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Select Group, ESIC acquire beachfront land at Palm Jumeirah

Dubai - The joint venture already owned an adjacent land plot of 47,474 sqm, bringing its total prime beach front development area spanning over 65,410 sqm.

Select Group, the global property developer announced today, along with its longstanding joint venture partner Emirates Strategic Investments Company (ESIC), the acquisition of 17,919.24 sqm land plot on the Palm Jumeirah’s West Crescent.

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 complement Palm Jumeirah’s already impressive number of world leading brands.”

The joint venture already owned an adjacent land plot of 47,474 sqm, bringing its total prime beach front development area spanning over 65,410 sqm.

Nestled between the luxury developments of the One & Only and W Hotel Palm Jumeirah, the plot of land is one of the last few remaining beachfront plots in Dubai that can offer the tranquility of beachfront living within 7-minutes of Dubai’s bustling metropolis.

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.

After the successful handover of Jumeirah Living Marina Gate in Dubai Marina and the recently launched 15 Northside in Business Bay, Select Group will bring a small collection of ultra-luxury branded residential homes and an ultra-luxury boutique hotel together in one managed community.

Rahail Aslam, founder and group CEO of Select Group, said: "We are pleased to announce Select Group’s entry on to the world-famous, iconic Palm Jumeirah. 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."

Fast tracking the project, the ultra-luxury hospitality operator and world-renowned architects are due to be announced within weeks with Select Group plans to break ground before the end of the year with a completion date expected to be within three years from inception.

Khalid Deemas Al Suwaidi, chief executive officer of ESIC, added: “We are equally excited to capitalise 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.” — business@khaleejtimes.com