Latest news with #residentialunits
CTV News
23-07-2025
- Business
- CTV News
CMHC says Tecumseh's HAF funding now in question after council vote
The Town of Tecumseh town hall in Tecumseh, Ont. on Tuesday, Aug. 3, 2021. (Chris Campbell/CTV Windsor) The Canada Mortgage and Housing Corporation (CMHC) says Tecumseh's eligibility for the remainder of its $4.4 million Housing Accelerator Fund (HAF) agreement is under review — after council voted down a key requirement tied to the deal. In a 4–3 decision Tuesday night, Tecumseh council rejected a proposal to allow up to four residential units as-of-right on lots in low-density neighbourhoods. That change was a condition of the town's federally approved HAF Action Plan. In a statement sent to CTV News, a CMHC spokesperson said: 'Conversations with Tecumseh are ongoing, and CMHC is committed to continuing our work with the Town to assess the outcome of yesterday's vote relative to their HAF agreement.' CMHC confirmed municipalities must fully implement their Action Plans and meet housing growth targets to receive the full amount of committed funding. In Tecumseh's case, only $1.3 million of the $4.4 million has been disbursed so far. Future payments depend on whether the town follows through on the terms of its agreement. Windsor Mayor Drew Dilkens — whose city also turned down the fourplex requirement — weighed in following Tecumseh's decision, calling the federal program too rigid. 'Cities were encouraged to apply for this vital funding… only to find out the minimum ticket to entry changed to include agreeing to 4-units as-of-right after applications had been submitted,' Dilkens said in a statement Wednesday. He added that Windsor exceeded its housing targets and submitted a locally focused plan — but ultimately said no 'out of respect for our residents, our neighbourhoods, and our future.' Housing policy expert Mike Moffatt says Ottawa's response to similar decisions in other cities is inspiring municipalities to test the boundaries of the program. 'When the City of Toronto voted down sixplexes across the city — one of their HAF requirements — the federal government didn't immediately respond,' Moffatt told CTV News. He says that silence created space for other municipalities to believe they could 'have it both ways — collect the funding and not necessarily live up to their full obligation.' Moffatt says unless Ottawa enforces those conditions clearly and consistently, the program risks losing credibility — and future housing agreements may become harder to negotiate and easier to ignore. While CMHC hasn't ruled out continued discussions with Tecumseh, the agency is signaling a firm stance — noting that future payments are issued annually, but only 'subject to the conditions and targets within their agreement being met.'
CTV News
15-07-2025
- Business
- CTV News
Two towers approved for downtown Amherstburg
The Town of Amherstburg has approved the construction of two mixed-use towers at the site of the former General Amherst High School. (Source: Town of Amherstburg) Two new towers will be featured in Amherstburg's skyline after town council approved a monumental development on Monday evening. Council voted 6-1 in favour of allowing Valente Developments to move forward with 8-storey and 11-storey mixed-use towers at the site of the former General Amherst High School. In addressing opposition from neighbouring residents, council members admitted provincial regulations meant rejecting the proposal could open the town to legal blowback, if the developer chose to pursue the matter. 'So, we're never going to agree on this, but we have to come up with a vision for the property along with the developer,' explained Chris Gibb, the town's deputy mayor. The plan includes 144 residential units consisting of condominiums and rental units. The ground floor will feature a mix of retail space and restaurants. 071425 Amherstburg's former high school is being transformed into 144 residential units split between two towers. (Source: Town of Amherstburg) In the months leading up to the decision, residents showed opposition to the plan. At an April 29 meeting, concerns were raised about the building height, lighting, parking and traffic. 'If we vote in favour of this tonight, council loses control, we lose control over this development,' noted Coun. Diane Pouget, who cast the lone vote against the proposal. On Monday, councillors noted the developer worked alongside administrative staff to address as many concerns as possible. 'It really seems that a lot of the concerns are being addressed and that this project is being a project of compromise in many aspects,' said Coun. Linden Crain. Ahead of deliberations, council heard from a lawyer retained by the town to consult on topics raised by the community. 071425 The Town of Amherstburg has approved the construction of two mixed-use towers at the site of the former General Amherst High School. (Source: Town of Amherstburg) 'In my opinion, it wouldn't be defensible to refuse these applications based on the concerns around compliance with federal heritage legislation, insufficient parking or matters that fall squarely within the scope of the site planning process, or an alleged conflict of interest,' explained Analee Baroudi, a lawyer who specializes in land development and municipal law. Speaking to CTV News after the meeting, Peter Valente, the project developer, said he always expected there to be many questions about the project given the site's prominent location and historical significance. 'I've been doing developing for almost 30 years in Windsor, Essex County and this has been the biggest file and the most investment I've made before having any sort of approval whatsoever,' he noted. If the project receives enough interest in the pre-selling market, Valente believes they could break ground in early 2026 and open the doors the following year.
