Page 60 - Magazine December 2022

Property

Palm Jumeirah waterfront property

to be developed by Ellington Properties, Shuaa and Sol

A new waterfront residential project on Dubai›s Palm The Dubai property market has boomed during
Jumeirah is to be developed after an agreement was the past year amid the UAE›s economic recovery
signed between Ellington Properties, Shuaa Capital following a coronavirus-induced slowdown.
and Sol Properties. Prime residential values in Dubai, which encompass
The partnership is a strategic alliance that brings The Palm Jumeirah, Emirates Hills and Jumeirah Bay,
together leading players in the investment and real have risen by 89 per cent in the past 12 months,
estate industries, the companies said. according to a report by property consultancy Knight
The project will be designed by Bjarke Ingels Group Frank.
and will have nine floors with 88 units, ranging from A property deal for the purchase of land on Palm
two to six bedrooms as well as duplexes. Jumeirah worth Dh600 million ($163.4 million) was
Shuaa and Northacre are involved in projects in the recorded by the Dubai Land Department last month.
UK and the GCC valued at more than $3.6 billion, That deal came a few weeks after a record was set
the statement said. Northacre recently announced for Dubai›s most expensive property with the sale of
the completion of The Broadway, a more than $1.5 a villa on Palm Jumeirah for Dh302 million.
billion contemporary residential and mixed-use And last week, it was confirmed that a Palm Jumeirah
development in central London. villa had been rented on a six-month basis for Dh4
The latest project is Ellington’s third development million, which would equate to a record-breaking Dh8
on Palm Jumeirah, following the recently launched million per year, as rents as well as prices soar.
Ellington Beach House, a residential apartment The average villa rent on Palm Jumeirah in October
project of 123 units, and The Ellington Collection, was Dh954,384, according to CBRE, with a 3.1 per
which has nine beachfront villas. cent increase month on month.

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