Even though there aren’t as many plots available on the first Dubai destination island, developers continue to be attracted to Palm Jumeirah.
The executive chairman of Omniyat Properties, Mahdi Amjad, can appreciate this passion. That’s after channeling billions into a string of super-luxury projects, including ‘One at Palm Jumeirah’ and more recently ‘Ava’ and ‘Orla’. In the upcoming 12 months, he is prepared to launch two more on the island.
For the company on the first Palm, those two would add up to more than Dh15 billion in gross development value. “We recently secured a deal on a Dh10,000 per square foot property, while our average across our Palm off-plan projects is Dh8,900 in the last quarter,” said Amjad.
“Orla created one of the highest benchmark price points per square foot in the entire Palm. More than 70 percent of the units are sold and construction has already begun. The main contractor will be mobilizing on-site before the end of this year, ahead of schedule.
“We will be announcing other projects next to Orla soon, within the next 30 days, and we also have one more project that is planned to come over the next 12 months.”
While this is going on, Omniyat/Amjad is keeping a close eye on all the new opportunities that will arise from the Palm Jebel Ali redesign. offering twice as much land as the first island.
“We are still working on how we can align ourselves with the new Jebel Ali and definitely hope to be able to contribute to the ‘new city’. Or a new part of the city.
“I believe the timing of Palm Jebel Ali, the Dubai property market condition, the growth of the city, and the product quality make it an ideal mix.”
Whether Amjad has already discovered schemes and preparations for the “Jebel Ali” version will not be discussed.
A twin tower in Burj Khalifa District
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? According to developers, the majority of the available stock has been sold and very few ready homes are typically 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.”