The Damac Group has revealed plans to develop a Dh250 million upscale residential project on The Palm, Jebel Ali. To be completed in 2007, The Palm Springs is conceived as a 250-apartment facility located on the crescent of the second of the two islands forming the mega The Palm venture.
With the latest venture, Damac has taken its total investments in five landmark projects in Dubai past the Dh1 billion mark, according to Chairman Hussain Sajwani.
Earlier it had announced the Palm Terrace on The Palm, Jumeirah, and towers on Emaar's Dubai Marina development. The Palm Terrace will hit the market in 2006.
On the group's decision to go for a second project on The Palm, Sajwani said: "The development represents one of the most exciting projects on a worldwide basis. I am firmly bullish on Dubai's property sector and see no end to the current boom.
"With the kind of growth Dubai is having in new arrivals to this country, the new projects that are coming to market will certainly be able to meet the demand coming from them."
According to Sajwani, units on three of his projects - Marina Terrace, Palm Terrace and The Waves - are already sold out on a freehold basis, while 65 per cent have been taken up for the Lake Terrace.
"Of those who have taken up our units, well over 90 per cent are non-residents of Dubai. Demand is particularly high coming from Europe and the rest of the Middle East markets." Meanwhile, the design contract for the Palm Springs has gone to WBTL. Colliers has been appointed the estate agents.
Units in the 17-storey tower will be available in one-, two- and three-bedroom versions.
For investors, there will be a deposit of 10 per cent of the value of the unit on signing the reservation form, and a first instalment of 15 per cent within 45 days of the signing of the agreement. Following this, there will be a further six instalments to coincide with the completion of key phases of the project.
Damac to develop Dh250m residential project on The Palm
The Damac Group has revealed plans to develop a Dh250 million upscale residential project on The Palm, Jebel Ali.