Dubai’s Ellington Properties, SHUAA Capital through its real estate development arm, Northacre and Sol Properties have signed an agreement to develop a new residential project on the iconic Palm Jumeirah.
The deal is a strategic alliance that brings together leading players in the investment and real estate industries to work on an iconic project that will feature exquisitely designed spaces for luxury living.
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, as per the reports.
Robert Booth, Co-Founder and Managing Director of Ellington Properties, said that, “This exciting partnership marks our further expansion to meet the growing demand for our design-led homes. By partnering with the best-in-class companies, we will leverage their expertise to develop stunning homes in prime locations across Dubai that will elevate people’s lifestyles.”
The new 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 comprises nine prestigious beachfront villas.
“The partnership is consistent with SHUAA’s continued successful investment strategy in the real estate market to increase value for our shareholders. We remain committed to diversifying our investment portfolio across all major sectors of the market, including real estate,” commented Mr. Fawad Tariq Khan, Group Chief Executive Officer of SHUAA Capital.
Mr. Ajay Bhatia, CEO of Sol Properties, stated that, “We are delighted to once again be partnering with Ellington Properties, following our joint venture to develop Oakley Square Residences. Through this partnership, we will work together to develop beautiful, high-quality homes that will enrich people’s lives.”