is due to the visionary leadership of His Royal Highness Mohammed bin Salman and Saudi Vision 2030. This is a proud chapter in the NEOM story and we are excited to achieve more of our ambitious goals, with the continued support of His Royal Highness. NEOM’s inaugural destination offers visitors a ‘first glimpse’ of what the future holds for our extensive portfolio of destinations and developments.”

Boasting an impressive marine ecosystem, Sindalah’s surrounding waters are home to 1,100 species of fish – 45 of which are unique to NEOM waters, in addition to more than 300 coral species. In line with NEOM’s commitment to sustainability and conservation, preservation of Sindalah’s natural marine habitat has been central to the island’s development, and guests are invited to dive beneath the surface to explore its wonders for themselves.

With its strategic location and year-round pleasant climate, Sindalah’s state-of-the-art, 86-berth marina will usher in a new season of sailing. The Sindalah Yacht Club, with interiors expertly designed by Stefano Ricci, sits as the marina’s focal point and invites yachting guests, owners and crew to enjoy its amenities. Docking facilities, additional offshore buoys for super yachts and a full suite of yacht management services are also available.

Sindalah combines world-class hospitality, fine dining and curated experiences in one all-encompassing destination. The Village and Promenade are the beating heart of the island’s entertainment and social zones, home to 38 culinary offerings backed by world-renowned chefs, as well as daytime eateries, late-night venues and 36 luxury retail outlets. The Beach Club offers poolside lounging by day and mesmerizing music experiences by night, while the beachfront Golf Club provides an elevated golfing experience for all abilities. With its world-class 6,474-yard (5,920-meter) par 70 course, the Golf Club will offer 18 teeing points and two unique nine-hole experiences.

Future guests will choose their accommodation preferences from a range of breathtaking properties, offering 440 rooms and 88 villas, as well as 218 luxury serviced apartments. Information regarding bookings will be made available through NEOM’s tourism channels soon.



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Cityscape Global 2024 Opens its doors today in Riyadh, Showcasing the Future of Living and Real Estate Innovation

Redefined and expanded Cityscape Global features various new segments, more than 150 hours of content, over 500 experts sharing ‘Future of Living’ insights, and 400 exhibitors

Mon, Nov 11, 2024 4 min

Cityscape Global, the world’s largest real estate event, opened its doors today at the Riyadh Exhibition & Convention Centre, Malham, with an expanded focus on driving business-to-business (B2B) transactions. Running from 11-14 November, this year’s Cityscape Global grows to add on two new halls over 45,000 sqm, features various new segments, more than 150 hours of content, 500 experts sharing ‘Future of Living’ insights, and 400 exhibitors.

The event is Sponsored by the Ministry of Municipalities and Housing (MOMAH) in partnership with Real Estate General Authority (REGA), Vision 2030, Housing Program, Organized by Tahaluf. Cityscape Global 2024 supporting Foundation Partners include National Housing Company (NHC), NEOM, ROSHN, New Murabba, King Abdullah Financial District (KAFD), Diriyah Company and Destination Partner, MASAR.

Under the theme ‘The Future of Living,’ Cityscape Global has redefined its offerings this year by expanding into cutting-edge segments, including Stadiums & Mega Events, Sustainable Smart Cities, Hotel Development, and Next-Generation Construction Technologies. These new verticals align with the event’s enhanced B2B goals, attracting an additional 130 regional and international exhibitors to forge partnerships and seize unprecedented opportunities within Saudi Arabia’s flourishing real estate market.

“The enhanced B2B focus is aimed at driving international developers to establish their presence in Saudi Arabia and attract institutional investors with a fund value of US $1.5 trillion by increasing engagement between developers, regulators, government entities, and investors,” said Rachel Sturgess, Senior Vice President at Tahaluf, which organizes Cityscape Global.

This year’s Cityscape Global Institutional Investor Program, which has attracted renowned investor companies including BlackRock, Brookfield, Apollo Global Management, CVC Capital Partners, Northern Trust, BNP Paribas, Intesa Sanpaolo and more, promises to unlock regional and global opportunities, particularly in Saudi Arabia, where 1.2 billion square-meters of built-up area will be developed by 2030.

“Following last year’s record-breaking achievements– US$30bn in transactions and project launches- we expect an increased number of international participation this year. With Saudi Arabia’s Vision 2030 goal of 70 per cent home ownership, the Kingdom is opening unprecedented opportunities for developers and architects worldwide, which is contributing to the global attention of the event, including US$8bn for the Saudi economy. This week’s event offers unmatched opportunities for asset optimization, portfolio diversification, and high return investments in Saudi Arabia’s smart cities and infrastructure projects,” added Sturgess.

The four-day mega-event also highlights Riyadh’s emergence as a global hub for real estate professionals, with Cityscape Global 2024 will be hosting more than 50 participating countries, including those from the United States, United Kingdom, Australia, China, Singapore, India, Germany, and Hong Kong, among others. The event will focus on Saudi Arabia’s burgeoning giga-projects, NHC, New Murabba, ROSHN, MASAR, Misk City, Ajdan, Almajdiah, Al Darah, Retal and Erth while also presenting global perspectives on urban development, sustainable cities, and real estate technology.

This year’s edition also highlights Saudi Arabia’s pivotal role in shaping the future of urban living, aligned with the Kingdom’s Vision 2030 goal of delivering a million new homes and achieving 70 per cent homeownership by the end of the decade.

With more than 150 hours of expert-led content across seven specialized conferences and 20 content tracks, including the new Stadiums & Mega Events Stage as well as a dedicated stage and conference for PropTech, this year’s Cityscape Global will offer unparalleled insights into the future of urban living, sustainable construction, and smart city innovations.

Sports enthusiasts will also be able to meet and greet Ivory Coast’s all-time top scorer and former captain, Didier Drogba, and world-renowned boxer Anthony Joshua OBE, while Saudi nationals can apply to join a live auction featuring SAR 1bn worth of exclusive assets.

Across Cityscape Global’s several conference streams, the list of experts taking center stage includes The Hon. Caroline D. Pham, Commissioner of the US Commodity Futures Trading Commission, Dr. Tonio Fenech, Former Minister of Finance, Economy and Investment of the Republic of Malta; and Dr. Alison Gilliland, Former Lord Mayor of Dublin & European Climate Pact Ambassador. The formidable lineup also includes the CEOs of Saudi Arabia’s GIGA projects, including Nadhmi Al-Nasr, CEO of NEOM; Michael Dyke, CEO of New Murabba; David Henry, CEO of Misk City; George Tanasijevich, CEO of King Salman Park Foundation; and Jayne McGivern, CEO of Sports Boulevard Foundation, to name a few.

“As the world’s largest real estate event, Cityscape has been a launchpad for iconic developments and welcomed countless thought leaders. This year is going to be the biggest edition yet,” said Kevin O’Leary, one of the show’s headline speakers and a renowned businessman, investor, and judge on TV shows Dragons’ Den and Shark Tank. “The world of real estate investments is evolving very quickly, with Saudi Arabia targeting US$103bn in foreign direct investment annually by 2030. I am excited to head to the Kingdom to share my insights.”

During the event, visitors can participate in competitions to win plots of land, while prospective homebuyers will have the chance to access special mortgage rates and valuable advice from market experts.

The first-ever Cityscape Future Leaders Competition will also take place, aimed at empowering students and fresh graduates by challenging them to solve real-world architectural problems, while the Cityscape Innovation Challenge will gather over 60 PropTech, Smart Cities and ConTech startups to compete for the chance to make it to the Shark Tank-style Finale. The ROSHN Hackathon is also back– supported by Google Cloud and PwC– where 100 selected participants and 40 teams will compete for prizes worth SAR 1.5 million.

“Cityscape Global is a testament to the Kingdom’s commitment to innovation and technological advancement,” said ROSHN Group’s Chief Information and Digital Officer Jayesh Maganlal. “By fostering creativity and collaboration, the ROSHN Hackathon will drive the development of groundbreaking solutions that will shape the future of our cities. The initiative will not only attract top talent but provide them opportunities to gain prominence within the real estate environment and move them closer to a position from which they can have a transformative impact.”

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ROSHN Group Introduces Multi-Asset Strategy and a New Identity

Rebranding will strengthen its strategic advancements in expansion and growth

Mon, Nov 11, 2024 3 min

In a strategic move that underscores its commitment to enhancing its core business of developing vibrant and sustainable destinations, ROSHN Group, Saudi Arabia’s leading multi-asset class real estate developer and a Public Investment Fund (PIF) company, has introduced a new identity and strategic focus that expands its remit to include asset classes beyond its core residential offering.

