http://gulfnews.com/images/06/11/29/30_bs_abyaar_4.jpg

Abyaar' $550m Acacia Avenues complex to be built in Jumeirah

By Robert Ditcham, Staff Reporter


Dubai: Kuwait's Abyaar Real Estate Development, which recently entered the Dubai market with capital investment of $1.4 billion, has launched a $550 million freehold development in Jumeirah.

Company officials say the 94,000 square metre Acacia Avenues gated community on Jumeirah Beach Road will hit the market in the first quarter of 2009.

Abyaar will develop the two tallest tower blocks in the centre of the project, each made up of 137 one-, two- and three-bedroom apartments, as well as 50 villas. The remaining three towers will be sold to other private developers for construction.

Marzooq Al Rashdan, managing director at Abyaar, said sales of the freehold units in Olgana Tower will start at Dubai's Cityscape trade exhibition next week. The second (Hilliana Tower) will contain serviced apartments, which will be managed by Banyan Tree Hotels & Resorts under the Angsana Resorts and Spa brand. Sales for these units and the 50 five- and six-bedroom villas will begin in the first half of 2007.

Al Rashdan was confident of achieving strong sales despite the launch coinciding with a supply surge of luxury apartments in Dubai.

"The location is very important for this development. We've had the plot since last year and it wasn't cheap. This is the first freehold development in the Jumeirah district and only consists of 50 villas. It will be very exclusive and we have already received significant interest," he said.

He denied that the current road infrastructure in the Jumeirah district will be unable to cope with an influx of new residents.

Contracting company Wade Adams started piling work in October, while building work on the main structures will start in March or April next year, according to Abyaar officials. The project was designed by Italian architect, Matteo Nunziati, who is under exclusive contract to Abyaar in the Middle East.

Abyaar has also joined forces with hospitality consultant NorthCourse Lei-sure Real Estate Solutions to assist with project feasibility, design and sales and marketing support. Pulse Holdings will develop Acacia's retail components.

Towers on Jumeirah Beach Road? Interesting.

There are quite a few sandy patches towards the Wollongong side of the road. At least something decent is coming up. That area is a bit messy right now.

By 2009 I guess they would have tramlines feeding into the metro there.

How tall? 22 F?

Krazy made another thread, should we keep this one and get rid of that one or the other way around?

Merge.

ill delete the one i started.. sorry didnt see this earlier

"He denied that the current road infrastructure in the Jumeirah district will be unable to cope with an influx of new residents."

:lol:

well.. i don't know altin said the new road is ok. but we will see about PJ.

anyway, it looks ok, i don't think Jum should get towers, it depends on the exact location.

on the other hand how can this be freehold?

site next to Beach park?

this is stupid! jumeirah is a villa area or maybe even low-rise apts...not 22 storey buildings! i'm fine with the 50 houses and spa, but buildings?

odd how this was approved for the beach road...

R

no not in Jumeirah :ohno:

The existing villas in the Jumeirah area will have privacy issues now with people from the building being able to peer into their yards. Not a good idea for some people with private swimming pools.

You can dodge neighbors' stares with a tennis fence thing, but can't do much about a tall building unless you create a shade.

That's Wild Wadi's problem with Burj Al Arab. Ladies' day is during night hours as a result to help hide them better.

^^ Wild Wadi's "problem" is with Jumeirah Beach Hotel.

^^ Wild Wadi's "problem" is with Jumeirah Beach Hotel.

Yep, I forgot about it. Although I believe Burj Al Arab also has views of it.

This privacy issue is pretty serious though. I'd be fierce upset if my yard was exposed to strangers... enough to take NIMBY action.

^^ On a private residential villa yes, but on a public (water) park, part of a Hotel complex NO.

Yes of course I'm referring to a private residential villa. Like the ones on Jumeirah Road.

What?!

Towers on the Beach Road?! Ridiculous. A ruination of the neighbourhood.


:ohno: :ohno: :ohno: :ohno: :ohno:

^^ They say that work has started and I've driven recently on that road and haven't seen any sign of a big construction site, unless it is near the Dry Docks and Union House.

^^ I hope they dont ruin that area... Dry docks is probably one of the most peaceful places in Dubai right now

not sure where it could be. might also be part of media city? what about the plots on the side of the old pearl, coming from the marina?

this could also explain why it is freehold!

i mean they generally refer to the whole Dubai after mankhool as jumeirah, so why not..

i'd hate it somewhere i else.

adjacent to Knowledge Village and ready for full occupation in the first quarter of 2009... [source (http://www.propertyworldme.com/content/html/1738.asp)]

...with access to a first-class road network and the planned Dubai metro [same source as above]

It's on the beach, but with access to the Metro on the far side of SZR. Give me a break!

From Wikipedia, the free encyclopedia

Acacia Avenue is a cliché within British culture—a metaphor for an average middle-class suburban street. There are at least sixty Acacia Avenues in Great Britain, nine of them within Greater London.

Correction to my remark above--seems like it won't be on the beach but on the inland side of Al Sufouh Rd.

adjacent to Knowledge Village and ready for full occupation in the first quarter of 2009... [source (http://www.propertyworldme.com/content/html/1738.asp)]

Yup, I saw a huge billboard for the project there.

ok as i said, this can only be freehold if it was in this area.

as expected. i could live with that. it is not jumeirah.

I actually stumbeled onto this site. Its just past interchange 4.5 and on the beach side of SZR there are near the wellington school 3 low rise buildings. Its in front of them facing the sea. Great locaion and very central.

The views will be fantastic. You can get a good view of the Burj or on the other side of Palm Jumeirah. The payment plan is also fantastic. 40% to be paid during construction then 60% on completion.

if any one would like more info I have a PDF on this development.

Fantastic payment plan! What are you smoking!?!?!

^^ Something he got inside Pepermint Club

Abyaar issues works tender for Acacia Avenues

http://www.gulfnews.com/images/07/02/05/06_bs_abyaar_4.jpg
Concierge and butler services will be available to residents of Acacia Avenues.

Dubai: Kuwait's Abyaar Real Estate has issued the tender for the main works contract for its freehold villas at Acacia Avenues, Jumeirah, in the heart of Dubai.

"With an investment value of $550 million, the contemporary villas, are an element of a distinctive and luxurious development that includes apartments, gardens and extensive leisure and retail facilities," a company statement said.

"Over 60 per cent of the 50, five and six bed room villas, and the 'Olgana' tower - 137 freehold, one, two and three bedroom apartments - sold within the launch month."

Marzooq Al Rashdan, managing director of Abyaar, said: "This is a premium site with excellent connections to Dubai's commercial centres and the whole scheme is designed to offer residents a distinctly different living experience."

The subsequent phase, 'Hilliana' a tower which will house approximately 185 buy to let or fractional options serviced apartments, will be released in March this year.

Wade Adams, one of the Gulf's leading contractors, which is behind high profile work such as Palm Island Jumeirah and Dubai Sports City is responsible for all infrastructure works for the 94,000 square metre Acacia Avenues.

Five star hotel style services include 24 hour room service, concierge and pre-concierge services, transportation and chef and private butler options that will complement the build integrity to provide a truly superior living experience that heralds the arrival of contemporary urban living in Dubai.

http://www.abyaar.com/acacia.aspx

with the name "Acacia".. are they going to plant acacia trees in the desert?

Landmark Properties announce AED 50 million sales for Jumeirah's first free hold property

Landmark Properties, one of the United Arab Emirates leading property consultants has today announced that sales of Acacia Avenue -Jumeirah's first freehold property has seen huge success within the first two months of its launch.

http://www.ameinfo.com/images/news/9/35779-ac.jpg
Acacia Avenue.

As exclusive agents for the groundbreaking development, Landmark Properties has revealed that current sales figures for Acacia Avenue stand at AED 60 million.

Launched in December at Cityscape 2006, Acacia Avenue is an exclusive gated community spread over 94,000 square metres of sought after real estate and developed by Kuwait's Abyaar Real Estate. The US $550 million luxury development features sea facing apartments and villas and neighbours the Madinat Jumeirah and the royal summer palaces.

