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Feasibility Analysis of the Project
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Introduction
The course of development of the United Arab Emirates and the rates of improvements provided for the country are significant in the current course of time. These developmental patterns comprise of different aspects of living standards. The current paper comprises the case that is directly connected with the aspects of housing in the UAE on the contemporary stage of development.
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In fact, this aspect is quite topical and significant for the Emirates, especially taking into account the issues concerning property for the foreigners in the country that could not have been purchased on any grounds previously. Furthermore, the fancy living conditions that are related with the life in the United Arab Emirates, as well as perspectives of the country, attract newcomers. Hence, the housing issues are very significant in the current course of time. The Al Falah Villages Housing Project in Abu Dhabi, UAE, is presented for the evaluation and discussion in the current paper. Hence, the presented paper evaluates overall level of feasibility of the aforementioned project, both its actual and potential benefits, and perspectives for the future development.
Background for Evaluation
In order to provide relevant and effective evaluation, it is recommended to outline the main aspects of the Al Falah Villages Housing Project in Abu Dhabi, UAE. Furthermore, it is appropriate to identify the key influential factors that may provide certain impact upon the subsequent ramifications of the presented project.
Hence, the Al Falah Villages Housing Project in Abu Dhabi, UAE is targeted to provide a necessary for the needs of the country and its inhabitants (both national and non-national ones) amount of the residential housing patterns that are characterised by high level of quality and significant level of prestige. This project is necessary because of the range of essential needs. First of all, the UAE should be regarded as one of the most rapidly developing and perspective business centres in the world. Furthermore, the quantity of its actual inhabitants, as well as simply visitors, is constantly increasing, especially after the permission to purchase the real estate on the territory of several Emirates.
Furthermore, the national population of the United Arab Emirates is also significantly increasing. That is a direct reason for the increase of demand in terms of the housing sector. Furthermore, such a demand is supposed to be especially increased in the capital of the country, i.e. in Abu Dhabi. It has an image of a family-friendly territory where people tend to come to settle down. Hence, they are supposed to find a place for their family nest and find it as much appealing, comfortable and luxurious as possible. A high level of demand is expected to be met not only by the availability of the real estate in the country, but also by the significant diversity of the offered variants. The potential buyers expect to be given variety in order to be sure they have chosen the most relevant and the most appropriate one.
Furthermore, it is appropriate to discuss the actual pricing policy and availability of the real estate offers in the context of 2013 outcomes, as well as the forecasts for the future tendencies. Hence, according to Global Property Guide (2014),
The Abu Dhabi all-residential property price index rose by 19.7% during the year to end-November 2013. Apartment sales prices in the capital surged by 21% in November 2013 from the same period last year. Villa sales prices rose by 16.5% over the same period… Abu Dhabi’s RPPI is also calculated monthly, and covers 7 cities and 4 main districts.
According to the presented data, it is apparent that the pace of development in the scope of real estate is quite significant and perspective. The same conclusion is confirmed by such credible sources as Property Wire (2013) and Jones Lang LaSalle (2013). Furthermore, according to Thomas (2014),
The report also found rental prices increase by up to 18 percent in some areas. Property portal dubizzle said in its latest 2013 price trends report that the biggest increase in property prices in Abu Dhabi last year was for three-bedroom apartments and villas.
Moreover, it is relevant to present the potential forecasts concerning the scope of real estate in Abu Dhabi and align it with the discussed project. Hence, Abu Dhabi Urban Planning Council (2010) underlines the tendency according to which the real estate market is sufficiently undersupplied. This aspect accounts for the topicality and relevance of the introduction of the Al Falah Villages Housing Project in Abu Dhabi, UAE. Furthermore, the forecasts primarily deal with the extensive development of the real estate property sector in Abu Dhabi.
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Evaluation of Feasibility of the Project
The feasibility study presupposes the emphasis in the course of evaluation and analysis to be put upon three aspects of primary significance. They comprise market issues, organisational aspects and financial issues (Gumpert, n.d.). Noval (1996) also underlines the significance of other crucial aspects except the issue of financial assets. Furthermore, Graaskamp (1972) recommends to regard the discussed phenomenon in the following way:
A real estate project is 'feasible' when the real estate analyst determines that there is a reasonable likelihood of satisfying explicit objectives when a selected course of action is tested for fit to a context of specific constraints and limited resources.
Hence, the current feasibility study will be performed with the relevant respect to the aforementioned theoretical framework of the evaluation process.
First of all, it is appropriate to identify the aim of the project, the course of its actual achievement and the advantages, as well as disadvantages of the Al Falah Villages Housing Project in Abu Dhabi, UAE. Hence, the aim of the discussed project is to provide the residential area settlement with all the conveniences and high quality standards on the selected territory of Abu Dhabi. The actual objectives of the project concern the provision not only of certain real estate property, but also the provision of markets, squares, streets, necessary quantity of the shop and commercial buildings. It is quite evident that the current project is targeted at maximum comfort of the residents and is absolutely aligned with the needs and expectations of the potential inhabitants.
The first alignment concerns the type of real estate development in terms of policy ‘all inclusive’, i.e. the whole village infrastructure is presented. Hence, the future residents move in a ‘living’ area with all the necessary ‘facilities’ for comfortable dwelling. The next one is connected directly with the most popular and demanded type of real estate property on the territory of Abu Dhabi, according to the statistics data: the Al Falah Villages Housing Project in Abu Dhabi, UAE, provides homes with three, four, and five bedrooms with distinct styles that preserve local traditions and represent contemporary designs. This choice is the most successful one as far as these types of dwellings are in the greatest demand in the current course of time.