This transformation into a multi-asset developer cements ROSHN’s status as a trailblazer in the real estate sector and sets the stage for an innovative approach to developing mixed-use projects and multi-asset destinations.

The launch of ROSHN Group’s fresh visual identity signifies a significant milestone in its commitment to broadening its real estate portfolio and establishing integrated destinations that cater to society’s diverse needs. Through this initiative, ROSHN aims to further enhance the quality of life for the Kingdom and its people and actively contribute to realizing the objectives outlined in Saudi Vision 2030.

ROSHN is set to unveil a portfolio of transformative projects that will mark a significant milestone in its journey. These projects will showcase an exceptional diversity of assets, creating unparalleled investment opportunities, elevating living standards, and driving economic growth.

The Group’s new portfolio will encompass its core asset classes of 200 million square meters of residential property alongside over four million square meters of gross leasable area retail, commercial, and hospitality; its enabling assets of education, mosques, and healthcare; and its opportunity assets of transport and logistics, including warehouses, industrial parks, and knowledge hubs, and leisure and entertainment, ranging from entertainment centres to fitness hubs.

ROSHN will develop these diverse assets beyond its integrated communities, enabling ROSHN to amplify living standards, foster economic growth, and contribute to societal progress in alignment with Vision 2030 objectives.

Ghada Al Rumayan, ROSHN Group’s Chief Marketing and Communication Officer

“At ROSHN, we’ve always taken pride in our role as a leading real estate developer in the Kingdom of Saudi Arabia with a vision to transform urban living,” said Ghada Al Rumayan, ROSHN Group’s Chief Marketing and Communication Officer. “With our own evolution, this vision becomes even more tangible as we introduce our expanded approach and dedication to improving quality of life through iconic new destinations across the Kingdom. Our growing portfolio now seamlessly integrates forward-thinking amenities and elevated connectivity, fostering opportunities for commercial partnerships, job creation, investment, and economic growth in alignment with Saudi Vision 2030,” she added.

ROSHN embodies a distinctive model in real estate development; its evolution is driven by its commitment to execution excellence that raises standards, becoming one of the leading regional developers for ESG with the goal of contributing to the Kingdom’s net-zero emissions target by 2050. ROSHN’s core values of innovation and social responsibility are woven into the fabric of its ambitious new strategy. These have also evolved to strengthen the foundations of ROSHN’s new strategy, its partnerships, and its value to customers, citizens, and the Kingdom.

Since its establishment, ROSHN’s evolution has been built on numerous successes in bringing its new way of living to the Kingdom through fully integrated communities and iconic destinations. ROSHN has so far launched five developments across three Saudi regions. These projects are distinguished by their modern designs that respect local heritage and offer diverse amenities, fostering vibrant communities that cater to the needs of various residents. Most recently, ROSHN launched MARAFY in Jeddah, its most ambitious and transformational project to date, with a first-of-its-kind in the Kingdom central canal linking distinct districts set to contribute to writing a new chapter in Jeddah’s lifestyle and realize one of the goals of Saudi Vision 2030 by placing the city among the top 100 most livable cities in the world.

In the meantime, the launch of the iconic ROSHN Front retail and lifestyle destination in Riyadh marked the Group’s first foray into new real estate verticals, standing as an early milestone on its diversification journey. With yet more projects across the Kingdom, ROSHN’s evolution will bring a clear identity to the Group’s portfolio and delivery, attracting new investment and partners to the Kingdom in support of Vision 2030 goals.

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Dubai Real Estate Market Hits New Heights in October 2024 with AED 54.6 Billion in Transactions

The off-plan sales account for nearly 60% of transactions, with strong investor demand

Fri, Nov 8, 2024 3 min

Dubai’s real estate sector has reached unprecedented heights in October 2024, with total transaction values soaring to AED 54.6 billion across 23,791 transactions. This marks a 13.42% increase in volume and a 17.42% rise in value compared to September 2024. Year-on-year, transaction volumes have surged by 69.03%, and total value has escalated by 55.11%.

Off-plan sales have dominated the market, accounting for 59% of total transactions. Luxury developments in areas such as Dubai Hills Estate, Business Bay, Sobha Hartland 2, Ghaf Woods, and Damac Lagoons have been particularly attractive to investors. Ready properties have also seen significant activity, especially in established communities like Business Bay, Dubai Marina, Downtown Dubai, and Palm Jumeirah.

Apartments continue to lead both in volume and value, representing nearly 77% of transactions and 58% of the total value. Villas and townhouses contribute 19% to the volume and 38% to the total value, indicating a robust demand across various property types.

The average sales price in Business Bay has risen to AED 2.3 million, reflecting a 7.14% month-on-month and 16.16% year-on-year increase. In Dubai Hills Estate, the average sales price stands at AED 3.47 million, while Jumeirah Village Circle offers more affordable options with an average price of AED 1.01 million, marking a 7.18% month-on-month and 4.93% year-on-year increase.

The rental sector has experienced substantial growth, with rental values increasing by 16% and volumes by 6.13% compared to October 2023. High demand persists in popular areas such as Jumeirah Village Circle, International City, and Business Bay. Villas in prime locations like Palm Jumeirah and Dubai Hills Estate continue to command premium rental rates.

 

Farooq Syed, CEO of Springfield Properties

Farooq Syed, CEO of Springfield Properties, said: “October’s figures reflect Dubai’s enduring appeal and strength in the global property market. The sharp rise in off-plan transactions, especially in the luxury segment, signals growing trust from international investors in Dubai’s long-term vision. Buyers today are not only seeking luxury; they are investing in a city known for its forward-thinking approach and reliable returns”.

October 2024 marked several high-profile projects launches that have quickly attracted attention from both local and international buyers. Vida Club Point by Emaar, located in Dubai Hills Estate, offers 1–3-bedroom apartments starting at AED 1.61 million, with an expected handover in Q1 2029, supported by an 80/20 payment plan. Meanwhile, Velora 2 by Emaar in The Valley Phase 2 caters to family living with 3–4-bedroom townhouses, available from AED 2.93 million and scheduled for completion by Q3 2028. Binghatti Skyrise in Business Bay provides modern studios and 1–3-bedroom apartments starting from AED 975,000, with delivery set for October 2025, complemented by a 70/30 payment plan. Lastly, Damac Islands introduces a blend of 4–5-bedroom townhouses and spacious 6–7-bedroom villas starting at AED 2.25 million, with handover dates tailored to meet premium buyer expectations through a flexible 75/25 payment plan. Each of these projects underscores Dubai’s commitment to offering diverse and appealing property options to meet the rising demand across market segments.

Syed added, “Dubai’s real estate market is showing remarkable resilience and adaptability to global economic shifts. With new project launches, continued infrastructure advancements, and an influx of both local and international buyers, we see sustained growth ahead. This momentum is not only a testament to Dubai’s appeal but also highlights its role as a cornerstone of real estate investment in the region”.

Dubai’s real estate market has sustained solid momentum in October, led by strong off-plan sales. Transaction volumes and values are poised to rise further with the imminent handover of key projects, especially in high-demand areas. As we approach the final months of 2024, Dubai’s expanding population and continued appetite for both luxury and affordable housing are set to drive steady growth.

With significant upcoming handovers and growing investor confidence, we expect emerging areas like Dubai South and Expo City to lead the next wave of real estate activity. The city’s strategic developments and infrastructure advancements continue to enhance its global appeal, positioning Dubai as one of the most resilient and dynamic real estate markets worldwide.

Springfield Properties’ October 2024 Dubai Real Estate Market Report is now available for download HERE.

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A Federation-Era Sydney Home Looked Like a ‘Cold Hospital Ward’ Until an Architect Put It Under the Knife

Amrish Maharaj undid a century of hodgepodge alterations while navigating strict conservation rules

By KIRSTEN CRAZE
Fri, Nov 8, 2024 6 min

Haberfield, a charming slice of suburbia in what locals call Sydney’s “inner west” region, is miles from the landmarks like the Harbour Bridge and the Opera House, and isn’t famous for multimillion-dollar waterfront mansions. What it is known for, however, is fiercely protecting its architectural identity.

After an uproar in the 1970s led by local residents—who were fed up with period homes getting unsympathetic makeovers—the National Trust created the Haberfield heritage conservation area in the mid-1980s. As a result, the suburb of approximately 6,500 people has one of Sydney’s best-kept streetscapes.The heritage designation has been a win for preserving the past, but has created challenges for architects tasked with making Haberfield’s homes more family-friendly, sustainable and sellable.

Architect Amrish Maharaj was hired by his clients, owners Ramy and Sarah Azzam of ML Constructions, to modernise a single-storey Federation dwelling—an era of Australian architecture between approximately 1890 and 1915. Although its bones dated back to the turn of the last century, the Haberfield home, coined Glencoe, had already undergone a number of objectionable changes before conservation rules had come in. The design was stuck between two time periods.

