The Forum Group aims to revitalise Dubai’s luxury property market with its XXII Carat villas project on The Palm Jumeirah.
The Forum Group is the latest player to enter Dubai’s ultra-luxury market and has ambitious plans with several projects in the pipeline.
The Dubai-based Russian property developer has launched XXII Carat, a one-of-a-kind ultra-luxury mega project on The Palm Jumeirah, driven by the robust demand for luxury homes.
“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,” says Anton Yachmenev, managing director of the Forum Group.
XXII Carat offers beachfront resort-style living on the Palm Jumeirah next to One and Only the Palm. The private beachfront gated community comprises uniquely designed seven-bedroom villas ranging from 8,000 to 13,000 sq ft with dramatic views of the Dubai city skyline. Facilities include 24/7 concierge and exclusive access to private beachfronts spanning 720 ft with 360-degree views of Dubai City and the Arabian Gulf.
There will be 22 ultra-luxury villas of different styles and architecture – Emerald, Ruby and Sapphire. The developer has already sold around 30 per cent of the units, with the Sapphire beachfront villas proving the most popular. Only two beachfront villas remain available, says Yachmenev.
Launched last year, the project is 40 per cent complete and will be ready by December 2017. It is targeted at wealthy buyers from the GCC as well as Russia, India and Europe.
The European-inspired interiors of the villas have been designed by Milan-based Transforma Desigs, Yachmenev tells Gulf Construction. “There is a show villa where potential investors can see XXII Carat’s quality of construction and finishes – La Cornue kitchens, Baldi baths, imported Italian marble, Keim paints, Angelo Cappellini exclusive furniture, Schüco windows, and more – as well as the stunning view of Dubai’s skyline across the sea.
Transforma Design has created several interior finish options to appeal to varying tastes, including Mediterranean and Contemporary styles. The villas do not come fully furnished but furniture packages can be arranged to customers’ taste.
According to the recent Dubai Real Estate Market Report Q3 2016 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 says: “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.”
The Forum Group specialises in exquisite developments using the most stringent European building standards and finishes to provide each resident with privacy and unique views of beach and the skyline.
“Thanks to our strong profit performance we have the financial strength we need to deliver XXII Carat on schedule and it is just the beginning of our long-term plans to shake up the Dubai property market,” he concludes.