Select plans waterfront projects in Dubai, Ras Al Khaimah |
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Select GroupSelect Group
, a Dubai-based real estate developer, is looking to consolidate its position in the UAE property market by developing more waterfront projects with mega launches planned across Dubai and Ras Al Khaimah, a top company executive said. "We will be launching residential projects in Dubai Waterfront and Palm Jebel Ali by year-end. Subsequently, we will also unveil our second project in RAK's Al Marjan Island," Rahail Aslam, Chief Executive Officer, Select GroupSelect Group
, told Emirates Business. The company's total property investment in the UAE has crossed Dh12.5 billion, with Aquitainia, a Dh5.5bn private island development, on The World being launched last month.
Aquitainia, which combines the islands of France and Spain, is being developed in a joint venture with Select Property, a UK-based property company. The development, which is due for completion in 2012, is a collection of 816 units, ranging from one and two-bedroom suites, three-bedroom penthouses, land and water villas.
In addition, a 75-room boutique hotel, which will be operated by a five-star international hotel brand, will service the suites, penthouses and villas spread across the islands. The project will also have numerous marinas with berths for hundreds of boats.
Asked why the company plans to launch one and two-bedroom apartments in Aquitainia, Aslam said: "There are more customers who can afford to buy one or two bedrooms. The islands are high density ones and they have been master planned to have a number of units as opposed to low density ones where you have larger units."
The company expects 60 to 70 per cent occupancy in The World projects and has so far sold 15 per cent since the launch.
According to NakheelNakheel
's website, The World comprises 300 islands based in four kilometres offshore from Dubai. It will add 232km of beachfront to the emirate's natural 67km of beachfront, with the islands priced in the range of $15m to $50m. Currently, Select GroupSelect Group
is developing nine towers in Dubai Marina, which includes Bay Central, The Torch, The Point, and Botanica among others. Pacific, a cluster of six towers on Al Marjan Island, is their first project in RAK."All our projects are under construction. We will be handing over our first project, The Point, a 28-storey residential tower in Dubai Marina, by early next year."
Despite the company being bullish on the Dubai real estate growth story, it does not believe in aggressive launches. "We are expecting similar growth to what we had in the last two to three years. Although we have the land bank, we are very careful on how we should go forward. We don't want to overstretch ourselves," Aslam said.
Select GroupSelect Group
has allied with Marriott International in March 2007 to manage its new Renaissance-branded hotel at Dubai Marina. The Renaissance Dubai Marina Hotel, part of a one million square foot, mixed-use development known as Bay Central, will have 300 rooms and will open in 2010. The group also owns majority shares in Select Glass Industries.By Parag Deulgaonkar
© Emirates Business 24/7 2008
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