Exclusivity and generous unit sizes are a key draw for end-users
UAE - Waterfront living has always had a special allure with Dubai developers. In the recent past, this has manifested itself in the form of Dubai Properties' 1/JBR, Meraas' Bluewaters Island and Nikki Beach, Sobha Group's District One and Hartland in MBR City, and the most recent Tilal Al Ghaf announced by the Majid Al Futtaim Group. There are also plots abutting the Dubai Water Canal such as Damac Properties' Aykon City, the Dubai Creek Harbour as well as Emaar's Beachfront multi-tower cluster nestled between the Palm Jumeirah and JBR.
"Waterfront properties always attract interest. Recently, investors have taken interest in projects such as Dubai Properties' Riverside, Azizi's Riviera, Emaar's Creek Harbour and more recently, the new Emaar Beachfront on Dubai Harbour. In addition, end-user interest has picked up on projects like 1/JBR and Alef Residences on the Palm Jumeirah," says Andrew Cleator, luxury sales director of Luxhabitat.
"Waterfront projects in Dubai are always highly in demand, though we have seen considerable interest in 2 projects in particular - Dubai Creek Harbour and Sobha Hartland," observes Jason Hayes, founder and CEO of LuxuryProperty.com.
These projects are usually priced at the upper end of the spectrum. Prices, however, vary depending on location and quality, with prices starting between Dh1,000 to Dh2,000 per sqft in Meydan or Business Bay projects and going up to nearly Dh4,000 per sqft for luxurious 5-star hotel-operated beach developments.
For instance, at Dubai Creek Harbour, the prices reportedly range from Dh1,349 per sqft to Dh1,555 per sqft and at Sobha Hartland, they range from Dh1,616 per sqft to Dh2,029 per sqft, according to market observers.
1/JBR, taking shape on one of the final plots in Jumeirah Beach Residence (JBR), is on track for handover in Q4 2019, says Dubai Properties. It will be the only residential property in the area with direct beach access and its own dedicated roundabout for easy access to and from the community.
Work is 40 per cent complete and progressing at the rate of 1 floor per week. Once completed, 1/JBR will rise 46 floors and feature 163 units, including 2, 3 and 4-bedroom apartments, as well as 5-bedroom penthouses.
"1/JBR has witnessed significant buyer and investor interest since its launch in 2015. In terms of buyer profile, we're seeing more end-user interest balancing with investors who are looking for a high return on investment," Marwan Al Kindi, executive director of sales and sales operations at Dubai Properties, tells Khaleej Times.
The average sales price at 1/JBR is approximately Dh3,100 per sqft, say market experts. Large 2 beds range from Dh4.9 million to Dh6.15 million, 3-beds from Dh7.1 million to Dh8.95 million, 4-beds around Dh13.8 million and the 1 remaining half floor duplex penthouse at Dh33.71 million, estimates Luxhabitat.
"1/JBR has been performing very well recently, especially after the recent marketing campaign which was extremely effective. The project is currently around 70 per cent sold out. In addition, resales have started to happen as a result of some preferred unit types being no longer available from the developer," explains Luxhabitat's Cleator.
Upon completion, 1/JBR will become one of the most slender towers in Dubai. "Since it is a relatively tall building, it was a challenge to get the aspect ratio right. Also, it is a single-loaded building, which means all apartments offer beachside views," Martin Baerschmidt, founding partner and managing director at EDGE, the design architect and lead consultant for 1/JBR, tells Khaleej Times.
At a time when developers are trying to squeeze floor plates in Dubai, 1/JBR offers generously sized apartments and access to a natural beach. "The 2-bedrooms are in excess of 1,900 sq ft, including balcony," adds Baerschmidt.
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