UAE investment company YAS Holding and its real estate division Taraf, has broken ground on its ‘Luce’ project, valued at over AED350 million.
The luxury residential building, located at Palm Jumeirah, will have nine floors (excluding two basement floors), 38 apartments with 2-, 3- and 4-bedroom offerings, as well as a duplex and a penthouse.
Dubai luxury apartments: Sold out fast
In an exclusive interview with Arabian Business, Taraf Division CEO Ahmad Shibel said the apartments have been sold out already, due to the high demand for Dubai real estate.
“The 2-bedroom apartments started at AED7 million, whereas the 3- and 4-bedroom apartments were priced starting at AED10 million and AED15 million, respectively. Both the duplex and the penthouse were sold at an excess of AED45 million,” Shibel said, adding that the project was built with a “simple, but exceptionally well-executed goal.”
“All the rooms in the apartments have been carefully planned to meet minimum size requirements, including the bedrooms, which are generously sized to accommodate families comfortably. Even in the two-bedroom apartments, a maid’s room has been incorporated, serving the dual purpose of providing space for domestic help and appealing to potential investors,” he said.
The 2-bedroom apartments are sized at 1,800 square feet, whereas the 3-bedroom and 4-bedroom apartments are sized at 2,500 square feet and 3,200 square feet respectively. The penthouse, spans at 10,000 square feet, occupying a full floor, and features a private lift as well.
Residents of the apartments will also be provided a parking space based on the number of bedrooms in the apartment, Shibel said.
“Parking is often a concern in urban living, but we’ve addressed this comprehensively. Every apartment is allocated one parking space per bedroom. So, if you buy a two-bedroom apartment, you get two parking spaces, three bedrooms come with three spaces, and four-bedroom units offer four parking spaces. Even the duplexes and penthouses, which are larger units, provide five parking spaces each,” he said.
When asked about amenities included in the project as luxury lifestyle preferences keep changing, Shibel said that the residential building would include the “essentials” such as an infinity pool, an in-house gym, a recreational centre for kids, and an entertainment room.
While the scale of the project is “small,” according to Shibel, Luce by Taraf will stand out in the Dubai real estate market due to the aim of “setting the standard in the market.”
“When investors see what we’ve created and express a desire for something similar, it compels everyone else to elevate their standards. We recognise that while others may seek more efficient and cost-effective approaches, this project, due to its location and market demand, necessitates raising the bar in our approach,” he explained.
Luce by Taraf: Luxury without compromise
Luce by Taraf appeals to a “sophisticated investor,” Shibel said, adding their investors include those who prioritise luxury without compromise unlike “developers who opt for smaller spaces to manage the ticket price, we’ve taken a different approach in this segment of the market. Here, people are willing to pay a premium for spaciousness and quality.”
When asked why Palm Jumeirah was chosen as the prime location for this project, Shibel explained that Palm Jumeirah holds a “special place in the discussion of iconic projects.”
Drawing visitors from the world over, Palm Jumeirah has contribute to the growth of Dubai, which has been remarkable in transforming the area from a somewhat secluded location into a central hub within the city.
He added: “The Crescent, in particular, stands out as the most exclusive part of Palm Jumeirah. Situated amidst a backdrop of five-star hotels, restaurants, and pristine beaches, it offers an unparalleled level of exclusivity. If you were to choose a location that epitomises luxury living, this would be it.”
Luce by Taraf, was unveiled in February 2023, and will be due for completion by December 2025.
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