Latest news with #propertydevelopment
Zawya
2 hours ago
- Business
- Zawya
CCR Developments set to launch its third project at New Capital
CCR Developments is preparing to launch its third project in the New Administrative Capital, a move that reflects the company's strong confidence in the future of the New Capital and its commitment to meeting the growing demand for high-quality real estate developments within the city. Dr. Remon Taghian, CEO of CCR Developments, stated that CCR Developments already owns two flagship projects in the New Capital, including Front Gate—a mixed-use project featuring commercial, administrative, medical, and hotel units. The project spans 4,000 sqm and consists of a ground floor and seven upper floors. Taghian added that the third project is located near Mostakbal City and serves the areas of the New Administrative Capital, Madinaty, and Mostakbal City. The concrete structure has been 100% completed, with 60% of the electromechanical work and over 70% of the façade work also finished. Additionally, the company is developing CORE, a commercial and administrative project located in the R3 district. Positioned at the crossroads of two major roads—each 70 meters wide—the project enjoys a prime location overlooking the main R3 corridor, which links Sports City, the Mohamed Bin Zayed Axis, and the Central Business District. Just a few steps from Sports City and only five minutes from the capital's main gate, construction on the project is currently in progress. Taghian noted that the company brings over 40 years of experience in the real estate market, having developed more than 150 standalone projects and 250 retail units in East Cairo before expanding into major developments in the New Administrative Capital. He concluded that the success of the company's previous two projects reinforces its expansion plans, with the upcoming launch of its third project, which is set to be an innovative new addition to real estate market.
Zawya
a day ago
- Business
- Zawya
IMTIAZ marks early handover of Pearl House in JVC, on track
Dubai, UAE – Dubai-based prime luxury developer, Imtiaz Developments, continues its impressive handover streak with the successful delivery of Pearl House—its fourth completed project in Jumeirah Village Circle (JVC). Delivered four months ahead of schedule, this early project completion follows the recent handover milestones of Westwood Grande I and Westwood Grande II—all delivered on time—setting a new benchmark for timely execution in Dubai's real estate sector. With over 40 active projects and AED 10 billion in total sales, Imtiaz Developments remains steadfast in its commitment to quality, innovative design, and timely delivery. Valued at AED 155 million, Pearl House by Imtiaz brings a new level of contemporary living to JVC. The development features an exquisite collection of 190 fully furnished studio and one-bedroom apartments in a 16-storey mid-rise tower. Designed to appeal to both end-users and investors, the project offers a rare blend of elegance, comfort, and functionality in one of Dubai's highly transacted areas known for strong rental yields. 'Following the success of our previous projects in the Jumeirah Village community, we are proud to handover Pearl House by Imtiaz—a development that reflects our continued dedication to design innovation and architectural excellence,' said Masih Imtiaz, CEO of Imtiaz Developments. 'This project is part of our strategic growth roadmap for 2025, and we are thrilled to see it come to life ahead of schedule.' Pearl House marks the first project in the series, followed by Pearl House 2 and Pearl House 3, scheduled for delivery in Q4 2025 and Q1 2026 respectively. Inspired by oceanic beauty, the apartments are thoughtfully crafted with custom-made furniture, integrated smart home systems, and built-in office spaces designed for modern remote work lifestyles. As Imtiaz Developments continues to expand across key districts such as Dubailand Residential Complex, Dubai Islands, and Meydan, the company remains focused on building high-quality communities that merge architectural distinction with enduring lifestyle and investment value.
Zawya
a day ago
- Business
- Zawya
IMTIAZ marks early handover of Pearl House in JVC, on track to deliver 6 projects this year
Dubai, UAE – Dubai-based prime luxury developer, Imtiaz Developments, continues its impressive handover streak with the successful delivery of Pearl House—its fourth completed project in Jumeirah Village Circle (JVC). Delivered four months ahead of schedule, this early project completion follows the recent handover milestones of Westwood Grande I and Westwood Grande II—all delivered on time—setting a new benchmark for timely execution in Dubai's real estate sector. With over 40 active projects and AED 10 billion in total sales, Imtiaz Developments remains steadfast in its commitment to quality, innovative design, and timely delivery. Valued at AED 155 million, Pearl House by Imtiaz brings a new level of contemporary living to JVC. The development features an exquisite collection of 190 fully furnished studio and one-bedroom apartments in a 16-storey mid-rise tower. Designed to appeal to both end-users and investors, the project offers a rare blend of elegance, comfort, and functionality in one of Dubai's highly transacted areas known for strong rental yields. 'Following the success of our previous projects in the Jumeirah Village community, we are proud to handover Pearl House by Imtiaz—a development that reflects our continued dedication to design innovation and architectural excellence,' said Masih Imtiaz, CEO of Imtiaz Developments. 'This project is part of our strategic growth roadmap for 2025, and we are thrilled to see it come to life ahead of schedule.' Pearl House marks the first project in the series, followed by Pearl House 2 and Pearl House 3, scheduled for delivery in Q4 2025 and Q1 2026 respectively. Inspired by oceanic beauty, the apartments are thoughtfully crafted with custom-made furniture, integrated smart home systems, and built-in office spaces designed for modern remote work lifestyles. As Imtiaz Developments continues to expand across key districts such as Dubailand Residential Complex, Dubai Islands, and Meydan, the company remains focused on building high-quality communities that merge architectural distinction with enduring lifestyle and investment value.
