Select Group, the real estate development and investment company, along with its longstanding joint venture partner Emirates Strategic Investments Company (ESIC), a multi-sector diversified holding company, has acquired a beachfront plot of land on Palm Jumeirah from master developer Nakheel.
The Joint Venture bought a 17,919.24 sqm land plot on the island’s West Crescent. Earlier it had acquired an adjacent land plot of 47,474 sqm, bringing its total prime beachfront development area spanning over 65,410 sqm.
Located 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 within a 7-minutes distance from 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.
“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 world-class hospitality and residential resort offering a living standard to be unrivaled.”
Commenting on the acquisition, Khalid Deemas Al Suwaidi, Chief Executive Officer of ESIC, added, “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 continuing supporting ESIC asset growth and profitability.”
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.
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 3 years from inception.
Speaking on the sale a spokesperson of Nakheel said, “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.”
Related: Qatar First Bank expands presence in US real estate market; Acquires CoverMyMeds