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Luxury apartments put up for sale in Dubai’s Palm Jumeirah

17.11.2015
Luxury apartments put up for sale in Dubai’s Palm Jumeirah
Serviced apartments in The Alef Residences luxury development are priced from USD 3 to 13.5 million.

New batch of high-end luxury property in the most prestigious Dubai area — on the Palm Jumeirah man-made island will be presented to customers by a Saudi-Qatari joint venture.

Qatar-based Saleh Al Hamad Al Mana Co (Al Mana) and Saudi Arabia’s Al Sharq Investment will put on sale 104 serviced apartments in The Alef Residences, currently under construction on Palm Jumeirah’s West Crescent surrounding the archipelago from the outside.

The total floor area of the finished complex will be 505,000 square feet, while the total area of the plot is 1 million sq ft plot – a new W Hotel managed by the same group will be constructed there. The Alef Residences will include eight clusters of two-storey buildings. Each floor of the buildings will have only two apartments, with penthouses occupying the upper floors.

These serviced apartments will range from 4,800 sq ft to 15,000 sq ft, and their price will range from Dh12 million to Dh13m and Dh45m to Dh50m. A three-storied private club for residents, with a café, lounges, a gym, a spa and a cinema will also be constructed at the territory.

The funding for the project has already been raised in full and the contractors and architects has been selected. Mace will be the project’s manager, RMJM will be the chief architect, and the general contract for construction was awarded to Al Futtaim Carillion. Both project’s parts — The Alef Residences and W Hotel are to be delivered in the second quarter of 2017.

Despite the decline in luxury real estate prices in Dubai in recent months, The Alef Residences developers are confident in the project’s market success due to the unique niche taken by the complex.

“If we look at supply and demand, there is no supply of this style of high-end luxury living in an integrated lifestyle development like the Alef and The W. But the demand is absolutely there,” said Matthew Bate, Al Mana project manager.

Latest Availability
SALE
730,000
Ref.No: AP165
Studio Apt
630 ft2
1,159 AED/ft2
SALE
2,350,000
Ref.No: AP670
1BR Apt
1,308 ft2
0 AED/ft2
SALE
625,000
Ref.No: OF93
Office
630 ft2
0 AED/ft2
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

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Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
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1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
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Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
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1 year

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1 day

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Expenses of the owner:

5% of the annual rental price

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Investment Process
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1 hour

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From 3 days

Selection of optimal investment options
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1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
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  • 0% when investing in a new building
  • 4% - registration
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