Construction activity, once again, is set to gain pace in Jumeriah Beach Residence (JBR) - one of Dubai’s most popular communities.
Ground work has commenced on Meydan Group’s new 5-star hotel and Dubai Properties’ (DP) 1/JBR, an ultra-luxury residential project, while Al Fattan’s Crystal Towers is close to completion.
Meydan Beach Hotel
Christened, Meydan Beach Hotel, for now, the luxury hotel will consist of 260 rooms which will include serviced apartments.
“We have appointed Dutch Foundations to work on the project. Work has commenced on the site which is located opposite the Mövenpick hotel,” Company vice-president of finance Meghnad Warrier told Emirates 24|7.
“The project is expected to be completed by 2019,” he added.
DP, the real estate arm of Dubai Holding, has started construction of 1/JBR, a 46-storey tower.
“The final design has been completed and it is in the final stage of approval with the authorities. Construction has started with site mobilizing and enabling works,” the company said in a statement.
A few units have been listed on Gulf Sotheby’s International Realty website, with price of a two-bed unit with a Dubai Eye view at Dh6.73 million, or Dh2,165 per square (psf) and a three-bed unit with a Palm Jumeirah view at Dh7.21 million or Dh2,589 psf.
Al Fattan Crystal Towers
Another iconic building nearing completion is Al Fattan Crystal Towers, set to open in the second quarter 2016.
The twin towers, construction of which started in 2014, will feature Rixos Hotel’s second property in the emirate and will house hotel rooms, suites and residential apartments.
A major tourist destination, JBR consists of 41 residential towers and houses a number of popular 5-star hotels.
Dh1.23 trillion projects
In February 2016, Deloitte and Meed Project’s report put the value of projects under planning at $337.2 billion (Dh1.23 trillion), with the total value of projects under construction at $53.6 billion.
The majority of the current or planned developments were within the residential sector with an estimated value of $66.4 billion (Dh243.68 billion), while total development activity within the hospitality and leisure sector was estimated at $21.2 billion (Dh77.80 billion).
Major projects announced in the first months of 2016 include $840-million phase II of Atlantis Hotel on Palm Jumeirah, $380-million Palm Gateway Towers, $370-million ICD Brookfield Place and $190-million Mandarin Oriental Hotel.
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