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29 March 2024

Dubai’s JBR set to get 300 new apartments by year-end

Published
By Parag Deulgaonkar

Over 300 new residential apartments are set to be released in Dubai’s Jumeirah Beach Residence (JBR) by fourth quarter of 2013.

The 50-storey residential tower of Al Bateen Residences comprises 304 apartments, while the 24-storey hotel tower has 110 rooms.

Sean McCauley, Director - Agency Services, Asteco Property Management, who are the lead dual exclusive agents along with Colliers, told Emirates 24|7 that starting prices were Dh16,146 per square feet with an entry unit price of just over Dh2 million.

“The project was only launched to market in June to VIPs and internal investors,” he said when asked if apartment prices had gone up since beginning of the year.

Asteco’s second quarter report puts average sales price in JBR at Dh13,450 per metre, a nine per cent increase from the first quarter and 32 per cent year-on-year. Therefore, the new apartments are priced almost 20 per cent higher than the existing stock.

The twin tower project has been developed by Al Ain Properties.

Traffic woes

Ahmed Raees, a resident of JBR, says: “New apartments or projects being launched means more people coming in to live in them. They for sure will have their cars. The traffic problem will get worse, not to say the least that it is already bad. I hope something is done soon to solve the issue.”

Karen Jose, a resident of Al Bahar, said: “There is a lot of construction work going on in the area. I want the authorities first to resolve the traffic problem first before they allow more projects to be build.”

Earlier this month, propertyfinder.ae, a UAE-based real estate portal, said that ongoing construction work in JBR had dampened the beachfront master community’s popularity among tenants and buyers.

The community saw its ranking fall by three places to 10th position from the seventh position it held in the first quarter of 2013.

Their findings were based on an extensive analysis of data from over 120 million property searches involving around 1.8 million visitors.

New projects

Among the new projects coming up in JBR is a 5,000-square-metre The Beach, boutique mall, featuring over 40 food and beverage outlets, retail shops and entertainment facilities, by end of 2014.

Dubai Properties Group, the master developer, has already announced that it will commence work on JBR beach club by year-end.

Emirates 24|7 reported earlier that work has already commenced on the Dh6 billion Bluewaters Island project, which will offer hospitality, retail and entertainment options to residents.

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