'Landmark Properties is very proud to be the exclusive agents for this ground breaking project, which offers for the first time, the opportunity to purchase freehold properties in one of Dubai's most sought after areas. We have experienced huge sales success for the initial apartment phase and are very pleased to be involved with the villa phase of the development which will be launched in March this year. We foresee a very positive reaction to the release of these exquisite properties,' said Craig Johnson, General Manager, Landmark Properties.

The exclusive development located in Al Sufouh features premium facilities such as luxurious health club, swimming pools, spa, squash courts, children's play areas along with café and shops. The unsurpassed design and build quality combined with its premier location makes Acacia Avenue one of Dubai's most sought after projects.

Acacia Avenue is designed by architect Jamshid Sepheri with interiors by award winning Italian designer Matteo Nunziati who is under exclusive contract to Abyaar in the Middle East. The properties will feature floor to ceiling windows creating a light, spacious and stylish interiors.

Furthermore, in a move designed to ensure long-term quality integrity, Acacia avenues will house a resort complex managed by award-winning Banyan Tree Hotels & Resorts, under the Angsana Resorts and Spa brand.

Acacia Avenue's initial phase provides a range of accommodation including 'Olgana' -137, freehold, one, two and three bed-room apartments - and 35, five and six bed-room villas. The subsequent phase, 'Hilliana', will house approximately 137 freehold serviced apartments.

As sole agents, Landmark Properties is responsible for the sale of villas, apartments and duplexes within the exclusive development which is scheduled for completion in 2009. The secondary phase will see the release of 35 supremely stylish villas onto the market next month.

'For a long time Jumeirah has been among the most eagerly sought after locations in Dubai and the introduction of freehold property in this area is a major development and has generated much interest within the market. Landmark Properties looks forward to continuing its successful association with Abyaar and this outstanding freehold project and invites those interested in the next phase of properties at Acacia Avenue to contact Landmark Properties without delay,' Johnson continued.

Founded in 2003, Landmark Properties was one of the first professional real estate services companies to be established in the UAE. Since its inception, the company has built a solid reputation by successfully dealing with all aspects of real estate services and catering to the needs of both the individual and corporate clients looking to buy, lease or sell.

why the heck is this freehold :weird:

i don't get it ..

anyway no doubt this is selling fast..

villas

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those villas look awesome!

modern elegant = perfect

Cool villas. Modern minimilism.... or something.

What's up with these 'night' renders? lol

WOW, those designs are amazing, don't think i've seen any better in any big-scale residential project. I want one of those :(

where do you get your rendering. I mean whose people working on this kind of thing?

Hi. I was searching on net to see what people are talking about on the Acacia Avenues as I have recently purchased on of those stunning villas. All reviews out there seem to be good and I had a very easy time in buying this from Abyaar unlike some of the other developers I have bought property with lately.

I would recommend these villas to anyone and the last I heard is there are 4 of them left.

^^ can you give us more information the freehold status of this project? how can it be? and how much are the villas?

As far as I know, the Villas are about 50 in number, 4 and 5 beds, approx 5000 and 7000 sq ft.

The 4 beds are approx 1300/ sqft and the 5 beds are 1700/sqft

There are also apartments - called sky villas

The Baynyan Tree Hotel Group is running one of the 4 or so towers that are being built there.
Check out all the data here http://www.abyaar.com/acacia.aspx

I nearly bought one but was beaten to it. The Deevelopment is going to be absolutely stunning, and is in a great location just off SZR and near Dubai College - a great move for anyone who has bought there!

The villas remind me a bit to the ones they're going to build in Durrat Al Bahrain. I like it, clean, modern, minimalistic. It's hard to find such villas in Dubai.

The villas remind me a bit to the ones they're going to build in Durrat Al Bahrain. I like it, clean, modern, minimalistic. It's hard to find such villas in Dubai.

:)

yes its perfect for europeans... i like minimalistic too

Yeah it looks really good in those renders (at night), bu it might get a little plain during the day.

Why dont they have floor to ceiling windows?

03/November/2007

ACACIA AVENUES (Jumeirah) , villas

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this one well be soo great then they others at jumeriah i mean ( villas )

Great developments... Beutiful villas and I actually think its quite cool with the mix of villas and mid-rises there :)

this website shows some photos.

like this one:http://www.prv2.com/master-developers/Acacia-Avenues-105.html

http://img339.imageshack.us/img339/3788/acaciaavenuescopy2lfn6.th.jpg (http://img339.imageshack.us/my.php?image=acaciaavenuescopy2lfn6.jpg)

Wow, quite a classy development. Good to see some inland infill too, as opposed to all the waterside developments.

Acacia Avenues (http://www.abyaar.com/aa/) website.

Al-Habtoor to build two towers in Dubai
Published: 06 February 2008 08:30 GMT Author: Colin Foreman More by this Author Last Updated: 06 February 2008 18:56
The local Al-Habtoor Engineering Enterprises has received a letter of intent from Abyaar Real Estate Development to build two residential towers in the Acacia Avenues project in Dubai.
The two towers, Olgana and Hilliana, have a contract value that is expected to exceed AED700m ($190m) and are expected to take 25 months to complete.

Middle East Foundation is currently doing the pilling work for both towers and is expected to finish in June 2008, when work on the main construction package is expected to start.

The AED2bn Acacia Avenues project is a gated community made up of 50 villas and six towers on a 94,000 square meter site adjacent to Knowledge Village.

R

This project is so nice.. love it. Saw some more brochures recently.

update?

Well the project is running pretty much on target according to a recent update, but nevertheless Sept 2010 delivery for the first tower. There are holes in the ground for the foundations of the towers. The villas are now three stories high, but lack roofs. Sorry should have brought pics, but I don't know how to post them anyway...

Incidentally all the building work between the towers and the sea seems to be villas, although there are still a couple of empty plots. There are a couple of towers behind it, with a massive car park under construction, for what reason I have no idea!

it.:bash:

Hi bonion, just upload your photos to imageshack.us and copy the Forum-Url under your uploaded picture and they will appear here. Great to hear that something is going on there. Any idea about the heights of the towers?

my portfolio manager has sent me stuff on Acacia Avenues, they are selling the Hilliana tower now looks awesome, said its banyan tree project??!! then the lacroix tower!!
i'm considering, has anyone else bought there?

Al Habtoor Leighton bags $201mn Dubai deal


http://www.arabianbusiness.com/images/magazines/arabianbusiness.com/web/Acacia-Avenues43_thumb.jpg

Kuwait-based Abyaar Real Estate Development has awarded the Al Habtoor Leighton Group a 740 million-dirham ($201.5 million) contract to build two high-rise towers in Dubai, Al Habtoor Leighton said on Tuesday.

Al Habtoor Leighton, through its subsidiary Al Habtoor Engineering, will start work on the Olgana and Hilliana towers this month, with construction expected to be completed by July 2010, the company said in a statement.

The Olgana and Hilliana towers, which measure 36 and 40 storeys respectively, are part of Abyaar’s Acacia Avenues development in Jumeirah.

Rumour that the towers are delayed a year now to 2011 - nothing concrete though

awesome!

6 months delayed...

In Dubai - its nothing!!!

Can somebody post some pictures of the villas in order to see how far they are ?

any news here ?

http://img21.imageshack.us/img21/1757/001et4.th.jpg (http://img21.imageshack.us/my.php?image=001et4.jpg)

http://img26.imageshack.us/img26/7227/002tx1.th.jpg (http://img26.imageshack.us/my.php?image=002tx1.jpg)

05/February/2009

Acacia Avenue

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^^ Errr, blech?!

Thanks for the pics guys.

thanks for the pictures; there is still lots to do...

I have been at the site this week. There is nobody. Construction stopped. No progress made.

The entire project is on hold, the contractors are in the process of dismantling their operations since they haven't been paid for months.

The developer is likely to bid for the project again (at lower prices), but for the towers we are looking at end 2010 at the earliest! By then most of the purchase contracts would have lapsed, so if they want to keep their customers from asking for refunds, they will have to 1. convince us that they can manage the project going forward and 2. bring their prices down in line with the rest of the market for us to agree to stay in.

Everyone - check your contracts and know your rights.

I heard that they opened a mock-up villa. Has anybody be there? How is it looking ? Would be great to see some pictures.

