Palm Jumeirah gets new resort-style apartments
Located on the west crescent of the Palm Jumeirah, the Alef Residences feature 104 homes spread across eight mansions.
Imagine unwinding in a private pool on your terrace with sweeping views of the Arabian Gulf or the Dubai skyline. You can enjoy a resort-like lifestyle right in the confines of your apartment, with the five-star W Dubai - The Palm servicing your needs.
What's more, you are guaranteed ultimate exclusivity with each floor accommodating only two apartments. Think dedicated lobbies and private elevators, an exclusive members' only VIP club. All this could be yours if you have Dh15 million and upwards to spare.
High-net-worth individuals and families are the target buyers for a new luxury project on the Palm Jumeirah being developed by Al Sharq Investment (ASI), a joint venture between two regional business conglomerates - Qatar's Al Mana Global and Saudi Arabia's Al Sharq Group.
Located on the west crescent of the Palm Jumeirah, the Alef Residences feature 104 homes spread across eight mansions. Each of the eight lobbies will cater to only 14 apartments in the mansions.
With over 30 per cent of construction complete on the residences, the entire project is scheduled to be handed over in the second quarter of 2017.
Al Futtaim Carillion is the main contractor.
The project has been fully funded with a mix of debt and equity. Development of the entire project, including the W Hotel, costs approximately Dh2 billion.
Apartments will be priced from Dh14 million and go up to Dh45 million to Dh50 million for a penthouse.
The Alef Residences feature five penthouses, of which three are duplexes. All apartments on floors one to five will be fully fitted out. The top two floors are shell and core, so owners can take advantage of interior designer partners - Harrods or Katherine Pooley - to customise their apartments.
The apartments will be surrounded by a landscaped garden and a 475-metre-long white sand beach - the largest private residential beachfront location in Dubai. The beachfront will feature private cabanas and water sports activities.
Residents can also avail of membership in Club 104, a private members' club, for a fee. Spread across 18,000 square feet and three floors, the facility will include a tennis court, health club, spa, swimming pool, lounge, board room for meetings and kids' zone.
Residents will also be able to access facilities at the W - its 24/7 concierge and other amenities, including six restaurants. They can avail of the in-residence catering service too.
"We are targeting investors in Saudi Arabia, Doha, Kuwait and the rest of the GCC as well. We are already seeing interest from buyers in the UK, India and the US," said Mahmoud Amer, joint executive director at ASI.
"The Alef Residences fill a market niche. There is no supply of high-end luxury living in an integrated lifestyle development in Dubai. The supply-demand dynamics, therefore, are favourabe to us," said Matthew J. Bate, also joint executive director at ASI.
Alef represents the first letter of the Arabic alphabet.
The project, whose design has been inspired by wadis, is the first development under the Alef brand which will eventually have a global reach.
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