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New batch of high-end luxury property in the most prestigious Dubai area — on the Palm Jumeirah man-made island will be presented to customers by a Saudi-Qatari joint venture.
Qatar-based Saleh Al Hamad Al Mana Co (Al Mana) and Saudi Arabia’s Al Sharq Investment will put on sale 104 serviced apartments in The Alef Residences, currently under construction on Palm Jumeirah’s West Crescent surrounding the archipelago from the outside.
The total floor area of the finished complex will be 505,000 square feet, while the total area of the plot is 1 million sq ft plot – a new W Hotel managed by the same group will be constructed there. The Alef Residences will include eight clusters of two-storey buildings. Each floor of the buildings will have only two apartments, with penthouses occupying the upper floors.
These serviced apartments will range from 4,800 sq ft to 15,000 sq ft, and their price will range from Dh12 million to Dh13m and Dh45m to Dh50m. A three-storied private club for residents, with a café, lounges, a gym, a spa and a cinema will also be constructed at the territory.
The funding for the project has already been raised in full and the contractors and architects has been selected. Mace will be the project’s manager, RMJM will be the chief architect, and the general contract for construction was awarded to Al Futtaim Carillion. Both project’s parts — The Alef Residences and W Hotel are to be delivered in the second quarter of 2017.
Despite the decline in luxury real estate prices in Dubai in recent months, The Alef Residences developers are confident in the project’s market success due to the unique niche taken by the complex.
“If we look at supply and demand, there is no supply of this style of high-end luxury living in an integrated lifestyle development like the Alef and The W. But the demand is absolutely there,” said Matthew Bate, Al Mana project manager.