Metal balustrading and the front verandah detailing had also been amended, removing the original timber work. The architect replaced the front windows with traditional timber, and changed the front path and front fence to give a nod to what used to be.
Composite: Vikram Hingmire (After); Amrish Maharaj (Before)

“Its original roof and chimneys had been removed and replaced with a post-1943 hipped roof clad in terracotta tiles. The length of the house had been doubled with the addition of a substantial rear extension. A small skillion roof was put over the front veranda, metal balustrading and the front verandah detailing had also been amended, removing the original timber work,” Maharaj said.

“The previous work appeared to have focused on increasing the number of rooms, and not improving the spaces within,” he added. From the entry, a dark central hallway cut the house in half, splitting four bedrooms and a bathroom to the north from an additional bedroom, an enclosed lounge room, dining room and kitchen to the south.

A floor plan shows the closed-off layout of rooms connected by a central hallway.
Courtesy of Vikram Hingmire
From the entry, a dark central hallway cut the house in half, splitting four bedrooms and a bathroom to the north from an additional bedroom, an enclosed lounge room, dining room and kitchen to the south.
Composite: Vikram Hingmire (After); Amrish Maharaj (Before)

Despite the patchwork of renovations and extensions over the years, planning regulations still remained strict for the team attempting to bring the residence into the 21st century.

“We had an initial concept, which was a little more modern than the end result, but the local council wanted a more traditional construction. We had a heritage expert come and look at the house and give their recommendations,” he said. “She determined that it was probably part of a group of three or four houses that were once the same beautifully detailed Federation-era homes. But somebody had come along in the 1940s and did their own thing.”

“There was a discussion about pulling off the roof and getting it back to what it was, but it came down to a question of budget. We tried to put back as much as we could, by replacing the front windows with traditional timber, we changed the front path and front fence just to give a little nod to what used to be, without stripping the render and reconstructing the whole roof.”

Now the street appeal of the home is a better fit with its Federation neighbours. The decision was then made to pull focus from the facade while investing attention, and funds, into the rear of the house.

The owners replaced dated bathrooms with modern elements, such as Fibonacci Terrazzo tiles with underfloor heating.
Composite: Vikram Hingmire (After); Amrish Maharaj (Before)

“In keeping with what the Council was wanting, we used traditional materials and techniques in the construction of the back extension even though it does feel very modern,” Maharaj said.

As well as employing conventional methods for the external build of the large rear addition, a host of modern-day luxury finishes were used inside, where the interior design was overseen by owner Sarah Azzam.

High-traffic floors were finished with limestone tiles, Polytec joinery was used throughout, and internal walls feature a sleek white set render. Bathrooms feature Fibonacci Terrazzo tiles with underfloor heating.

A standout of the new look is the grand triangular gable crowning the rear indoor-to-outdoor living zone, a unique design feature in the neighbourhood of smaller sized blocks and heritage homes. The seamless flow to the backyard is an element that has become a must-have in modern Sydney homes thanks to the temperate climate.

The glass gable is unique design feature in the neighbourhood of smaller sized blocks and heritage homes.
Vikram Hingmire

“Our work began with the deconstructing and restructuring of the original home. Retaining four good-sized bedrooms to the front of the house, the central areas were dedicated to service spaces, with a big family bathroom, laundry, powder room and en-suite. The home then steps down to a large open-plan kitchen, dining and living room, which seamlessly connects to an al fresco dining area, garden, and a new pool and cabana,” Maharaj added.

“It’s such a Sydney thing, the seamless flow to the outdoors from the main living area. When I think about our briefs, from every single client, I’d say right at the top of everyone’s list is natural light, good ventilation and a connection to the garden,” he said. “Australians also love a north orientation.”

The Azzams, who declined to comment on the project, bought the unrenovated Haberfield house in 2020 for A$2.5 million (US$1.6 million), then sold the reimagined residence in 2023 for A$4.9 million.

“They bought it as their forever home. That large space at the back was created that way because they’ve got a big extended family,” Maharaj said. “They were often talking about Christmas dinners of 20 to 30 people, and space for a grand dining table was specifically on their list of requirements. Sarah has a great design eye and was meticulously hand selecting the finishes. But they ended up seeing another house nearby and decided to do it all again.”

Maharaj shared some more thoughts about the design and build process.

The biggest surprise was… I think we got lucky with the glass gable in the back of the house. We tried to do something similar on a house only a couple of streets away about a year later and it was completely knocked back by Council. When we pushed back to ask why, we were told it should never have been approved as is. Sometimes the approval process includes a bit of luck.

A favourite material we discovered during the process was… Of all the materials, I’d have to say that the Super White Dolomite and the limestone flooring we used were the big hits. We had quite a few potential buyers asking about these items in particular. We have received a number of calls from other homeowners in the area who are looking for a similar renovation, and even the odd call from people who have seen the home and wanted to express how much they loved it.

The most dramatic change was… When we start these jobs, we can often see that the houses have been either abandoned or people have just added and removed rooms and walls over time. So bringing that all back together was really fulfilling for me as an architect. Originally, this house felt like a cold hospital ward when you walked through it, with all these rooms coming off one corridor. Bringing it back to life and making it feel like a home with a heart is something we’re really proud of.

The total cost of the renovation… Being able to do the building himself, and their own interior design meant the pair could save some money, but they really spared no expense. It was a project that cost approximately A$1.5 million.

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The Wealthy Are Overpricing Their Homes. Auctions Show Just How Much.

Desperate to sell, more rich homeowners are turning to the auction market—but the results aren’t always what they bargained for

By KATHERINE CLARKE
Fri, Nov 8, 2024 9 min

Randy and Robin Landsman had been trying to sell their Manhattan penthouse for over a year when they turned to the auction market this summer. First listed for $12.2 million, their triplex in the sought-after Tribeca neighborhood came with more than 2,000 square feet of terraces, a floating staircase and a private elevator.

At auction, the roughly 3,300-square-foot property sold for $5 million, less than half of what they had originally asked and little more than they paid for it two decades ago. “It was obviously a stupid mistake,” Randy said of deciding to auction the home.

More closely associated with pricey art or collectibles, auctions are on the rise for luxury real estate, with auction houses reporting a dramatic spike in the number of high-net-worth sellers seeking their services since 2020. Amid a slowdown in luxury home sales, auction companies are pitching homeowners on their ability to market unique properties to a range of deep-pocketed buyers beyond local markets and to sell them within a precise time frame.

Emboldened by the trophy home prices they see on television, or stuck on a major sale that happened previously in their neighbourhood or city, sellers who aggressively priced their luxury homes often have been forced to repeatedly cut their asking prices, agents said. Then, when all else fails, they turn to auction.

The increasing disconnect between what luxury homeowners think their properties are worth and what buyers are willing to pay is helping to drive up interest in auctions. But aspirational sellers are finding that auctions don’t always yield their desired outcome—and that they aren’t without risks.

La Dune, an oceanfront Hamptons estate that was listed for $150 million in 2022, sold at auction for $89 million this year. The One, a Bel-Air mega mansion once slated to list for $500 million, sold for $126 million at auction in 2022. Villa Firenze, a Los Angeles estate in the storied Beverly Park neighbourhood, sold for $51 million at auction in 2021, having been initially listed for $165 million. It has since traded hands again for $52 million.

Earlier this year, former “Real Housewives of New York City” star Sonja Morgan auctioned her Upper East Side townhouse, which had been on and off the market for more than a decade. Once listed for as high as $10.75 million, its price had been slashed more recently to $7.5 million. It fetched $4.595 million in the auction.

Misha Haghani, founder of real-estate auction house Paramount Realty USA, said he frequently counsels prospective auction clients that they have been too aggressive in their original pricing.

“I will tell the seller, ‘You’ve been on the market for X period of time at three different price points. Why hasn’t it sold? It’s obvious why. Because it’s mispriced,” he said. Almost every owner “thinks their home is better than it actually is.”

The number of luxury home sales in the U.S. declined 10.6% in the third quarter from a year earlier, according to brokerage Redfin . Despite the market slowdown, sellers have been reluctant to lower prices. Luxury home prices rose 9% in that same time to the highest third-quarter level on record, growing nearly three times faster than non luxury prices.

Since the pandemic boom, high-end properties are also taking longer to sell. On average, luxury listings spent 46 days on the market during the third quarter, up from 36 days during the same period in 2021, Redfin data show.

