A developer has announced plans to build a freehold residential development featuring eight luxury towers in Ajman, UAE. GIGA Group said its ‘Smart City’ project would cover 4.2 million square feet and announced property investors could snap up office space in the scheme already.

A total of 3,500 luxury apartments will be built as part of the plan, which will be close to Dubai International Airport and have single and double-bedroom units. Amir Giga, Managing Director of builders Goldcrest Properties said:

“The new residential development has been launched following the tremendous success of our signature developments in Jumeirah Lake Towers, Dubai, and Emirates City, Ajman, which were sold out in record time.

“We are confident that the quality of planning and attention to detail that we have employed in the execution of this project will be highly appreciated by the residents of this community, in terms of both function and aesthetics.”

In May Giga Group picked the Developer of the Year award in the residential development sector at the 2008 Middle East Cityscape. The awards were judged by a panel of experts looking for contribution to architectural culture, invention and imagination.

An estate agent’s organisation has issued its strongest warning yet on economic problems caused by the unpredictable housing market. The Royal Institute of Chartered Surveyors (RICS) reacted to figures showing a heavy fall in the number of year-on-year mortgage approvals for April.

RICS chief economist Simon Rubinsohn said

“The latest weak data on mortgage approvals highlights the continuing problems facing borrowers trying to secure finance to purchase property.”

He said the increase in lenders tightening up on conditions accompanying new loans mean it is hard for first-time buyers to take advantage of recent falls in house prices.

He added:

“The 58,000 mortgages approved in April is roughly half the total sanctioned in the same month a year ago. This highlights very clearly the real problem facing not just the property market but also the wider economy.

“A collapse in transactions of this magnitude has major implications both for consumer spending and a wide range of ancillary industries.”

He also said he felt a supportive response from the Bank was “improbable” in the short term, but said the problem could “force the hand” of policy holders later in the year.

Last month RICS said the fall in first time buyer sales meant property investment in new homes was still worthwhile as landlords could take advantage of the buoyant lettings market.

photo credit: World Economic Forum
Hollywood actor Brad Pitt is to work with a developer on a sustainable hotel for Dubai. Pitt is to collaborate with US architect GRAFT on a project for Zabeel Properties to create a new five-star hotel and leisure complex in Dubai.

The star said he wanted to be invovled in the project because it would sit alongside his vlaues for environmentally friendly acrchitecture. Pitt said:

“Whilst acting is my career, architecture is my passion. Selecting this development as my first major construction project has been a simple decision.

“We will be unveiling precise plans in the next few months, but you can expect something that is not only stunning to look at, but will also be an incredible attraction to visit or stay at.”

Pitt will be part of a team of consultants working on the project, expected to become a flagship development and an example of sustainable accommodation. A precise location for the new development has not yet been confirmed, but the complex is sure to lead to further property and real estate investment opportunities.

Zabeel Properties is developing a reputation for building property which has a positive economical affect on surrounding communities. GRAFT started out life in Los Angeles and Berlin a decade ago and works on urban planning, architecture and even music.