Those who travel and like to go on holiday to Dubai have noticed that recently the appearance of the emirate has changed significantly: unique architectural structures appear here every year. The ancient eastern city is rapidly transforming into a modern metropolis. Its territory continues to grow, mainly in the southwest, where the prestigious Jumeirah area is being improved and prettier.
Today, Dubai offers foreign citizens to be not only guests, but also residents of the UAE - for this you just need to get seaside real estate in the heart of fashionable Jumeirah. The Emirate’s Real Estate Ownership Act was amended in May 2002 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai. These amendments gave representatives of all nations the right to sell real estate, rent, inheritance, as well as to obtain a residence visa for the whole family.
Now in the Emirates, more and more people are trying to acquire space in houses under construction, which is much cheaper. You can pay for housing throughout the construction period, and as a result, the cost of the apartment is lower than in ready-made houses. The modern mortgage lending system, which includes both local and international banks (for example, HSBC Bank), makes it possible to purchase such property on credit.
Of course, almost all objects in the UAE are rented out on time - including due to good climatic conditions that allow any construction work to be carried out year round.
Dubai attracts more and more foreign investors every year. There are all conditions for them: a lot of free economic zones, cheap labor, developed social, tourist, financial and business infrastructure. There is no VAT and sales tax, and import duties are record low, which makes Dubai the center of world shopping.
Not by the day, but by the hour
At the same time, the United Arab Emirates occupies the third place in the world in terms of oil deposits: its proven reserves (one tenth of the world) amount to 98 billion barrels. The GDP of Dubai, which receives about 4.5 million tourists every year, has grown by 11% over the past five years. Per capita income ($ 21,080 per year) is one of the highest in the world, and the country's population is growing at 12% per year. Over the past 10 years alone, it has grown from 2.4 to 4.3 million people.
Every year, more and more new companies appear on the UAE market; demand for commercial real estate is growing, in particular for retail space and office space. Already in 2004 they were 90% full, and the cost of their rent increased by an average of 55-80 drx per square foot * depending on location. But this was not the limit: in 2005 they were 98% full, and the fee for them jumped another 85-150 drx.
Despite the increase in prices, there are more and more people who want to open their own business in Dubai. In 2004, 10,899 trade licenses were issued; 2005, with its 5475 first-half-year licenses, continues this trend. Therefore, the market is increasingly in need of ideas to overcome the shortage of commercial premises.
Three heroes
In this situation, the Armada project, which offers the unique Armada Towers complex of three skyscrapers in the Jumeirah Lake Towers area, located on Sheikh Zayed Highway, the "Fifth Avenue" of the new futuristic Dubai, looks more relevant than ever. A person who bought an office or apartment here not only wins in time, quickly reaching any point in the emirate, but also creates all the conditions for doing business, interesting relaxation and comfort in everyday life.
Two 34-storey residential towers and a 44-storey commercial skyscraper offer a choice of apartments with one to four bedrooms, luxury penthouses and offices that can be rented either individually or on whole floors.
Construction entrusted to the best
CSHK Dubai Contracting LLC is an official branch of China State Construction Engineering (Hong Kong) Ltd., Which, in turn, is part of the main enterprise of China State Construction Engineering Corporation of Mainland China. Both firms are among the twenty largest construction contractors in the world market.
The Dubai branch received a commercial license for a construction contractor in 2004, and during this short period it has already earned a reputation as a reliable contractor by implementing grandiose projects of internationally renowned customers.
The first contract of CSHK Dubai Contracting LLC was the construction of a luxurious 95-storey building on the prestigious Dubai Sheikh Zayed Road Avenue in 2004, the next, in June 2005, the construction of Armada Towers towers as part of the Jumeirah Lakes Towers project.
Mr. Melvin J. Ford, CSHK General Manager, returned to Dubai after 14 years in Europe and the Far East. Prior to this, Mr. Ford has been doing business in Abu Dhabi and Dubai for 8 years. “Of course,” he admits, “the current state of the construction industry of the Emirates cannot be compared with the past. The country's development is proceeding at a rapid pace.”
Dubai is an ideally located link between the West and the East, today it is also a goal for promising investment. Dubai, the eminent world resort and shopping center, was the first among the emirates to offer everyone to purchase property on the basis of unconditional ownership of property. The Government of Dubai, in the person of His Highness Sheikh Mohammed bin Rashid Al-Maktoum, decided to attract international investors to this region, and at the same time increase the flow of tourists. It can be said that the United Arab Emirates is currently experiencing a construction boom.
The materials for the interior decoration, in accordance with the latest design solutions, are supplied by the best manufacturers. Three buildings integrated into a single system are equipped with smart home technology, round-the-clock security, pools with water temperature control and a central air conditioning system. Health clubs that meet all modern requirements make it possible to maintain good health in good shape. Gourmets will find many restaurants of different cuisines, and for shopping lovers there are many shops and shopping centers occupying more than 50,000 square feet in the Armada Towers complex.
Those who are used to solving problems once and for all, planning several steps ahead can contact Armada General Trading by calling (04) 331 7222, (050) 295 0171 and by fax (04) 331 6565 - or go to the office at 14th floor of the Capricorn Tower, located on the Sheikh Zayed Highway.