White Elephants

Haghani, who founded Paramount in 2009, said his company has seen a flood of interest from high-end sellers since the pandemic, 99% of it now inbound from homeowners approaching Paramount. Scott Kirk , chief executive of home-auction competitor Interluxe Auctions, founded in 2013, said business has more than doubled every year for the last three years.

Auctions tend to attract the real-estate world’s white elephants—properties that may be quirky, highly personalised or ultra luxury, resort-style homes in neighbourhoods where that type of housing is atypical.

A White House replica in the San Francisco Bay Area had been designed for the oldest son of William Randolph Hearst and included a duplicate of the Oval Office, East Room and White House Rose Garden. In Whitefish, Mont., former pro football player Drew Brees built a home that resembled a treehouse. It was perched 15 feet above the ground inside a forest. And a castle-style home owned by former baseball star Derek Jeter in New York’s Greenwood Lake area had a medieval-looking tower, rooftop battlements and a copy of the Statue of Liberty.

“The properties that we represent that do really well at auction, they’re not fungible,” said Kirk. “These properties have extremely unique attributes about them that make them very difficult to comp.”

By the time a property comes to auction, it has likely already undergone at least one price reduction, said Haghani.

“When they come to us, hopefully they’ve had some sense knocked into them,” he said of sellers. “They’re tired, they’ve had enough. They say, ‘As long as the offer is decent, as long as it’s fair, I’m going to take it even if it’s not exactly what I wanted before.’”

For many sellers, the draw of an auction is the set timeline. Where their home could linger on the market for months or years listed the traditional way, the auction template offers a sale date, as long as bids reach the minimum, if one was set. Auction companies also promise to market a property more widely than a local broker, to both a national and international audience.

In 2018, Randy Singer, a retired entrepreneur, listed the family’s historic home in the West Chop neighbourhood of Martha’s Vineyard without a real-estate agent for $16.9 million, inspired by a $17 million listing nearby. He eventually worked with at least three agents and cut the price to as low as $7.9 million in May. It has been in Singer’s family since 1949, when it was purchased by his grandfather, and needs significant updates, he said.

Now, Paramount is auctioning the property in November with a $6 million reserve price, which acts as a minimum.

“Nothing has worked,” Singer said. “We’ve been trying so long, and I need to move on with my life.”

Corporate consultant Ed Vilandrie and his wife, Martha Cavanaugh, are glad they decided to auction their 144-acre Vermont estate with Interluxe, just 45 days after listing it for $6.275 million. They had a hunch the Peacham, Vt., property would secure a better price with the broader marketing of an auction because of its unique scale for the local area. They were told that the previous owner spent upward of $18 million to construct a family compound there. The couple paid $2.2 million for it in 2011.

Located beyond the typical high-end pockets of Vermont, it might not have captured the attention of out-of-state buyers without an auction setting, they said.

After three days of bidding in October, the auction closed with a high offer of $5.88 million, including the 12% buyer’s premium that covers a commission to the auction house and fees for the agents who worked on the deal. Excluding that premium, the roughly $5.25 million deal was still well above their $3.9 million reserve price.

How it works

A number of auction companies focused on luxury homes emerged in the wake of the financial crisis and have since tried to shake the stigma that auctions are just for bankruptcy or financial distress.

Concierge Auctions, Paramount and Interluxe are now among the largest players, and some top brokerages have issued formal recommendations of auction houses to their agents as prescreened vendors. In 2021, Realogy , the parent company of Sotheby’s International Realty now known as Anywhere Real Estate, partnered with Sotheby’s art auction house to buy a majority stake in Concierge. Paramount has partnerships with Compass and Serhant. They have marketed heavily to rebrand auctions as a legitimate alternative to the traditional sales method, rather than a last-ditch option.

“There’s a lot of education that we do,” said Interluxe’s Kirk. Sellers are “appreciating and really understanding that auctions are not an admission of failure.”

The auction companies all have slightly different strategies. Paramount offers a format that calls for a transparent online auction where the bidding is visible in real time, but also offers a sealed bid process whereby prospective buyers submit their offers privately in best-and-final style. The sealed-bid process is a kind of hybrid between an auction and a traditional sale. In both instances, if an offer doesn’t meet the reserve price, the seller isn’t obligated to sell.

In the vast majority of cases, Paramount says it places a reserve price on the property. Interluxe puts reserve prices on 96% of homes, Kirk said.

Paramount takes a fixed 6% commission on any sale, and agent fees are charged on top of that. In Interluxe auctions, buyers pay the sellers a 12% buyer’s premium, which is then shared to varying degrees with the auction house and the agents. Neither company makes any money if a property doesn’t hit its reserve price.

Many sellers who have worked with Concierge say executives encouraged them to proceed without a reserve price in order to maximise interest and momentum. Whether there’s a reserve price or not, Concierge takes a 12% to 15% buyer’s premium as a commission, plus there are agent fees. It markets the property heavily before the auction, and tries to generate early offers by offering prospective buyers a “starting bid incentive,” or 50% discount on the buyer’s premium if they submit a winning bid before the start of the auction.

Not every auction ends in a sale.

A few years ago, former Yankees player Derek Jeter’s home in Greenwood Lake, N.Y., failed to sell at auction after bids fell short of the $6.5 million reserve price. The property—with a roughly 12,500-square-foot residence—initially hit the market asking $14.75 million in 2018. Haghani, whose firm handled the auction, said he felt the reserve price was a “very tall order” for the area, even with extensive marketing and press coverage.

The home eventually sold in July for $5.1 million.

Some sellers see the writing on the wall and never go through with the auction at all.

Concierge, for example, holds a “green-light call” before the auction with sellers who forgo a reserve price. The call typically takes place after a two-week marketing blitz when prospective buyers are enticed to make early bids. During the call, sellers give a final OK for the auction to proceed or exercise their right to cancel.

Real-estate agent Kylie McCollough of Mott & Chace Sotheby’s International Realty said one of her clients, the owner of an 8,000-square-foot penthouse listed for $5.9 million, considered an auction last year because the unit was unusually large for the Portsmouth, R.I., area. The homeowner pulled the plug on the auction with Concierge after early bids came in between $2 million and $3 million. “The risk is, that could be as high as it goes,” she said. “Our client did not want to take the risk.”

After canceling the auction, the property sold for $4.5 million about six months later.

The owner of the White House replica in the Bay Area canceled its auction with Concierge in June when early bids fell short of his expectations, said listing agent Alex Buljan of Compass. The roughly 24,400-square-foot mansion in Hillsborough, Calif., originally listed for $38.9 million, was priced at $36.9 million at the time, with expected starting bids in the $10 million to $17 million range. The property just sold for $23 million.

Brees’s treehouse auction was also canceled, according to listing agent Sean Averill of PureWest Christie’s International Real Estate.

‘Vomited and Blacked Out’

Pricing a multimillion-dollar home can be more of an art than a science. In August, 49% of luxury homes sold below their initial asking price with an average discount of 9%, according to Zillow.

In an auction, it’s even more common. A Wall Street Journal analysis of properties handled by Concierge, which calls itself the world’s largest auction house for luxury real estate, found that a majority of home auctions sell below list price.

The average discount was 46% for 51 home auctions last year, according to the Journal’s analysis of Concierge’s publicized sales. The analysis only included U.S. sales that closed and where recorded prices were publicly available. This year, 39 closings through Sept. 18 had an average discount of 41%, the Journal found.

An analysis of Interluxe auctions, based on a list of sales the company provided, shows seven publicly recorded closings in 2023 with an average discount of about 26%. Through Sept. 18 of this year, it had four closings with an average discount of about 21%. The analysis only included sales that closed and where recorded prices were publicly available.

Paramount declined to provide its statistics, saying they weren’t readily available.

Concierge declined to comment for this article beyond a statement saying it stands by its results. “We specialise in high-value properties that are challenging to price and often require multiple years to sell. Our transparent platform determines market value through competitive bidding, with final sale prices representing the market price in a 60-day process resulting in a compelling value proposition for our sellers,” a company spokeswoman said.

Rather than listing their East Hampton estate, financial-services executive Erik Stern and his wife, Michelle Stern, went straight to auction. They said they were referred to Concierge by Charles Stewart , the CEO of Concierge’s part-owner Sotheby’s, who had been renting their property.

“It’s almost like a stock market, where you’ve got buyers and sellers and they come to the market price,” Erik said. “So I thought this actually sounds much more reasonable to me than just putting it on [the market] and seeing what happens.”

He said they expected that the house, a modernist property designed by architect Norman Jaffe, was worth around $20 million or more, based on the 3-acre parcel of land alone. The Sterns said Concierge representatives didn’t want to put a reserve price on the property because they believed it would stifle momentum, but the couple were assured there was a high level of interest.

