Construction and Property Corner ::: 26 July 2023

Wed Jul 26 16:47:04 CAT 2023

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Construction and Property  Corner ::: 26 July 2023 

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ü  WestProp Zimbabwe Wins Top Honours At African Achievers Awards

ü  Iraq set to award metro deal to Alstom-Hyundai

ü  Construction’s faltering fortunes stall steel sales

ü  Pelham approves senior center pavilion, other construction projects

ü  Gold Coast's GCB Constructions goes into administration a day after licence suspended

ü  The green light was given to the construction of the Trans-Afghan Railway

ü  Construction causes Curiosity Zero Proof Bottle Shop and Bar to seek community help

ü  Decrease in home construction meets increase in housing demand

ü  Construction underway for Monte Vista apartments

ü  Construction company fined after bricklayer fractures skull

ü  Building price rises ease in 2023

ü  Kuwait to issue tenders for Mubarak Port

ü  Dubai Properties unveils final phase of premium townhouse project

ü  Building price rises ease in 2023

ü  Top Bahrain builders in race for 131-unit Salman City project

ü  Property settlement volumes finish FY23 strongly

ü  Commercial property markets aren’t closed

 <https://www.willdale.co.zw/> WestProp Zimbabwe Wins Top Honours At African Achievers Awards

Leading property developer, WestProp, continues to make waves on the African continent, recently winning two prestigious accolades at the 13th edition of the African Achievers Awards. 

CEO Ken Sharpe was honoured with the title of Africa’s Most Innovative CEO and team WestProp as the Best African Organisation of the Year.

The African Achievers Awards is an annual ceremony that recognises and celebrates individuals and organisations across various industries in Africa who have contributed significantly to the continent’s growth and development.

Reflecting on the awards, Mr Sharpe expressed his gratitude, emphasizing that the recognition belongs to the people of Zimbabwe. 

He stated, “These awards are really about us as a people because Zimbabweans have been recognised in many different forums. I want this award to add to my country, Zimbabwe because I represent my country.”

Mr Sharpe, previously recognized as Forbes’ Most Innovative CEO, believes that innovation is all about attitude and embracing the changes taking place in the world. 

He emphasized the importance of maintaining a positive attitude, seeing opportunities, and staying abreast of the ever-evolving world. 

“I believe in seeing the glass as half full rather than half empty and a friend of mine a few years ago said to me Ken you are wrong it’s not half full, it’s overflowing because the half empty that you see is replaced by God’s grace that helps it to overflow,” he explained. 

“And truly I can say my cup overflows. So, the first thing about innovation is attitude. You have to have a positive attitude. You have to see the opportunity.” 

Highlighting the significance of technology, Mr Sharpe stressed the need to embrace and utilise it to improve humanity and enhance business practices.

He recognised that technology is a reality that cannot be ignored and presents opportunities for growth and progress.

“The second thing I would say about innovation is that the world is changing all the time and as a leader you have to keep up with that change. If you don’t, you will be left behind. Right now we are in the era of AI.”

While WestProp’s heart lies in Zimbabwe, Mr Sharpe envisions contributing to the development of the entire African continent through his country. 

He explained, “My plans for Africa start with where I am in Africa, which is Zimbabwe, in the heart of Africa. If we can make enough light shine from Zimbabwe, the rest of Africa will see it and follow. It’s about setting an example, setting the pace, and changing Africa.”

Aligned with this year’s theme at the African Achievers Awards, which focused on unlocking trade and investment opportunities for sustainable development in Africa, WestProp is actively engaged in creating sustainable lifestyle communities.

Mr Sharpe highlighted the company’s commitment to building smart cities that offer residents the convenience of living, working, shopping, and playing in one area. 

Said Mr Sharpe: “The theme couldn’t be better timing for me because I’m looking at sustainable development in Africa. I’m looking at creating lifestyle communities where people can live, work, shop and play.” 

