Global property developer Select Group and its local joint venture partner Emirates Strategic Investments Company LLC (ESIC) will begin construction of a new world class resort on Palm Jumeirah by the end of the year, following the acquisition of one of the few remaining beachfront plots on the iconic location.
The 17,919.24 sqm land plot is situated on the Palm Jumeirah’s West Crescent, and with the JV already owning an adjacent land plot of 47,474 sqm, the total prime beachfront development will span over 65,410 sqm.
The plot is also nestled between the luxury developments of the One & Only and W Hotel Palm Jumeirah, said the firms in a statement: “Within easy reach of Palm Jumeirah’s growing number of attractions, including The Pointe, Nakheel Mall and The View, and offering panoramic sea and Dubai skyline views, Palm Jumeirah’s West Crescent is a truly unique location for living and leisure.”
It added that the project will now be fast-tracked with the resort’s ‘ultra-luxury hospitality operator and world-renowned architects’ due to be announced within weeks. Completion is scheduled for 2024.
“We are pleased to announce Select Group’s entry on to the world-famous, iconic Palm Jumeirah,” said Rahail Aslam, Founder and Group CEO of Select Group. “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.”
Khalid Deemas Al Suwaidi, CEO, ESIC, added: “We are equally excited to capitalize on recent strong turn around in Dubai real estate sector by acquiring such quality assets. Our entry into what can only be described as a development that will set a new benchmark of exclusivity. We look forward to unveiling more details of this world class resort soon. This acquisition reflects our deep commitment to continue supporting ESIC asset growth and profitability.”
The Palm Jumeirah remains one of master developer Nakheel’s most recognisable achievements and the spokesperson said the organisation was delighted that all to conclude the sale of one of the last remaining plots at its flagship master development.
“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 complement Palm Jumeirah’s already impressive number of world leading brands.”