Furthermore, it is very important to discuss the potential impact of the whole course of the project practical implementation upon the environment. The Al Falah Villages Housing Project has been developed in such a way as not to provide any damage, harm or even threat to the surrounding environment, as well as to the public within the neighbouring territories. This aspect of real estate property sector development is very important in the current course of time when ecological relevance is considered to be one of the primary concerns.
The next aspect for evaluation and subsequent analysis is the issue of the community Al Falah and the location issue. According to the source Aldar (n.d.),
Al Falah is a master-planned community developed for UAE nationals which occupies a 12.5 million square metre area and is located on the east side of the Abu Dhabi International Airport and Abu Dhabi-Dubai highway. Al Falah consists of five 'villages’ and offers 4,857 villas. Each of the five villages is arranged around its own “Village and Neighbourhood Centre.”
As Rider Levett Bucknall (n.d.) underlines, “It has been designed to provide full community facilities for an expected 60,000 UAE national citizens.”
Hence, the location and the concept of the village settlement within the territory of Abu Dhabi are relevant, constructive and perspective in terms of the objectives and needs to be properly met. The level of quality is correspondent to the expected one. It is significant to underline the overall exquisite and excellent style decision and high quality facilities provision on the area of the Al Falah community. All the necessary establishments within the scope of commerce, health care, educational field and leisure targeted ones are included in the village infrastructure. Moreover, the adjacent position toward the most essential points of Abu Dhabi is also provided for the village of Al Falah (Gaprague, n.d.). Furthermore, innovative solutions and creative approach to the current real estate project are also guaranteed (Alemco, n.d.).
It is also relevant to mention the award that has been granted to the Al Falah village project. As Al Hilal Publishing & Marketing Group (2009) informs, Aldar Properties, Abu Dhabi's leading property development company, has awarded three key infrastructure contracts for the Al Falah project… Infrastructure contracts for the residential villages have been awarded to Hilal Bil Badi & Partners (Hilalco) for Village 1, Ghantoot Transport & General Contracting Establishment for Villages 2 and 3 and Al Jaber Transport and General Contracting LLC for Villages 4 and 5.
Furthermore, such aspects as the dramatic population growth rates should also be taken into consideration. Hence, the United Arab Emirates is considered to be one of the most profitable countries that attract tremendous amounts of investment. Therefore, it is anticipated that the population of the UAE will increase up to 14.5 million people by 2028. It is relevant to emphasise that the majority of these people are supposed to be non-citizens. Such a tendency means the potential dramatic increase in the scope of housing demand. However,, it is not possible to build such a quantity of appropriate dwelling of the high quantity on the territory with all the necessary elements of the inner infrastructure and also in the adjacent position to the heart of the capital of the Emirates. Such work requires thorough planning, sufficient period of time and tremendous financial assets. Therefore, such types of projects are recommended to be developed and subsequently implemented in practice gradually and beforehand. For instance, the discussed case of the Al Falah Villages Housing Project required 4 years to be properly completed.
Moreover, the aspect of popularity and prime status of the capital of the UAE should also be taken into account in the context of the current discussion. In fact, Abu Dhabi appears to be less built-up in comparison with other urbanised cities. Furthermore, a great amount of greenery is also a significant advantage of the capital of the UAE to be a target for the investment, as well as for the settlement. That is why the majority of the contemporary citizens of the Emirates tend to prefer to live in the capital of the country.
Furthermore, there is a tendency that connects such phenomena as the demand rate in the scope of the real estate property and the concept of owning the dwelling. Hence, the desire to move from a rented housing to own property is considered to be one of the major pretexts for the dramatic increase of demand in the aforementioned sector.
In fact, these aspects appear to be quite persuasive and vivid proofs of the significant level of feasibility of the Al Falah Villages Housing Project.
One more aspect to discuss is the financial aspect of the whole real estate project. The budget of the project equals US $2.5 billion. This sum is quite affordable for the capital of the UAE, especially taking into account the increase in the use of the public transport and the potential development of the clients’ portfolios.
Recommendations
The Al Falah Villages Housing Project in Abu Dhabi, the UAE, seems very efficient, perspective and on the overall rate impeccable. Though, there are certain recommendations that may improve it concerning further perspectives of development.
Hence, the 1st recommendation concerns the actual plan of the village building and its potential infrastructure. First of all, it is recommended to provide a block or two for the middle class citizens in order to make the dwelling in the region more available to different strata of the population. The diversity is always a guarantee of more significant amount of attention to the project.
Furthermore, the infrastructure should not dominate the greenery of the village. This recommendation means that one of the significant advantages of Abu Dhabi is considered to be the fact that it is not so densely built up and has a lot of ecologically significant parts. Hence, this tradition is to be continued on the area of Al Falah village.
One more risk is recommended to be anticipated. It deals with the notion of rivalry. In order to succeed (as far as the final result of the project will be available in the course of 4 years only) it is strongly recommended to implement only the most innovative technologies, as well as incorporate only luxurious building materials of supreme quality.
Conclusion
Thus, the Al Falah Villages Housing Project in Abu Dhabi, the UAE, has been analysed and evaluated in terms of its potential feasibility level. The course of analysis and evaluation has revealed the following results: the project is quite feasible and perspective as far as it meets the increasing demand in the sector of real estate property; provides the housing sector with the dwelling of luxury level; attracts a great amount of investments; does not impact the environment and offers excellent opportunities for suburban locations. Furthermore, the use of public transport is expected to be increased, as well as the variety of affordable housing offers. Therefore, the feasibility of the project provides actual profitability and use for Abu Dhabi and its citizens, as well as potential perspectives for the future development.
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