“There was all this talk about, ‘You know, we’ve got people flying in from Switzerland to see your home, people from all over the U.S., a lot of Texans,’” said Michelle.

The auction ended in minutes and closed at $15 million, far less than the Sterns had expected.

“I think I vomited and blacked out,” Michelle said. The Sterns were offered $100,000 by Concierge to settle their claims that Concierge had misled them; the settlement agreement contained a confidentiality provision that would have prevented the Sterns from speaking negatively about Concierge. They declined.

The Landsmans, owners of the Tribeca penthouse, also hadn’t set a reserve price. They said they agreed to go ahead with their auction after representatives from Concierge predicted a “very active” auction and told them seven bidders had registered to participate.

Much of the couple’s retirement nest egg was tied up in the property, located in an 1800-era building, said Randy Landsman, who is the CEO of a financial-advisory firm.

“They told us it’s going to be a lot of activity. They told us they were speaking to their bidders frequently,” Randy said.

Once the auction began, none of the registered bidders submitted new bids. The property sold by default for the highest pre-bid of $5 million. Having agreed not to place a reserve price on the apartment, they were forced to accept the bid.

“They called a meeting right after the auction was over, and they said, ‘Sorry it didn’t work out,’” said Randy.

The deal fell apart soon after; the buyer pulled the plug after the Landsmans failed to close by the agreed-upon date, the Landsmans said. The couple said they have since been served with a letter for arbitration by Concierge, which says it’s still due its commission.

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America’s Empty Apartments Are Finally Starting to Fill Up

If that demand is sustained, landlords likely will have more pricing power starting sometime next year

By WILL PARKER
Fri, Nov 8, 2024 3 min

The biggest apartment construction boom in four decades flooded the market with new supply over the past two years. Apartment owners had to contend with a surge in empty units.

That is starting to change.

The vacancy rate, or the share of apartment units that are empty, stopped rising for the first time in three years last quarter, as demand for apartments rose to its highest levels since 2021, according to CoStar .

The more than 1.2 million new apartment units that were built during the past two years are filling up. If that demand is sustained, if the economy remains strong and if housing prices remain near record highs, landlords likely will have more pricing power starting sometime next year. That could allow building owners to raise rents more than they have recently.

Some 672,000 new apartment units will have been completed by the end of this year, but only about half that number is expected in 2025, and even fewer in 2026, CoStar said.

“The worst of the pressures on pricing from new supply are likely behind us,” said Eric Bolton , chief executive of publicly traded landlord Mid-America Apartment Communities , on an October earnings call.

Housing affordability has become a hot-button election issue at the federal and local levels. Any sign that rents are poised to rise in 2025 could intensify pressure on the new administration to address housing costs. President Biden announced a plan over the summer to cap rent increases, though it would need to pass Congress.

Nationally, sales of apartment buildings have also started to pick up again, as investors become more confident that the market is bottoming and sellers are more willing to acquiesce on price.

Renters were hit hard by the historically high rent increases during the pandemic years, especially in Sunbelt cities, such as Phoenix and Tampa, Fla., where rents rose 20% or more during 12-month periods.

Rents for new leases nationwide have held close to flat for more than a year. That is due in part to a big split between supply-heavy Sunbelt cities, some of which have seen rent cuts, and the rest of the country, which hasn’t.

Renters who choose to renew their leases were still paying a 3.5% rent increase on average as of this past August, the most recent month data was available from Yardi Matrix.

Throughout this year, the places with the highest renewal rent growth have been on the coasts and in the Midwest. New York City, Los Angeles, Indianapolis and Columbus, Ohio, saw renewal rent increases of 5% or more in July, according to Yardi.

Increased return to office orders in major employment hubs may also start translating into even more urban rental demand soon, especially in coastal cities.

In Seattle, Equity Residential said in an October earnings call that it is seeing a pickup in leasing from Amazon employees, who are locking in apartments ahead of a five-day office attendance policy, scheduled to begin in January.

On the flip side is Austin, Texas, which has experienced a building boom after companies such as Tesla and Oracle moved offices there. Austin’s vacancy rate, if new buildings are included, is the highest in the country at over 15%, according to CoStar.

Rent growth for new leases in the Texas capital ranks last among major metros during the past year. Landlords of new luxury buildings are still offering big concessions, such as months of free rent, to fill up units. undefined undefined “Basically, the worst apartment market in the country right now is Austin,” said Matt Rosenthal , managing partner of multifamily investor Eastham Capital.

On an annual basis, apartment building sales have grown for two consecutive quarters, according to MSCI Real Assets. Places seeing some of the biggest increases in sales include Denver, San Francisco and the Washington, D.C. suburbs.

Apartment companies also continue to feel tailwinds from renters locked out of homeownership. Major owners have remarked on how few of their renters move out to purchase homes now, amid some of the worst conditions for home-purchase affordability in four decades. That is unlikely to change much in 2025.

“Probably the biggest story this year that we’ve seen [is] from people coming in the front door and then not leaving [out] the back door,” said Joe Fisher , president of publicly traded apartment owner UDR.

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Nikken Sekkei To Unveil Transformative Architectural Icons at Cityscape Global

Nikken Sekkei will be joining over 400 exhibitors at the world’s largest real estate event, showcasing transformative projects and cutting-edge real estate practices.

Fri, Nov 8, 2024 3 min

Top Japanese architectural, engineering and urban design firm, Nikken Sekkei, one of the world’s largest practices, is unveiling its latest projects and innovative solutions at Cityscape Global.

Since the 1980s, Nikken Sekkei has created timeless architectural icons across the Middle East and continues to deliver industry leading projects in Saudi Arabia, the UAE, and throughout the region.

Dr. Fadi Jabri, CEO of Nikken Sekkei Dubai, said: “We are thrilled to be part of Cityscape Global, the region’s leading real estate event, and to showcase our wide range of expertise including mixed-use developments, offices, luxury residential, and transportation. The history of Nikken Sekkei is one of consecutive challenges to approach the unknown and the unexplored. We strive to deliver cutting-edge and elegant designs that bring living experiences to a new level and transform urban landscapes, all the while being mindful of the environment. We look forward to sharing our vision with industry leaders and professionals in Riyadh and contribute to the development of the region.”

 

At Cityscape Global, Nikken Sekkei will showcase a range of prestigious projects including One Za’abeel, located at the entrance to central Dubai. This mixed-use development awarded the 2024 CTBUH Awards, Best Tall Building by Region, highlights the company’s innovative design capabilities through seamlessly integrating offices, hotels, residences, and commercial spaces to offer an elevated lifestyle experience. With two towers separated by a highway and connected 100 meters above ground by THE LINK, the linear and asymmetrical silhouette embodies timeless elegance, while the shining glass exteriors are designed to optimize the indoor environment.

Held under the theme “The Future of Living”, Cityscape Global aims to expand local and international investment opportunities in Saudi Arabia’s rapidly evolving real estate sector. Global leaders in architecture and net-zero designs, Nikken Sekkei will be presenting the future of sustainable and efficient building solutions during the event.

On show will be Tadawul Tower, a high-rise office designed with environmental considerations and advanced technology, achieving LEED Gold certification for eco-friendly architecture and awarded the International Architecture Awards in 2024. The design symbolizes the transformation underway in the Kingdom through Saudi Vision 2030 and is inspired by the concept of “opening up a new era.” The Forum, at the building’s core, features polyhedral forms reminiscent of Islamic geometry and polished materials that reflect natural light, creating a futuristic atmosphere, with rough rock surfaces used, and water and greenery evoking the region’s serene spirituality. The tower features a comfortable head office on the upper floors and tenant offices in the middle, complemented by shared facilities, including a conference hall.

Another project on show is Dubai Harbour Residences, one of Nikken Sekkei’s latest residential design projects, offering a glimpse into the future of luxury living across the region.

Located in the extraordinary seafront district of Dubai Harbour, Nikken Sekkei brought progressive urban development to one of Dubai’s most sought-after communities. Comprising a refined collection of low-rise beachfront residences, including apartments and penthouses with panoramic views of both the Arabian Gulf and the urban landscape, the design creates a light, dreamy ambiance where elements seamlessly connect, evoking an elegant, mirage-like experience.

Nikken Sekkei will be joining over 400 exhibitors at the world’s largest real estate event, showcasing transformative projects and cutting-edge real estate practices at Cityscape Global at Stand H3.L20 in the Architecture Design section.

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Al Sayyah Group Unveils its New Icon of Luxury Living in Arjan

With contemporary interiors, spacious layouts, and expansive balconies, Butterfly Towers promises a lifestyle of comfort and elegance.