Argaam
18-06-2025
- Business
- Argaam
ROSHN aims to develop 400,000 units, awards 71% of contracts locally
ROSHN Group aims to develop 400,000 residential units and mixed-use projects, adding that contracts for the Northern Riyadh-based SEDRA development have exceeded SAR 19 billion. In an interview with Argaam, ROSHN said it supports the localization of supply chains. Around 71% of its 2024 contracts were awarded to domestic firms, while local developers have invested an estimated SAR 2 billion in the Public Investment Fund (PIF)-backed company's projects. Achieving supply-demand balance is deemed a core pillar of ROSHN's strategy. It conducts analytical studies before launching any project and coordinates with authorities to align developments with market needs. ROSHN also supports efforts targeting sector regulation. It also plays part in addressing rising prices in Riyadh by offering integrated, diversified housing options aimed at enhancing affordability and stabilizing prices. What is the size of ROSHN Group's investments in the Saudi real estate market to date? What are its investment plans going forward? The group aims to develop 400,000 housing units, in addition to destinations and other mixed-use projects. ROSHN continues to inject significant capital into its Saudi real estate portfolio. In its flagship project SEDRA, located in northern Riyadh, the total contracts signed to date have exceeded SAR 19 billion. These cover construction and infrastructure works, including residential units, educational facilities, and retail spaces. Contracts were awarded to leading Saudi companies, as well as international firms operating locally. This supports national capacity building and boosts local content. The first phase of the SEDRA community has been completed. On the financing side, ROSHN secured SAR 9 billion in September 2024 from a consortium of local banks. An additional SAR 2 billion was raised to accelerate commercial and retail works at the ROSHN Front development in Riyadh. How does ROSHN work to balance supply and demand in the housing market, especially in major cities with growing populations? Supply and demand balance is fundamental to ROSHN's long-term strategy, particularly in high-growth cities experiencing rapid population increases. The company works in close coordination with authorities, municipalities, and other developers to ensure its projects complement current and future housing needs. Prior to any project launch, ROSHN conducts detailed data-based analysis to assess the existing housing supply, ongoing developments, and projected demand in the target area. It also analyzes market structure, including demographics, growth rates, and pricing trends. This is part of its commitment to delivering housing solutions that reflect community needs and national priorities. In light of Crown Prince directives to rebalance the real estate sector and address rising land and rent prices in Riyadh, what role does ROSHN play in supporting this regard? ROSHN plays a pivotal role in supporting sector regulation and addressing challenges related to housing supply and price balance. Its projects offer a wide range of residential options with various spaces, designs, and price points, catering to different segments across the Kingdom. These developments are integrated with commercial, educational, and entertainment facilities. The group seeks to facilitate local homeownership through strategic partnerships with leading financial institutions. A key example is its collaboration with Saudi Awwal Bank (SAB), enabling clients to convert cash purchases into bank financing. ROSHN is also expanding its portfolio to include assets in hospitality, sports, and retail. To what extent do ROSHN's projects contribute to direct and indirect job creation? Are there training and development programs for national talents within these projects? ROSHN's projects across the Kingdom have created over 200,000 direct and indirect jobs. The group invests in training and development programs to build local cadres that are capable of leading the sector's future. Saudization rates across its operations currently exceed 70%. ROSHN also works to localize its supply chains. In 2024, 71% of the group's contracts were awarded to local entities, while local developer investments reached SAR 2 billion. In the design sector, ROSHN launched the MUSAHAMA program in partnership with PIF. This initiative aims to showcase local design talents and expand the use of national resources. The program's first edition launched earlier this year, honoring emerging Saudi architects and local design firms for their innovative ideas. ROSHN contributed to the acceleration of the Kingdom's construction sector. The Ministry of Investment's data showed that 380 building permits were issued in 2024 alone, reflecting strong market momentum and increased investor confidence. The sector is expected to post an annual growth rate of 5.4% between 2026 and 2029, driven by the ingoing transformation initiatives. Given the ongoing tensions surrounding US tariffs, are there concerns about potential impacts on construction materials and supply chains? ROSHN focuses on building local supply chains and establishing long-term partnerships with domestic manufacturers and suppliers. This in turn supports the local construction sector and minimizes exposure to external risks. The group has signed procurement agreements with strategic partners to secure essential building materials at competitive prices and high quality. These deals are based on clear, long-term planning and offer suppliers a detailed view of ROSHN's needs over the next 10 to 15 years. Such transparency enables suppliers to invest and expand capacity inside the Kingdom in line with the group's growth trajectory. ROSHN incorporates local-made materials in its approved construction standards and works with international partners to localize manufacturing when needed. One example is its partnership with China Harbour Engineering Arabia Co. Ltd., resulting in the creation of an advanced precast facility in Riyadh in 2023. The facility is part of a SAR 7.2 billion contract. As part of its commitment to local content and integrated national supply chains, the PIF-backed developer launched the ROSHN Supply Chain Forum in 2024, bringing together contractors, consultants, and manufacturers to explore collaboration opportunities within its developments.