“It’s a smart city concept where all the amenities, sporting, recreational and retail facilities are available within the same area where people can live and where they can work. 

“We don’t have to travel hours to go to gym and spend time in traffic jams. If we as developers can create a sustainable model that’s using green technology, which is what we do now in our developments. 

“We are using recycled grey water, we’re using solar energy for electrification, we’re using gas, centralized gas distribution, which is more environmentally friendly. These practices, as well as the sewer, we’re looking at pods, biodigesters, and advanced technologies to become more sustainable and more environmentally friendly,” he added

Iraq set to award metro deal to Alstom-Hyundai

Iraq is close to awarding the $multi-billion Baghdad Elevated Metro project to a consortium of France’s Transport giant  Alstom and Hyundai of South Korea, the official Arabic language daily Alsabah reported on Wednesday.

The contract will be signed after the cabinet approves allocations for the project following Parliament’s endorsement of the 2023 state budget and record capital spending.

“The Transport Ministry will sign an agreement with Alstom and Hyundai consortium for the execution of the project and the purchase of trains,” the paper said, quoting Transport Ministry spokesperson Shada Radi.

“The contract will be awarded after the cabinet approves the necessary budget allocation for the project…the Ministry will also embark on work to remove all obstacles blocking the path of the train, mainly water pipes, power pylons and cables, and illegal houses.

In 2013, Alstom signed a 40-million-dollar agreement with Iraq for design studies for  project , which is intended to ease traffic congestion in the capital.

Officials have said the project, which involves building a 22-km rail network and 14 train substations, would cost around $2.5 billion.

Construction’s faltering fortunes stall steel sales

Forecasts suggest the trend of reduced residential construction activity in major global economies is set to continue – contributing to a downturn in steel demand that is affecting prices.

High inflation and rising interest rates are creating a subdued outlook for residential construction in Europe, the US and China, for which industrial and infrastructure projects are unable to compensate.

MEPS International steel market analyst Jonathan Carruthers-Green said: “We expect residential construction to remain in the doldrums while there is still the potential for a recession later in the year. The challenge taken up by many countries now is to reduce industrial emissions, so larger infrastructure projects still remain viable.”

MEPS International’s steel market reviews report that project-based developments – particularly in the renewable energy and infrastructure sectors – are the primary source of demand in a stagnant EU construction sector.

Despite a 2.2 percent increase in investment in civil engineering projects, the European Construction Industry Federation (FIEC) now expects a 2.5 percent overall decline in investment in construction during 2023. This would be only the second decline since 2014.

According to data published by the FIEC this month, Portugal (up 3.4 percent) and Ireland (up 2.5 percent) are the only EU countries expected to see construction investment increase in 2023.

A recent survey conducted by Germany’s association Hauptverband der Deutschen Bauindustrie found that 57 percent of residential developers expect a further decline in the second half of this year. That comes despite a year-on-year decrease of 29.8 percent in order intake in April, as the sector suffered a 13th consecutive month of decline.

Housing crisis

UK construction is also showing signs of slowing. Business confidence fell for the third month in a row as the sector’s PMI fell from 51.6 in May to 48.9 in June. Housing activity declined by the most since May 2020.

The UK government’s Secretary of State for Levelling Up, Housing and Communities, Michael Gove has said that he wants 30,000 new social homes built per year to address a housing crisis. However, analysis from the i newspaper showed that the top 10 housebuilders listed on the London Stock Exchange were stalling on developments, despite owning 700,000 available plots.

The FEIC cited the rising cost of energy and some materials as a key contributor to the decline in construction activity across Europe.

MEPS steel price data shows that rebar has been in decline since Russia’s invasion of Ukraine prompted a significant spike in prices and is now down by 48 percent on its April 2022 peak.

Mesh quality wire rod followed the same trend and is now 52 percent cheaper, while values for steel beams show a decline of 46 percent.

Prices remain substantially higher than in the pre-Covid era, however.

