Dubai: Billed as one of the most expensive waterfront projects in Dubai right now, the Dh1 billion 1/JBR tower is aiming for a fourth quarter 2019 completion, according to a top official with the developer, Dubai Properties. Located in the JBR (Jumeirah Beach Residence) enclave, The ground plus 46 storey structure was formally launched in September last year, and will feature 161 units and with the priciest ones at an estimated Dh3,000 a square foot, market sources say.
That compares with the Dh1,300-Dh1,4,00 some of the other prime properties in JBR currently fetch in the secondary market. The high-rise location continues to have an enduring pull among investors.
“With 1/JBR, we offer investors a last chance to pick up homes — nearly all of them facing the water — on the last piece of land in JBR,” said Masood Al Awar, Chief Commercial Officer at DP. “The payment plan we have had in place since the sales launch remains the same — for the kind of investors this project will target, they don’t need the incentive of post-handover payment plans.”
Al Awar was responding to whether DP would consider sweetening its payment plans to get investors to sign on, a tactic some of other developers are resorting to get off-plan sales activity hitting a higher gear.
On Sunday (February 5), Dubai Contracting Co was revealed as the main contractor. “The master plan is done — but we did make slight changes beforehand on details such as the height, upgrades to the lobby, etc,” said Al Awar. “This was done in keeping with the nature of the location — the last plot on JBR — and the kind of access this will provide to the water.
“As is the case with a luxury off-plan development in Dubai, 1/JBR’s buyer mix to date is consistent with that — lots of GCC investors, Europeans, etc. JBR’s been popular as an investment and tourist destination — 1/JBR adds to that profile.”
Ideal location
The tower is also the costliest single development in the Dubai Properties’ portfolio, which also oversees the Marasi Business Bay, Culture Village, etc.
According to Niraj Masand, Partner at the brokerage services firm Banke M.E., “1/JBR’s got itself an ideal location — between the Ritz Carlton and Le Meridien properties. It’s bound to attract a lot of end-user interest, and the top-of-the line status 1/JBR comes with is another catalyst.
“When sales were launched, there was only one estate agent involved in the process. JBR remains extremely popular; other attractions — both existing such as The Walk and those being created — in the general area are adding to the investor interest. Even now, Dubai’s original freehold locations — Marina, JBR and Business Bay — command a steady level of buying support in the secondary market.”
According to Dubai Properties, JBR pull in 12 million visitors annually.
