The AED 500 million NO.9 project demonstrates ongoing resurgence of the Dubai residential property market
Dubai, 19 May 2014: Select Group, the largest private developer in Dubai Marina have signed an agreement with Transemirates Contracting (TEC) as the official construction partner of their ninth residential development in the Dubai Marina- No.9.
TEC General Manager Helmi Aladham stated, “After much exhaustive negotiation it’s a pleasure to be selected as the main contractor and we look forward to delivering a great project within all agreed timelines.” Select Group have also announced that agreements have been made with both National Engineering Bureau (NEB) and Draw Link Group as the respective architectural and interior design partners for the No.9 development.
NEB’s working relationship with the Select Group began in 2005 and has since evolved into a strong strategic partnership. NEB Executive Director Jamil Jadallah said, “It’s been an interesting 10 years in Dubai, however it’s good to back in a more buoyant market and assisting such a respected developer as the Select Group to deliver their projects.”
Sales for No.9 were opened in January 2014, and sold out within a few weeks of launch. Select Group’s CEO, Rahail Aslam said, “The successful sales of our No.9 development demonstrate that the Dubai property market is continuing its strong growth levels. Trusted developers delivering well designed properties in prime areas are in strong demand, particularly in the Dubai Marina since there is a constrained supply of new properties.”
“Delivering well designed apartments, with great attention to detail in all design aspects at competitive prices providing reliable returns have become integral to the success of the market here in Dubai. Only by working with the right construction partners can a developer such as us achieve these key elements.”
Dubai is one of the world’s most exciting emerging property markets for investors and end users and the recent performance of Dubai real estate market to date has shown strong growth. RERA, the Dubai Real Estate Regulatory Agency has developed a strong regulatory framework to ensure speculation is no longer such an obvious choice, hence focusing more on long term investors and end users.
With nearly 3,000 units in total already delivered and a further 2,000 units to be delivered in the next 12 months the Select Group has firmly carved out their place in the Dubai property market. Following the announcement of their flagship development: The Residences at Dubai Marina Gate in March 2014; two other prestigious projects in the Marina: West Avenue and Select’s five star 320 room Intercontinental Hotel Dubai Marina are set for handover in Q2 2014 and Q4 2014 respectively.