Fri, Nov 8, 2024 2 min

Al Sayyah Group announced its Butterfly Towers, an AED 350 million new residential development nestled in Arjan. The development comprises 434 residential units and offers residents a luxurious standard of living, featuring 28 studios, 238 one-bedroom apartments, 152 two-bedroom apartments and 16 three-bedroom apartments along with retail shops, designed for families, singles, and professionals.

The launch of Butterfly Towers comes at a time when Dubai’s real estate market is thriving. Demand for quality residential properties is on the rise, driven by population growth, an increasing expatriate presence, and a stable economic environment. Investors are actively seeking opportunities in developing areas like Arjan, where infrastructure improvements and community amenities are expected to elevate property values

With contemporary interiors, spacious layouts, and expansive balconies, it promises a lifestyle of comfort and elegance. Residents of Butterfly Towers will benefit from convenient access to major landmarks like Dubai Miracle Garden and Dubai Hills Mall, along with seamless connectivity to the city via key highways, including Sheikh Mohammed Bin Zayed Road.

“Butterfly Towers is not just a residential development; it’s a transformative vision that blends luxury and sustainability, setting a new standard for urban living in Dubai. It embodies the notion that graceful ideas have the potential to grow and evolve into impactful outcomes for the entire community when thought-out strategically and developed with foresight.” said Marwan Al Sayyah, CEO of Al Sayyah Group. Butterfly Towers reflects Al Sayyah Group’s vision of “creating communities that are both luxurious and sustainable, offering a seamless blend of modern amenities, eco-friendly features, and exceptional convenience.”

The project takes its inspiration from the elegance and impactful nature of butterflies, merging contemporary architecture with lush green surroundings. Drawing on the “Butterfly Effect,” each deliberate design choice aims to create a luxurious living experience that resonates throughout the development. It offers a tranquil retreat within the city, where world-class amenities and stunning views unite to deliver a lifestyle of grace, comfort, and positive change.

It features a flexible 60/40 payment plan designed for a diverse range of investors and end-users. Under this plan, buyers can pay 60% during the construction phase, with the remaining 40% post-handover. The launch also reveals special offers for investors during the first month after the project launch, whether they choose to pay the full price upfront or through instalments. As the construction of Butterfly Towers approaches completion, this development is anticipated to attract discerning buyers seeking a long-term investment and an exceptional lifestyle in one of Dubai’s most promising and thriving communities.

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Dubai’s Office Market Sees Record Growth with Soaring Demand and Rising Rentals in Prime Districts

The city’s real estate landscape is more competitive than ever, positioning Dubai as a top global business destination.

Thu, Nov 7, 2024 3 min

Dubai’s commercial office market is reaching new heights, with unprecedented demand driving occupancy rates and rental growth across prime business districts, as detailed in Savills Q3 2024 Dubai Office Market report. Driven by a substantial rise in new business registrations and expansion activities by existing firms, including those in finance and technology sectors, the city’s real estate landscape is more competitive than ever, positioning Dubai as a top global business destination.

According to the report, over 24,000 new businesses were registered in the first half of 2024, marking a 5% year-on-year growth. This surge underscores the strong economic momentum fueled by the Dubai Economic Agenda (D33) and highlights the emirate’s reputation as a hub for international trade and innovation. Key business areas such as DIFC, Downtown, and Business Bay now boast occupancy rates between 95% and 97% reflecting robust demand for high quality office spaces.

Toby Hall – Head of Commercial Agency – Savills Middle East

Average Grade A rental values surged by 25% year-on-year, with specific locations like Business Bay and Downtown experiencing jumps of 44% and 36%, respectively. DIFC’s premier properties lead the market, reporting rent increases as high as 25% while new developments such as DIFC Square and Immersive Tower are set to add over 10 million square feet of premium office space by 2028.

“Dubai’s office market growth underscores its appeal as a global business hub, bolstered by ease of setup, favorable tax conditions, and a strategic location,” said Toby Hall, Head of Commercial Agency at Savills Middle East. “Businesses are establishing or expanding their presence here, recognizing the value of high-quality office spaces that support talent attraction and growth. This demand signals further market evolution in the years ahead.”

Paula Walshe, Director of Transactional Services at Savills Middle East

Paula Walshe, Director of Transactional Services at Savills Middle East, added, “The unprecedented rental increases and high occupancy rates demonstrate Dubai’s standing as a premier destination for global business expansion. We’re seeing strong interest from international firms, especially in finance and technology, prioritizing flexible office spaces to meet their ambitious growth targets and align with Dubai’s strategic vision.”

In addition, the rise of hybrid working models has led to a growing demand for flexible workspaces, with companies opting for open-plan layouts and co-working solutions like those offered by Executive Centre and Cloud Spaces. These spaces are particularly attractive for startups and new entrants seeking flexible lease terms and a rapid operational setup.

Demand for office space is concentrated in areas with prime offerings, yet more affordable options are also experiencing significant rental increases, as seen in Dubai Science Park and Dubai Investments Park, which recorded a 37% year-on-year rise. Expo City is emerging as a competitive option, offering high-quality facilities with strong transport links at a lower price point than the central business districts.

The report projects that this demand will continue through the year as more businesses set up in Dubai to take advantage of its strategic location, supportive business environment, and high-quality infrastructure.

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Al Habtoor Real Estate Celebrates Major Milestone for The Residences, Al Habtoor Grand

The milestone was celebrated at a prestigious event attended by 400 to 500 distinguished agents.

Thu, Nov 7, 2024 < 1 min

Al Habtoor Real Estate celebrated their luxurious residential project, The Residences, Al Habtoor Grand, reaching the above-ground construction phase in a record time.

Hosted at the prestigious Al Habtoor Grand Resort, the evening marked a significant milestone with the construction now reaching above-ground and was attended and celebrated by 400 to 500 elite agents specializing in high-end developments and esteemed VIPs, who received personalized video invitations from Mohammed Khalaf Al Habtoor, Vice-Chairman and CEO of the Al Habtoor Group.

The event began with a warm welcome to guests, setting an anticipatory tone for a special announcement: Al Habtoor Real Estate introduced a remarkable incentive for top-performing external agents in November and December—the opportunity to win a Bentley. This grand gesture, aimed at inspiring and rewarding excellence, energized the audience.

After the announcement, a technical presentation offered insights into the project site, leading seamlessly to a speech by Mohammed Khalaf Al Habtoor, Vice-Chairman and CEO of the Al Habtoor Group. The night continued with captivating performances by a renowned band, followed by breathtaking fireworks that lit up the sky. Guests were treated to an exquisite selection of canapés and fine drinks, making it an unforgettable evening of celebration and elegance, capped off by the successful booking of 100 units during the evening.

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Deyaar Launches New Luxury Residence Project on Al Reem Island

Construction for RIVAGE is scheduled for completion in Q4 2027.

Wed, Nov 6, 2024 3 min

Deyaar Development PJSC (“Deyaar”) has launched RIVAGE—its first residential project on the prestigious Al Reem Island in Abu Dhabi emirate. The launch marks a key milestone in the strategic partnership between Deyaar and Arady Properties PSC.

The development offers the perfect blend of luxury living, breathtaking views, and world-class amenities while integrating sustainability within a master peace architectural design.

RIVAGE offers a range of residential options, providing flexibility for both investors and families, featuring 1, 2, and 3-bedroom luxury residences, opulent duplexes, bespoke Sky Villas and the celestial Sky Palaces.

RIVAGE presents a prime investment opportunity, supported by Deyaar’s reputation and its strategic location being minutes away from Zayed International Airport and close to universities, malls, schools, healthcare facilities, parks, beaches, restaurants, hotels, and prayer facilities.

Commenting on the launch, Saeed Mohammed Al Qatami, CEO at Deyaar Development, said: “In collaboration with Arady Properties – PSC, we are excited to present RIVAGE, our first residential project in Abu Dhabi, which truly reflects our commitment to creating exceptional living spaces. Situated on the picturesque Al Reem Island, RIVAGE offers more than just a new address—it’s a harmonious blend of vibrant city life and peaceful waterfront serenity, providing stunning views and top-notch amenities ideal for families seeking both excitement and tranquillity. While contributing to Abu Dhabi’s economic growth and urban development, RIVAGE marks a proud moment for us at Deyaar as we continue to elevate the real estate landscape beyond Dubai and fulfill our promise to exceed the expectations of our valued customers and stakeholders—a core part of what Deyaar stands for.”

For his part, Khaled Al Fahim, Chairman of Arady Properties – PSC, said: “We are thrilled to see our collaboration come to fruition with the launch of RIVAGE, an iconic residential destination on Al Reem Island. Born from the strategic partnership between Arady and Deyaar, this project leverages our combined expertise in shaping the UAE’s skyline. With two decades of experience in creating landmark developments, we are confident that RIVAGE will become one of the most sought-after luxury and lifestyle developments on the island. The combined blend of urban sophistication and the tranquil waterfront living, offers an unparalleled lifestyle experience to the residences and families.

