Al-Futtaim Group Real Estate is initially selling 24 freehold homes at Al Badia Residences. Randi Sokoloff / The National
Al-Futtaim Group Real Estate is initially selling 24 freehold homes at Al Badia Residences. Randi Sokoloff / The National

Festival City launches freehold homes



The developer behind Dubai Festival City is selling the first freehold homes on the site after restarting work on stalled buildings following the 2008 financial crisis.

Al-Futtaim Group Real Estate is selling four and five-bedroom villas starting from Dh4.8 million (US$1.3m) - the first to hit the market on a freehold basis on the north side of Dubai Creek.

It represents the latest sign of returning developer confidence in the city's luxury property market, which has benefited from rising demand for completed properties as well as an influx of funds from the wider Arab world.

The first batch of 24 townhouses to be sold at Al Badia Residences will be followed by the release of more houses and apartments over the next 18 months, according to Ian Plumley, the general manager of property sales at Dubai Festival City. Much of the demand is coming from regional investors.

"In the last nine to 12 months we have seen the premium coming to the top. Quality is selling," he said. "There are a lot of wealthy people living in Syria and Iran and they may not want to invest their wealth in their own countries now. Dubai is a safe haven."

Dubai Festival City helped to kick-start the emirate's six-year building boom in 2002 and at the time was billed as the biggest mixed-use development in the Middle East. The 1,300-acre site includes a vast shopping centre with 2 million square feet of retail space and about 1,000 apartments. It is also the new home for the Dubai Hard Rock Cafe.

Brokers and developers are reporting a sales activity increase in some prime Dubai property locations where prices have lost as much as half of their value since the 2008 market peak. Falling mortgage rates and the increased availability of completed units over the past year have started to lure buyers back to the market.

The first signs of rising rents for villa properties emerged during the first quarter of this year, with lease rates growing by about 3 per cent on the previous quarter, according to data from CBRE, the international property consultancy.

"At the peak of the boom, people were paying more for off-plan properties than completed ones, which didn't make any sense," said Craig Plumb, the regional head of research at Jones Lang LaSalle in Dubai. "It is good to see developers building first and then selling,"

Developers including Nakheel and Emaar Properties have this year started to sell new homes for the first time in four years. Last month, Nakheel launched Palm Views on the Palm island, a collection of 192 studio apartments aimed at younger residents. The developer has also announced plans to build new townhouses on the island. Emaar said it took just one day to sell all 224 of the apartments in its Panorama at The Views development last month.

The release of units for sale at Dubai Festival City comes just days after the emirate made more land available to foreign investors.

Two plots of land were released for foreign buyers in Dubai Investments Park on a leasehold basis for up to 85 years, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, disclosed on his website.

It was not clear whether the land was intended for commercial or residential use.

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The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

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%3Cp%3EAuthor%3A%20Shalash%3Cbr%3ETranslator%3A%20Luke%20Leafgren%3Cbr%3EPages%3A%20352%3Cbr%3EPublisher%3A%20And%20Other%20Stories%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
CONFIRMED%20LINE-UP
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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Honeymoonish
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JERSEY INFO

Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.

if you go

Getting there

Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.

Staying there

On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.

More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

ENGLAND TEAM

England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph

Ferrari
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Second Test

In Dubai

Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)

Day 3: New Zealand trail by 197 runs with 8 wickets remaining