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Diving Into Dubai Property Market

A massive, multi billion dollar property project?

Yes, it is. An ambitious project that is being backed by some of the biggest names in the world. Emaar and Damac properties are teaming up with each other to bring you one of the most ambitious projects in the real estate arena;imaging to construct the tallest building. The project is intended to be a mixed use skyscraper, featuring residential, commercial, serviced and hotel units. The tallest tip of the pyramid is 6 floors above ground level.

Separated into 3 different categories; Retail, Residences and Leisure.

It has consultation appointments with real estate, architectural and planning professionals to take into account all project variables, know how requirements, space requirements and all development details.

Working with developers

During the pre-company meetings, properties are checked to ascertain the list of project requirements and requirements of those individuals who are interested in buying in the project. The developers have detailed requirements, a copy of which has to be handed over no later than 48 hours after the developers have left. Such measures are taken to understand the amount of space required, tenants desires and requirements.

During the due diligence process, it is determined that the space required by the project can be provided in Land and Building Scheme for the tenants. In the meeting with real estate professionals, market surveyors are employed to determine the expected rent and sale price of the project. Due diligence is carried out as part of the site visit where important paperwork such as approval letters and site plan is obtained, tenant discussions and discussions are held to assess the potential tenants. The site visit is also utilized to develop an active website and marketing plan. This will be developed by the Project Manager who will also be handling issues related to the communication between tenant management and the rental management company.

An expert team

With so many realtors and developers and lawyers involved, money is always the main concern. Overall, proper and timely due diligence ensures reasonable returns and reduced risk of various projects.

Virtual due diligence

Architectural and civil design firms can also be used to carry out comprehensive virtual due diligence. The work discipline is focused on formalities in construction and is designed by architects and structural engineers who are practicing due diligence. Costs are determined, contracts are understood and taken a believer in. The scope of work includes, but is not limited to; roof, façade, exterior walls, landscaping, door and windowiability, structural beams, principles of load and timber, interior partition walls, floor and wall finishing and finishing, paint and surfaces, interior finish, interior cladding and finishes, cooking and bathroom preparation, painting, flooring and interior déc.: construction drawings, construction cost, project timeline and costs, environmental studies and assessment and structural and stability analysis.

ve locaters and crane drivers

The Project Manager also has several professional and experienced employees in his employ that his selected project might require in terms of expertise and sets. These include: stall driver, electrician, plumber, and contractor. These individuals can be brought in either directly from the market or through contractor outsourcing.

Nearly there

Once the site work has been carried out and all necessary due diligence has been performed it is time for the approval letter and the lease agreement to be handed over. The contractor will also be surprised, by the fee for the permits.

Air conditioning Marshall would be surprised

Having an abundance of compliance documentation, building code regulations and other legalities can at times throw up complications. It is the duty of the Project Manager to make sure that all documents required from him are all in place and made available before the project is considered done. Any delays to the project are then reflected in the price, whether he is charged a fee or not.

Dubai Marina. The Abu Dhabi Investment Group would be surprised

Assuming all terms and conditions have been fulfilled and the appropriate authorities notified and authorized, the finances are in place. The property management and rental agreements are signed. Lawyers and professionals from a cross section of the industry and sector are called for, and it is, the quality of due diligence and experienced Professionals hired, that can make or break a project in the real estate industry.

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