A Dubai-based Russian property developer has announced detailed plans for a "one-of-a-kind" ultra-luxury project on the Palm Jumeirah.
Driven by robust demand for luxury homes in the city, XXII Carat will comprise 22 ultra-luxury villas, with developer The Forum Group claiming to have sold around 30 percent of units ahead of completion which is due in late 2017.
The company launched the large-scale residential project last year and is targeting wealthy buyers from the GCC as well as Russia, India and Europe.
XXII Carat offers beachfront resort-style living on the Palm next to One and Only the Palm. The private beachfront gated community comprises seven-bedroom villas ranging from 8,000 to 13,000 square feet.
The Forum Group said it also has ambitious plans for the future with a number of other projects in the pipeline.
"Demand for luxury properties is on the rise far exceeding supply in the higher price spectrums of the market and there is always a market for high-end one-of-a-kind properties," said Anton Yachmenev, managing director of the Forum Group.
"We were keen to capitalise on this trend by offering developments that take luxury living to the next level. We have a simple mission, which is driven by the belief that luxury is about more than just the address... We have also scoured the globe for the best of the best for our interiors."
According to a recent report by global consultancy JLL, the luxury real estate sector remained active for the first nine months of 2016, despite the looming economic downturn and the slowdown in the real estate market.
Yachmenev added: "Thanks to our strong profit performance we have the financial strength we need to deliver our XXII Carat development on schedule and it is just the beginning of our long-term plans to shake up the Dubai property market."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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