China’s recovery hopes

China’s construction sector remains stuck in its worst downturn on record.

Figures published by the National Bureau of Statistics of China (NBS) this week showed that investment in real estate development had dropped by 7.9 percent during the first half of the year.

“The floor space of commercial buildings sold reached 595.15 million square meters, down by 5.3 percent, and the total sales of commercial buildings were 6,309.2 billion yuan, up by 1.1 percent,” NBS said.

China’s gross domestic product expanded by 6.3 percent year-on-year in quarter two, with growth slowing to just 0.8 percent compared with quarter one.

During the first half of this year steel prices in China remained well above pre-Covid trading. However, rebar prices have declined by 10.5 percent to CNY3,170/tonne and wire rod by 9.9 percent to CNY3,360/tonne. Steel beams have declined by a lesser amount, losing 7.8 percent of their value to end June at CNY3,320/tonne.

Carruthers-Green said: “Despite the actions taken by provincial and national authorities to support real estate, the reduced demand in the construction sector has already fed through to the steel market.

“Both domestic and export prices for structural sections fell throughout the second quarter, with only the reduction in raw materials costs helping to maintain mill margins.

“With the rainy season now in full swing steelmakers will be pinning their hopes on a recovery in market conditions in September.”

Economists suggest China is now in urgent need of new stimulus measures.

State stimulus

In the US, construction has felt the benefit of a supportive policy environment for manufacturing construction.

The Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA) and CHIPS Act – boosting investment in semiconductor microchips – have provided direct funding and tax incentives for public and private manufacturing construction.

In quarter one of this year, investment in manufacturing construction was almost double the 2005 to 2022 average at US$166 billion. This was driven by computer, electronics, and electrical manufacturing. In this area spending nearly quadrupled.

Despite an assertion from the United States Department of the Treasury that “the manufacturing surge has not crowded out other types of construction spending”, data from the United States Census Bureau revealed that the number of privately owned housing units authorised by building permits in June was 3.7 percent down month-on-month and 15.3 percent down year-on-year.

The number of privately owned homes which began construction in June was down eight percent month-on-month and 8.1 percent year-on-year.

Without state support for house building projects, it seems, limited growth can be expected from major economies’ construction sectors in the near term.

Source: MEPS

Pelham approves senior center pavilion, other construction projects

PELHAM – The Pelham City Council approved a contract to install a pavilion at the Senior center during a council meeting on July 24. Other projects approved included the installation of an emergency traffic exit light at Fire Station No. 3 and several job description changes in the police department.

The Pelham City Council passed 12 resolutions, and four of these resolutions concerned construction projects coming to the city. The following construction projects were approved:

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-Resolution 2023-07-24-09 to approve a public works contract with Mickey Hammick Construction for the labor and materials necessary to build a pavilion at the senior center. 

-Resolution 2023-07-24-10, which put a public works contract to remove and replace the roof of the Indian Hills Well House. The project will require the existing roof to be removed down to the concrete deck and will guarantee two years’ worth of workmanship warranty and ten years of material warranty.

-Resolution 2023-07-24-11, which approves a professional service agreement between the city of Pelham and Skipper Consulting Inc. for the installation of an emergency exit traffic light at Fire Station No. 3

-Resolution 2023-07-24-12, to enter into considerations to enter into agreements with Shelby County Park & Recreation Authority for site work and project administration for drainage improvements at Coker Park.

Along with the construction projects, the following was also approved in the city council meeting:

-A consideration to declare certain personal property of the city of Pelham, which are no longer needed for public or municipal purposes, as being a surplus.

-Appoint a citizen as a Student Representative to the Pelham Parks and Recreation Advisory Board.

-Update the job descriptions of the current positions of Sergeant, Lieutenant, Captain and Deputy Chief in the Pelham Police Department.

-To consider accepting the lowest bid offered for janitorial services in various buildings owned by the City of Pelham.

