Azizi Developments, a leading private developer in the UAE, has extended its deal with Bin Ham North Ocean Elevators for the supply and installation of Hyundai elevators across three buildings in Park Avenue, located in Dubai's MBR City. 

 

Bin Ham North Ocean Elevators has been the exclusive distributor of Hyundai lifts in the UAE for nearly a decade. Hyundai Elevator was founded in Korea in 1984 and is among the top 10 elevator brands in the world, with an annual production capacity of over 25,000. 

 

Bin Ham North Ocean Elevators provides a wide variety of lifts, including double-decker, destination control, ultra-high-speed, observation, freight, and bed elevators, among others.

 

Best-in-class suppliers

Commenting on the agreement, Farhad Azizi, CEO of Azizi Developments, said: “This partnership reflects our mission to work hand-in-hand with best-in-class suppliers only, to cater to our valued investors and end-users. We take pride in developing properties that represent unparalleled modern luxury and outstanding quality, a design and construction philosophy that sets us apart and ensures investor satisfaction. Bin Ham North Ocean Elevators was appointed based on important commonalities and an array of attributes precisely meeting the stringent standards and quality of Park Avenue.”

 

The project comprises 372 residential and 29 retail units, with each of the three buildings having its own fully equipped gym and swimming pool. Work is progressing swiftly, with the structure of Park Avenue I now being 84% complete and Park Avenue II and III’s structures now having reached 96% and 97%, respectively. The total workforce also increased to 340 to further accelerate construction. 

 

Built around the concept of connected serenity, Azizi’s Park Avenue project is the epitome of a strategic, easily accessible and convenient location that is its own little getaway within the city. Surrounded by greenery and within proximity to Azizi’s French Mediterranean-inspired master-planned community, Riviera, the upcoming Meydan One Mall, the Meydan Grandstand, The Track, and only a 10-minute-drive to Dubai Mall and Downtown Dubai, these contemporary homes are ideally located for those seeking access to some of the city’s most vibrant points of interest while also basking in the tranquillity of their own community with panoramic views of Dubai’s skyline.-- TradeArabia News Service

 

Saudi Arabia’s residential market is expected to experience significant growth over the next few years, driven by a strong economic foundation, rapidly growing population, positive demographics, and increasing demand for new homes, particularly in Riyadh, Jeddah, and Dammam, according to CBRE Middle East, the global leader in commercial real estate.

 

This demand is driving prices and rental rates higher, a trend that is expected to continue, with the value of new residential mortgages in the Kingdom rising 17% year-on-year in 2024, satted CBRE in its latest edition of the Saudi Arabia Real Estate Market Review for Q4 2024.

 

The strong market growth is reflected in rising property values in Riyadh, with average prices increasing by over 6% in the past year, it added. 

 

As new, high-quality units enter the market, prices are anticipated to continue to rise in 2025. 

 

In Riyadh, the villa market has seen steady growth, with average prices now approaching SAR6,000 per sq m. In Jeddah, apartment values are slightly lower, averaging approximately SAR4,000 per sq m, while villa values are notably higher, reaching nearly SAR5,700 per sq m, it added.

 

On the office sector, CBRE said the demand for space remained strong through year-end 2024 in the Saudi capital, though transactional activity is now clearly being constrained by the lack of space for immediate lease and occupation. 

 

The high occupancy rates across the capital's prime office districts reflect the strong prevailing demand, driven by the kingdom's thriving non-oil economy which is a key component of the government's Vision 2030 diversification strategy, it stated. 

 

In the 12 months to Q4 2024, occupancies have remained close to capacity and rental rates have also continued to move upwards, it added.-TradeArabia News Service

Johnson Controls Arabia (JCA), a global leader in smart, healthy, and sustainable building solutions, has announced its significant contribution to the Variable Refrigerant Flow (VRF) Project in Egypt’s New Administrative Capital. 

 

Situated in the R5 Zone of Egypt's New Administrative Capital, this milestone project underscores JCA’s leadership in delivering innovative, energy-efficient HVAC solutions to support Egypt’s forward-looking urban development plans, the company said.

 

With a total project value exceeding $180 million, Johnson Controls Arabia has secured a $90 million share, supplying and installing more than 11,000 advanced York VRF units across 138 buildings. The project provides an impressive total cooling capacity of 140,000 tons, reflecting JCA’s commitment to cutting-edge technologies that drive energy efficiency on a global scale.

 

For years, JCA has been at the forefront of manufacturing HVAC systems incorporating VRF technology at its advanced manufacturing facility in King Abdullah Economic City (KAEC). These systems have been successfully deployed in projects across Saudi Arabia and beyond, delivering energy-efficient and flexible cooling solutions tailored to diverse needs. This extensive experience has positioned JCA as a trusted partner in large-scale, high-profile projects such as the New Administrative Capital, further solidifying its reputation for excellence in sustainable innovation, the company said.

 

During a recent visit to Zone R5, Innovo’s area within the development, Dr Mohanad AlShaikh, CEO of Johnson Controls Arabia, met with key stakeholders, including Innovo, Medcom, and Marasem, to reinforce JCA’s commitment to delivering excellence. These partnerships, formalised through memorandums of understanding (MoUs), highlight the collaborative approach driving the project’s success, it said.

 

Dr AlShaikh stated: "This project is a testament to Johnson Controls Arabia’s dedication to advancing energy-efficient cooling technologies on a global scale. The New Administrative Capital is a true example of regional progress, and we are honored to play a pivotal role in its development, delivering over 140,000 tons of cooling capacity through our industry-leading YORK VRF solutions."

 

The R5 VRF project, part of the New Administrative Capital’s ambitious plans, serves 22,000 apartments with a total cooling capacity of 280,000 tons, cementing its place as a landmark initiative in the global HVAC industry. 

 

Dr AlShaikh added: "Our long-standing expertise in VRF technology has been integral to this project’s success. By partnering with Innovo, Medcom, and Marasem, we are committed to delivering exceptional value, energy efficiency, and long-term partnerships through our YORK VRF solutions."

 

As Egypt’s New Administrative Capital continues its expansion, Johnson Controls Arabia remains steadfast in its mission to provide sustainable, energy-efficient solutions for modern urban development. This landmark project reinforces JCA’s leadership in shaping the cities of tomorrow, with technology and innovation at its core, the company added.  -TradeArabia News Service