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Abu Dhabi, UAEMonday 18 June 2018

Forum Group on course to deliver Dh1.3bn Palm project next year

Half of the 22 luxury villas of the development have been sold

Forum Group plans to launch its first Dubai venture with 22 luxury villas on the Palm Jumeirah. Courtesy Forum Group
Forum Group plans to launch its first Dubai venture with 22 luxury villas on the Palm Jumeirah. Courtesy Forum Group

Dubai-based property developer Forum Group is on track to complete its first residential project, the Dh1.3 billion XXII Carat, on the Palm Jumeirah’s West Crescent, the company said.

The project, which includes 22 luxury villas, is scheduled for completion in January next year, with the first villas due to be handed over ahead of schedule next month.

Half of the villas have already been sold and the remaining are being marketed for a price tag of Dh39million to Dh91.7m.

“We spend a great deal of time on the interiors of the villas making sure every detail is exactly how it is supposed to be. Construction wise, we move pretty quickly and that is something we are proud of,” said Anton Yachmenev, managing director of Forum Group.

“This project is being delivered on time, on budget and we are excited to welcome our first residents in the very near future.”

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The villas have three different styles - Emerald, Ruby and Sapphire – and a Mediterranean architecture for its seven-bedroom villas ranging from 8,000 to 13,000 square feet and located in a private beachfront gated community.

Some of the villas will also feature Dh3.6m bathtubs made by Italian specialist Baldi, which are hand carved from 10-ton Amazonian crystal. Construction on the project began in 2015 with the company primarily targeting High Net Worth Individuals (HNWIs) from the Arabian Gulf as well as Russia, India and Europe. “The completion of XXII Carat marks the opening of our first project in Dubai and indeed, the region, and is an important milestone in our growth in the region,” said Mr Yachmenev.

Dubai’s real estate sector recovered in the first half of this year with deals transacted rising 16.8 per cent in value, the Dubai Land Department said in July. The total value of real estate reached Dh132 billion in the first half compared with Dh113bn in the year-earlier period. Dubai Marina was the top pick in terms of number of transactions, followed by Business Bay, Al Barsha South 4 and Jebel Ali. The number of total transactions rose by 25.9 per cent to 35,571 from 28,251 sales in the year-earlier period. In terms of value, Palm Jumeirah took the lead, followed by Business Bay, Burj Khalifa and Dubai Marina.