-Consideration to participate in the Community Development Block Grant Entitlement Program- Shelby County Urban County.

Gold Coast's GCB Constructions goes into administration a day after licence suspended

The Queensland Building and Construction Commission (QBCC) forced Gold Coast company GCB Constructions to stop work by cancelling it's licence on Tuesday, after it allegedly failed to pay debts. 

The company has also been the subject of a winding-up application made by creditors, which is still ongoing in the Queensland Supreme Court.

GCB Constructions was placed into administration today.

SV Partners executive director David Stimpson confirmed he and his colleague Adam Kersey had been appointed as the administrators of the Varsity Lake-based company's financials.

In a statement, SV Partners said the appointment occurred "primarily due to disputes relating to two major construction projects on the Gold Coast".

"We will be working with the developers to transition projects to new builders, consciously minimising any loss to subcontractors," the statement said.

"The administrators are undertaking enquiries into the company's financial position including the potential completion of any contracts by a third party."

Residential projects impacted

Earlier, the state's building watchdog said in a statement it took suspension action on Tuesday for the company failing to pay debts, which breaches the Minimum Financial Requirements for holding a building licence in Queensland.

GCB Constructions had been working on residential projects on the Gold Coast, including the Marine Quarter Apartments at Southport and Vantage at Benowa.

It was also involved in the construction of a surf club.

The statement from SV Partners also said GCB Constructions was "exploring the prospect of putting a proposal for a Deed of Company Arrangement" to creditors.

A deed of company agreement is generally between a company and its creditors and relates to how affairs will be dealt with after it goes into administration.

"Administrators will provide creditors a recommendation on any such proposal," the statement from SV Partners said.

"At this time, the administrators are working on contacting key stakeholders and creditors regarding the appointment.

"The administrators will conduct an investigation into the affairs of the company and will be reporting to creditors on the outcome of those investigations as soon as possible."

An initial report to creditors is expected to be issued on Friday.

A meeting of creditors will be held by the administrators on August 7.

'Massive deal' for coast construction

Master Builders Queensland Gold Coast regional manager Adam Profke told the ABC that GCB Constructions, a family-owned construction company, had been operating in the region since the 1980s.

He said it was a "massive deal" for the city to lose another large building company which specialised in large-scale apartment construction.

A man in a blue polo shirt folds his arms inside an office

Adam Profke says the loss of local talent will make the Gold Coast less self sufficient. (ABC News: Steve Keen)

"It's also a big deal because we have to build high-rises, towers that [are] 60 storeys in height," Mr Profke said.

"That takes a very, very specialised group of people to do that and unfortunately local talent, potentially with GCB disappearing, we're actually becoming less self-sufficient as a community here on the Gold Coast.

"So we've become really reliant on the larger, major contractors coming out of Brisbane coming down the coast to do that work for us."

Conditions already imposed

The suspension action comes after the building watchdog imposed conditions on the company's licence in June which stopped GCB Constructions providing tenders or quotes and entering into any new contracts unless it had written approval from the QBCC.

The embattled building company has also been required to provide the QBCC with an listing of debtors and creditors by 5pm each Friday since June 30.

GCB Constructions did not return requests for comment.

Crane hovers over a construction site

GCB Constructions has been required to have its financial records monitored since last month. (Supplied)

Mr Profke said the company's inability to finish its current projects would have a ripple affect throughout the local building industry.

"The developers behind a lot of the projects, particularly where work has started, obviously, developers want to get those projects finished," Mr Profke said.

"Potential unit and apartment owners certainly want to move into their apartments … and it's no secret on the Gold Coast we have a housing shortage.

"The more apartment housing stock that we bring online obviously frees up space for people renting and other apartments. So there's a big, massive, knock-on effect for the community."

Apartments 'will take longer'

The Master Builders regional manager said home owners waiting for new apartments would likely wait longer, but developers behind the current high-rise projects being built by GCB Constructions were pushing to get them completed.

