Phase I and 2 of the residential development are 98 per cent sold out
Dubai Holding’s residential development, Madinat Jumeirah Living, is on track for handover in Q2 2021.
The freehold project located in the Madinat Jumeirah district, opposite Burj Al Arab, is a 3.85 million sq ft resort destination. It was announced in 2018 and broke ground a year later.
Phase 1 of the project consists of two residential buildings offering units priced at Dhs1.7m, ranging from one to four-bedroom apartments. Currently at 63 per cent development, the two buildings are on schedule for completion by Q2 2021.
Enabling works, such as the substructure and superstructure, are 100 per cent complete while mechanical, electrical, plumbing works and finishes are 66 per cent finished. Progress on the podium level, which will house the 180 square-metre swimming pool, is also on track. Phase 1 stands 99 per cent sold.
Construction works on phase 2, that includes three residential buildings comprising one- to four-bedroom apartments, is also underway. Overall progress of the main works is registered at 42 per cent and is scheduled for delivery in Q3 2021. Phase 2 of the development is also nearly sold out.
Madinat Jumeirah Living has been well-received by international investors, purchasing 43.52 per cent of all units.
Khalid Al Malik, managing director, Dubai Holding, said: “It is encouraging to see the tremendous progress achieved at our flagship Madinat Jumeirah Living development in less than two years amid the prevailing market uncertainties. Once complete, we are confident that this residential community will be among the most sought-after destinations in Dubai, as it further elevates urban lifestyle and luxury experiences.”
“Dubai Holding has been at the forefront of the strategic development of the prestigious Jumeirah neighbourhood for many years now. We will continue on our mission to deliver best-in-class projects that contribute to Dubai’s socio-economic growth while reshaping its prominent skyline and adding value for its people.”
Madinat Jumeirah Living is the first freehold residential development in Umm Suqeim. The 54-building master development forms part of an environmentally friendly district that mirrors the look of Madinat Jumeirah Resort. The gated residential cluster offers amenities such as a community centre, day care centres, play areas, parks and open spaces, gyms and swimming pools, basement parking for residents and designated visitor parking.
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