Nearly 43 percent of all construction projects in the Arabian Gulf region are on hold as the fallout from the global economic downturn continues to bite. New figures from Middle East property intelligence website BNC Network show that of the US$ 1.68 trillion of construction projects in the region, US $ 735 billion worth of them are on hold, reported The National. Such projects make up a greater proportion of the schemes in the region than those at any other stage of construction, the report said. Researchers found a total of US$ 490 billion of schemes in the region were currently under construction. Projects worth US$ 81 billion were in the tendering phase, while projects worth US$ 124,6 billion were in the design phase. In addition, US$ 264 billion worth of projects was in the initial planning and concept phase. The UAE accounted for the Gulf's largest construction project market - with projects totaling US$ 681 billion by value. Of these, 62 percent or US$ 422 billion were on hold. The total value of building projects in Saudi Arabia, the second-largest Gulf construction market, was more than US$ 461 billion. Of these 22.4 percent or US$ 103,2 billion were on hold. This was followed by Kuwait, where the total value of projects reached US$ 195 billion, including 31.4 percent or US$ 61,2 billion worth of projects currently on hold or cancelled. Qatar, which has won the bid to host the FIFA World Cup in 2022, ranks fourth in the region with a total value of projects exceeding US$ 170,2 billion. Of these, 40.3 percent or US$ 68, 6 billion worth are on hold. But despite the economic slowdown caused by the global financial crisis in 2008-09, the Gulf region still remains one of the largest construction markets in the world after China, where several large-scale projects are still on track, according to Ben D'Souza, the chief operating officer of BNC Network. But another figures published by the building consultancy EC Harris show the Middle East is still the most straightforward emerging market for global retailers to set up shop. EC Harris ranked Saudi Arabia, Qatar and the UAE the eighth, 11th and 15th easiest markets internationally for international retailers to expand into from a property perspective - far higher than both China and India. The company measured the world's top 40 countries for developing and leasing retail property by measuring the quality of their transport infrastructure, capability of their construction supply chain and their supporting legal framework. According to the property consultancy Jones Lang LaSalle, the amount of retail space in Abu Dhabi is set to increase by 41 percent over the next two years, from 1.68 million square meters in the second quarter of this year to 2.37 million square meters as a series of new shopping centers - including Aldar's 235,000 square meters Yas Island mega mall - hit the market.

The United Arab Emirates government has announced plans to build the world's biggest gate in its capital, following the tradition established by the world's tallest building, the Burj Khalifa, and the world's tallest residential building, Princess Tower. The Khalifa in World Languages project, carried out by the Sultan Bin Zayed's Culture and Media Centre, will be launched on December 2 and dedicated to the President, Sheikh Khalifa. Featuring the 25-metre-tall gate, it will also include a printed encyclopedia, a specially commissioned operetta and a website. Work started months ago but was only confirmed on September 3 by the state news agency Wam, which reported the project had been approved by Guinness World Records. The encyclopaedia will include every world flag and more than 250 translations of the President's name. The website will include a biography of Sheikh Khalifa in various languages and a history of the UAE. But Abu Dhabi might have a challenger. A gate-shaped tower is under construction in Suzhou, China. The Oriental Gate is 301.8 meters high and has 69 stories. The construction started in September 2004 and was designed by British RMJM based on the ancient city gate of Suzhou for hotel, office, retail and accommodation space. After opening the Oriental Gate will be the largest gate-shaped building and also dubbed "the No 1 Gate in the world". But more and more critics finding that the new Chinese Gate much more likes "long underpants", therefore the Abu Dhabi's is a really Gate shaped.

Construction of Gazprom's 463-meter tall "Lakhta Center" in St. Petersburg will begin in October, the head of the Gazprom subsidiary in charge of the project said to information agency RIA Novosti. Gazprom received permission from the city to build the skyscraper complex on the shore of the Gulf of Finland earlier in August. The site is ten kilometers from the city center. An earlier proposal to build in downtown St. Petersburg, at Okhta Cape, had to be scrapped in the face of stiff public opposition. "Construction will proceed in phases," said Alexander Bobkov, the head of ZAO Okhta Public and Business Center, which is overseeing construction of the complex. "The tower itself will take the longest to build. I think we will break ground in October, since there are no legal or technical issues," Bobkov said. The 334 thousand square meter complex will serve as the headquarters for Gazprom's oil arm, Gazprom Neft, and other Gazprom subsidiaries. Construction is scheduled for completion in the spring of 2018. Bobkov did not specify the overall price tag for the project, but said one square meter is expected to cost US$ 2,5 - 3,5 thousand, much less than the estimated US$ 1.9 billion to build at the Okhta site.

Forget parking in the basement - a new high-rise apartment complex in Singapore is offering car parking inside your apartment, no matter which level you are on. The new 30-storey Hamilton Scotts building in the ritzy Orchard Road area has an elevator for cars, which will deliver the vehicles to the "en suite sky garages", glass cases for cars next to the living room. The owner must drive the car into a garage and on to a turnstile, and then hop out and scan a fingerprint on a biometric scanner, which will use a computer system to send the car to the correct apartment. The downside is the price. The cheapest apartments in the complex cost about US$ 7.5 million and come with two parking spots. The US$ 24 million penthouse residences have four parking spaces. KOP Properties in Singapore is behind the development, and chief executive Leny Suparman said the homes would appeal to a very well-off and particular type of buyer. "These buyers are very discerning. They've seen a lot, so they're very exposed in the world, so they are looking for something that's unique and different. He also said the parking space wasn't just a garage. "It's done in such a way that it's a museum showcase; it's not just a car park." Last year Germany's Porsche design Group and a local developer Dezer Properties announced about their plan to build Porsche Tower in Miami. According to developers it will be the world's first condominium complex with elevators that will take residents directly to their units while they are sitting in their cars. But they were late, as groundbreaking is planned for the 2nd quarter of 2013 and the completion is expected in mid-2016. In 2010 movie star Nicole Kidman and her husband Keith Urban purchased luxurious apartment on the 12th floor in one of Manhattan's skyscrapers. This apartment also has the 32.5 square meter garage in the sky. A special car elevator lift the car to the owner's floor and then you can enter garage with entrance to the kitchen.

A luxury apartment in Hong Kong has sold for a record US$ 61 million. According to local media it was the highest price per square meter paid in Asia for new developments and the second-highest in the world, after London's One Hyde Park. The apartment sold is situated on the city's Peak and is part of architect Frank Gehry's first creation in Asia, the Opus. The building, which was completed in March, has an undulating glass facade that curves and offers each floor a distinct vista of the surrounding leafy environs. The 576 square meters unit takes up the entire eighth floor of the 12-story building. The tower is comprised of 12 residential units, two double-level garden suites with private swimming pools on the lower levels, and 10 custom apartments, each occupying an entire floor with unprecedented 360dg views, ranging from 560 - 640 sqm in space. Hong Kong has seen its share of vertigo-inducing records before, including the 2009 sale of an apartment for US$ 56.6 million. And the world's most expensive apartment was sold in Monaco in September, 2010. As we reported the apartment with 1600 square meter area was sold by US$ 306.5 million.