"Certainly the developers that I've spoken to in the last 24 hours are keen to get their projects finished," Mr Profke said.

"It is unfortunate for some subcontractors. There are allegations of some monies owed, which is very unfortunate, and it's certainly not something that we support. But there are measures in place for those subcontractors."

Any subcontractors who have been affected are encouraged to contact Master Builders.

The green light was given to the construction of the Trans-Afghan Railway

On July 18, 2023, in Islamabad (Pakistan), the delegations of JSC “Uzbekiston Temir Yo’llari” (“Railways of Uzbekistan”), the railway administration of Pakistan and Afghanistan held the final stage of negotiations on the construction of the Trans-Afghan Railway. The parties discussed various aspects of this project, including mechanisms for attracting funding, construction, technical details, and implementation timelines, EastFruit specialists report with reference to the press service of the Ministry of Transport of Uzbekistan.

The Trans-Afghan Railway is a massive project establishing a direct rail link between Uzbekistan and Pakistan through Afghanistan, enabling more efficient trade and logistics.

As a result of negotiations, Pakistan, Uzbekistan, and Afghanistan signed a joint protocol on the construction of the Trans-Afghan Railway, ARY News reports. Thus, implementing the Trans-Afghan Highway project has been officially given the green light.

However, the route of this highway will be changed from the original plan. The railway line route will pass through Termez in Uzbekistan, Mazar-i-Sharif, and Logar in Afghanistan. It will reach the territory of Pakistan at the Kharlachi border point in the Kurram region. The railway was initially planned to enter Pakistani territory through the Torkham border crossing in the province of Nangarhar.

Read also: Uzbekistan increases volumes of export-import transportation through Georgian ports

According to the Uzbek side, the 760 km railway through Afghanistan will reduce the delivery time of goods to Pakistan by about five days and will reduce transport costs by at least 40%. It is assumed that the project worth up to $6 billion will be completed by the end of 2027, and by 2030 trains will be able to transport up to 15 million tons of cargo per year along the Trans-Afghan Railway.

Pakistan hopes that constructing this railway will bring Central Asia closer to Pakistan’s 230 million people and open up opportunities for trade with the countries of the Arabian Sea.

According to JSC “Uzbekiston temir yo’llari” (“Railways of Uzbekistan”), all three countries “show high interest and readiness for mutually beneficial cooperation.” In February 2021, Uzbekistan, Afghanistan, and Pakistan signed a roadmap in Tashkent to construct the Mazar-i-Sharif-Kabul-Peshawar railway, and it was planned to start construction in September 2021. But, after the change of power in Afghanistan, the implementation of this project slowed down. A few months later, the interim government of Afghanistan nevertheless announced its interest in the implementation of the project, and expedition work began in July 2022 to determine the route of the Trans-Afghan railway and a feasibility study for the project.

Construction causes Curiosity Zero Proof Bottle Shop and Bar to seek community help

SALT LAKE CITY (ABC4) — Construction on 900 South caused a small, non-alcoholic space built for encouraging conscious communication to call out for help from the community.

Raegan Plewe, Co-Owner of Curiosity Zero Proof Bottle Shop and Bar, said the construction has cut their sales in half, as it makes it hard to access the building and find parking. Additionally, Plewe said that in the last couple of months, the whole street the business is on has been ripped up.

Solitude Mountain Resort auctions off historic Eagle Express chairs

The small bar opened just over a year ago. It is reportedly centered around pushing the boundaries of conversation while exploring what it means to engage in senses in a way that “inspires one to return to their body,” according to the owners.

Plewe said they have talked to other business owners in the area and said “It’s something we’re all kind of trying to pull together and figure out.”

To help them get back on their feet, Curiosity started a GoFundMe.

