Palm Jumeirah waterfront property to be developed by Ellington Properties, Shuaa and Sol

The 88-unit project comes as prices in prime areas of Dubai soar

Homes on the fronds of Palm Jumeirah in Dubai. AP Photo

A new waterfront residential project on Dubai's Palm Jumeirah is to be developed after an agreement was signed between Ellington Properties, Shuaa Capital and Sol Properties.

The partnership is a strategic alliance that brings together leading players in the investment and real estate industries, the companies said.

The project will be designed by Bjarke Ingels Group and will have nine floors with 88 units, ranging from two to six bedrooms as well as duplexes.

“We are excited to embark on this partnership to realise our shared vision of creating contemporary luxury spaces and exceptional living and wellness experiences, while bringing to the project our meticulous attention to detail and passion for craftsmanship," said Jassim Alseddiqi, chairman of Northacre, the real estate development arm of Shuaa Capital.

Shuaa and Northacre are involved in projects in the UK and the GCC valued at more than $3.6 billion, the statement said. Northacre recently announced the completion of The Broadway, a more than $1.5 billion contemporary residential and mixed-use development in central London.

The latest project is Ellington’s third development on Palm Jumeirah, following the recently launched Ellington Beach House, a residential apartment project of 123 units, and The Ellington Collection, which has nine beachfront villas.

The Dubai property market has boomed during the past year amid the UAE's economic recovery following a coronavirus-induced slowdown.

Prime residential values in Dubai, which encompass The Palm Jumeirah, Emirates Hills and Jumeirah Bay, have risen by 89 per cent in the past 12 months, according to a report by property consultancy Knight Frank.

A property deal for the purchase of land on Palm Jumeirah worth Dh600 million ($163.4 million) was recorded by the Dubai Land Department last month.

That deal came a few weeks after a record was set for Dubai's most expensive property with the sale of a villa on Palm Jumeirah for Dh302 million.

And last week, it was confirmed that a Palm Jumeirah villa had been rented on a six-month basis for Dh4 million, which would equate to a record-breaking Dh8 million per year, as rents as well as prices soar.

The average villa rent on Palm Jumeirah in October was Dh954,384, according to CBRE, with a 3.1 per cent increase month on month.

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Dubai property prices: where they rose and fell — October 2022