Thursday, July 25, 2013

JBR to release 300 new housing units towards the year-end

Nearly 300 new residential apartments will be released in the Jumeirah Beach Residence (JBR) of Dubai by fourth quarter of 2013.

Launched into the market in June, targeting VIPs and internal investors, the 50-storey residential tower of Al Bateen Residences comprises 304 apartments, with the 24-storey hotel tower comprising 110 rooms.

The Director – Agency Services at Asteco Property Management, Sean McCauley, and Colliers, the lead dual exclusive agents, said that the starting prices at this twin tower project, developed by Al Ain Properties, were Dh.16,146 per square feet, with an entry unit price of more than Dh.2mn.

The prices of apartments have surged since the beginning of the year. The second quarter report by Asteco reveals that the average sales price in JBR is Dh.13,450 per metre, marking a nine percent increase from the first quarter and 32 percent year-on-year growth. Therefore, the new apartments are priced at almost 20 percent higher than the existing stock.

Among the other new projects coming up in the JBR area are The Beach stretching 5000sqm, boutique mall with more than 40 food and beverage outlets, retail shops and entertainment opportunities to be completed by end of next year.

Meanwhile, the Dubai Properties Group has announced commencement of work on JBR beach club by year-end, and the Dh.6bn Bluewaters Island project – a retail, hospitality and entertainment opportunity is also underway.

However, the ongoing construction work in the area has been causing lot of traffic woes, which has dampened its popularity among buyers. The community witnessed a decline in its ranking by three places, touching the 10th position from the seventh position, it held during first quarter of 2013.

These findings were based on extensive analysis of data from more than 120mn property searches which involved about 1.8mn visitors. 

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