Jumeirah Golf Estates in sync with market needs

dubai - Developer tweaks masterplan in line with investor demand

When your land parcel spans a mammoth 1,119 hectares, you can phase out development based on market demand. That's precisely what Jumeirah Golf Estates (JGE) has been upto. Add to the mix the advantage of being located in proximity of the Expo 2020 site in Dubai South and the RTA's announcement of the Dubai Metro's Red line passing through the community, and benefits are bound to percolate through to both the developer and investors in JGE.

Up until now, Jumeirah Golf Estates, host to the year-ending European Tour championship, has been synonymous with luxury villas and the Earth and Fire golf courses. However, the developer is now making a conscious effort to tap the affordable luxury market. The launch of AlAndalus, a mix of 674 apartments and 54 townhouses, is a step in that direction. Consider this: a 1-bedroom apartment in AlAndalus is priced from Dh600,000. This translates to around Dh820 per square foot.

The developer has initially launched the first two towers comprising 180 units in AlAndalus. They include 1-, 2-, 3- and 4-bedroom apartments. Gauging from the sales and investor demand, it plans to add more 1- and 2-bedroom units to the mix in place of the larger apartments.

"The rental returns and capital appreciation on smaller units are huge. A lot of people renting in Dubai are considering the switch to home ownership. We have six more buildings in AlAndalus. Around 60 per cent of the first two towers have been sold. Majority of investors are from the West [UK and Europe] while the remaining are from the subcontinent and the GCC," Abdulaziz Bukhatir, executive director of corporate services, Jumeirah Golf Estates, told Khaleej Times.

The developer is also looking to international markets for investors. It has taken out several road shows in Mumbai, Hong Kong and Beijing.
Sumer Contracting Company will construct AlAndalus and handover is scheduled for 2018.

Communities in the making
On more news in the affordable space, Jumeirah Golf Estates has sold out phase one of Redwood Park, featuring mid-tier townhouses with prices starting from Dh2.8 million. The villas will be handed over in Q4 this year. It has also launched 35 townhouses in phase 2, of which 12 have been sold.

Continuing with its signature luxury villas, JGE is also developing 47 Redwood Avenue villas, where prices for 5- and 6-bedroom units start from Dh11 million and upwards. They can be bought either fully fitted out or shell and core.

Other communities in Phase 1 of Jumeirah Golf Estates, which spans 370 hectares, include the already delivered Whispering Pines, Flame Tree Ridge, Lime Tree Valley and other sub-developer communities. All residential units in this phase are expected to be delivered by 2018.

Retail facilities are also coming on board to benefit 700 families residing in the community by the year end. "We are opening a retail centre spanning 45,000 sq ft. It will be on the Ring Road, between Sanctuary Falls and Flame Tree Ridge. It will serve all residents of Phase 1," informed Bukhatir.

It will include a supermarket, cafes, restaurants, pharmacies and other essential services. The facility has bee fully leased out. Meanwhile, JGE also has plans to develop boutique hotels and is in discussion with investors. It is expected to come up on a land plot close to AlAndalus and on another plot near the clubhouse.

The developer is also in discussion with an investor for sale of the last plot in phase 1. It is also taking a relook at its masterplan.

"We will soon engage a consultant to see our future needs. Various questions arise. With the Metro line passing through our community, we will adjust ourselves based on the market needs. We will reassess what is required - villas, townhouses, apartments or high-rise buildings. We will soon reveal our new masterplan," Bukhatir disclosed.

- deepthi@khaleejimes.com