Khaleej Times
09-06-2025
- Business
- Khaleej Times
Dubai property market to see slower handover in 2025–26; sharp rise expected in 2027
The Dubai property market is expected to experience a notable slowdown in residential unit handovers in 2025 and 2026, falling short of anticipated supply, according to a new report by Morgan's International Realty. The real estate firm estimates that only 62 per cent of the expected residential supply for 2025 will be delivered. Out of an anticipated 37,171 units, only 22,896 are projected to reach completion. The outlook is even more subdued for 2026, with just 48 per cent — or 34,740 out of 71,613 forecasted units — expected to be completed. In total, in both years, only 57,636 of the projected 108,784 units are likely to be delivered, representing a combined completion rate of approximately 53 per cent. These figures reflect a persistent trend. Stay up to date with the latest news. Follow KT on WhatsApp Channels. According to Fitch Ratings, from 2022 to 2024, only 97,000 out of the 174,000 projected units were delivered — a completion rate of 56 per cent. Fitch attributes the lag in deliveries to factors such as difficulty in securing quality contractors, project sales timelines, funding delays from banks, and buyer payment issues. 'The rate of new unit delivery is influenced by various factors, including the availability of skilled labor and reliable contractors. Leading developers such as Emaar Development have a strong track record of timely project completion,' Fitch noted. Dubai's real estate market has witnessed a surge in demand in recent years, pushing both prices and rents to record highs. This growth has spurred unprecedented levels of property transactions. In the past year alone, Dubai recorded 226,000 transactions worth a combined Dh761 billion — a 36 per cent increase in volume and a 20 pe cent rise in value year-on-year. Despite the influx of new developers entering the market, there remains a shortage of qualified contractors due to the sheer volume of projects launched over the past four years. Key delivery areas in 2025-26 Morgan's International Realty's Dubai Residential Supply and Delivery Outlook 2025–2027 report identifies the primary areas for residential handovers. In 2025, most new units will be delivered in Studio City, Sobha Hartland, Jumeirah Village Circle (JVC), Jumeirah Lake Towers (JLT) and Al Furjan. For 2026, deliveries will be concentrated in JVC, Azizi Venice, Damac Lagoons, Business Bay and Arjan. Surge in 2027 supply The report projects a significant spike in residential deliveries in 2027, with approximately 70,537 units expected — nearly double Dubai's five-year average of 35,531 units per year. The bulk of this new supply will be located in JVC, Business Bay, Azizi Venice, Dubai Hills Estate and Creek Harbour. 'Jumeirah Village Circle remains the most active development zone across all three years, with 16,852 units scheduled for delivery between 2025 and 2027. This concentration of supply may exert downward pressure on prices due to potential oversupply,' said Elias Hannoush, Managing Director of Morgan's International Realty. Business Bay follows with 10,127 units, while Azizi Venice will see 7,860 units completed during the same period. The elevated supply in these areas could significantly impact pricing and absorption dynamics in the coming years.
Zawya
22-05-2025
- Business
- Zawya
Oman to receive 63,000 new residential units by 2030 as population grows
Oman plans to deliver 62,800 residential units by 2030, with 5,500 entering the market this year, real estate consultancy Cavendish Maxwell said in a report. The Gulf country is set to add 5,800 hotel rooms to its current inventory over the next five years, with 35 new hotels and resorts scheduled to open by 2030, the report said. The new rooms will boost current inventory by around 25 per cent. Residential real estate inventory grew by 3.6 per cent in 2024, with 38,400 new homes delivered. Oman's population is expected to reach 7.7 million from the current 5.3 million, driven by increasing numbers of both Omani nationals and expatriates. More than 80,000 new homes are projected to be delivered between now and 2040, Cavendish Maxwell said. Integrated Tourism Complexes (ITCs) will play a pivotal role in shaping Oman's real estate sector as non-Omani nationals can own freehold property. Several ITCs are under development in locations like Muscat, Dhofar, South Al Batinah, South Al Sharqiyah and Musandam, the report said. Oman is currently home to 270 hotels and resorts, with 24,000 rooms between them. Another 5,800 rooms across 35 hotels and resorts are set to come online by 2030, with 54 percent in the upper upscale and luxury segments, suggesting a shift towards high-value tourism, Cavendish Maxwell said. (Writing by P Deol; Editing by Anoop Menon) (
