Jumeirah Beach Residence area of Dubai gets a finished visage with the last free land plot being developed.
There are really few areas in Dubai where all free plots of land have already been taken and developed, but this is almost 100 per cent true for such central city locations as Dubai Marina, Business Bay, Downtown Dubai and Jumeirah Beach Residence (JBR), where the last land plot is already occupied. Dubai’s master developer Dubai Properties announced recently that it will construct a 46-storey residential tower 1/JBR on this very last piece of land in JBR.
The contract for this USD 272 million (AED1 billion) project was awarded to the Dubai Contracting Company, which is about to deliver it in the fourth quarter of 2019.
Spacious luxurious and ultra-luxurious apartments in the 1/JBR are set for sale at an average price of USD1.47 million (AED5.39 million), or USD 27,800 per square foot for a two bedroom apartment.
8,611-square feet penthouse will be the most expensive unit at the 1/JBR, but its cost haven’t been revealed yet. At the moment, the most expensive penthouses listed for sale in Dubai are located in Al Habtoor City (USD57 million) and at the One residential complex on the manmade island of Palm Jumeirah (USD 49.28 million).
Masood Al Awar, chief commercial officer at Dubai Properties, said that sales are going well, for quality premium and super-premium property units are currently in high demand in Dubai. And last month Wealth-X research company’s report placed Dubai in the top 50 of the “most desirable cities in which to buy high-end homes” for ultra high-net-worth individuals (UHNWIs).