Dubai: How much would you pay to live on a luxurious golf course in Dubai? Sales at this golf-course property in the trending Dubai South area shows that there is a market in the UAE for the luxurious combination of residential real estate and golf.
Discovery Dunes, when completed, will be a luxurious two-square-kilometre golf community that would include mansions, villas, an 18-hole golf course as well as other premier amenities. Built by Discovery Land, a US-based luxury real estate developer and operator of private residential club communities, the property promises owners a lifetime golf membership.
The project is Discovery Land's first in the Middle East, though Founder and Chairman Michael S. Meldman said in a Bloomberg interview that he's negotiating a second property purchase in Dubai and is looking at several sites in Saudi Arabia.
In 2022, Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Aviation City Corporation, Dubai South announced the signing of the exclusive agreement with Discovery Land. The self-financed developer bought the plot in 2022 for a cool Dh1 billion dirhams ($272 million), according to the Bloomberg report.
Dubai South was launched as a Dubai Government project in 2006, representing an emerging 145 square-kilometre, master-planned city. The city offers business-friendly free-zone benefits and a living environment with a diverse range of mixed-use and residential communities to suit different lifestyles.
10 to 15 per cent of the lots have already been sold, and half of those buyers are American, according to Meldman.
Buying into the Discovery ‘lifestyle’
People who buy in Discovery Dunes are paying for a certain kind of ‘lifestyle’. In the Bloomberg interview published on Friday, Meldman said he is bullish on the demand for this product – you have to invest in a home to gain access to the completely private golf course. Or be friends with a homeowner.
Residents will have concierge service arrangements with the private jet terminal nearby, as well as helicopter access to bypass traffic, Meldman said. The property location is also close to Al Maktoum International Airport (DWC).
Meldman added that there is a detailed membership vetting process. Ahead of the development, the group has opened a private club, Discovery Downtown, in the Edition hotel near the Burj Khalifa. Keeping in line with the ethos of the offering, club access too is limited to Discovery property owners from around the globe. You cannot buy your way in.
The company is now starting to build out the eventual golf course, clubhouse, wellness center and spa, and a farm to grow vegetables.
Meldman says he expects to bring in about $6 billion in total sales on the 600-acre parcel.
Prices
Empty lots are being offered from $6 million to $25 million – 340 houses and apartments are available. Several mid-rise apartment buildings will be built near the clubhouse.
Homes will be sold at a cost of about $700 to $1,200 per square foot, Meldman added, and buyers can choose from Discovery Land's designs or get their own approved.
In terms of demand in the area, Knight Frank data at the end of Q3 shows that apartments in Dubai South have experienced one of the strongest growth rates, with prices increasing by 73 per cent over the last 12 months.
