Abu Dhabi's Jubail Island Investment Company is to develop a beachfront gated community valued at Dh4 billion ($1.09 billion), featuring a "limited number of mansions" amid rising property demand in the emirate.
Bada Al Jubail will cover 446,000 square metres and include 8km of beach, said the company, which is developing the mixed-use mega project Jubail Island.
The mansions, which will have six, seven or eight bedrooms, range from 1,100 square metres to 3,000 square metres. The homes will be built on plots that are between 2,000 square metres to 6,000 square metres.
The project will have a total of 110 units, with prices ranging from Dh35 million to Dh65 million.
Each property will have double-volume entrances, open-plan entertainment areas and outdoor spaces. The new community is to include a marina with berths for 30 yachts, as well as cycle tracks, jogging paths, a wellness centre and spa, and a kids' club.
Bada Al Jubail is due to be completed by the end of 2027.
The project "caters to a discerning few who value unparalleled privacy and an elevated lifestyle", said Mounir Haidar, managing director of JIIC.
Mr Haidar said the soft launch of Bada Al Jubail "received an overwhelmingly positive response".
"This is attracting affluent buyers and investors seeking a unique blend of exclusivity, world-class amenities and an investment opportunity in a growing and dynamic market,” he said.
Jubail Island, between Saadiyat Island and Yas Island, is set to have six residential village estates covering more than 400 hectares. The island is expected to be home to 10,000 people when development is completed.
The project will also have more than 18,000 square metres of office space and 8,000 square metres of retail space.
More than half of the development is within Abu Dhabi’s protected mangrove reserve, which will be untouched. Developers have planted 430,000 mangrove trees as part of efforts to help protect the ecological reserve.
The latest launch comes amid growing investor demand for Abu Dhabi's property market. The ValuStrat Price Index, which analyses changes in property values, grew by 4.2 per cent annually for the UAE capital last year.
“Continued steady price and rental growth during [the fourth quarter of] 2023 demonstrates a maturing market in Abu Dhabi's ready home sales, this is supported mostly by domestic buyers,” said Haider Tuaima, director and head of real estate research at ValuStrat. “High demand for off-plan properties has been evident with an increase in foreign investors.”
ValuStrat said Abu Dhabi recorded 2,238 off-plan sales transactions last year (accounting for 75.1 per cent of overall sales), which were up 39.4 per cent compared with the same period in 2022.
The sales volume for ready homes also rose 36.5 per cent to 740 transactions last year.
For a detailed perspective on the property market, visit: Dubai - Real Estate Review Q4 2023
