Dubai-based Select Group and Emirates Strategic Investments Company (ESIC) are to develop a “small collection” of ultra-luxury branded residential homes and an ultra-luxury boutique hotel on Palm Jumeirah.
The joint venture announced on Wednesday that a plot of land measuring almost 18,000 square metres had been acquired on the West Crescent of the Palm – in addition to the adjacent plot of 47,474 sqm already owned. The development, spanning over 65,410 sqm, is situated between the One & Only and W Hotel Palm Jumeirah.
The ultra-luxury hospitality operator and architects are due to be announced within weeks, with work scheduled to start before the end of the year, and a completion date expected within three years, according to a statement.
Rahail Aslam, founder and group CEO of Select Group, said: “The demand for tranquil beachfront locations has increased exponentially, and our aim is to target the ultra-luxury segment with a world class hospitality and residential resort offering a living standard to be unrivalled.”
The value of transactions of luxury Dubai residential property in the first quarter of 2021 rose by 25 percent compared to the year-earlier period, according to research by Luxhabitat Sotheby’s.
A total of 3,450 apartments and 586 villas were transacted in Q1 in the Dubai prime residential market valued at AED11.6 billion, according to analysis based on data from the Dubai Land Department, with the surge in buyer activity particularly strong on Palm Jumeirah (AED2.7bn).
A Nakheel spokesperson said: “We are delighted that all parties’ collaboration has concluded with the sale of one of the last remaining plots at our flagship master development, Palm Jumeirah. The island is known across the world for its diverse collection of iconic, luxurious resorts, residential developments, and attractions, and we look forward to Select Group adding its new offering to compliment Palm Jumeirah’s already impressive number of world leading brands.”