Dubai: Dubai’s poshest neighbourhood through the decades — Jumeirah — is getting a freehold-themed makeover. Dubai Holding has just aired its offering, Madinat Jumeirah Living, and right beside the Madinat Jumeirah hospitality cluster and in the shadow of the Burj Al Arab.
The actual release of the first freehold units is being decided, and the full lot released in phases over five years. “Tastes (of property buyers) are changing, appetites are changing, and the size of the business too,” said Khalid Al Malek, Chief Real Estate Officer, Dubai Holding. “We are gauging the level of interest in the market for this product and will release it accordingly. But the interest — it’s there and particularly when it comes to luxury living.”
The design elements stick close to what is already there at Madinat Jumeirah, and with an old-world Arab way of living it. The freehold cluster will be connected to Madinat Jumeirah via a bridgeway and from there on to the beach.
The neighbourhoods of Jumeirah and Al Wasl have already seen major changes to its topography, both on land and out on the water. New “islands” have anchored off its shore, each drawing on buyer interest for their residential offerings. Another Dubai Government-owned entity, Meraas, has introduced its first apartments at La Mer in Jumeirah, with prices between Dh1.5 million to Dh3.7 million. Demand, market sources say, is healthy.
But the older parts of the neighbourhood can still tap ample demand. Dubai Holding has, in the last two years, outlined its plans for the “Jumeirah Central”, on a strip of land right opposite the Madinat Jumeirah. “That project hasn’t been repurposed in any way — it’s very much there,” Al Malek added. “The concept’s been done and we will take it forward when there is a market demand for it. Jumeirah Central will be a destination of the future.”
Even with Madinat Jumeirah Living and Jumeirah Central, Dubai Holding still has lots on its plate in Jumeirah. It had earlier announced “Marsa Al Arab”, a set of two islands on either side of the Burj Al Arab and which would add a further 2.2 kilometres to Dubai’s busy beachfront.
Outside of Jumeirah, the holding company is putting the concept touches to the Emirates Towers District.
Further away will be the setting for the “Mall of the World”, a hugely ambitious retail and entertainment destination still in the concept stage. It had earlier been planned for the location now occupied by Jumeirah Central. but has been shifted to Dubailand.
“The concept stage is where we are at — from there to designing the master plan and all the rest of it are short steps,” said Al Malek. “We will be ready to commit when the market conditions are just right.”
