Ellington in deal to build 88-unit residential project on Palm Jumeirah
DUBAI, November 17, 2022
Ellington Properties, a leading design-led boutique developer in Dubai, has sealed a partnership deal with Shuaa Capital, the region's leading asset management and investment platform through its real estate development arm, Northacre, and Sol Properties, a unit of UAE-based Bhatia Group, to develop a new residential project on Palm Jumeirah.
With nine residential floors, the new project will have 88 units comprising two to six-bedroom units as well as duplex units.
The project will reflect Ellington Properties’ signature design-led approach, with exceptional features and resort-like amenities that will provide high-quality lifestyles, said a statement from Ellington Properties.
BIG Bjarke Ingels Group (BIG), the leading global architect with offices in Copenhagen, New York, London, Barcelona, and Shenzhen, has been signed up to design the project.
The partnership is a strategic alliance that brings together leading players in the investment and real estate industries to work on an iconic project that will feature exquisitely designed spaces for luxury living, said a top official.
"It marks our further expansion to meet the growing demand for our design-led homes. By partnering with the best-in-class companies, we will leverage their expertise to develop stunning homes in prime locations across Dubai that will elevate people’s lifestyles," remarked Robert Booth, the co-founder and managing director of Ellington Properties.
Northacre Chairman Jassim Alseddiqi said: "We are excited to embark on this partnership to realise our shared vision of creating contemporary luxury spaces and exceptional living and wellness experiences, while bringing to the project our meticulous attention to detail and passion for craftsmanship."
Shuaa Capital Group CEO Fawad Tariq Khan said the partnership was consistent with its continued successful investment strategy in the real estate market with the goal of increasing value for the shareholders.
"We remain committed to diversifying our investment portfolio across all major sectors of the market, including real estate," he added.
Sol Properties CEO Ajay Bhatia said: "We are delighted to once again be partnering with Ellington Properties, following our joint venture to develop Oakley Square Residences. Through this partnership, we will work together to develop beautiful, high-quality homes that will enrich people’s lives."
This is Ellington’s third development on Palm Jumeirah, following the recently launched Ellington Beach House, a residential apartment project of 123 units, and The Ellington Collection, comprising nine prestigious beachfront villas.-TradeArabia News Service
