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business / International Real Estate
UK Building Companies Corrupt Practices UnveiledThe Uk Office of Fair Trading has uncovered systematic price fixing and seemingly corrupt practices in tendering for large building projects. The firms accused by the government watchdog include some of the biggest construction companies in the UK including Balfour Beatty and Carillion.
The Office of Fair Trading investigation is believed to be one of its biggest and reveals practices that could have cost UK tax payers billions over the last few years. The OFT has been met with a ‘hands up’ from over 40 firms who have already admitted the charges
homesgofast.com Thursday, April 17, 2008Arizona Real Estate Sending Out Mixed Messages
Despite a troubled housing market in the United States, the low price (< $200,000) condominiums in the Arizona southeast Valley is keeping sales strong. according to data compiled by Arizona State University, resale condos are going quicker than resold single-family homes, and a 40% increase in sales for resold housing was seen in February, up 21% from this time last year
The Milwaukee-based parent company of Marshall & Ilsley Corp continues to take a pounding from its real estate investments, announcing today that its first quarter net income dropped 32.5 percent to $146.2 million from $216.8 million in the same period a year ago. M&I Bank reported quarterly per share net income of 56 cents, down from 83 cents a year earlier.
homesgofast.com Thursday, April 17, 2008Emaar Q1 profit falls 3.8%
Dubai-based developer Emaar Properties, the largest Gulf real estate company by market value, posted its second decline in profit in three quarters, falling 3.8% to dhs1.66bn ($451m) due to a drop in revenues from its US subsidiary. Earnings per share were 1.08 dirhams, unchanged compared with the year-earlier period. Revenue fell dhs80m to dhs3.96bn, the company said.
ameinfo.com Thursday, April 17, 2008Palm Springs project now back on track
Dubai's Land Department has successfully mediated a dispute between property developer Damac and investors in the Palm Springs project in Jebel Ali, according to Sultan Bin Butti Bin Mejrin, director general of the Land Department. The project, which was launched five years ago, is now back on track and will be developed in keeping with the original investor contracts and Damac's contract with Nakheel, master-developer of the Palm Jebel Ali. Bin Mejrin said the Land Department intervened to protect both investors' interests and Dubai's reputation in the property market, reported Gulf News.
ameinfo.com Thursday, April 17, 2008UAE to build new capital city
The UAE has announced plans to build an all-new capital city by 2028, reported Khaleej Times. The capital will be located in Khalifa City, near Abu Dhabi, and have an area of 4,900 hectares. It will house all government offices and ministries, and able to accommodate three million people in less than 25 years. The project, which is being designed and implemented by the Executive Affairs Authority, is aimed a creating a contemporary Arab city reflecting a sustainable economy, rather than uncontrolled growth.
ameinfo.com Thursday, April 17, 2008Deyaar CEO resigns, faces investigation
Zack Shahin, CEO of Dubai-based property developer Deyaar, has been detained and is under investigation for alleged financial irregularities, reported Reuters. Deyaar said in a statement on Thursday that Shahin had resigned, without giving a reason. Deyaar chairman Nasser al-Shaikh confirmed that Shahin is being investigated by the Public Prosecution for 'doing something he was not a supposed to do'. The company has named Adnan Tareen, head of finance, as acting CEO. Deyaar is Dubai's second-largest property developer by market value.
ameinfo.com Thursday, April 17, 2008Emaar launches Burj Place
Emaar Properties has announced the launch of Burj Place, located in Downtown Burj Dubai, the developer's $20bn flaghsip mega-project. The 55-storey, two-tower Burj Place will offer studios and one- or two-bedroom serviced apartments that range in size from 574 sq ft to 1,253 sq ft. It will also offer retail, recreational and leisure spaces.
ameinfo.com Thursday, April 17, 2008
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