Business | Property
Palm Jumeirah prices shoot up
Construction of the colossal Palm Jumeirah development in Dubai has passed the halfway stage, project developer Nakheel revealed.
- By Robert Ditcham, Staff Reporter
- Published: 00:12 October 2, 2007
- Image Credit: Supplied Picture
- The Marina Residences development at the tip of The Palm Jumeirah trunk is now 20 per cent complete with handover scheduled for the end of 2008.
Dubai: Construction of the colossal Palm Jumeirah development in Dubai has passed the halfway stage, project developer Nakheel revealed yesterday.
The giant reclaimed island, which was launched in 2001 and is scheduled for completion in 2010, is now 55 per cent complete and is already home to 1,000 families living in apartments and villas, a company spokesperson told Gulf News.
When complete, the 560 hectare mixed-use development will include an estimated 6,000 freehold units and will be home to more than 70,000 hotel and property residents.
Nakheel also announced yesterday that the Marina Residences development on The Palm is 20 per cent complete with handover of units scheduled for the end of 2008.
Ground work started on the six towers, located at the tip of The Palm Jum-eirah's trunk, in September 2006. With foundation works completed, the six structures have emerged out of the ground and mechanical, electrical and plumbing works in each tower have started.
Once complete, the development will include 940 two- and three-bedroom apartments and penthouses and a further 40 townhouses.
"We are delighted with the progress made on Marina Residences having only commenced work on the development in late 2006," said Johann Schumacher, managing director of The Palm Jumeirah.
"Since its launch in 2001, demand for property on The Palm Jumeirah has been exceptional and Marina Residences has been no different. More than 50 per cent of the project is now sold and we are looking forward to future sales."
According to second quarter 2007 figures supplied by property services company Asteco, price appreciation for apartments on the Palm has ranged from 12 per cent for Oceana development to 174 per cent for Shoreline apartments, which Nakheel says are fully ready for handover. Price appreciation for Marina Residences has reached 19 per cent since launch.
"The initial apartments launched on the Palm, such as the Shoreline Apartments have significant premiums, as these properties have been sold out since 2003 and have been offered for re-sale," Asteco said in its Dubai Report Q2. "Relatively new launches, such as Tiara and Oceana, have lower premiums and are still available directly on the primary market."
Premiums for villas
In comparison, Asteco said premiums for certain villas on the Palm have crossed the 200 per cent mark, due to the villas being among the first properties in Dubai to be available on a freehold basis in late 2002.
Garden homes saw a premium of 203 per cent on average, while Signature Villas experienced premiums of 206 per cent since launch price, according to the report.
The Palm Jumeirah's next major milestone is the scheduled opening of the Atlantis, The Palm, in December next year. This is slated to become the development's first major hotel and leisure attraction.
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