Gulf Business
a day ago
- Business
- Gulf Business
Binghatti Holding's H1 profit rises almost threefold to Dhs1.82bn
Image: Binghatti Holding Binghatti Holding announced record financial results for H1 2025 last week, with net profit and revenue nearly tripling year-on-year, driven by robust demand for its developments . Net profit for H1 2025 surged by 172 per cent year-on-year to Dhs1.82bn ($495m), up from Dhs668m ($182m) in the same period last year . Total sales climbed 60 per cent year-on-year to Dhs8.8bn ($2.39bn), while revenue increased by 189 per cent to Dhs6.3bn ($1.722bn), positioning the company as one of Dubai's fastest-growing real estate firms . The group also saw significant expansion in its development pipeline. As of June 30, Binghatti's revenue backlog reached Dhs12.5bn, an increase from Dhs6.6bn in the corresponding period last year . This surge was fuelled by the launch of seven new projects , while five projects, comprising 1,441 units, were successfully delivered during the first half . Branded residences drive global investor demand . The company's ability to blend architectural innovation with iconic design has attracted an elite international clientele, including Brazilian football star Neymar Jr and acclaimed opera singer Andrea Bocelli. In H1 2025, 61 per cent of Binghatti's sales were made to non-resident buyers, up from 55 per cent a year earlier, underscoring Dubai's safe-haven appeal and Binghatti's proactive marketing, which included the launch of a London sales office in July . Leading buyer nationalities in H1 2025 included India, Turkey, and China . Strong local demand While international investors continue to play a growing role in driving sales, Binghatti also continued to benefit from strong local demand, supported by the UAE's expanding population, and ongoing investment in infrastructure and housing accessibility . The Company continued to broaden its domestic customer base by improving affordability and access to high-quality real estate developments . In May 2025, Binghatti signed a landmark memorandum of understanding with Abu Dhabi Islamic Bank (ADIB) to offer Sharia-compliant home financing solutions tailored to both ready and off-plan residential units . Under the agreement, eligible buyers will be able to secure financing once construction reaches 35 per cent completion and 50 per cent of payments have been made, a flexible structure designed to unlock new demand among UAE-based homeowners and investors . To further support access to homeownership, Binghatti Holding was selected in July by the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) as one of 13 developers participating in the newly launched First-Time Home Buyer (FTHB) Programme . As part of this initiative, Binghatti has committed to allocating at least 10 per cent of its newly launched and existing residential units priced under Dhs5m exclusively to eligible first-time buyers . The earmarked units will be made available ahead of public launches, ensuring early access and greater affordability for UAE residents entering the property market for the first time . In addition to prioritised access, Binghatti is offering exclusive financial incentives to FTHB participants, including discounts on selected properties and reduced administrative fees, with enhanced packages for both Emiratis and expatriates . The initiative supports Dubai's broader economic and social development goals, including the D33 Economic Agenda which targets Dhs1tn in real estate transactions . In July, Binghatti also became a founding partner of the Dubai PropTech Hub, a joint initiative of the DIFC Innovation Hub and the Dubai Land Department . The Hub, which aims to attract $300m in venture capital by 2030, will position Binghatti at the forefront of real estate innovation through access to emerging technologies such as AI, blockchain, and sustainable smart infrastructure . As a founding partner, Binghatti will benefit from early engagement with next-generation PropTech start-ups through the Hub's Living Lab, Scale-up Accelerator, and bespoke innovation programs . Accelerated development and landmark land acquisition Binghatti currently has around 20,000 units under development across about 30 projects in prime residential areas across Dubai, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Meydan, Dubai Science Park, Dubai Production City, and Sports City . Read: During the first half, Binghatti launched seven new projects featuring 5,000 units spread over 3.8 million square feet and handed over five developments comprising 1,441 units over a million square feet . The company acquired a landmark megaplot in Nad Al Sheba 1, in the heart of Dubai's sought-after Meydan district with over 9 million square feet of gross floor area, which will serve as the foundation for its first master-planned residential community in Dubai with a total development value of over