Khalifa Al Zaabi, the CEO of Arady properties, stated:” We are confident that this project will serve as a significant contribution in the growth being experienced on Al reem Island. RIVAGE is distinguished by its creative essence, focusing on design and featuring refined aesthetic elements. It offers an exceptional living experience that seamlessly blends luxury and comfort. We are committed to continuing our collaboration with our esteemed partners to develop a selection of premier projects, while ensuring that we embed a spirit of innovation and sustainable development throughout the project.”

The development features a range of resort-style amenities, including a sky pool, spa, and fitness facilities such as aquafit yoga and aquafit spinning. Residents can also enjoy the RIVAGE Lounge, Mangrove Terrace, Mangrove Spa, RIVAGE Club and Adventure Cove. Additional facilities include beautifully landscaped gardens, Aqua Play areas, and the Horizon Lounge. With its stunning views, meticulously crafted interiors, and serene environment, RIVAGE is set to redefine luxury living in Abu Dhabi and set a new benchmark for residential developments in the UAE and beyond.  In addition, RIVAGE features smart homes that prioritize both luxury and sustainability. Select units boast automated lighting and air conditioning, energy-efficient appliances and eco-friendly materials for a comfortable and environmentally conscious living space.

Construction for RIVAGE is scheduled for completion in Q4 2027.

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Mi Casa Property Solutions: Prioritizing community building and legacy creation

Mubarak Al Amry shares in this exclusive interview his vision for lasting client relationships and future growth.

By Marie Habib
Wed, Nov 6, 2024 4 min

In the vibrant landscape of Abu Dhabi’s real estate sector, few names resonate as profoundly. Founded by Mubarak Al Amry, Mi Casa Property Solutions has blossomed from a simple idea into a multifaceted powerhouse dedicated to enriching lives through property ownership.

In this exclusive interview, Al Amry reflects on the inspirations behind Mi Casa‘s establishment and the company’s remarkable evolution over the years. He emphasizes not just the importance of transactions, but the meaningful relationships built with clients, each property serving as a legacy for generations to come.

With a unique approach that prioritizes quality and a commitment to community-building, Al Amry shares insights into the current market trends, the strategic use of technology, and the company’s ambitious plans for the future.

What inspired the establishment of the Mi Casa Property Solutions, and how has it evolved over the years?

The journey of Mi Casa Property Solutions has been incredibly inspiring and rewarding. When I established this real estate company, my goal was not just to build a business, but to provide people with an asset that could become an essential part of their lives. We don’t just sell property; we offer an experience that holds lifetime value for our clients.

This is not just an investment; it’s a legacy that people pass on to the next generation. With this philosophy, we have built strong relationships with our clients, turning each interaction into a journey rather than just a transaction.

When I hire my team, I focus not on their real estate experience but on their diversity and passion for helping others. Each team member’s mission is to provide clients with the best service and experience possible, positively impacting their lives. In this way, our company has evolved, consistently focusing on delivering value to our clients.

Today, Mi Casa is not just a company in real estate but also plays a role in community building and legacy creation. We stand firm on our values and strive to give every client the best experience of their lives.

Mi Casa Property Solutions offers a wide range of services in the real estate sector. How do you ensure that you maintain a high standard across all these services?

Yes, our portfolio is indeed quite diversified, but we make it a priority to ensure that every service we provide satisfies our clients 100%. This commitment is the reason our clients return to us for various services.

To achieve this, we have specialized consultants for each area who excel at their jobs. They understand the nuances of the real estate market and are dedicated to delivering top-notch service. By investing in their expertise and training, we ensure that our services consistently meet high standards.

We believe in never compromising on quality, which is reflected in our client satisfaction. This approach not only enhances our reputation but also strengthens the trust our clients place in us. Ultimately, our goal is to provide exceptional experiences across all our services.

What distinguishes you from the other companies in the UAE?

While many property companies may seem similar, what sets Mi Casa apart is our versatile approach and unique listings. We don’t just sell individual apartments or villas; we provide opportunities across entire buildings, including commercial and residential properties. This comprehensive range allows us to meet diverse investment needs, offering our clients the flexibility to expand their portfolios with properties that stand out in the market.

We believe in quality over quantity. Rather than having a large team, we prefer 10 highly skilled consultants who excel at their work. This allows us to maintain a high standard of service and expertise in every transaction.

Our focus on providing exceptional quality and unique listings ensures that we deliver a superior experience to our clients, distinguishing us from other property advisory and management companies in the UAE.

How do you see the current real estate market in Abu Dhabi, and what trends are you noticing in both residential and commercial sectors?

The Abu Dhabi real estate market is currently thriving, with positive trends in both residential and commercial sectors. In residential real estate, there’s a strong demand for high-quality, affordable housing, as families seek spacious homes with modern amenities. Additionally, sustainable and smart living solutions are gaining popularity.

In the commercial sector, we’re seeing increased demand for flexible workspaces as companies adapt to hybrid models, and retail is shifting towards experiential environments that enhance customer engagement.

Overall, the market is becoming more competitive, with a focus on quality and innovation. We at Mi Casa are committed to staying ahead of these trends to meet our clients’ evolving needs.

Your company aims to achieve both owners’ and tenants’ satisfaction. Can you share some of the strategies you employ to ensure a balanced approach that meets the needs of both parties?

At Mi Casa, we see ourselves as catalysts in the real estate process, ensuring that both owners and tenants are satisfied. Our approach is centered on effective communication, which is crucial for preventing any misunderstandings or issues between the two parties.

We prioritize transparency and responsiveness, making sure that both owners and tenants feel heard and valued. We provide regular updates and facilitate open dialogue to address any concerns promptly. For us, both owners and tenants are equally important clients, and their satisfaction is our top priority.

By fostering a collaborative environment, we create a positive experience for everyone involved, ultimately leading to long-term relationships and trust.

How do you foresee the role of technology evolving in the real estate market, and what is Mi Casa’s strategy to stay at the forefront of these changes?

I foresee technology playing a transformative role in the real estate market, enhancing efficiency and client experiences. At Mi Casa, we are committed to staying ahead by investing in advanced tools like data analytics, virtual reality, and AI-driven automation. By continually training our team and fostering a tech-forward culture, we ensure that we leverage these innovations to provide personalized services and streamline operations. Our goal is to not only adapt to these changes but to lead the industry in delivering exceptional value to our clients.

What are your expansion plans? Are there any new markets or services you are looking to explore?

At Mi Casa, our ambition is to elevate the company to new heights, and we are consistently working towards that goal. We are currently engaged in several important projects. we plan to introduce some exciting new initiatives soon. For now, we believe it’s best to focus on our work and when the time is right, we will reveal our new steps to the market. Your support is invaluable to us as we embark on this journey of expanding and exploring new markets and services.

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Kensington Gardens Launches as UAE’s first of its kind residential community

LEOS Developments is committed to creating environments that enhance the wellbeing of families

Tue, Nov 5, 2024 4 min

LEOS Developments, the award-winning British-born international real estate developer, launched Kensington Gardens, the UAE’s first of its kind residential community. With a gross development value of AED 1.1B for the first phase, this visionary project is nestled within Greenwood, Nakheel’s expansive 3.95 million sqm green development. Using advanced British technology, Kensington Gardens offers state-of-the-art living spaces that embody the very essence of luxury living, through modern design and timeless craftsmanship. At the heart of every residence, unique branded crystal chandeliers create an inviting ambience of peace and tranquility for its residents.

Kensington Gardens offers a groundbreaking approach to modern living, with British-standard craftsmanship at the core of its architectural design. Every residence is engineered with cutting-edge solutions and futuristic design concepts that provide a tranquil sanctuary for its residents to thrive. Effortlessly elevating everyday living spaces with expansive layouts and ample natural light, the project stands to foster a harmonious ambience that promotes balance, and rejuvenation of the mind, body and soul.

“Greenwood is set to become one of Dubai’s most iconic communities, perfectly aligned with the ambitious Dubai 2040 Vision,” said Rui Liu, Founder and Chairman of LEOS International Group. “We are thrilled to launch the very first project within this groundbreaking development. With 168 exquisite units, Kensington Gardens Phase 1 will be a landmark moment in Dubai’s urban transformation and an enduring symbol of innovation and lifestyle excellence.”

Situated right at the heart of the lush green community, the development offers meticulously designed 3, 4, and 5-bedroom townhouses starting from AED 3.2M and standalone 6 and 7-bedroom luxury villas starting from AED 6.9M.