“If it’s possible, donating to the GoFundMe is really helping us to get back on our feet because we do have a lot of costs,” Plewe said. “We have a payroll that we want to make sure that we can keep making, we have a lot of bills that we need to pay off from our slow period of the construction.”

Additionally, Plewe said that simply coming in, ordering a drink, and spreading the word helps.

“I don’t think people realize, like, when you’re going to a corporation you can go for months and expect it to stay around, but for small businesses, if you’re not going in, if you’re not showing up, there’s not the same type of resources to know that that’s going to stick around,” Plewe said.

Plewe said to show up and let small businesses know that you care, as it is the only way those types of projects can exist.

Decrease in home construction meets increase in housing demand

BISMARCK, N.D. (KFYR) - A report from the census bureau says new home construction fell 8 percent in the month of June.

Joe Hillerson, the owner of a home construction company, said what the census bureau is reporting is true in North Dakota.

“We do have some new projects that we are doing. Behind us here, these are ones we actually permitted late last fall. We didn’t get to them because of the weather putting a halt to production,” said Joe Hillerson, President of the Bismarck-Mandan Homebuilders Association.

But Hillerson said even though new construction is down, there still is plenty of work for them in the Lakewood section of Mandan.

“The number of permits is down, a lot of the work we are doing this year, we permitted last year so we are kind of getting caught up,” said Hillerson.

Hillerson said he has seen a decrease in requests for new home construction in our area.

“It’s just too painful for people to buy. Our inventory remains low in our area which is great. The demand is still there, people are still moving here. In fact, the houses that we are selling oftentimes are people moving to our area from other areas,” said Hillerson.

Hillerson said he sees an even distribution of people moving to the area on both sides of the river, and this growth is perpetuating the housing shortage.

“If you look at economics, when things slow down or there’s less buyers, usually we have increased inventory, but that’s not really the case right now,” said Hillerson.

As far as whether this lull in new home construction will last, Hillerson said he doesn’t think it will be permanent.

“I don’t see it continuing forever. As soon as there is a little break in the interest rates, I think there is some pent-up demand and I think we are going to see an influx of people wanting to buy new housing,” said Hillerson.

Until then, Hillerson and his crew will continue working on their current projects.

The average interest rate on a new home is 7 percent compared to 4.5 percent in 2022.

Construction underway for Monte Vista apartments

What was a desolate dirt field on the corner of W. Monte Vista Avenue and N. Walnut Road in Turlock is now full of activity, as construction workers have been braving the heat to get a much-anticipated residential project underway.

Last month, construction finally began on Monte Vista Apartments, a project that was originally proposed in May of 2021 and approved by the City of Turlock Planning Commission in August of that same year.

Monte Vista Apartments 2

The Monte Vista Apartments at 1525 W. Monte Vista Ave. is a 348-unit multi-family residential project sitting on a 12-acre parcel (Photo contributed).

The Monte Vista Apartments at 1525 W. Monte Vista Ave. is a 348-unit multi-family residential project sitting on a 12-acre parcel. There will be 12 three-story buildings approximately 40 feet in height. Each unit will include a patio or balcony area. Onsite improvements include parking, carports, landscaping, a pool and a 900-square-foot children’s outdoor play area. Off-site improvements include curbs, gutters and sidewalks installed along the Monte Vista Avenue and Walnut Road frontages.

“We think it’s an exciting location just because of its proximity to the university,” developer Chris Hawke told the Turlock Journal in 2021. “I think there has been very little new apartment development in the city of Turlock, so it’s an opportunity for us to bring on a fairly large-sized project of apartments into the community.”

Almonds headed for harvest next month are larger than last year’s, according to a USDA report (Journal file photo).

The U.S. Department of Agriculture’s recently released 2023 California Almond Objective Measurement Report shows that almond production is forecast at 2.60 billion meat pounds, up 4 percent from May's forecast, and 1 percent above last year’s crop of 2.57 billion meat pounds — all this despite the heavy rainfall this winter that hindered bee pollination of trees.

