Emaar Misr is floating 12.99 per cent of the company, amounting to 600 million shares
Named Morjana, the office will have 25 female staff and will be open seven days a week
The deal was awarded to UAE-based Arco General Contracting for carrying out community infrastructure work on the project
The profit payment will be made to all sukuk holders on June 15, 2015 against the sukuk issued amount of Dhs4.4 billion
According to the decree, all real estate developments must be registered with the government along with sales transactions listing the buyer.
Awards include the main works packages of some of Damac’s residential units in Akoya project and its hotel apartment projects
The projects are part of Mohammed bin Rashid housing establishment and will be built for local families
The deal to construct the Avenue 353 villa project has been awarded to McFadden International Construction Group.
The flotation will involve 600 million shares, equivalent to 12.99 per cent of the company, offered at a price between 3.5 pounds and 4.25 pounds.
The project will have 4,000 residential units, 300 hotel rooms, and 250,000 square metres of retail outlets.
Prices have surged to levels that may make even high-margin luxury developments unprofitable to build, experts say.
Stocks and precious metals were the other favoured asset classes among UAE investors, a Franklin Templeton survey found.
The developer said it has recorded strong investor interest in the project and has sold out all villas in the first phase.
About 90 per cent of the available properties on the Pearl have been bought or leased.
The developer expects to attract about 50 new companies to establish operations this year, versus 35 last year, and thinks it will sell around 2,500 residential units in 2015.
Average rents across the emirate are down 1.5 per cent compared to the same time last year, says Cluttons’ latest report.
Home values slipped 0.8 per cent in the first quarter, leaving average prices 0.5 per cent lower than a year earlier and 19.4 per cent below the 2008 peak, a new report says.
Emaar said it would use some of share sale proceeds to fund new developments in Egypt and grow its land bank in the country.
Property site Lamudi lists five properties in emerging markets around the world that have a price tag of around $1 million.
The project, valued at Dhs700 million, will comprise of 1,000 residential units and will be ready for handover by 2018.
The developer has now launched additional units for sale within the project, which is located in its Mudon community in Dubailand.
The state-linked builder made a profit of Dhs618 million in the three months to March 31.
Sales of the three and four bedroom townhouses will begin on May 16.
Once completed in 2018, the $1.2 billion Kingdom Tower will be over one kilometre high.
The Nareel development, designed for Emiratis, consists of two islands comprising 148 villa plots.
The emirate’s real estate is expected to stabilise this year, but the negative impact of lower oil prices could be felt in the longer term.
Prime house prices in Dubai fell 1.1 per cent year-on-year in Q1 2015 while showing a 1.9 per quarter-on-quarter decline.
The project will house more than 2,000 hotel apartments and residences.
The developer made a net profit of Dhs1.03 billion ($280.4 million) in the first quarter of 2015.
The contract has been awarded to build the bridges linking the project to the mainland.