Dubai: There is more offplan coming on the Palm Jumeirah, with three companies – Ellington Properties, Shuaa Capital’s Northacre, and Sol Properties confirming a new nine-storey 88-unit project.
For Shuaa, this is the first time it is bringing in Northacre, a UK-based luxury developer, into the Gulf. This was part of a revised real estate strategy it had announced during summer. Until now, Northacre’s area of expertise had been prime London hotspots.
Ellington Properties has through recent months delivered multiple projects in prime Dubai locations and also started on new ones. The latest one will also feature the developer's signature focus on bespoke design, bringing in Bjarke Ingels Group, which has offices in New York and London.
According to Jassim Alseddiqi, Chairman of Northacre, said: “We are excited to embark on this partnership to realise our shared vision of creating contemporary luxury spaces and exceptional living and wellness experiences, while bringing to the project our meticulous attention to detail and passion for craftsmanship.”
The new project is Ellington’s third development on Palm Jumeirah, following the recently launched Beach House (with 123 units), and The Ellington Collection, a collection of nine beachfront villas.
Shuaa's real estate push
Shuaa, the Dubai investment firm, is giving its real estate operations quite some visibility. Along with Northacre, it is involved in the development of projects in the UK and the GCC valued at more than $3.6 billion. Northacre recently completed The Broadway, a $1.5 billion mixed-use development close to Westminster and St James’s Park in London.
A second one for Sol
Part of the Bhatia Group, Sol Properties had earlier worked with Ellington on Oakley Square Residences.
According to Robert Booth, Co-founder and Maanging Director of Ellington, “This exciting partnership (with Sol and Northacre) marks our further expansion to meet the growing demand for our design-led homes. By partnering with best-in-class companies, we will leverage their expertise to develop stunning homes in prime locations across Dubai that will elevate people’s lifestyles."
Palm is cretaing more
Apart from Dh100 million to Dh300 million plus deals since early 2021, the Palm of late is seeing more offplan projects as demand for homes there keeps recharging. The Palm has easily retained its position as the place where the world's rich want to be, as can be made out from sales to Indian billionaire Mukesh Ambani and others.
