Dubai-based Forum Group said on Wednesday its AED 1.3 billion ($355 million) ultra-luxury residential project XXII Carat on the iconic Palm Jumeirah Island will be completed on time and a number of villas will be built ahead of schedule.
“This project is being delivered on time, on budget and we are excited to welcome our first residents in the very near future,” said Anton Yachmenev, managing director of Forum Group.
The resort-style residential project is the company’s first residential project will officially open its doors in January 2018.
The first villas due to be finished in October 2017 and half the villas have already been sold while the remaining properties are on the market for between AED 39m ($11m) and AED 91.7m ($25m).
The project comprises 22 ultra-luxury villas of different styles and architecture – Emerald, Ruby and Sapphire. The Mediterranean-inspired seven-bedroom villas range from 8,000 to 13,000 square feet and are in a private beachfront gated community.
Some of the villas also feature AED 3.6m ($1m) bathtubs made by Italian specialist Baldi, which are hand carved from 10-ton Amazonian crystal.
Construction on the project began in August 2015 with the company primarily targeting high net worth individuals from the GCC as well as Russia, India and Europe.
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