Developers of ultra-prime properties do not deal in bulk transactions. They look out for discerning buyers who appreciate the finer detailing and specifications of upscale properties and are willing to pay top dirham for their big-ticket purchase. Ask Russian developer, the Forum Group, who is developing an upscale gated community on the West Crescent of the Palm Jumeirah and they are satisfied with the sales progress witnessed for their 22 exclusive villas.

"We have sold seven out of the total in our XXII Carat project," says Anton Yachmenev, managing director of Forum Group. The homes are priced from Dh39 million and go up to Dh92 million for Sapphire villas with direct beach access.

There are only six such beach-front villas, of which five have already been sold, says the developer.

This reflects how the Dubai market is seeing big ticket transactions. Omniyat recently sold a penthouse on its One Palm tower on the Palm Jumeirah for Dh102 million and Gulf Sotheby's International Realty closed the highest property transaction ever recorded for an Emirates Hills villa at Dh100 million.

The M frond on the Palm Jumeirah has also recently seen a few large sales above Dh60 million and Dh100 million, says Luxhabitat.

"We plan to retain a couple of villas for a later stage. The major bulk is, however, for sale. The bulk of the villas are priced between Dh45 to Dh50 million. The pricing includes our classical theme fitout," adds Yachmenev.

XXII Carat also includes eight Ruby and eight Emerald villas. The community has a terrace structure, with a higher gradient for the middle Ruby villas, which, thereby, offer views on both sides of the Palm. Emerald villas offer views of the Dubai Marina and Ain Dubai. All the seven-bedroom villas come with private pools and landscaped gardens. There are two hotel apartments on site, which will be sold at a later stage.

"Construction on all the villas is on track to be completed by the end of December 2017. Infrastructure is around 85 to 90 per cent complete. Some villas have been left shell and core since a few clients prefer to use their own interior fit-out contractors," informs Yachmenev.

Buyers in XXII Carat are strictly end-users and come from Europe, CIS and the GCC. "The buyer is shifting to Dubai for the long term, bringing family here or opening/expanding their business. They are looking for a house where they can stay three to four months a year," observes the top executive.

Residents will have access to a 24/7 reception, concierge, security and valet parking. The developer has set a service charge of Dh25 per sqft of the villa's built-up area or Dh12 to Dh13 per sqft of land.

The developer insists one major feature which sets the community apart from its counterparts on the Palm is the plot size.

Confirming this, Joey Elaty, Palm Jumeirah senior advisor at Luxhabitat, says: "Unlike any other villa project on the Palm, XXII Carat offers plot sizes substantially larger than the typical Signature Villas. Where you would expect a plot of 13,500 sqft for normal Signature villas, XXII Carat has plots ranging from 16,000 to almost 26,000 sqft. That's almost twice the size. Sales have been strong and the best plots have been all but taken. XXII Carat has seen a strong buyer interest as these features have been in demand - oversized plots and large built-up area. They are mansions in a gated exclusive community with a bird's eye view of Ain Dubai and Dubai Marina."

According to Jason Hayes, founder and CEO of Luxury Property: "Ocean views, private access to the beach, absolute privacy, well-designed and spacious accommodation coupled with world-class amenities make it a popular choice for buyers. Possibly the single greatest differential is the services and amenities on offer: 24 hour concierge, transportation within the community, a clubhouse, 25m pool and 24hr valet parking."

The Forum Group believes more sales will commence after handover. "Demand is very stable and buyers come steadily. There is demand for good product. The more progress we demonstrate on site, the more people will come to our doors," adds Yachmenev.

The developer has two more plots in Dubai. "They are further inland and will be used to build residential towers to house business executives. We are doing feasibility studies now and are likely to launch next year," he concludes.

Source: Khaleej Times