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An estimated Dh5.2 billion will be invested on the Jumeirah Beach Residence project, which will feature upscale residential units.
"There are a lot of properties under development, but they are not on the beach side because most of the beaches in Dubai are already occupied," said Mohammed Al Gergawi, chairman.
"This further increases their value since they are so limited and this gives the Jumeirah Beach Residence an added value as property investment."
Al Gergawi added "This element has played a vital role in attracting the big investors to negotiate with the administration of the Jumeirah Beach Residence to buy residence units in bulk.
"The local investors have extensive experience in real estate as this business is considered very lucrative. The interest shown by the elite of the busines families and local investors to buy residence units in bulk illustrates the investment benefits of the property in the medium and long term.
"It is obvious that the purchase by the big investors of residence units in the project is also for renting purposes," said Al Gergawi.
"For their information it is important to point out that the rental income from the project's apartments will be higher than any other property projects in the emirate for reasons ranging from the unique location of the apartments with the sea view, the high quality of the residence units, and beach resort lifestyle facilities which will make it one of the most sought after suburbs of Dubai.
Prices for properties start at Dh199,000 for a 640 square foot studio apartment, while those four-bedroom apartments start at Dh649,000.
The first installment, which is 25 per cent of the total cost, has to be made on December 1, and the remaining installments are to paid on July 1, 2003 and January 1, 2004. The last instalment will be made at the time of occupation of the flats at the beginning of 2005.
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