A Russian-backed property developer plans to develop luxury villas on Palm Jumeirah.
Forum Group wants to build 22 luxury villas on the crescent of the artificial island close to hotels such as the Kempinski and Jumeirah Zabeel Saray.
The 500,000 square feet development will be called XXII Carat villas situated near the end of the Palm Jumeirah West Crest near a number of hotels such as the Kempinski and Jumeirah Zabeel Saray.
The developer has owned the plot for some time and had considered different uses for the landbefore deciding on luxury villas.
“It’s a great location,” said Matthew Green, head of research and consultancy for CBRE property consultants. He said he believes the UAE will see more of this type of development – small villa communities that are easy to manage – as the property market recovers.
“Smaller communities on Palm Jumeirah will always attract HNWIs. I think the developers already have some investors from their home market lined up but there is a precedent for larger homes to sell fairly easily in Dubai. It’s likely that these homes will not be a primary residence but weekend or holiday retreats.”
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