Dubai: Armani is waiting until summer to launch sales the supra-luxury brand’s second project in Dubai – a project that will be launched in alliance with Sharjah-headquartered master-developer Arada.
The new project on the Palm ‘will be the biggest launch of the summer’, said an estate agent. “The developer has not formally released the prices, but there have already been multiple enquiries. This is a project with a pricing that will reflect the Armani branding mark up, the Palm premium, and the Dubai property’s attraction for the rich, whether in the UAE, the Gulf or from anywhere in the world.”
Market sources are speculating that the Armani project will only have a limited number of residences, likely to be between 100-300 units. “On a project like this, the developer would certainly have already confirmed a certain percentage of sales based on their existing client list or contacts,” said the agent.
- Dubai developer Union Properties puts another tick in comeback - net profit for Q1-2023
- DFM-listed Shuaa Capital turns in 60% gain on Q1-2023 net profit as real estate delivers big
- Dubai Investments cross Dh1b in Q1-2023, profits weighs in with Dh314.5m
- At district cooling firm Tabreed, all those new connections swell Q1-2023 net profit to Dh236m
According to the portal DXBInteract.com, the average transaction price for Palm homes sold in the year-to-date is around Dh3.8 million. On a per square foot basis, the price is at Dh2,738 a square foot. Both values are higher by more than 20 per cent from 12 months ago.
Palm-focussed buyers have options other than Armani – Nakheel is getting back into launch mode, with the ‘Como’ tower. A 75-storey structure where the starting price is Dh21 million.
Industry sources say developers are speeding up their plans, especially those with high-end projects. The Dubai property market continues its high-performance run, with the Land Department on Friday confirming a Dh150 million sale at the Burj Khalifa. Of course, there was the now frequent big-ticket deal for a Palm home, at Dh60 million.
Head to the Canal
While Armani-Arada fine-tune their launch and sales strategy, multiple developers are rushing ahead with their launches, including Damac which this week added to its ‘de Grisogono’ collection of towers in Dubai. The ‘Canal Crown’ obviously takes its name from closeness to the Dubai Canal, and as with the earlier four de Grisogono branded projects, the emphasis is on lifestyle elements, a touch of green, and even of the ‘ocean’.
Sample this for instance – ‘Residents will get the opportunity to enjoy aqua exercises and swim VR (virtual reality), giving them the opportunity to enjoy the magical depths of the ocean,” Damac says in a statement. “The tower will feature a garden level offering a unique planet-inspired theme.”
Definitely not another plain-vanilla high-rise.
It was a natural transition for us to choose a location that is set to change the contours of the city with its impressive growth and development
Emphasis is on the ‘now’
Between now and high summer, developers are giving buyers every opportunity to go for offplan. “Developers don’t want to miss out on even a moment to launch and have a confirmed buyer,” said an agent. “There’s still significant interest in Dubai real estate investments from overseas, and right now, no one sees a summer slowdown happening.
“It explains why the offplan launch pipeline is so busy these days, and in fact, has picked up speed too.
“There are always concerns over how the global economy will shape up in the second-half, and what that means for property investments. One is starting to hear a lot about growth forecasts being revised down again, markets turning shaky, etc. And there’s always the geopolitics.
“Apart from the luxury, Dubai developers are offering a straight proposition to buyers – secure investments.”
More towers on the way
Azizi Developments is another developer who’s building up the anticipation ahead of a big reveal, by which it hopes to wow investors, based on what was said in the past after they bought a choice piece of land on Sheikh Zayed Road recently.
But there was a high-visibility announcement from another developer this week, with Al Habtoor confirming plans for a super-tall residential tower. (This will be a closely watched space, with Binghatti also setting sights on building the world’s tallest all-residential tower.)
And there are the new releases too
MAG launches sales at The Ritz-Carlton Residences on the Creekside, as part of its ‘Keturah Resort’. The launch follows the fairly high take up rates for the super-premium penthouses and other units within the development. The Ritz-Carlton project will eventually have 177 residences across seven buildings and 12 mansions.
The impressive uptake of our residences reflect the growing demand for luxury, innovative properties in Dubai
It is also the pre-launch phase at the ‘Sobha Reserve’ in Dubailand, where starting prices for the 4- and 5-bedroom homes are $2 million. Sobha Realty has been having an extremely busy offplan launch program, whether its on Sheikh Zayed Road, in JLT, or now at Dubailand.
“The other big announcement would come when Majid Al Futtaim Properties launches the second of its two islands within Tilal Al Ghaf,” said the estate agent. “So far, they only have released the limited collection on the ‘Lanai’ and which have proved to a big draw.”
A recent sale on the Lanai was for Dh200 million.
The bottom-line? Dubai keeps drawing investors – and right now, developers are doing their bit to keep it happening through to Summer. And then, there’s the Armani…
And now, Dar Global doing its own bit of branding with the ‘DG1’, a Dh740 million 20-storey project in Business Bay.
Prices start at Dh1.72 million.