I just talked to Abyaar. They said the mock-up villa should be ready by the end of May. This is also the time when construction should restart again.

The entire project is on hold, the contractors are in the process of dismantling their operations since they haven't been paid for months.

The developer is likely to bid for the project again (at lower prices), but for the towers we are looking at end 2010 at the earliest! By then most of the purchase contracts would have lapsed, so if they want to keep their customers from asking for refunds, they will have to 1. convince us that they can manage the project going forward and 2. bring their prices down in line with the rest of the market for us to agree to stay in.

Everyone - check your contracts and know your rights.

so is the project actually on hold?

what about main towers, are they going to be build?:ohno:

cranes came down 2 weeks ago

ALL the work has been stopped for months, the vilas are half done, the two big towers are up to ground floor foundation, the rest of the towers are a big hole in the ground. Abyaar's other project in Marina has also stopped.

Check your contracts and be informed about your rights!

ok, so any idea why did they stop the construction specially when half of villas are done??

As I understand it, they are using the situation to renegotiate better terms for the construction contracts. They are planning to restart the construction by the end of the months. Villas will be ready before yearend.

Abyaar, the leading luxury real estate developer in the region, has announced plans to deliver its 'Acacia villas' project, which is part of 'Acacia Avenues' -the first freehold development project in Jumeirah.

Commenting on Abyaar's ambitious delivery plans, Marzouq Al-Rashdan- Abyaar Vice President & Managing Director said, 'This announcement reaffirms the Company's focused attention and commitment to timely delivery of projects.'

'Acacia Avenues Project is the first freehold project in Jumeirah, offering freehold opportunity for investors. It was launched by Abyaar in 2007 with a total cost of Dhs2bn, to be a fully serviced center comprising 52 villas and six towers extending on an area of 94, 000 square meters, close to Knowledge Village in Jumeirah,' Al-Rashdan added.

The project has been designed meticulously, providing a variety of main services comprising a health club, swimming pools, squash courts, cafes, and retail shops. The first phase of the project also features two towers.

Olgana Tower is a 38-floor building comprising 137 apartments, a number of town houses, penthouses villas and high-end upper apartments. Hilliana Tower is a 45-floor building, of which six floors are for luxurious hotel apartments, in addition to spacious, large-size apartments and villas.

Annexed to the two towers will be spacious areas for residents' car parking, and round-the-clock security and maintenance services. Constructions works are expected to be finished in 2010.

I am trying to get out of my contract with Abyaar as I see the two delays as a default on my contract. Has anyone else doing the same?

Did you buy a villa or an apartment ?

Abyaar Real Estate Development in Kuwait returned a Q1 2009 profit of KD3.3m, or 6.27 fils per share. Shareholder equity is estimated at KD98m, 20% higher than in December, when equity was KD82m. Hisham Al-Obaid, chairman of the board of directors, said the company has settled and rescheduled 45% of its local and offshore commitments, adding the market value of projects in progress is 30% higher than book value.

Abyaar Real Estate Development in Kuwait returned a Q1 2009 profit of KD3.3m, or 6.27 fils per share. Shareholder equity is estimated at KD98m, 20% higher than in December, when equity was KD82m. Hisham Al-Obaid, chairman of the board of directors, said the company has settled and rescheduled 45% of its local and offshore commitments, adding the market value of projects in progress is 30% higher than book value.

Its called accounting.. the reality is that work on their projects has stopped for months, and their customer contracts will expire before they are able to deliver anything, so they need to react with a proposal to their customers to convince them not to ask for a refund when their contracts expire.

Does anyone have an idea if the work has started on the villas?? Any chance of getting legal advise if owners can ask for a penalty/refund from developer

Does anyone have an idea if the work has started on the villas?? Any chance of getting legal advise if owners can ask for a penalty/refund from developer

The villas are mostly half compelte, the structure is built, but all the internal stuff needs to get compelted. Work has stopped for months however, no news yet on when they intend on resuming work besides the press release that the project will be delivered end of 2010. Check your villa contract on the terms of when you are entitled to a refund or a penalty.

Im not getting anywhere with this developer...they refuse to reply to my queries...not even returning calls. I will go for legal advise.

Im not getting anywhere with this developer...they refuse to reply to my queries...not even returning calls. I will go for legal advise.

Are you in Dubai? Just barge into their office.. its what I did!

what did they said regarding resuming work again ?

what did they said regarding resuming work again ?

They said that they are working on it and that Acacia is a priority project.

If you follow their news flow, they’ve hired financial advisors and are in the process of restructuring their debt and commitments.. once all of that is settled, they need to hire contractors all over again.

The CEO announced end of 2010 delivery, but even that could be optimistic at the rate things are going. In the meantime they risk that all the clients will ask for refunds when the contracts expire, while for sure they would prefer to keep them, than attempt to resell the project again in this environment. So most likely they will be forced to provide incentives to their clients to extend their contracts.

So I guess we just have to wait until our contracts expire, and then talk to them / RERA / legal counsel.

Did they resumed work yet or when do they plan to do so ?

Abyaar Real Estate Development is planning to acquire a real estate company listed on the Kuwait Stock Exchange, according to person familiar with the deal.

"There are talks for acquisition of Sanam Real Estate Company," said the source.

A company spokesperson told Emirates Business that the company was looking for an acquisition but declined to confirm the report.

"We are certainly looking for acquisitions and our priority will be in Kuwait," he said.

Separately, the Bank of Kuwait and The Middle East said it has arranged a new real estate financing facility for Abyaar which follows the KD14 million (Dh178m) financing extended to it at the beginning of the year

Abyaar Chairman Hesham Abdul Wahab Al Obaid said: "The primary objective behind the new financing deal is the completion of the company's projects under construction, and the rescheduling of its local and foreign financial obligations, whether due or not yet due."

He said the new financing deal is estimated at about KD18m, with the agreed tenor being up to five years, whereby the funds will be received in tranches upon the completion of the respective projects.

Abyaar has been granted the finance against real estate collaterals with market value substantially exceeding the value of the facility.

In January 2009, Abyaar said it will review plans to launch its mixed-use project in International Media Production Zone (IMPZ) by mid-2009.

"We will review our joint venture project with Tecom Investments by middle of this year and then decide on when to launch it."

In January 2008, Tecom Investments and Abyaar entered into a joint venture to invest Dh10 billion to develop mixed-use projects in the IMPZ and Tecom Site-A on Al Soufouh Road.

The company has also postponed plans to officially launch a new residential tower in Dubai Marina.

Abyaar's projects in Dubai are valued at Dh25bn with the firm recently acquiring plots of land on the Dubai Waterfront.

However, it has not yet decided on the theme or concept of the project.

When I met the people @ the Abyar office in Dubai they said that delay in financing from the banks that was holding up the Acacia Avenues Project. According to them, once the financing was rcvd, they needed only 6 months to complete the project.
I read in the local newspapers that Abyar have now rcvd this financing. Does anyone know if work has begun on the project?

^^ I guess only someone driving around the area can tell.

Can somebody pls. have a look if they restarted work on the project ?

I called Abyaar. They told me that the contractor is on site again and will re-start work this week or next. Handover of the villas will start by yearend.

Is it possible that someone goes there and checks if work restarted ?

14/August/2009

Acacia Avenues

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Thanks Imre

it is hard to comapre the last two updates. Is there any progress?

more scaffolding if you see the photos, the whole area seems dead, like a ghost town now.

There is no way they will complete it in 3 months. These guys are really wasting peoples time. They are using everyones money.

They have not provided any updates, not even send out something from Feb when construction was on HOLD. That tells me that they are crooks. Really, my friend went to them and they didnt even have the decency to show face. They have lied numerous time. Best is to get a lawyer and take these guys to court.

THe guy above who mentioned he barged into their office...what was the outcome of this step...I cannot see that they actually helped.

I think they are just taking people for a ride.

VILLAS U/C AGAIN!


03/September/2009

Acacia Avenues

good news, villas constructions restarted, I saw workers there, Olgana and Hilliana Tower still ON HOLD

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Remobilisation has started on the villas in the Acacia Avenues project in Dubai, according to a senior official close to the project. However, work has stopped on the Olgana and Hiliana Towers.

