Dubai Holding’s flagship residential development, Madinat Jumeirah Living, an exclusive freehold project located in the prime Madinat Jumeirah district, opposite the world famous Burj Al Arab is on track for timely handover in Q2 2021.
The 3.85 million square feet resort destination with iconic views was announced in 2018 and broke ground one year later.
Phase 1 of the project consists of two residential buildings offering modern spacious units priced at Dh1.7 million, ranging from one to four-bedroom apartments. Currently at 63 per cent development, the two buildings are on schedule for completion by Q2 2021. Enabling works, such as the substructure and superstructure, are 100 per cent complete while mechanical, electrical, plumbing works and finishes are 66 per cent accomplished. Progress on the podium level, which will house the 180 square-metre swimming pool, is also on track. Following the growing uptake for the residence units owing to their prime location, superior built quality and premium amenities and design, Phase 1 is already 99 per cent sold.
Construction works on phase 2 that includes three residential buildings comprising luxurious one- to four-bedroom apartments, is well underway with overall progress of the main works registering 42 per cent completion and on schedule delivery set for Q3 2021. Phase 2 of the development is also witnessing brisk demand and is nearly sold out.
To date, Madinat Jumeirah Living has received an overwhelming positive response from local and international investors, with overseas investors purchasing 43.52 per cent of all units. The success of the development in international markets is further proof of Dubai’s continued popularity as a preferred investment destination.
Khalid Al Malik, MD of Dubai Holding, said: “It is encouraging to see the tremendous progress achieved at our flagship Madinat Jumeirah Living development in less than two years amid the prevailing market uncertainties. Once complete, we are confident that this residential community will be among the most sought-after destinations in Dubai, as it further elevates urban lifestyle and luxury experiences. We look forward to welcoming our first residents in 2021.”
He added: “Dubai Holding has been at the forefront of the strategic development of the prestigious Jumeirah neighbourhood for many years now. While luxury living is already a hallmark of the Madinat Jumeirah district, this project elevates the standard even further and truly positions it as the address of choice for residents and tourists alike.We will continue on our mission to deliver best-in-class projects that contribute to Dubai’s socio-economic growth while reshaping its prominent skyline and adding value for its people.”
Overlooking the Arabian Gulf, Madinat Jumeirah Living is the first freehold residential development in Umm Suqeim. The 54-building master development is part of a pedestrian focused, environmentally friendly district that mirrors the look and feel of Madinat Jumeirah Resort. Evocative of Dubai’s early cultural heritage, an air-conditioned pedestrian bridge connects it to Souk Madinat Jumeirah, merging both destinations into a central retail and residential destination.
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