UAE property this week is vigorous with several notable events. You will see the momentum is palpable from rapid unit sales at Palm Jebel Ali astonishingly hitting the Dh2 billion mark to the launching of new business hubs and a grand Ritz-Carlton unveiling. Additionally, Marasi Bay acquisition underscores the nation's ambitious real estate vision. Let's dive deeper to grasp a full magnitude of these developments and understand the future trajectory of the UAE property market.
MAG, a UAE-based real estate giant, awarded Swissboring a Dh55 million contract for shoring and piling work at The Ritz-Carlton Residences Dubai Creekside located within the Keturah Resort. The developer plans to release a tender for the main contractor in Q4 2023. It is located on Dubai Creek near Ras Al Khor's wildlife sanctuary featuring 177 residences across seven buildings and 12 mansions with several world-class amenities such as a five-star wellness hotel, Michelin-star restaurants, and a 550-meter promenade. Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG, said, 'We recognize Swissboring's expertise and have full confidence in their role in the project. Sales have already reached over Dh2 billion showing the market's interest in unique projects like Keturah Resort. This project not only stands out for its distinctive offerings but also for its unparalleled views and proximity to key Dubai landmarks.'
Further Details: https://www.khaleejtimes.com/business/mag-appoints-swissboring-for-enabling-works-at-the-ritz-carlton-residences-dubai-creekside?_refresh=true
Dubai property market is set to witness a significant addition with the upcoming launch of the Palm Jebel Ali development next week. As reported by Arabian Business, the luxurious properties on this new island will start at AED18 million. Offerings include beach villas with five to six bedrooms and expansive coral villas with up to seven bedrooms. Additionally, premium plots range from 22,000 to 25,000 square feet. Prospective buyers can secure a unit before launching with a 20% deposit or an expression of interest. The development promises luxury access to major business hubs, stunning Arabian Gulf views, and high-end amenities. Besides, flexible installment plans are available spanning the construction period. A part of Dubai’s iconic artificial Palm Islands in the development can accommodate over 35,000 families featuring 80 hotels and resorts.
Further Details: https://www.arabianbusiness.com/industries/real-estate/dubai-palm-jebel-ali-real-estate-prices-revealed-over-aed40mn-for-premium-villas
Dubai-based luxury real estate firm, Omniyat, acquired Marasi Bay Marina from Business Bay LLC for an undisclosed sum. An acquisition marks Omniyat's first purchase of waterfront space as announced in their recent statement. Marasi Bay, situated on the Dubai Canal waterfront, already houses Omniyat's Lana 30-storey tower. While the exact value and detailed plans for the site remain undisclosed, Omniyat aims to develop an exclusive lifestyle destination in Dubai. Mahdi Amjad, Founder and Executive Chairman of Omniyat stated, "Our aim is to create a unique luxury ecosystem tailored for global citizens". The Lana Residences units are slated for handover in the year's fourth quarter by the renowned Dorchester Collection. They also oversee elite properties like Plaza Athénée in Paris and The Dorchester London.
Further Details: https://www.zawya.com/en/business/real-estate/dubai-luxury-developer-omniyat-buys-marasi-bay-marina-from-business-bay-dblpdh1s
City Walk stands as a premier lifestyle destination managed by Dubai's Merex Investment. It intends to inaugurate 65 new stores by the end of 2023 elevating its occupancy rate to a notable 98% with over 250 stores in total. This two-year strategic overhaul aims to cater to the evolving preferences of its clientele with 70% of the new outlets located at City Walk Boulevard. The destination introduces various dining districts, C2 featuring establishments like Brass Monkey and Daikan Izakaya. Additionally, renowned athleisure brands Lululemon, Adidas, and Puma will open alongside seven wellness centers including Circle Care Clinic. The fashion part sees brands like Sophie Couture while the automotive section spotlights names like TechArt. Besides, City Walk plans to offer 22 new office spaces reinforcing its position as a hub for business and innovation.
Further Details: https://www.zawya.com/en/business/real-estate/city-walk-to-hit-98-occupancy-with-65-new-businesses-wb2k8p7c
Buyers queued on Palm Jebel Ali
Dubai waterfront development, Palm Jebel Ali, witnessed an overwhelming response as hundreds of real estate agents and buyers queued outside Nakheel's head office with some even camping overnight. On Wednesday, all available units were swiftly sold out with only a few plots remaining by 4 p.m., as reported by Tina Angelo from A1 Properties. The project is double the size of Palm Jumeirah spanning 13.4 sq km and features seven islands and 16 fronds adding 91 km of coastline. Units on four fronts — M, N, O, and P — were up for sale, with villa prices starting from Dh 18 million and deliveries expected from 2027. The highest demand was for 7-bedroom units priced from Dh30 million. Agents anticipate more units will be released soon, given the intense interest. The resurgence in property demand mirrors pre-pandemic levels signaling a robust real estate market in Dubai.
Further Details: https://www.khaleejtimes.com/business/realty/watch-long-queues-of-dubai-real-estate-agents-as-palm-jebel-ali-villas-go-on-sale
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