"Remobilisation has started on the villas as we speak. The focus is to get the villas complete with the funding that they received in Kuwait. We were not involved with the villas but only with the towers. The two buildings won't probably start until next year," said Luc Theberge, Vice-President for Middle East at EllisDon.

"We were hired to come in at a late stage around November 2008 and worked up until February. Then due to the crisis, they shut the project down. The contractors stopped work in February. Our role as project managers was to manage the contractors and consultants but that has stopped." He told Emirates Business that EllisDon will come back on the project should and when "market conditions change".

Acacia Avenues is the first freehold project in Jumeirah and was launched by Abyaar in 2007. It comprises 52 villas and six towers extending on an area of 94, 000 square metres, close to Knowledge Village in Jumeirah. The first phase of the project also features two towers. Olgana Tower is a 38-floor building and Hilliana Tower, a 45-floor building.

In February, Abyaar Real Estate Development Company from Kuwait denied media reports on the suspension of the construction works in its Dh2 billion Acacia Avenues project on account of financial crisis.

Marzouq Al Rashdan, Abyaar Vice-President and Managing Director, then said: "We do not usually reply to rumours, but the difficult economic conditions experienced worldwide have necessitated this denial, ensuring that correct and accurate information is communicated to all shareholders and clients".

He added that it had "announced last week that phase one of the project will be delivered during 2009".

By the end of March, the developer clarified that it was renegotiating its contracting agreement with Al Habtoor Engineering Enterprises, concerning the construction of two residential towers. Abyaar's CEO Hussain Al Basri said "most real estate developers in the region are currently reconsidering their contracting agreements, ensuring the reduction of the cost margin for the contracting agreements of projects under construction" and that "the contracting agreement signed with Al Habtoor is no exception to this rule". Negotiations are under way with contracting companies to participate in the tender intended to be launched for executing the project, including Al Habtoor, he added. In June, Hesham Abdul Wahab Al Obeid, Abyaar Chairman of the board of directors, said in a statement that the developer had entered into a new financing deal with the Bank of Kuwait and The Middle East – estimated at about KD18 million (Dh231m), with the agreed tenor being up to five years).

"The primary objective behind the new financing deal is the completion of the company's projects under construction, and the rescheduling of its local and foreign financial obligations, whether due or not yet due," said Al Obeid. In July and September, in separate statements he reiterated that the "main objective is to complete the projects under construction, comprising Acacia Villas located within Acacia Avenues and Pier 8 Tower located in Dubai Marina area. Therefore, the new financing transactions will be currently directed to those projects."

However, when repeatedly contacted by e-mail and telephone, the developer refused to update on the renegotiations with Al Habtoor and or on the timeline of the project.

http://www.business24-7.ae/Articles/2009/9/Pages/12092009/09132009_d9e81fbffd184e26a4e9825a3d4f8472.aspx

I visited the site on Friday, Sept 18, 2009 and the construction of the villas appears to be progressing. However, there is no sign of the Olgana or Hiliana Towers.

I have booked an apt at Olgana and have already paid 20%. Would like to exit from this project since it does not appear that this tower will be completed even by the end of 2011.

Is anyone out there in a similar position? If so, is there any chance that the developer will refund our money? Any guidance will be much appreciated.

Just called Abyaar. The villas are supposed to be handed over by March/April 2010. They also said that they restart work on the Olgana Tower soon. The other towers are still on hold.

Dubai Metro Developmenthttp://www.maan1.com/vb/images/smilies/wink.gif (http://www.maan1.com/vb)

Imre, can you make some new photos of the villas please ?

Located within Acacia Avenues project - the first freehold- project in Jumeirah, with villas classified into three different categories.

Commenting on Abyaar's ambitious delivery plans, Marzooq Al-Rashdan- Abyaar's Vise chairman & Managing Director said" "Abyaar is back on executing and completing its real estate development projects. The Company has initiated the Acacia Villas finishing works by signing the relevant contract in August last. This underlines and re-affirms Abyaqar's keenness and commitment to deliver its projects that were announced in the previous periods."

"Acacia Avenues is the first project in Jumeirah that offers investors a freehold opportunity. Launched by Abyaar in 2007 with a total cost of up to Dhs2bn, Acacia Avenues is intended to be a fully services compound comprising 52 villas and a number of residential towers." Al-Rashdan explained.

And on completing the construction of Olgana Tower, within Acacia Avenues project Al-Rashdan said: that Abyaar has launched the tender for the implementation of the project to construction companies, and expected to finalize the signing process end of the year, The main reason of retendering is due to the positive change in the real estate market, and the availability of several options for the contracting companies, which seek to operate within the prices currently prevailing in the market.

"This project will generate for Abyaar cash flow. And delivery will be phased, with the first phase to begin in the first quarter of next year", Al-Rashdan concluded.

Kuwait-based Abyaar Real Estate Development Company has reported a profit of KD5 million (Dh64m) for the first nine months of 2009, with an earnings per share of 6.90 fils.

Comparable figures or financial results for the third quarter were not revealed.

On the results, Abyaar Chairman Hesham Abdul Wahab Al Obeid said: "We are keen to announce our results with full credibility and transparency, and to clarify all issues relevant to our activities."

"Abyaar managed to pay around 45 per cent of its total obligations, reducing financing debt by 30 per cent for the third quarter of 2009, down to KD77m, compared to KD108m during the same period of 2008. Abyaar also successfully completed its capital increase, which was covered at 98 per cent," he said.

"The value of the company's total assets exceeds its total liabilities by around KD146m. Abyaar looks forward to repay its financing obligations for the current year in full," he said.

Clarifying Abyaar's position as to the lands purchase commitments, Al Obeid said: "Abyaar settled these commitments with major real estate developers in Dubai, in particular, and in some other countries of the region."


http://business24-7.ae/Articles/2009/11/Pages/14112009/11152009_79a82b92205c4e2a8e8a2c4f5fc7f41e.aspx

Kuwait-based Abyaar Real Estate Development Co has partnered with French fashion designer firm Christian Lacroix to establish a residential tower in Dubai. The 38-unit, coastal Jumeirah-based tower will incorporate a Lacroix-designed facade, expansive lobby and luxury interiors. 'We approached Lacroix because he is known for his exceptional design skills and theatrical style, both on and off the catwalk,' the developer said in a statement.

http://www.ameinfo.com/217105.html

I was driving around the site and found many workers there today.

11/December/2009

Acacia Avenues

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Imre is that an ironic comment? You found 'many workers', but I can only see one, possibly two in your photos?

Imre is that an ironic comment? You found 'many workers', but I can only see one, possibly two in your photos?


No, its true,today is Friday but they are working so its a good news.

When I was driving around the site I saw many workers but didnt take pics every side, but I can confirm , works going on.

Just look the similar photos from September , they had a good progress there.

those villas look awesome!

those villas look awesome!

what is so "awesome" about these overpriced and crammed villas/townhouses? :ohno:

^^ I agree. Apart from the location, i don't think there's anything likable about them.

It will be a nice area when ready, you will see the difference after the landscaping , locations is great and much better than the Arabian Ranches, Al Barari etc.. in the middle of the desert.

Is anyone out there in a similar position? If so, is there any chance that the developer will refund our money? Any guidance will be much appreciated.[/QUOTE]

I'm in the same situation. I don't know what to do with 2 contracts in Olgana and same 20%, but it seems for that the contract is no longer actual, as the timing is out. Game Over! We'd precislly investigate the chance to refund our money. They say The court need 7% prepayed of what we ask for from the developer. The sale manager told me, Abyaar never pay back the money. They suggested me to resign the contract for app. in Dubai Marina. I see no resone to buy anything anywhere else from the same developer.

Is anyone out there in a similar position? If so, is there any chance that the developer will refund our money? Any guidance will be much appreciated.[/QUOTE]

Im in the same position with Olgana. Let me know what you decided to do. Dont know what to do. Want to also pull out.

