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Dubai: New Dh750 million waterfront project launched

The Pier Residence by LMD is set to be handed over in Q2 2027

Published: Sun 22 Sep 2024, 3:19 PM

Updated: Sun 22 Sep 2024, 3:27 PM

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LMD, a leading real estate developer with global presence in Spain, Greece, Egypt, and the UAE announced the launch of its latest project, The Pier Residence, in Dubai Maritime City, with an estimated investment of Dh750 million.

The Pier Residence is set to be handed over in Q2 2027 and will feature 274 luxurious homes, ranging from stylish one, two, and three-bedroom apartments, with select units offering private pools. The project offers a sophisticated lifestyle, catering to diverse preferences with its modern elegance and top-tier design finishes. Residents will enjoy breathtaking views spanning Arabian Gulf, and the stunning Downtown Dubai skyline.

The Pier Residence is located in the heart of Dubai Maritime City, offering a prime location just minutes from Downtown Dubai and Jumeirah. Residents will also enjoy a range of amenities, including a premium gym, a padel court, jogging and walking tracks, a luxurious residents’ lounge, and a thoughtfully designed children’s play area.

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LMD has partnered with the National Bank of Fujairah on this project. The company has also partnered with Devmark, the UAE’s leading sales and marketing consultancy, which has been appointed as the exclusive sales partner for The Pier Residence.

“We are glad to announce one of our most significant real estate projects in Dubai, reaffirming our commitment to realizing Dubai’s vision of elevating the real estate landscape. The Pier Residence aligns with the emirate’s rapid growth and addresses the unprecedented local and global demand for property in Dubai,” said Hamad Al Abbar, Managing Partner of LMD.

Al Abbar highlighted that Dubai has recently succeeded in attracting the world’s wealthy individuals due to the ease of purchasing real estate for international investors, offering high returns on investment, residency visas based on property investment, and high-quality infrastructure coupled with diverse, large-scale real estate projects.

He praised the Dubai Land Department for its efforts in enhancing cooperation, partnerships, and knowledge exchange on best practices within the real estate sector. These initiatives have significantly contributed to providing a safe and transparent investment environment for developers and buyers, leading to substantial growth in sales.

He highlighted that Dubai Maritime City is on track to emerge as a prominent coastal destination in the UAE, making it highly appealing to investors seeking profitable returns, supported by a favorable investment climate, diverse projects, and sustainable growth opportunities.

Al Abbar anticipates that the growth rate of investment returns in Dubai’s real estate sector will continue, bolstered by strong market momentum, the launch of new projects, increasing demand, economic recovery, and a significant influx of new residents and tourists.



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