Construction company fined after bricklayer fractures skull

A construction company has been fined £12,000 after a Shropshire bricklayer fell through a stairwell opening and fractured his skull.

Scott Ife fell through an unprotected stairwell opening from the first floor of the renovation project. Credit: Health and Safety Executive (HSE) 

Scott Ife, 30, from Bridgnorth, was working for 2 Counties Construction (Midlands) Ltd when the incident took place on 8 June 2020. The company had been hired as the principal contractor overseeing the refurbishment of agricultural barns into houses on Humber Lane in Telford.

Working alongside another employee, Mr Ife, who was 27 at the time, was laying the blocks to form the gable walls for a two-storey extension. The pair set up a working platform using Youngman boards on the first floor of the property. As there was an unprotected stairwell opening in the property, one end of the Youngman boards was unsupported.

While leaning over to point up the blocks in the gable walls, the worker lost his balance before falling onto the unsupported Youngman boards and through the stairwell opening.

He fell four-and-a-half metres onto the concrete floor below, fracturing his skull and damaging his facial nerve. The man was hospitalised for three days following the incident.

‘Series of failings’

The Health and Safety Executive (HSE) identified a series of failings on the part of 2 Counties Construction (Midlands) Ltd including a lack of suitable controls for preventing falls into the building and through the stairwell openings. There was also inadequate planning, a lack of selection of equipment for working at height and inadequate site management arrangements.

2 Counties Construction (Midlands) Ltd, of Taylors Lane, Broomhall, Worcester, pleaded guilty to breaching Regulation 13(1) of the Construction (Design and Management) Regulations 2015. The company was fined £12,000 and ordered to pay £4,139 in costs at Cannock Magistrates’ Court on 21 July 2023.

HSE Inspector David Brassington said, “This incident could and should have been easily avoided. Work at height needs to be properly planned and managed to ensure that appropriate precautions are used.

“We are fortunate that the injuries resulting from these failings were not more serious.”

Building price rises ease in 2023

Building a home in New Zealand’s main centres now costs 9.5% more on average than last year, but price increases have considerably eased in 2023, according to QV CostBuilder.

The New Zealand construction cost database, powered by state-owned enterprise Quotable Value (QV), showed that the average cost of building a standard three-bedroom home climbed 9.5% in a year, including by 3.8% since its last major update in December.

The figure was lower than the 20.9% annual rise at the same period last year and an 11.3% annual lift to December.

“Ordinarily a 9.5% increase in the cost to build a standard three-bedroom home would be a lot — and it certainly is by historic standards,” said Martin Bisset, QV CostBuilder quantity surveyor. “But the good news is it’s just less than half the rate of building cost inflation measured at the same time last year.

“Though construction costs continue to rise, they have definitely slowed throughout the first six months of 2023. It looks as though they are starting to level out now, with the worst of the construction inflation boom now firmly behind us and strong demand for materials and labour continuing to ease across much of the country.”

Bisset warned, though, that there remained a great deal of uncertainty in the building industry and the economy as a whole, making it tough to clearly predict how costs will evolve throughout the rest of 2023, but it’s likely they will eventually stabilise. 

“With inflation and interest rates stubbornly high, a general election in October, geopolitical issues and rebuild work on Cyclone Gabrielle still to fully get going, there is still a lot of economic instability in the domestic construction market,” he said.

Since QV CostBuilder’s December update, costs related to sanitary plumbing saw the biggest elemental price increase, up 4.9%. Costs related to interior doors also rose by 3.5%, with windows and exterior doors climbing 3.1% due to having to meet the requirements of the new H1 energy efficiency regulations. 

On average, each trade rate has also jumped by 2.5% since December, with suspended ceilings up 16.2%. Rounding up the five largest price increases since the last update were fireproofing (10.1%), metal framing (8.9%), hardware (8.8%), and roof coverings (8.1%).