On this occasion, said Amin Shanti, Abyaar's Construction Director "we are proud of this cooperation with "Better Life ", and by choosing SieMatic German kitchens we will meet the needs of our residents of modern kitchens in their luxuries homes, this initiative comes within the vision that Abyaar wanted its project ''Acacia Villas" to combine between luxury and comfort. That represents the modern real estate development projects that are beautiful, comfortable and calm.

Ajai Dayal, General Manager, Retail and Marketing, of Easa Saleh Al Gurg Group, the owner of Better Life store the distributed of SieMatic German products said:

"We are delighted to be involved in such an exclusive development in Dubai. The Acacia villas offer high quality, contemporary urban living; with the architecture striking the perfect balance between contemporary and local regional style, this reflects the interest and concern of Abyaar for high-quality home appliances, which is no longer just a contemporary addition, but a necessity and important to any project."


The investment in kitchens that offer the best designs and advanced technology, and that use the best materials will increase the value of those projects, which is exactly what «SieMatic» brand assures, Dayal explained.

The Siematic SL Kitchens from Better Life will be a central feature of 50 exclusive villas in the development, epitomizing the style of the homes. The minimalist, stylish design of the kitchens, high quality materials and perfection in workmanship will be the perfect, luxurious edition, he added.

Abyaar has worked on many unique projects, by using the finest construction techniques and stylish modern design. This exclusive project is heading towards completion and residents will be able to move into the first stage of the development shortly. When visiting Acacia Villas in the near future you will find a range of «SieMatic» high quality products that will maintain its value in the long term, Dayal concluded.

http://www.ameinfo.com/219448.html

I have been contacted by Abyaar to sign the following documents:

1- Confirming the change of Escrow account from Dubai Islamic Bank to Mahsreq Bank.

2- New Sales & Purchase Agreement..apparently this is approved by Dubai Land Dept.

Has anyone else been sent these..if yes have you signed them?

I am not seeing any harm in signing the change of escrow account. This can only be positive for construction funds.

On the other side, why do we need a new SPA ?

they have a new web site. Looks really good:

www.abyaar.com

I have been contacted by Abyaar to sign the following documents:

1- Confirming the change of Escrow account from Dubai Islamic Bank to Mahsreq Bank.

2- New Sales & Purchase Agreement..apparently this is approved by Dubai Land Dept.

Has anyone else been sent these..if yes have you signed them?

My question is, why they want to sign new contract? I guess they'd like to get our approval to a new timing!
That's not fair. Prices changed dramatically. They use our money for nothing. I prefer to pull out at least something.
The best thing is to consolidate and hire an american lawer, as Kuwaitee are under States' protection. Dubai' developers should be brougt to Britain court by public assosiasion including some Englishmen.
If there is anybody agree with me, let me know. It's stupid to stay effortless.

My question is, why they want to sign new contract? I guess they'd like to get our approval to a new timing!
That's not fair. Prices changed dramatically. They use our money for nothing. I prefer to pull out at least something.
The best thing is to consolidate and hire an american lawer, as Kuwaitee are under States' protection. Dubai' developers should be brougt to Britain court by public assosiasion including some Englishmen.
If there is anybody agree with me, let me know. It's stupid to stay effortless.

Has any other investor been contacted by Abyaar re the papers for transfer of escrow account and new SPA?? Would appreciate if I can get a response on that?

The 5 and 6 bedroom villas will feature Dornbracht's successful Meta 02, MEM and LULU ranges. Marc Kandalaft, General Manager of United Supplies Est. about the project, "With its flat, wide spout, the MEM fitting represents a fresh, elementary approach to the aesthetics of bathroom fittings. LULU joins together concise design and rounded edges to give a soft formal expression and the pared-down shape of Meta 02 fits perfectly into the bathrooms of the minimalistic yet feature-filled Acacia villas. The delivery of Acacia Villas by Abyaar is a symbol of success and reliability amid challenging economic conditions. United Supplies Est. is proud to be a key supplier for this prestigious project of Abyaar and hope for their continued success in future projects."

Commenting on the co-operation, Phil Payne, General Manager Dornbracht Middle East, stated:
"Abyaar developments stand for luxurious, contemporary urban living. The company is recognized for contemporary design in the very best location and does not compromise when it comes to quality construction and refined interiors. Dornbracht, as a producer of high quality designer fittings for the bathroom and kitchen, has the same approach. Our products are not merely decorative; they are an expression of a distinctive bathroom culture. Fittings and accessories are manufactured with superb craftsmanship. Numerous national and international design distinctions and awards have served to endorse this approach. Dornbracht leads the premium sector coupled to our own market positioning this made it somewhat inevitable that we would be working together."

"We are delighted to have Dornbracht fitting out the Acacia Villas. The company has great capabilities to strategically favorable respond to our needs. We also see complete harmony between our activities", stated Amin Shanti, the Construction Director of Abyaar. "We highly appreciate Dornbracht's constant support in meeting our needs. We hope that this agreement will further extend the fruitful cooperation between us and will be the beginning of a long-term relationship based on trust and transparency", Shanti concluded.

Is anyone out there in a similar position? If so, is there any chance that the developer will refund our money? Any guidance will be much appreciated.

I'm in the same situation. I don't know what to do with 2 contracts in Olgana and same 20%, but it seems for that the contract is no longer actual, as the timing is out. Game Over! We'd precislly investigate the chance to refund our money. They say The court need 7% prepayed of what we ask for from the developer. The sale manager told me, Abyaar never pay back the money. They suggested me to resign the contract for app. in Dubai Marina. I see no resone to buy anything anywhere else from the same developer.

Is anyone out there in a similar position? If so, is there any chance that the developer will refund our money? Any guidance will be much appreciated.[/QUOTE][/QUOTE]

[QUOTE=OlganaOwner;51431089]I'm in the same situation. I don't know what to do with 2 contracts in Olgana and same 20%, but it seems for that the contract is no longer actual, as the timing is out. Game Over! We'd precislly investigate the chance to refund our money. They say The court need 7% prepayed of what we ask for from the developer. The sale manager told me, Abyaar never pay back the money. They suggested me to resign the contract for app. in Dubai Marina. I see no resone to buy anything anywhere else from the same developer.

Thanks, Scalier for your reply.

I think that we have no other choice but get our refund thru' the Courts. We may have to deposit 7% in order to get back our 100%.

I read in a post that RERA has declared the Olgana project "ON HOLD" since there has been no progress. Does this strengthen our case for a refund?

Does anyone know how much would be the legal fees to get our deposit back thru' the courts?

http://www.business24-7.ae/Articles/2010/2/PublishingImages/2_9_2010/eb14_acacia_avenue_09_small.jpg
Abyaar said around 50 Acacia villas will be delivered in the second quarter of 2010.


Abyaar Real Estate Development, Kuwait-based developer, said it will start construction of Olgana Tower in Acacia Avenue Al Sofouh area by second or third quarter, said a spokesperson.

"We will begin construction of Olgana Tower after we hand over Acacia villas and secure the third portion of our loan from BKME," he told Emirates Business in a telephone interview.

Abyaar's response came after an investor in the Olgana Tower project raised concerns over the plan's status and handover delays.

Abyaar is the master-developer of Acacia Avenue, a mixed-use master development in Al Sofouh area in Dubai, comprising the Acacia Villas, Hilliana, Olgana, Tour Christian Lacroix and Bahia. In early 2009, the developer signed a phased loan deal with the Bank of Kuwait and the Middle East (BKME) for $110 million (Dh403.7m) to fund its projects Acacia villas, Pier Eight and Acacia towers.

The developer has worked out a three-phase deal with BKME. "The loan amount would be used to complete current projects and to cover short-term commitments.

"The first phase deal is to build the Acacia villas, the second phase is to continue the development of Pier Eight and the third phase is to continue the development of Acacia Avenue towers.

"As soon as we are done with the villas by the second quarter, we will show BKME the progress of the development of these villas.

"We will then look to secure our third phase of financing from the bank in order to develop the Acacia towers in Acacia Avenue." According to the documents seen by this newspaper, the date of completion of the project was scheduled for second quarter of 2009.

"I have been to the site many times and there has been no progress on the project and the developer has stopped building," the investor said on condition of anonymity.

He said he owns four units in the tower and has invested around Dh2.5m.

