Dubai: Developers keep getting drawn to the Palm Jumeirah – even when more plots for sale on the first Dubai destination-island are running scarce.
Mahdi Amjad, Executive Chairman of Omniyat Properties, can understand this fascination. That’s after channeling billions into a string of super-luxury projects, including ‘One at Palm Jumeirah’ and more recently the ‘Ava’ and ‘Orla’. And he’s ready to launch two more on the island in the next 12 months.
Those two would total up more than Dh15 billion in gross development value for the company on the first Palm. “We recently secured a deal on a Dh10,000 per square foot property, while our average across our Palm offplan projects are Dh8,900 in the last quarter,” said Amjad.
“Orla created one of the highest benchmark price points per square foot in the entire Palm. More than 70 per cent of the units are sold and construction has already begun. The main contractor will be mobilizing on site before the end of this year, ahead of schedule.
“We will be announcing other projects next to Orla soon, within the next 30 days, and we also have one more project that is planned to come over the next 12 months.”
All this while Omniyat/Amjad casts an eye on all the new possibilities that will open up on the reworked Palm Jebel Ali. Offering a land mass that’s double the first island.
“We are still working on how we can align ourselves with the new Jebel Ali and definitely hope to be able to contribute to the ‘new city’. Or a new part of the city.
“I believe the timing of Palm Jebel Ali, the Dubai property market condition, the growth of the city and the product quality make it an ideal mix.”
Amjad will not be drawn into whether he has already identified plots and plans for the ‘Jebel Ali’ version.
Omniyat will continue to invest in Downtown, particularly, in the Business Bay district, as we have always done. We will grow our portfolio to more than Dh10 billion
A twin-tower in Burj Khalifa District
This week, the developer is launching somewhere else, though. The twin-tower ‘Vela’, where individual units start at Dh30 million, Omniyat is going inland. Located in the Burj Khalifa district, the Vela will still offer a water body – in the form of the Marasi Bay.
But can Dubai property cope with multiple luxury launches? Developers say most of the available stock is sold and few ready homes come up for lixting - private, of course - in the normal course.
"We are big believers of the uber-luxury segment of the city," said Amjad. "We have been investing for the last 17 odd years, and we continue to deliver on that. I believe Dubai is going to continue to deliver on its commitment to attract global citizens that look for growth.
"The city’s journey in the last 17-18 years has very much been a true success."
