Select JV acquires beachfront plot at Palm Jumeirah
DUBAI, May 26, 2021
Select Group, a leading global property developer, along with its longstanding joint venture partner Emirates Strategic Investments Company (ESIC), has acquired a 17,919-sq-m land plot on the Palm Jumeirah’s West Crescent from master developer Nakheel.
Nestled between the luxury developments of the One & Only and W Hotel Palm Jumeirah, it is one of the last few remaining beachfront plots in Dubai that can offer the tranquility of beachfront living within 7-minutes of Dubai’s bustling metropolis, said the statement from the Dubai developer.
Within easy reach of Palm Jumeirah’s growing number of attractions, including The Pointe, Nakheel Mall and The View, and offering panoramic sea and Dubai skyline views, Palm Jumeirah’s West Crescent is a truly unique location for living and leisure.
According to Nakheel, the joint venture already owned an adjacent land plot of 47,474 sqm, thus bringing its total prime beach front development area spanning over 65,410 sqm.
After the successful handover of Jumeirah Living Marina Gate in Dubai Marina and the recently launched 15 Northside in Business Bay, Select Group will bring a small collection of ultra-luxury branded residential homes and an ultra-luxury boutique hotel together in one managed community, it stated.
Fast tracking the project, the ultra-luxury hospitality operator and world-renowned architects are due to be announced within weeks with Select Group plans to break ground before the end of the year with a completion date expected to be within 3 years from inception.
Founder and Group CEO Rahail Aslam said Select Group was delighted to announce its entry into the iconic Palm Jumeirah.
"The demand for tranquil beachfront locations has increased exponentially, and our aim is to target the ultra-luxury segment with a world class hospitality and residential resort offering a living standard to be unrivalled," he stated.
ESIC Chief Executive Officer Khalid Deemas Al Suwaidi said: "We are equally excited to capitalise on recent strong turn around in Dubai real estate sector by acquiring such quality assets. This acquisition reflects our deep commitment to continue supporting ESIC asset growth and profitability."
On the beachfront plot deal, Nakheel said it was delighted at the joint collaboration that has concluded with the sale of one of the last remaining plots at its flagship master development, Palm Jumeirah.
"The island is known across the world for its diverse collection of iconic, luxurious resorts, residential developments, and attractions, and we look forward to Select Group adding its new offering to complement Palm Jumeirah’s impressive number of world leading brands," said its spokesperson.-TradeArabia News Service