The investor said: "Abyaar has not asked for more money as payment becomes due after the completion of the podium, which has not happened yet."

Olgana is a 34-storey residential tower comprising 139 apartments. The tower will include 30 one-bedroom, 61 two-bedroom, 29 three-bedroom and 15 four-bedroom units and five penthouses, according to the company website.

On visiting the Acacia Avenue site, this newspaper found the land plots for the towers did not show any construction activity.

"The plot of land designed for the Olgana tower is being dewatered indicating the developer's intention to build the project," said a worker.

Abyaar spokesperson said the developer is changing the contractor for its Olgana and Hilliana towers.

"When we first started the development on the towers, we had an agreement with a local contractor and now we believe that for the benefit of all the parties it is much better for us to find a new contracting company to work on the new designs."

Abyaar said around 50 Acacia villas will be delivered in the second quarter of 2010. The spokesperson said that no project has been cancelled by Abyaar. However, only those projects will be built where work and any development has begun.

"Those projects where no work has started, will be put on hold by us."

Abyaar has re-worked a new payment plan for the Olgana tower approved by the Real Estate Regulatory Agency (Rera). However, the investor said he has not received any notification from the developer on this.

On being asked why Abyaar had not informed all its investors on the new payment plan, the spokesperson said: "We don't want to promise anyone the date of delivery unless we don't have a picture of the financial process. As soon as we officially start the development of Olgana Tower, we will start contacting the buyers and investors on the new payment plan."

Meanwhile, Abyaar will commence construction of Pier Eight, a 40-storey residential building with 234 apartments in Dubai Marina, by early second quarter.

Abyaar official said the project will be completed in 16 to 18 months' time.

"We will be receiving the funding for Pier Eight from the bank by early second quarter and as soon as receive this, we will begin construction of the project. We started the development on this project and we reached the 16th floor."

On the Hilliana project, Abyaar said only 30 per cent of the tower was sold. "We are trying very hard with the investors and buyers on this project to give them a proper solution. We are not cancelling the project at the moment but we will be looking to shift the investors on the project to our other developments," said the spokesperson. The investor on Olgana is currently seeking a solution or compensation, owing to the delayed completion of the project.

Abyaar said the developer would take enough measures to provide solutions to its investors. "We will try our best to convince our buyers and investors in the future. In a way, we will be working on something and to make happy with the development. We will be offering our investors a solution as soon as we have something solid in hand to continue the development of the project.

"The financial crisis has slowed down our pace of construction. We, like the rest of the developers in Dubai, used to depend on self-financing. We have depended on selling our properties and receiving the cash-flow from our buyers.

"However, due to the financial crisis we couldn't continue to develop the project ourselves," the spokesperson said. "Now we have changed our strategy in terms of financing our project. We no more depend on ourselves. Hence, we are dealing with local banks in the UAE and local banks in Kuwait to make it easier on us to have the normal life-cycle of development."

In February, Abyaar signed an initial deal for loans worth KD45 million (Dh573.9m) from Global Investment House in a debt rescheduling plan.

Meanwhile, the investor has approached Rera for a solution and was advised to go to the Property Court.

On going to the Property Court, he has further been advised to go to the Arbitration Court.

Abyaar said has also put on hold the Ice Tower, a 31-storey, glass "shard" tower with 103 apartments in Dubai Marina, which is a joint-venture project between Abyaar and Mada'in Properties.

The developer is seeking a consolidation of its plot investments in Meydan.

"Abyaar and Mada'in Properties have jointly invested in four plots of land in Meydan. Around two to three weeks ago we agreed with the main master-developers of Meydan that we will take two plots according to the money we have paid."

According to the developer, its other project, Dubai Art District project in the International Media Production Zone (IMPZ), is too on hold for the moment.

"In our joint venture with Tecom investments at the IMPZ development we have a mixed-use project of commercial and residential called Dubai Art District. That has been put on hold," said the official.

Pier 24 in Dubai Marina comprising 152 hotel apartments has been delivered and is currently managed by Radisson Blu.

The developer confirmed that it has also delivered two office buildings in Dubai Investment Park called the Abyaar Business Centre.

Sanam acquisition

Abyaar said it is working on its acquisition plans of Sanam Real Estate, a Kuwaiti-listed company.

"We are still working on due diligence and on financing and the business plan of this acquisition.

"We do think now is the best solution to continue our future development.," the spokesperson said.

"When the acquisition happens, Abyaar will control 100 per cent of Sanam Real Estate," he added.

http://www.business24-7.ae/Articles/2010/2/Pages/08022010/02092010_2987745aa5e74d7f9f6828bf76c25bb6.aspx

Sales lady told me that Hiliana is cancelled...contradicts statements here.

Also for Olgana owners: They say after Acacia villas they will begin Pier 8 and then look at Olgana. I say Olgana if they decide to continue (which to me is not feasible) will only complete by end of 2012.

I am in the same boat also 2 contracts in Olgana at 20% and NO real response from developer. Lots of talk but nothing in writing!

I say we should join up with the investor in the article and go for refund.

Does anybody have any updates ? Is the construction ongoing ? How is the inside of the villas progressing ? Any pictures would be very much appreciated...

Just came back from a sneaky visit to the Acacia site. If Abyar manages to get their act together (READ AS..PAY THE CONTRACTOR ON TIME) then the 4 b/r townhouses can be delivered in 3/4 months and the 5 b/r villas by the end of the year. A total of only 72 workers are on site..so obviously progress is very slow.
Also went to the 2 show houses..which are not 100% ready but gives u a good idea what the final product will look like.
I have managed to take a couple of fotos of actual villa and show villa..can someone pls help me in uploading them here.

C:\Users\kamlesh\Desktop\Acacia#8\IMG00053-20100421-1143

What was your impression ? You liked what you saw ? How is the finishing ?

Would be great if you manage to upload the photos...

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The pictures below are from the demo 4 B/R demo villas (Townhouses).

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Thanks for posting those. I looks refreshingly modern from the outside and it is then a bit of a disappointment to see such mediocre standard interior works. Not impressed at all am I.

I do not like the colour scheme of the demo villa. But the colour scheme of kamleshbhatia's villa is very nice. I like the marble a lot. I am hopeful that the entire villa will be that nice.
The brown doors and rail guards are ugly but are only temporary I heard.

I thing handover is far away. Do not see this happening in 2010. Work on the roads did not even start.

Passed by the site today and was shown around by the site engineer. According to him MESC (the contractors) have been given a deadline to complete the 22 townhouses in the next 1 month. Somehow I don't believe it would be possible to complete them by end of July.:ohno: But there is definitely movement on the site.:) Accdg to him 130 workers are on the job @ the moment doing only the townhouses.

Passed by the site today and was shown around by the site engineer. According to him MESC (the contractors) have been given a deadline to complete the 22 townhouses in the next 1 month. Somehow I don't believe it would be possible to complete them by end of July.:ohno: But there is definitely movement on the site.:) Accdg to him 130 workers are on the job @ the moment doing only the townhouses.

1 month sounds too good to be true. The month is nearly there now. Is there any progress ? Please post an update.

its really cool place to live :cool:

1 month sounds too good to be true. The month is nearly there now. Is there any progress ? Please post an update.

As mentioned in my earlier post..there's no way they can complete this in 1 month. Havent passed by for nearly 1 month. Will try and do so shortly.

can anyone post the floor plan & total area of villas??

amazing villas

so, what's so amazing about them?

Passed by the site today. According to the engineer, 300 workers are on site (although I wouldn't have guessed so many from what I saw). He said the contractors work should finish by Aug end and it should be Sept end by the time DEWA & Sewrage connections are in place. However this does not include the work to be done for fitting kitchen cabinets etc, which Abyaar have contracted to some other co. So to be realistic, I am looking at year end before all is in place.
External cracks in all villas are being closed and all villas are being painted from the outside

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This what the final railings are going to look like in all the villas
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All door handles will look like this
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http://i27.************/b3qzj6.jpg

http://i31.************/108678w.jpg
http://i27.************/2nlh94o.jpg

http://i26.************/34hxvra.jpg

at least there is some progress; it still looks very slow to me; let's see how it looks like at the beginng of Semtember...


thanks for posting the pictures; that helps a lot for everyone outside the UAE

amazing villas

so, what's so amazing about them?

