Developers remain drawn to Palm Jumeirah even if there aren’t as many plots available on the first Dubai destination island.
Mahdi Amjad, the executive chairman of Omniyat Properties, can recognize this enthusiasm. After investing billions in a series of ultra-luxury projects, such as “One at Palm Jumeirah” and more recently “Ava” and “Orla,” that’s what happened. He is preparing to launch two more on the island in the future 12 months.
Those two together would have a gross development value of more over Dh15 billion for the corporation on the first Palm. Amjad stated, “We recently closed a purchase on a home valued at Dh10,000 per square foot, when our average across all of our Palm off-plan developments was Dh8,900 in the last quarter.
In the entire Palm, Orla established one of the highest benchmark price points per square foot. Construction has already started and more than 70% of the units have been sold. Before the end of this year, the major contractor will arrive on site ahead of schedule.
“Within the next 30 days, we will be announcing additional projects alongside Orla, and we also have one more project that is scheduled to launch within the next 12 months,” the statement continued.
Omniyat/Amjad is closely monitoring all of the new prospects that will result from the Palm Jebel Ali redevelopment while this is going on. providing two times the amount of land as the first island.
“We’re still figuring out how to fit into the new Jebel Ali, and we expect to be able to contribute to the ‘new city’. or a brand-new region of the city.
“I think the timing of Palm Jebel Ali, the state of the real estate market in Dubai, the expansion of the city, and the quality of the product make it an ideal mix.”
Burj Khalifa District twin tower
The developer is, however, starting somewhere else this week. Omniyat is moving inland with the twin-tower “Vela,” where individual flats start at Dh30 million. The Vela, which is part of the Burj Khalifa neighborhood, will still have a body of water nearby in the shape of Marasi Bay.
But can Dubai real estate handle numerous luxury launches? The majority of the available stock, according to developers, has been sold, and there are normally very few ready homes available for listing (privately, of course).
“We are big believers of the uber-luxury segment of the city,” said Amjad. “We have been investing for the last 17 odd years, and we continue to deliver on that. I believe Dubai is going to continue to deliver on its commitment to attract global citizens that look for growth.
“The city’s journey in the last 17-18 years has very much been a true success.”
