Dubai Properties’ exclusive luxury sea-front tower 1JBR is on track for a Q4 2019 completion, said its Group CEO Abdulla Bin Lahej, while awarding the contract for the project to Dubai Contracting Company. 1/JBR, Lahej said, is a development that “reinforces DP’s position as a creator of master-planned destinations and it is set to redefine luxury sea-front living in Dubai.” The Group CEO was confident of the positive investor sentiment in the JBR area that recorded Dh2.893 billion worth of real estate transactions in just six months of 2016. Talking about investor appetite, Masood Al Awar, Chief Commercial Officer at Dubai Properties said, “Dubai offers the best yields among emerging and established property hotspots globally. According to a recent report by Reidin, among a basket of six cities (Dubai, Moscow, Sau Paulo, Manila, Shanghai and Hanoi), Dubai is the only city that has consistently provided yields above the seven per cent mark whereas the average of other cities has trended towards 4.5 per cent. According to the recent Dubai Real Estate Transactions report, Dubai Marina district has been among the Top 5 sales areas in 2016. We will continue to see strong demand in this area and for 1/JBR, considering it sits on the last beachfront plot on the JBR strip.”
According to Al Awar, DP’s”luxury portfolio of destinations is strategically developed to place Dubai as the capital of luxury on a global scale and we have carefully chosen our project partners for this development in order to ensure highest quality and specifications for the building works, as well as a timely project delivery.”
The 46-story 1/JBR, announced in September 2015, will offer panoramic views of the Dubai Eye and Palm Jumeirah. It will be JBR’s future luxury icon. Each of the 161 large units, which range from two-, three- and four-bedroom apartments and five-bedroom penthouses, will have high-end finishing and fixtures from floor to ceiling windows. Each apartment comes with two privately appointed parking spaces as well as private elevators for the penthouse apartments. Talking about the rest of the year, Al Awar said, “Looking ahead, we have a strong pipeline of projects across all sectors that are tailored to meet the needs of the real estate investors in the region and that stand out due to their uniqueness and exceptional quality. Our core focus is to continue to cater to the city’s fast evolving and maturing needs. We want to cater to all investors’ entry points and bringing to market best-in-class destinations. We look forward to another year where we can fill in urgent gaps in the market by offering creative payment plans and phasing the launch of real estate supply into the market.”
