(DUBAI, U.A.E.) -- Despite a worldwide cement shortage, a shrinking financing pool and a growing occupancy level, four-year-old Al Fajer Properties is on its way to becoming one of the Middle East's dominant real estate developers.
The Dubai-based company announced today it has completed the superstructures for phase 1 at five of its nine planned towers in record time.
The 5 Jumeirah Business Center (JBC) towers, once handed over, will add two million sq ft of office space and an additional 83,000 sq ft of retail space within the Jumeirah Lakes Towers (JLT) Community.
"This tremendous achievement comes within the last 12 months since disbanding the old management team coupled with an extensive restructuring of the company," says owner Sheikh Maktoum bin Hasher Al Maktoum.
"The strengthening of the company's balance sheet by AED 3.2 billion ($872 million US) well before the global financial crisis makes AFP today one of the strongest developers in the local market owing purely by its decisive course of action, implemented within the first 90 days of the new management team coming on board," the Sheikh says.
He notes, "Even though AFP felt the impact of the well known national cement shortage, the extraordinary efforts by Al Ahmadiah Contracting (AFP's main contractor), enabled the project to achieve a rate of a 4-day cycle per floor for phase 1, which today has resulted in five towers being built in a span of twelve months."
Two of the superstructures in phase 1 are being dismantled. All construction cranes will be removed across the five towers by the end of the month. Phase 1 is due for hand over in the last quarter of 2009 with deployment of phase 2 - JBC 6 and Ebony/Ivory towers, well under way, Al Maktoum says.
"We have achieved our most significant milestone to date and I am extremely pleased with the results," he adds.
"I would also like to thank all the various project teams involved in helping us to reach this goal since the change in management. Our results are testimony to what proper management and a Tier 1 rated construction company can achieve in record time."
Andre Van Schalkwyk, Project Director of Al Fajer, says the fast-track construction project "could only have been achieved through the streamlined processes and standards created by the new management team, along with effective decision making and timely execution. We are proud to be part of such a great achievement."
AFP is the premier developer in the Dubai World DMCC Jumeirah Lakes Towers (JLT) community and is the only developer to include a five-floor atrium within the lobbies of its towers.
Despite a global rising occupancy level in both the office and retail sectors, Van Schalkwyk says he is confident the project's nine towers, situated within a free-zone and once completed, will offer "high-end commercial properties, attracting both large local companies and multi-national organizations from around the world."
He says the unique state-of-the-art facilities of the JBC Towers cumulatively offer exclusive freehold offices totaling a leaseable area of 3.6 million square feet and an additional 150,000 square feet dedicated to retail across all nine towers.
According to the Baird/STR Hotel Stock Index, November ended with a 2.7-percent decrease to 1,951 and is down 17.5 percent year-to-date 2011. The index ended 2010 at 2,364. Robert W. Baird & Co. (Baird) and STR partnered to create the Baird/STR Hotel Stock Index-the first widely available U.S. hotel stock index in the hotel industry.
According to STR, the U.S. hotel industry experienced increases in all three key performance metrics during the first week of December. In year-over-year comparisons for the week, occupancy rose 2.7 percent to 51.0 percent, average daily rate increased 2.7 percent to US$99.42 and revenue per available room finished the week with an increase of 5.4 percent to US$50.71.
According to a report from STR Global and Whitebridge Hospitality, London's hotel profitability has been challenged in recent years due to the combination of new supply and the macroeconomic environment. During the 11-year period, the gap between the regions and London in terms of gross operating profit performance per available room increased.
(MIAMI BEACH, FL) -- As the world's art aficionados, celebrities and super wealthy converge on the shores of South Beach this week to celebrate the tenth anniversary of Art Basel Miami Beach, the real celebrating should be done by the business proprietors in the local economy who will enjoy a multi-hundred million dollar economic windfall left in their wake.
The Kingdom of Bahrain has signaled new optimism in the nation's employment and real estate sectors with the recent confirmation of construction work on the Four Seasons Hotel situated at Bahrain Bay - the country's highest-profile, master-planned $2.5 billion waterfront community.
Based on new hotel data compiled by STR Global, hotel markets across the world reported mostly positive performance gains in October 2011. The Americas region recorded positive results in the three key performance metrics when reported in U.S. dollars for October 2011.