As the tallest tower on Jumeirah Beach Walk, The Address Residences Jumeirah Resort + Spa is poised to be an iconic development defined by its breathtaking design and great location in Dubai Marina. The project offers a unique investment opportunity as the last available development plot along the beach in JBR.
Ahmad Al Falasi, Managing Director of Hamptons International, the exclusive sales and marketing agent of the project, talks exclusively to PW about the strong value proposition of the project, its success and the company’s marketing strategy for the project.
Tell us more about this project. When do you expect it to be completed?
The Address Residences Jumeirah has a built-up area of 255,000 sq m. It is essentially a single building, arranged in a split formation to maximise light and ensure sweeping views. This gives the impression of the structure having two separate towers. The building has an infinity pool and terraces skilfully arranged in an extensively landscaped oasis to complement the scenic waterfront setting.
With a distinctive “space” carved out in the centre, the project’s first two components include The Address Jumeirah Resort + Spa with 183 rooms and suites, and The Address Residences Jumeirah Resort + Spa, which comprises serviced apartments operated by The Address Hotels + Resorts, the flagship hotel brand of Emaar Hospitality Group. Both are located in 303m, 75-level West Tower.
The third component comprises the residential apartments, The Residences Jumeirah Dubai, managed by The Address and located in the East Tower. A lobby links the two towers. Being developed in phases, the project has commenced construction and is scheduled for completion in late 2020.
What makes the development a great investment proposition?
This is a very exclusive and unique property investment opportunity as the last available plot [for development] on the beach in Jumeirah Beach Walk. It is also the tallest tower on Jumeirah beach, directly overlooking the Arabian Gulf, Palm Jumeirah, Dubai Marina and Ain Dubai (Dubai Eye), which is set to be the world’s largest observation wheel. It is within walking distance of the Dubai Marina Walk, Jumeirah Beach Walk and The Beach Walk. It stands out for its shimmering façade and elegant architecture.
Inspired by modern La Dolce Vita-themed interiors, the residences offer spacious living areas catering to all lifestyles with exquisite views of its surroundings. The luxury apartments also have high-quality fixtures, state-of-the-art entertainment and telecom connectivity. Residents will have access to more than 100m of exclusive beach frontage and several food and beverage concepts within The Address Jumeirah, including the lounge at the top level and a signature Sky Restaurant.
The development offers easy access to and from Jumeirah Beach Road and Shaikh Zayed Road and is only steps away from Dubai Tram and Metro. The property is set in elegant green landscaped surroundings with outdoor lounges, restaurants and pools. With its location, amenities and the service standards of The Address Hotels + Resorts, the residences will offer strong returns in the short, medium and long term.
How has been the response since you started selling the apartments?
The response to the launch has been extremely positive and we have investors not just from the region, but also from over 30 different nationalities. It underlines the strong value proposition of the project, and the demand for premium residences in spectacular locations in Dubai.
The project appeals to those who are looking both to invest and to acquire a home on Dubai’s seafront, with all the benefits of the services offered by The Address Hotels + Resorts. We have seen strong response from them and we also have a mix of regional and international investors.
Has the project attracted more foreign investors?
We have received significant interest from international investors. With Dubai’s credential as a global business and leisure hub and with the preparations for the World Expo 2020, we see the project offering great value to all. [The project appeals to] those seeking a first or second home in the city, as well investors looking for assured rental yields, or the superb lifestyle in a metropolis by the beach.
Do you think the timing is right to launch, despite the low investment appetite in the market?
Yes the timing is perfect and the testament to this has been the high number of transactions recorded for phase one. This is an exceptional property in an exceptional location, with world-class amenities and design considerations. The robust performance of the Dubai economy has also contributed to the investor appetite.
What payment terms and other facilities are you offering to buyers?
Our experienced customer service representatives support the customers through the entire sales process, including assistance in securing finance. The luxury residences command a premium, which have been well-accepted by the investors for the value that the project offers. This is highlighted by the strong demand and investor response. Customers can choose from one- to five-bedroom premium luxury apartments, ranging from 650-4,300 sq ft in size.
How are you promoting the project?
We will explore all marketing and sales channels suited for our project that support the sales strategy. In fact, we have already undertaken roadshows in Dubai and we will continue to market the project in other international destinations.
