< PreviousEMERGING MARKETS 10MARCH 202410MARCH 2024 EMERGING MARKETS 10MARCH 2024EMERGING MARKETS 11MARCH 2024 THE ALLURE OF PALM JEBEL ALI Uncover the unparalleled potential and investment opportunity this ground-breaking project holds for you MARCH 2024 EMERGING MARKETS 11MARCH 2024 Words by Shehzin ShaikhEMERGING MARKETS 12MARCH 2024 Last year, a bunch of videos became incredibly popular, capturing the excitement of both real estate agents and potential buyers as they lined up outside Nakheel’s head offi ce eagerly looking to secure their dream home on Palm Jebel Ali. So, what got the buyers so intrigued? What exactly does Palm Jebel Ali have to off er that has captured the imagination of the wealthy and famous? Read on to uncover the answers to these questions and more. A GROUND-BREAKING PROJECT The idea of Palm Jebel Ali was born as part of Dubai’s plan to diversify its economy and bring in more tourism and investments in the real estate industry. It all started in the early 2000s as a part of the grand Palm Island project, but unfortunately, it got put on hold in 2008 during the fi nancial crisis in the UAE. However, His Highness Sheikh Mohammed, didn’t give up on this dream and last year revived the project. This luxurious development perfectly aligns with Dubai’s 2040 Urban Master Plan, aiming to cater to the needs of the growing population while enhancing the quality of life and happiness of residents. Images supplied by: P e xels/Allsopp & Allsopp GroupEMERGING MARKETS 13MARCH 2024 WHAT DOES IT HAVE TO OFFER? Palm Jebel Ali, is the world’s largest man- made island in the shape of a palm tree, spanning 41.5 square kilometres and double the size of Palm Jumeirah. It is planned to off er exclusivity, luxury, and sustainability to its residents. The island boasts of 16 villa projects, divided into beach and coral themes, with an average size of 9,000 square feet, ranging from 5- to 7-bedroom properties with a starting price of $4.9 million, fulfi lling the needs of HNWIs and UHNWIs. Speaking exclusively to CW Property Middle East, Shrinivas Rao, FRICS, CEO, Vestian says that with 68 miles of beachfront, each “frond” will off er its own theme and amenities. Targeting HNWIs and UHNWIs, the project focuses on ultra- luxury residential development. “The fi rst phase of the project sold out within hours of the commencement of bookings. Investors are showing Left: Peter Smithson, Sales Director at Belleview Centre: A waterfront view of the city Right: An aerial shot of Palm Jebel Ali This luxurious development perfectly aligns with Dubai’s 2040 Urban Master Plan, aiming to cater to the needs of the growing population, while enhancing the quality of life and happiness of residents”EMERGING MARKETS 14MARCH 2024 signifi cant interest in the project due to its promising Return on Investment (ROI), potential for capital appreciation, modern facilities, and luxurious amenities. Dubai’s robust demand for luxury property rentals further enhances investors’ interest in this segment. The island’s connectivity and exclusivity and a proven track record with the success of the Palm Jumeirah project, have positively infl uenced investor sentiment and captured the interest of a wider audience,” mentions Rao. He further adds, “Moreover, various town centres will be established to accommodate thriving businesses. For those seeking opulent experiences, there will be exquisite luxury hotels, resorts, and upscale restaurants specifi cally designed to meet the discerning tastes of the ultra- rich. Furthermore, the island will off er an array of entertainment and leisure options including beach clubs, theme parks, trendy shopping malls, recreational parks, yacht and marina clubs, as well as commercial properties and a vibrant celebration village located at the island’s tip.” A FEATHER IN ONE’S CAP This project off ers a unique chance for affl uent individuals to experience waterfront living, which is quite rare in EMERGING MARKETS 15MARCH 2024 Dubai. Moreover, it comes with attractive price points and fi lls the gap in the market where such options are limited. “To add to that, there’s a sense of urgency associated with this project, akin to the success witnessed on Palm Jumeirah, where substantial profi ts were made over time. The appeal of these properties and the success seen from them extends to those seeking a more contemporary living experience, as Palm Jumeirah is gradually aging. Investing in such a project becomes a statement for some individuals, signalling a desire for newer, modern living spaces. The appeal is further heightened by the range of modern amenities and the comprehensive planning of the community, off ering a well-rounded opportunity for potential investors,” explains Liam Chase, Senior Developer Sales Consultant at Allsopp & Allsopp Group. The area surrounding Palm Jebel Ali holds immense potential as Dubai expands in the south direction. With developments such as the new Al Maktoum Airport and Expo City slated to be key components of the 2040 plan, the region is poised for substantial growth. “The real estate market in Dubai is poised for continuous growth in the next 15-20 years. The economy is currently at its strongest, and the tourism industry is thriving like never before. With that in mind, the Palm Jebel Ali is an absolute gem. It’s the fi nal impressive land reclamation project and off ers a unique chance to invest in prime residential coastal land. Hence, it’s no surprise that wealthy property buyers are lining up to purchase one,” concludes Peter Smithson, Sales Director at Belleview. Left: Liam Chase, Senior Developer Sales Consultant at Allsopp & Allsopp Group; An outdoor seating area Centre: A happy couple Right: Modern living room with an ocean viewSPOTLIGHT 16MARCH 2024 SHAPING CITIES ONE DESIGN AT A TIME Tariq Khayya t, Co-founder and Managing Director of Tariq Khayyat Design Partners divulges his thoughts on the architecture in the region, his experience working with the legendary Zaha Hadid, and the valuable advice he offers to aspiring architects SPOTLIGHT 16MARCH 2024 Interview by Shehzin ShaikhSPOTLIGHT 17MARCH 2024 SPOTLIGHT 17MARCH 2024SPOTLIGHT 18MARCH 2024 Left: H Residence, a housing complex in the Jumeirah District Right: Tariq Khayyat, Co-founder and Managing Director of Tariq Khayyat Design Partners Tariq Khayyat Design Partners (TKDP) is all about crafting unique design solutions that seamlessly blend into their surroundings and serve the needs of local communities. At TKDP, they believe in constantly exploring new, imaginative approaches to tackle modern design challenges, and evolving lifestyles. Their goal is to always push the boundaries of architecture in the city. That’s why CW Property Middle East recently sat down with Tariq Khayyat, Co-founder and Managing Director of TKDP where he shared his design philosophies, talked about his business, and expressed his passion for architecture. Take us a little back in time and tell us what inspired you to become an architect. I grew up with a father who was an architect, and every time we strolled through the city, he would proudly point out the buildings he had designed. I quickly realised that being an architect not only leaves a lasting legacy but also has a big impact on shaping the cityscape. I found myself captivated by the whole process of creating structures from scratch. This passion led me to London, where I studied at the Architectural Association School of Architecture’s Design Research Laboratory. After attaining my degree, I had the incredible opportunity to work as a project director and designer at Zaha Hadid Architects (ZHA) in London. Thereafter, in 2016, I took on the role of heading their Middle East branch, where I continued to work until 2018. You worked closely with Zaha, so what was your fi rst impression of her, and how was your experience working with her? I consider myself very fortunate to have had the opportunity to work under her guidance and mentorship as a young person. It was truly a dream come true, and I could go on for hours talking about the experience, but one of the key lessons that I learned was: the importance of thorough Images supplied by: L uke Hayes/Philip HandforthSPOTLIGHT 19MARCH 2024 SPOTLIGHT 19MARCH 2024Next >