:lol: he will be shocked all time like this , let him enjoy like our old amazing comments .

amazing villas

so, what's so amazing about them?

:lol: he will be shocked all time like this , let him enjoy like our old amazed comments .

good work

http://i38.************/2hr0jlt.jpg

Passed the site today..exterior painting on 6 villas is now complete. Lots of interior work in progress. A/C grills being fitted. Spotlights in the rooms in place. Washbasins with surrounding vanity stands in place. Outside railing fences for 6 villas in place. Demo villa landscaping is done. Dont know why the outside of the demo villa is being repainted.

http://i38.************/307yef8.jpg

http://i37.************/2954t52.jpg

Builtup area = 4900 sqft Plot size is +/- 5100 sqft
http://i37.************/r0pohh.jpg
http://i33.************/e8a4h2.jpg
http://i37.************/2145vzk.jpg

wow; great progress

Has anybody heard anything if they go ahead with Olgana Tower ?

Had to pass by close to the site, so took the opportunity to take some photos and a video as well. The external painting on villa # 9 is about to be completed.
http://i38.************/i56w0h.jpg
http://i38.************/29vz3pd.jpg

http://************/m/bfgkr5/3]View My Video

Passed by the site today. According to the engineer, 300 workers are on site (although I wouldn't have guessed so many from what I saw). He said the contractors work should finish by Aug end and it should be Sept end by the time DEWA & Sewrage connections are in place. However this does not include the work to be done for fitting kitchen cabinets etc, which Abyaar have contracted to some other co. So to be realistic, I am looking at year end before all is in place.
External cracks in all villas are being closed and all villas are being painted from the outside

Did they make the deadline you are talking about ? This was the deadline for the townhouses, right ? All the outside work is done now ?
Next thing is the inside: another 2 or 3 months for handover; maybe x-mas...

Did they make the deadline you are talking about ? This was the deadline for the townhouses, right ? All the outside work is done now ?
Next thing is the inside: another 2 or 3 months for handover; maybe x-mas...

As mentioned earlier..I think realistically, they will be able to deliver Dec.

Where is all the Acacia Trees? I see non even in the project renders :dunno:

Acacia grow's well in UAE climate, and some species are even native to UAE. I got one in the corner of my yard that grows well and flowers without me regularly maintaining and watering it (actually almost never properly irrigate it).

Hopefully it will be used in the landscape.

Acacia Tree:

http://lh6.ggpht.com/_U6QekWmfdWQ/S4mmQhQyY1I/AAAAAAAADA4/J5Ajd3qkvdM/acacia%20karroo.jpg


http://en.academic.ru/pictures/enwiki/65/Acacia_karroo2.jpg

looks like a hospital ... wheres the amazin villas comment coming from ?

Just got an official notification from Abyaar of the Completion date. Has anyone else received this as well?

Just got an official notification from Abyaar of the Completion date. Has anyone else received this as well?

No, I did not get anything. When is the completion date ?

No, I did not get anything. When is the completion date ?
They said that the villa is "substantially competed" (Wonder what means?) No dates mentioned.:bash:

They said that the villa is "substantially competed" (Wonder what means?) No dates mentioned.:bash:

If I understood your previous posts correctly, then the outside of the townhouses is complete at the moment. Next step is the inside of the townhouses and also the outside/ inside of the stand alone villas, right ?

If you are in the area the next time, please post pictures of outside and inside of townhouses. Thank you.

Passed by the villas today. Progress albeit very slow is there... Bedroom closets and kitchen cabinets and have been installed. However no sinks in the kitchens so far..although was assured by the contractors representative that this would be done asap. Lots of small items are being done. All external paintings on the 22 4 bedroom villas is complete and they are working on completing the internal paintings. However the major point is DEWA and proper road access. Again the contractors rep said that Abyaar are supposed to be getting the DEWA connections and working on it. Access roads will be completed shortly. Conclusion: I expect by December to have delivery of villas that you can stay in/rent etc. At the same time..these are going to be of an excellent finishing and location is really great. As they say..its all about the location..location..location.

Villa exteriror - http://i52.************/zwne4k.jpg

Side view of main door - http://i51.************/2j4vyvp.jpg

Main door front view - http://i52.************/34y8f35.jpg

Staircase - http://i51.************/2yvmqgi.jpg

Staircase - http://i51.************/2w39e1j.jpg

Entrance lobby - http://i53.************/nl3qch.jpg

Main living area - http://i51.************/301hevk.jpg

Kitchen - http://i55.************/2448jlu.jpg
Kitchen sink - http://i54.************/24zipgz.jpg

Master bedroom wardrobe - http://i56.************/2q3zrqv.jpg

The wardrobe is not build in ? How does it fit into the rooms ? It does not look like to be costum build for the spaces provided. There are spaces left unused between the wardrobe and the ceiling and between the wardrobe and the side walls. Please coment. Can that be changed ? I think the villa needs costum-build wardrobes.

Please keep us also informed about handover date.

Abyaar Real Estate Development, a Kuwait-listed company, has got on board UAE investors who will part-fund its Olgana Tower and Hilliana Tower within the Acacia Avenue project in Al Sofouh area, Emirates 24|7 can reveal.

"We have got on board UAE investors who are willing to fund our two projects - Olgana Tower and Hilliana Residences. We will be signing the deal in the next seven to 10 days," a company spokesperson said.

"After we struck a deal for our Pier 8 project in Dubai Marina, a number of investors approached us for our projects which were put on hold. And since the banks are not eager to finance projects in Dubai, we have opted for striking private partnerships," he added.

The 34-storey Olgana Tower features 139 apartments, consisting of 30 one-bedroom, 61 two-bedroom, 29 three-bedroom and 15 four-bedroom apartments, as well as five penthouse apartments. The 45-storey Hilliana Tower comprises 148 luxurious apartments, split into 30 studios, 36 one-bedroom, 60 two-bedroom, 6 three-bedroom, 6 four-bedroom apartments and 10 penthouses.

"We have sold 60 per cent of the Olgana Tower. As for Hilliana Tower, sales have been less than 30 per cent. Now, we are looking to change the plan for this tower and convert at least half of it furnished apartments."

In June, this website had reported that Abyaar sold 50 per cent of the Dh360-million Pier 8 project in Dubai Marina to an Emariti investor.

The 40-storey Pier 8 in Dubai Marina includes 234 apartments, three townhouses and two penthouses.

According to the spokesperson, the company has consolidated its investments in Meydan project and currently owns two plots instead of four in the master development. It continues to put on hold the 31-storey Ice Tower in Dubai Marina.

Pier 24 in Dubai Marina comprising 152 hotel apartments has been delivered and is currently managed by Radisson Blu

Passed by the site yesterday..progress is definitely there..bit slow..but definitely things are coming along. The woodworks subcontractor was doing the final bit on doors etc. Work going on in the pool area. Enclosed are pics.

Kitchen fittings with Oven
http://i51.************/b968tw.jpg
Kitchen shelf
http://i55.************/mm8j7t.jpg
kitchen shelves
http://i53.************/309hpms.jpg

Kitchen sink
http://i56.************/2vchzio.jpg
Sink
http://i53.************/sg1j50.jpg
Cabinets above ceramic hob
http://i54.************/21bq00p.jpg

Ceramic Hob
http://i54.************/2ljtie0.jpg
Elevator
http://i51.************/2le5qxd.jpg
Master bedroom wardrobe with finishings on side
http://i55.************/2lc1w1e.jpg

Smaller bedroom Bathroom
http://i54.************/5zqypu.jpg
Master bedroom small wardrobe
http://i52.************/6s9qw1.jpg
Bigger wardrobe
http://i52.************/2nv7y4z.jpg
Master bedroom bathroom wasbasin
http://i52.************/28v3iqh.jpg

another month is gone. any news regarding completion ?

looks nearly there from the outside but I do not know if there are outstanding issues with RERA, utilities etecetera. On the other hand: handover is again closer by a month

Does anybody has new pictures from the villas (inside/outside)?
Did they restart Olgana yet ?

