Imkan’s new master-planned development, Al Jurf, will look to convert the pristine coastline between Abu Dhabi and Dubai into a riviera for second-home buyers, replete with villas with large yards, marinas, wellness resorts, private beaches, and beach front residences.
However, the development will also include affordable second-home options for UAE residents, the Abu-Dhabi based developer said.
Speaking to Arabian Business at the unveiling of the 370 hectare project - the centre-piece of the Abu-Dhabi based developer’s exhibit at Cityscape Global being held in Dubai this week - CEO Walid El Hindi said that one of the aims of the overall project was to create an encapsulated community.
That aim, he said, isn’t restricted solely to the uber-affluent segment, one traditionally favoured by second-home developments.
“We will definitely be introducing affordable second home options as well, once we unveil the second phase of the project,” said El Hindi.
The second phase of the project - called Fisherman’s Village - will have chalets located around a palace that exists on the premises of the project. It will also include what Imkan wants to be hallmarks of the community, such as boutique F&B outlets, parks and community centres.
“When you look at places like the Hamptons in New York, there are the homes that the place is well known for, but the locality is also a community that is made possible by having layers of residential options,” said El Hindi.
Imkaan hadn’t yet decided to disclose pricing details of the second phase but when asked if an affordable second-home development could occupy a price target close to AED 1 million for a standard 1 or 2 bedroom Dubai apartment, El Hindi replied, “Yes I certainly see that being possible.”
The first phase of the AlJurf will begin construction in 2019 and is planned to completed by 2021.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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