Leading Dubai-based real estate developer, Dubai Properties, will unveil its latest luxurious residential project during Cityscape Global 2015, set to take place in Dubai from September 8 to 10.
The new tower, “1/JBR”, located at the entrance of Jumeirah Beach Residence (JBR), is scheduled for completion in early 2019.
Abdullatif AlMulla, Group CEO of Dubai Properties Group, called the project a “unique, urban residence concept, set to become the crème de la crème of high-end residences.”
AlMulla, who previously served as CEO of TECOM Investments, was appointed in August as the chief executive of the group, which is owned by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, and the ruler of Dubai.
Meanwhile, Naaman Atallah was appointed as the CEO of Dubai Properties, the group’s subsidiary.
The tower comprises two-, three- and four-bedroom apartment units, along with five-bedroom penthouses located on the top two levels.
All units have a glass façade and wide sundecks, further utilising the surrounding sea view.
The announcement comes less than a week after international real estate consultancy Knight Frank reported that the city has recently witnessed the largest property price drop in the world.
The broker’s Global House Price Index for the second quarter of 2015 stated that Dubai’s property prices have dropped 12.2 per cent in the past 12 months through June, falling to the last spot among 56 tracked key markets.
Weaker demand – despite contradicting positive statements from local developers – coupled with the fall of the euro and oil prices, along with a strong dollar were some of the reasons behind the drop, according to Knight Frank.
JBR, which was developed by Dubai Properties, has become one of the most vibrant residential and leisure destinations in Dubai, featuring a beachside promenade that stretches 1.7km, making it a hugely popular touristic destination, especially during Dubai’s breezy winter.
Dubai Properties’ portfolio is known for mixed-use developments, which merge contemporary residential, commercial and retail elements.
Some of its top projects besides JBR include The Executive Towers, Vision Tower, Bay Square in Business Bay, and several residential communities in DUBAILAND.