Dhs25bn . In the first half of 2025, Binghatti's credit profile was formally recognised by leading global rating agencies . In March, Moody's Ratings assigned Binghatti a first-time Ba3 Corporate Family Rating (CFR) with a stable outlook, citing the Company's strong market position in Dubai's luxury real estate sector, its vertically integrated operating model, and prudent financial management . The agency highlighted Binghatti's low leverage, strong liquidity, and effective cost control as key credit strengths, alongside its strategic expansion through branded developments and a deep pipeline of projects . Shortly after, Fitch Ratings upgraded Binghatti's Long-Term Issuer Default Rating (IDR) and senior unsecured debt to BB- from B+, also with a stable outlook . The upgrade reflected Binghatti's resilient growth trajectory, robust liquidity – including a low net debt-to-EBITDA ratio of just 0.8x – and its ability to self-fund future projects through internally generated cash flows . Both agencies recognised the company's strengthened corporate governance framework and the institutional credibility brought by its inaugural$500m sukuk, which is listed on both the London Stock Exchange and Nasdaq Dubai . A positive outlook Dubai's real estate market continues to show structural strength, supported by a growing population, stable governance, and surging global investor interest . As of June 2025, Dubai's population surpassed 3.75 million and is expected to exceed four million by the end of 2026 . In the first half of 2025 alone, over 19,700 new residential units were handed over, primarily in JVC, Al Merkadh, and Business Bay . However, delivery across core and premium submarkets has not kept pace with demand . This gap is even more evident in the luxury and branded segment, where sustained demand continues to drive strong absorption rates . Rental values in prime zones such as Marina, Business Bay, and Downtown Dubai are up significantly year-on-year, clear indicators of supply pressure and investor appetite .
Yahoo
a day ago
- General
- Yahoo
House to be transformed into HMO despite objections from neighbours
A house in St Edward Street, Newport, is set to become an HMO following approval. The property, located at 26 St Edward Street in Stow Hill, will be transformed from a regular dwelling to a four-bedroom house in multiple occupation (HMO), despite objections from neighbours. The planning application, 25/0403, was submitted by an applicant named Williams. The change of use will see the ground floor of the property host a lounge, kitchen, and one bedroom, while the first floor will contain three bedrooms and a bathroom. A planning report also detailed that bin and bike storage will be located in the rear amenity space, and a bird box will be installed on the rear boundary as a biodiversity enhancement. The parking situation was a point of contention for locals, with a survey indicating an increased demand for two spaces. However, this was deemed acceptable due to the location's sustainability and access to transport. The Highways Authority raised no formal objection but did require conditions for secure cycle storage. One 120-litre bin will be required for waste management. A waste management plan has been put in place and will remain consistent with the property's previous use. In terms of space standards, all rooms have been confirmed to meet the required size standards, with windows providing adequate light and outlook. The property also offers adequate outdoor amenity space. A check on the saturation of HMOs in the area found that within a 50-metre radius of the site, which includes 46 properties, no other HMOs are registered. This proposal would therefore only represent 2.17 per cent, well below the 15 per cent threshold. The proposal complies with a range of policies, including Policy H8 (Houses in Multiple Occupation), GP2 (Amenity), GP4 (Highways), GP5 (Natural Environment), and other relevant local and national planning policies. Biodiversity was taken into account, with the proposal for a bird box on the rear boundary fence. A full Green Infrastructure Statement was not required due to the scale of the development. Sixteen neighbours objected to the proposal, raising concerns about increased parking leading to congestion, making the area less desirable due to the transient nature of tenants, noise generation, loss of community character and cohesion, more pressure on waste disposal, decline in property values, and the inadequacy of the parking survey for assessing parking needs. They also noted a lack of consideration for electric vehicle charging or visitor/carer parking and raised concerns over room sizes and overcrowding. These objections were all addressed and dismissed through assessments by planning officers, highway officers, and other consultees, concluding the development meets the required planning standards and policy thresholds.