Does anybody has new pictures from the villas (inside/outside)?
Did they restart Olgana yet ?
Went to the site today. According to the contractors, they have finished all the work as per their contract with Abyaar. Abyaar is supposed to arrange for Electricity & Water from DEWA. They werent sure if Abyaar has applied for the same. They were also complaining that Abyaar owes them substantial amounts of money. All the contractors staff has been moved to work on the bigger (5 & 6 bedroom) villas.
I terms of progress they have asphalted the roads in from of the 20 villas. Interlock tiles outside the villas is not being done until the final electricity cable by DEWA is complete. There is no update/responses from the Abyaar Dubai office. Have sent fax and tried calling their Head office in Kuwait. Thye have promised to call me back. Nothing so far. Would suggest that you contact them as well to see what the status is.

Went to the site today. According to the contractors, they have finished all the work as per their contract with Abyaar. Abyaar is supposed to arrange for Electricity & Water from DEWA. They werent sure if Abyaar has applied for the same. They were also complaining that Abyaar owes them substantial amounts of money. All the contractors staff has been moved to work on the bigger (5 & 6 bedroom) villas.
I terms of progress they have asphalted the roads in from of the 20 villas. Interlock tiles outside the villas is not being done until the final electricity cable by DEWA is complete. There is no update/responses from the Abyaar Dubai office. Have sent fax and tried calling their Head office in Kuwait. Thye have promised to call me back. Nothing so far. Would suggest that you contact them as well to see what the status is.
http://i55.************/nyzkeq.jpg
http://i51.************/2unx179.jpg

any news on Olgana ?

does anybody have new photos ?

does anybody have new photos ?

:cheers:

11/March/2011

Acacia Avenues, villas

http://i53.************/347cty1.jpg

http://i53.************/29w8rwy.jpg

http://i56.************/ws8ndh.jpg

http://i56.************/2wq4gon.jpg

http://i54.************/28wck7.jpg

http://i55.************/30i8jgi.jpg

http://i56.************/x1wxup.jpg

http://i52.************/dhffpd.jpg

http://i56.************/wbtdmp.jpg

http://i56.************/2ppd0l2.jpg

http://i52.************/2hmq7o6.jpg

http://i54.************/1zoawao.jpg

http://i52.************/fve61t.jpg

any news on Olgana ?

Rising !

11/March/2011

Acacia Avenues,

http://i52.************/24mt1cz.jpg

http://i51.************/2k0mu.jpg

http://i52.************/33m7ksz.jpg

http://i51.************/2i88zrp.jpg

Has anyone heard or is anyone in contact with the developer, Abyaar? If so can u please update the estimated completion date?

@Imtiaz:
thank you very much for posting the pictures

@kamleshbhatia
I just send you a private message with their latest email regarding completion date

@Imtiaz:
thank you very much for posting the pictures

@kamleshbhatia
I just send you a private message with their latest email regarding completion date

Just sent u a prvt msg..kindly confirm receipt.

Just sent u a prvt msg..kindly confirm receipt.

got it

What a Horrible thing is that box shaped called a villa !!!

Are the small villas handed over by now or what is holding them off ?

If somebody has pictures of the progress of the big villas, please post them.

I have a credit note from the developer Abyaar which I am selling urgently. The value is around 400k AED and could be used against your next payment. Contact me if you if you interested (fasame33@yahoo.com)

Can any of the owners please confirm if they have signed the change of escrow bank account letter from Abyaar?

Got a verbal confirmation that DEWA have been paid and have confirmed that the work will start today. The contractor has approx 50 people on site to complete the final work on the 22 townhouses. I havent been on site and will try and pass by sometime this week. However this information is from someone who has been very helpful and correct so far.

I have a client who is looking to purchase a villa for AED 4.5M cash, if you are interested in selling please let me know.

Thanks

Finally some good news from Abyaar..
Just got a letter from Abyaar confirming:
1- The long awaited DEWA connection to Acacia Avenues is resolved
2- Full payment of connection fees to DEWA and commencement of connection works
3- Completion and energizing of 3 substations for DEWA for power provision to Acacia Avenues
Has anyone else received this letter.

yes got it, too

Passed by the site today. They have started landscaping of the gardens in the 4 B/R townhouses and r doing final painting and finishing work on them. Unfortunately no progress on the DEWA work so far. Have spoken to various people on the site as well as Abyaar office, they have no clue when DEWA will come in to finish the work.
Ready to pull out my hair now. Destination is so close and yet so far away!!!!

Looks like there is light at the end of the tunnel.

Passed by the site today. They have started landscaping of the gardens in the 4 B/R townhouses and r doing final painting and finishing work on them. Unfortunately no progress on the DEWA work so far. Have spoken to various people on the site as well as Abyaar office, they have no clue when DEWA will come in to finish the work.
Ready to pull out my hair now. Destination is so close and yet so far away!!!!

Another month is gone. Any update regarding DEWA ?

When I last spoke to Abyaar & the contact @ contractor's office, they both said that DEWA wanted them to change the location of some pillar/beam (or something similar..dont know the technical term for it) on the site. The contractor had submitted the new location drawings etc and were waiting for DEWA approval. Once they get DEWA approval it would take 4-6 weeks to execute the same.
What they were surprised was that why hasnt DEWA sent the transformers to the site, as that has nothing to do with the pillar/beam.
To be frank, I really dont know what/when the next step is!! Fingers crossed.

I went to the site today: the townhouses are ready! Even landscaping is done. I assume it is just the DEWA connection that prevents them to hand the units over.

The big villas still need some time. I saw not many workers...

http://i1249.photobucket.com/albums/hh505/building12/DSC02929.jpg

http://i1249.photobucket.com/albums/hh505/building12/DSC02930.jpg

http://i1249.photobucket.com/albums/hh505/building12/DSC02931.jpg

http://i1249.photobucket.com/albums/hh505/building12/DSC02932.jpg

http://i1249.photobucket.com/albums/hh505/building12/DSC02933.jpg

http://i1249.photobucket.com/albums/hh505/building12/DSC02936.jpg

http://i1249.photobucket.com/albums/hh505/building12/DSC02937.jpg

http://i1249.photobucket.com/albums/hh505/building12/DSC02938.jpg

http://i1249.photobucket.com/albums/hh505/building12/DSC02940.jpg

http://i1249.photobucket.com/albums/hh505/building12/DSC02941.jpg

I heard from my contact that DEWA has started work on the feeder pillar that needed to be moved & are already working on some of the townhouses. He expects they should finish in 10 days or so. Transformer delivery is still awaited, so that's something that needs to progress further.

Had a chance to pass by the project today. Final feeder pillars were being delivered by DEWA. Still no clue when the transformer for substation will be delivered and the cabling to individual villas be done. Workmen were laying the water pipes for the villa irrigation systems. Other workers were installing the road lights. For some villas the water meter was being relocated, so workmen were creating spaces for new water meter location.

IMG]http://i41.************/167jp5x.jpg[/IMG]

http://i39.************/r6zhqf.jpg

http://i42.************/u3145.jpg

http://i44.************/n4ak6.jpg

http://i41.************/34fz994.jpg

http://i43.************/260zad5.jpg
http://i42.************/2z58zex.jpg


http://i41.************/11jvlfl.jpg

http://i40.************/35nda95.jpg

http://i44.************/34g574l.jpg

http://i39.************/2diruh5.jpg

http://i44.************/14n20ro.jpg

http://i41.************/w0nzb9.jpg

http://i40.************/208hah5.jpg

http://i39.************/2u7brpg.jpg

http://i42.************/2z58zex.jpg

Nicely finished they may be, but they were horrendously expensive to buy at the time of launch and my feeling is that their designs will date quickly.

liketo the page !!!

Nicely finished they may be, but they were horrendously expensive to buy at the time of launch and my feeling is that their designs will date quickly.

How will these designs date quickly? The buildings are devoid of any contemporary bullshit and ornaments, so there is nothing to date here. Simple, elegant design, don't see how this could possibly not work out.

Does anyone who has recently been to the site know the status of Olgana ? It was on hold, now the land department claim a miraculous 24% completion. I find that very, very suspicious.. Anyone have photos of status ?? Would really, really be appreciated !!