Select Group sells 65 per cent of new Marina project ahead of launch
The Dubai developer Select Group has pre-sold about 65 per cent of its latest Dubai Marina project ahead of its launch.
Select Group announced the launch of Studio One – a Dh450 million, 31-storey tower in Dubai Marina – on Monday, but Rahail Aslam, the company’s founder and chief executive, said that most of the building has been sold to existing investors within the past two days.
“We’ve got a large database of customers who primarily buy Dubai Marina product. We’ve gone to the database and to our preferred agent network on Saturday, and we’ve done 65 per cent sales within 48 hours,” he said. “We’ve had an astounding response.”
Almost 80 per cent (316 out of 400) of the units within the building are either studios or one-bedroom properties, with the studios starting at Dh574,000 for units of 360 square feet. One-bedroom units are selling from Dh899,000 and the remaining 84 two-bedroom properties start from Dh1,349,000. Amenities include a gym, steam room, sauna rooms, ground floor retail and parking.
The building will be on a site on the western side of the Marina, next to the Wyndham Dubai Marina and the New Rove Hotel.
National Engineering Bureau has been appointed as the architect and enabling works are already under way.
Mr Aslam said that he expects a tender for the main contract works to be issued by November, and for a contractor to be in place to build the tower by the end of the year. The completion date for Studio One is December 2018.
Mr Aslam said that Select Group is also in talks to buy another couple of plots within Dubai Marina.
“Our focus has always been the Marina and we are still looking around in the same master development. We are also looking to explore other master developments where infrastructure is broadly complete,” he said.
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