“It’s important to remember these figures are averages and the cost of building will always be dependent on the level of finishes, internal layout, and all manner of other elements, including whether or not a home has a single or double garage,” Bisset said. 

Kuwait to issue tenders for Mubarak Port

Kuwait will soon issue new tenders for the completion of Mubarak Al-Kabeer Port which the OPEC member started two years ago as part of China’s Belt and Road Initiative, a Kuwaiti newspaper reported on Wednesday.

After completing most work in the Port in Bubiyan Island, the Gulf emirate is expected to partially commission the port in October, the Arabic language daily Alqabas said.

The paper quoted official sources as saying new tenders are for projects involving the construction of main buildings, roads and a container yard, manufacture, supply and operation of  equipment needed to operate the port, and deepening the  canal linking  the port with Khor Abdullah Port.

“The cabinet has asked the Finance Ministry to approve allocations for the new projects to complete phase 1 of the Port,” the paper said, adding that 4 berths were constructed in 2021 as part of the first phase.

Dubai Properties unveils final phase of premium townhouse project

Dubai Properties has announced the launch of Mudon Al Ranim, the final phase of its master development community in Dubailand, offering a selection of 182 townhouses comprising expansive three- and four-bedroom layouts, available in either G+1 or G+2 floor plans.

Unveiling the crucial phase, the Dubai master developer said with this project, it aims to take the residents' living experience to new heights by incorporating additional layers of quality, all within an impressively competitive pricing structure.

With these remarkable offerings, Mudon Al Ranim is a top choice for homeowners seeking a superior living lifestyle, it stated.

A collection of meticulously designed single-row townhouses challenges design norms with more space, privacy and greater quality of life, it added.

Dubai Holding Real Estate said since its establishment, Mudon has earned widespread recognition as a leading family-oriented community, celebrated for its spacious living spaces and its commitment to promoting an active and dynamic lifestyle,

With its expansive selection of well-designed villas and townhouses, complemented by a wide range of amenities including restaurants, shops, clinics, jogging tracks, landscaped parks and sports fields, Mudon is designed to cater to families, offering a harmonious blend of comfort and convenience and fantastic location with easy access at the intersection of Al Qudra Road and the Emirates Road (E611), it stated.

Mudon Al Ranim is no exception, promising buyers an unmatched townhouse living experience. With the final phase of the project, which will officially complete the Mudon master plan, Dubai Properties demonstrates that it truly understands what customers are looking for in a dream home.

"Mudon Al Ranim exemplifies our unwavering commitment to meeting the ever-evolving needs of homeowners," remarked Khalid Al Malik, the CEO of Dubai Holding Real Estate.

"Our design philosophy is not to follow, but rather to lead the market. Recognising the demand for space, privacy and flexibility, even in the new normal, we have carefully designed homes that offer residents a sanctuary for work and play, all within the confines of their own homes," he stated.

Al Malik said the concept of home has evolved beyond its traditional boundaries, as residents now seek seamless integration of indoor and outdoor spaces that cater to energetic lifestyles and growing families.

"With meticulous attention to detail, the Mudon Al Ranim community encompasses highly coveted features typically found in larger, premium villa developments. These include floor-to-ceiling windows that provide stunning views of a private garden, while double-height ceilings amplify the sense of space and invite the serene surroundings to become a part of the interior landscape," he added.

According to him, each townhouse in Mudon Al Ranim is thoughtfully designed in a single-row configuration, offering maximum privacy and abundant green spaces, setting it apart from other townhouse communities in Dubai.

"Residents of Mudon Al Ranim will be able to enjoy an array of exceptional amenities focused on well-being and leisure. The development features fitness stations, kids' play areas, picnic spots, BBQ areas, family and kids' swimming pools, jogging tracks, dog parks, volleyball courts, basketball courts and meditation areas – providing ample spaces for relaxation, socialising and maintaining an active and healthy lifestyle," he added.-TradeArabia News Service

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