Demand is reportedly high for a unique US real estate investment project still around a year away from its opening day. Tower residences at the Ritz-Carlton, Dallas, Texas are in high demand with only 34 of the 96 units still on the market.

The 23-storey regency-style tower is the second phase of high-rise residences to open within Uptown’s Ritz-Carlton neighbourhood, with phase one, directly above the hotel, already sold out. Developers Crescent said:

“Sales pace indicates buyers are encouraged by on-time construction progress and are moving to finalise purchases before possible construction-related cost increases.”

Prices range from $700,000 (£349,400) up to $8 million (£3.9 million) for the ‘ultra-luxury’ Ritz-Carlton concierge-serviced homes. According to Crescent, most Ritz-Carlton Dallas homeowners are ‘Dallasites’ of varying ages and professions, many of them aspiring to own a home designed by the renowned Robert A.M. Stern Architects.

Facilities include a huge onsite spa and a restaurant run by award-winning chef Dean Fearing. A resort-style outdoor pool also features as does a private fitness centre within the tower.

Hydra Properties has fast-tracked work on a an iconic Dubai tower as reports surfaced that it was also in new project talks with US mogul Donald Trump. The firm said it had begun excavation and piling work on the Hydra Downtown Tower scheme, featuring residential investment units and a five-star hotel.

Soon after UAE newspaper the National reported the company was in discussion with Mr Trump over a new skyscraper on Reem Island, Abu Dhabi.

According to the National, Sulaiman al Fahim, chief executive of Hydra Properties, said an agreement could be signed within a week, provided certain project naming disagreements are ironed out. Quoted by the paper, Dr Fahim said:

“Trump always insists on having the Trump name alone, but I’m insisting on having Trump next to Hydra… because I feel that Hydra is not less than Trump.”

If confirmed, the project will be Trump’s latest venture into the UAE property market following his partnership with Nakheel on Trump International Hotel and Tower, Palm Jumeirah, Dubai.

In a separate statement, Dr Fahim said the Hydra Downtown Tower would “redefine” the skyline of Dubai. The first 30 floors of the 45-floor project will be residential investment apartments, with the final 15 containing the hotel, all expected to be complete by 2010.

Industry experts have given a mixed reception to new UK government measures designed to prop up the country’s property market. Agents, property investors and trade bodies welcomed the housing minister’s proposals, which include a ‘rent now, buy later’ scheme for first-time buyers.

However, many called for tougher action and said the government would need to be “bolder” if it was to reinvigorate the property market.

On Wednesday the Department for Communities and Local Government unveiled the seven-point ‘action today, innovation for tomorrow’ plan. Housing minister Caroline Flint said:

“We are determined to continue to do everything possible to promote long-term stability and fairness in the housing market.”

As part of the proposals households earning less than £60,000 a year will be able to rent a new home at a discounted rate for two to three years, using the low payments to help them save for a deposit.

Other ideas include more responsibility for councils to provide land for new homes and up to 75,000 extra new houses in high-demand areas. Peter Williams, executive director of the Intermediary Mortgages Lenders’ Association, said the rent before buying idea was a

“sticking plaster, not a long-term cure”.

The Campaign to Protect Rural England said it welcomed some of the measures but added it was concerned the government had not properly considered the risks of a housing growth scheme in the current economic climate.