All that you need to know about Dubai’s newly launched Jebel Ali luxury villas project

All that you need to know about Dubai’s newly launched Jebel Ali luxury villas project

News of hundreds of real estate brokers queuing up close to Dubai’s master developer Nakheel’s office a night before bookings for the realtor’s new luxury waterfront villa housing project opened has gone viral. Brokers, who camped overnight at the venue, told Moneycontrol that Indian buyers from Mumbai, Delhi, Bengaluru and Ahmedabad have evinced interest in the Palm Jebel Ali villas project, which comprises 5 to 7 BHK units priced upwards of Rs 40 crore.

“Hundreds of brokers queued up a night before bookings opened on September 20 to apply for expressed interest and receive allotment. While bookings opened at 8 am, the project was sold out within hours of launch,” Vijay Chandru Sawlani, property consultant at Property Junction International, Dubai, told Moneycontrol.

Sawlani said that demand for high-value luxury projects, particularly water-facing projects, is at an all-time high in Dubai, especially after the pandemic. This project is similar to the Palm Jumeirah project launched by the same company in 2003. The new phase, launched on September 20, is expected to be completed by 2027. The entire project is expected to feature seven islands and 16 fronds, adding a total of 91 km with three access points to the island. Four fronds have been launched as part of the current phase, he added.

How much do these villas cost?

Many who did not get a unit will now have to wait for subsequent phases of the project to be launched. The current phase comprises plots and villas with configurations of 5-7 bedrooms, starting from Rs 40 crore and going all the way up to Rs 140 crore, depending on the specification. Buyers are of late flocking to the Dubai real estate market on account of factors such as infrastructure, safety and investments giving good returns in two to three years, said Sawlani.

The project is expected to comprise a Metro at the Dubai Waterfront and 2002 villas, according to the brochure. It is expected to have beach villas, coral villas and premium villa plots. The Beach villas are expected to comprise 5BHK to 6BHK units from the ground level going up to the second level. The built-up area is expected to be 7,300 to 8,300 sq ft. Each villa is expected to have four car parking spots.

The coral villas are expected to comprise 7BHKs with a built-up area of 11,300 to 12,200 sq ft, a plot size of 13,000 sq ft, six car parking spots and even a pool. The third category is premium villa plots of 22,000 to 25,000 sq ft.

The payment plan
Buyers who applied for an expressed interest and received allotment had to pay 20 percent immediately, 60 percent during construction and the rest at the time of handover of the project, expected in 2027, said Sawlani. He added that the project is a 25-minute drive from the Marina and a 35-minute drive from the Dubai Mall.

Who are the buyers?
As for the buyers, they comprise Indians who already have property investments in the Dubai market. “This could be their first property or their second or third property investment. They may have bought it either as an investment or for their family to live in. Some may already possess a Golden Visa, which requires an investor to pump in close to Rs 4.5 crore on a property," Sawlani explained.

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According to a press statement posted on Nakheel’s website, the Palm Jebel Ali is set on 13.4 square kilometres of land, and centrally located within Dubai’s future growth centre, with excellent connectivity via Sheikh Zayed Road (E11) to other Dubai destinations or to Abu Dhabi. Palm Jebel Ali will feature seven islands and 16 fronds, adding a total of 91 kilometres of beachfront, with three access points to the island. The island will also offer over 80 hotels and resorts as well as several unique retail and dining experiences.

“As pioneers of waterfront living, Nakheel is synonymous with Dubai’s incredible journey of growth and urban infrastructure development,” said Rasha Hasan, Chief Commercial Officer of Nakheel, in the press statement posted on Nakheel’s website. “We are delighted to bring Palm Jebel Ali to market at this exciting time, with the island playing a transformative role in shaping the city’s future, raising the global benchmark on waterfront living, and underlining its position as a world-class lifestyle destination.”

The release of Palm Jebel Ali also marks the beginning of a new growth corridor in the Jebel Ali area, underlining the expansion of the emirate, in line with the Dubai 2040 Urban Master Plan and the Dubai Economic Agenda D33. Palm Jebel Ali will support the emirate’s vision to deliver the highest standards of urban infrastructure, increase beach destinations as well as support sustainable development and facilitate the expansion of the population, while driving economic growth, the statement added.