There are 66 three-bedroom townhouses at Kensington Gardens with saleable area ranging from 2,720 to 2,766 sq.ft.

The saleable area for the 32 four-bedroom townhouses ranges from 3,089 to 3,151 sq.ft.

With a saleable area spanning 3,665 to 3,726 sq.ft, there are 34 units to choose from for five-bedroom townhouses options.

The 24 opulent six-bedroom villas boast a saleable area of 5,178 sq.ft.

Finally, a limited 12 units are available for the luxury seven-bedroom villas with a saleable area of 6,204 sq.ft. Each standalone villa features a private elevator and a serene 8m long private pool for an elevated living experience.

Kensington Gardens is equipped with state-of-the-art facilities, including a hydroponic vertical garden, providing fresh produce year-round. Smart home technology allows residents to seamlessly control their living spaces from lighting, temperature, security systems to automatic curtains through smartphones or voice commands. The homes also feature solar water heating, enhanced drainage system, rainwater harvesting system, and waterproofing with 10 years warranty. These facilities, combined with the community’s sustainable insulated building envelopes, not only ensure optimal climate control year-round but also minimize energy loss and save on electricity bills, offering residents an eco-friendly lifestyle.

As part of Greenwood, Nakheel’s largest and greenest development, Kensington Gardens serves as an oasis of wellness with direct access to 460,000 square meters of open spaces and a wide array of vibrant lifestyle experiences. From a sprawling 99,000 square meter central park and water lagoons to yoga and meditation parks, dog parks, outdoor gyms, and over 12 kilometers of jogging and cycling tracks, Greenwood is a haven for those seeking active and sustainable living. The development also includes retail and dining outlets, private schools, kindergartens, supermarkets, and healthcare services, all located within a freehold community.

As the first-ever addition to the Greenwood community, Kensington Gardens by LEOS Developments represents a unique opportunity for global investors and homeowners. At its core, the project offers undeniable elegance and sophistication, by embracing innovation through its unique design concept. From grand crystal chandeliers at the heart of every residence, to a wide array of lifestyle amenities, the project sets a benchmark that elevates not just lifestyles, but communities. With its potential for long-term returns and promising capital appreciation, the landmark development is a prime investment opportunity that will ultimately redefine the scope of luxury real estate in Dubai.

“LEOS Developments is committed to creating environments that enhance the wellbeing of families,” said Mark Gaskin, COO of LEOS Developments. “With Kensington Gardens, we’ve pushed the boundaries of design, by blending forward-thinking perspectives with timeless British architecture. This community is an exceptional addition to Dubai’s luxury residential landscape offering boutique living experiences that foster a sense of exclusivity and tranquillity for its residents.

Located just 16 minutes from Downtown Dubai and with direct access to major highways (E311 and E611) and Dubai’s new Blue Metro line, Kensington Gardens offers both convenience and serenity. Construction is expected to be completed by Q4 2027.

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GFH Financial Group and Infracorp Unveil the Luxurious Kempinski Harbour Heights

The project will deliver the next level of luxury, waterfront living in the heart of Mamana’s exclusive Bahrain Harbour

Tue, Nov 5, 2024 2 min

GFH Financial Group (GFH), in partnership with Infracorp, today announced on sidelines of Gateway Gulf Forum 2024, that they have signed with Kempinski to launch Harbour Heights Kempinski Hotel and exclusive branded residences. The project will deliver the next level of luxury, waterfront living in the heart of Mamana’s exclusive Bahrain Harbour, which is strategically positioned in downtown Bahrain within a key financial and lifestyle hub as well as in close proximity to other prominent leisure, business, and transportation centers in the Kingdom.

Kempinski Harbour Heights will offer unmatched panoramic views of the Bahrain Harbour and Marina and the adjacent Bahrain Bay. The project will comprise of Sky Villas, marking the first Kempinski branded villas with direct sea views, and 260 luxury apartments and hotel rooms. The villas and residences will be developed to the highest and most exacting design specifications and will benefit from premium lifestyle offerings including the highest swimming pool in Bahrain with 360 views, a sprawling roof top garden with kids play areas, indoor sports facilities, as well as an outdoor gym, tennis courts, and basketball court. Residences also benefit from an international fine dining offering, cigar lounge and meeting facilities, as well as exclusive access to the Kempinski hotel’s broad range of world-class services and amenities.

Sales are scheduled to launch before the end of 2024, with the hotel due for completion at the end of 2025 and the residences in the first half of 2026.

Commenting, Ms. Barbara Muckermann, CEO of Kempinski, said, “We are excited to develop Kempinski Harbour Heights as a landmark that epitomizes luxury and sophistication in Bahrain. This project reflects our commitment to delivering outstanding quality and a world-class lifestyle for owners and investors, setting a new benchmark in upscale, waterfront living in Bahrain. Each residence will be crafted with the utmost attention to detail, ensuring an environment that combines elegance with modern amenities for a truly elevated experience.”

Adding, Mr. Majed Al Khan, CEO of Infracorp, said, “We are very proud of the positive impact this landmark project will have for Bahrain. We are dedicated to supporting the Kingdom’s ongoing development and its Vision 2030 objectives by bringing exceptional projects to market that enhance both the residential and tourism offerings in the Kingdom. Kempinski Harbour Heights is a prime example of how we continue to attract world-class hospitality brands, setting a new standard in luxury living that complements Bahrain’s ambitious goals for economic diversification and international appeal.”

Harbour Heights is a groundbreaking development in Bahrain, encompassing residential, medical, retail, hospitality, and leisure facilities across 35,900 sqm at the core of Bahrain Harbour. With a total GFA surpassing 137,000 sqm, this avant-garde complex epitomizes luxury, uniqueness, and distinction, promising to introduce a new waterfront lifestyle experience to the Kingdom’s future vision. As a comprehensive mixed-use district, Harbour Heights is set to redefine modern living and elevate the standards of urban convenience and sophistication in Bahrain.

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Dar Global Celebrates Successful Sale of Historic 149 Old Park Lane

The transaction underscores Dar Global’s prowess in executing high-value deals in some of the world’s most prestigious real estate markets.

Tue, Nov 5, 2024 2 min

Dar Global has successfully concluded the sale of the meticulously redeveloped residence No. 149 Old Park Lane in London, in partnership with Leconfield, a London-based property developer specialized in central London luxury market.

The transaction underscores Dar Global’s prowess in executing high-value deals in some of the world’s most prestigious real estate markets, further solidifying its position as a leading luxury property developer committed to growth and excellence.

One of Saudi Arabia’s first homegrown brands to be listed on the London Stock Exchange, with a 28-year legacy of excellence through Dar Al Arkan, it brings together the finest talent with expertise and innovation to create unique, one-of-a-kind second homes for discerning buyers worldwide.

CEO of Dar Global, Ziad El Chaarsaid: “With a strong foundation steeped in legacy we excel in crafting bespoke luxury homes for today’s global citizen. Propelled by a driving ambition to become one of the top ten real estate developers in the world within the next 10 years, our team of talented visionaries are committed to delivering exceptional living spaces that serve as an investment opportunity as well as offer up a sophisticated lifestyle in some of the world’s most sought-after locations.”

“The sale of No. 149 Old Park Lane, part of Dar Global’s exclusive 1of1 portfolio, represents a significant milestone in the company’s global positioning and its expansion into the European market. Our 1of1 portfolio includes distinctive, independent estates that offer lifetime opportunities for ownership, designed to be passed down through generations,” added El Chaar.

Located on the iconic Piccadilly Street overlooking Green Park, No. 149 Old Park Lane is a timeless masterpiece. The residence retains many classical and Art Nouveau features, with high ceilings, spacious corridors, and grand furnishings adding to its allure. The property boasts three luxurious bedrooms with ensuites, a palatial master bedroom, a formal dining room, and a reception hall with stunning views of Green Park.

Dar Global operates across nine markets, comprising the UAE, Saudi, Oman, Qatar, Greece, China, Spain, Maldives, and the UK, with plans for further international expansion. Among its notable projects are the Urban Oasis tower by Missoni and DaVinci tower by Pagani in Dubai, Les Vagues residences by Elie Saab in Doha, SIDRA residences in Bosnia, and the AIDA master development in Oman, featuring a Trump-branded luxury resort and exclusive residences. Recently, Dar Global announced the appointment of Rothschild & Co. to explore opportunities for acquisitions and joint ventures in London and Saudi Arabia, as part of a strategic effort to expand its presence in these key markets.

Dar Global, continues to meet the highest global standards, attracting international investors, and catering to the needs of affluent global citizens. With clients from over 100 nationalities across more than 50 countries, Dar Global is well-positioned to offer real estate products for investment, as well as second and vacation homes across the globe.

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