Living room at Studio One.
Home for millennials
01 December 2016
Studio One by Select Group offers affordable housing aimed at the millennials and savvy investors
Enabling works are under way at Select Group’s Studio One project in Dubai, UAE.
The 31-storey project with an estimated gross development value (GDV) in excess of Dh450 million ($122.5 million) is the developer’s 14th project in Dubai Marina. The residential development features well-planned studios, one-bedroom and a limited number of two-bedroom apartments.
“The main contract will be awarded this quarter and we anticipate completion for Studio One in December 2018,” Rahail Aslam, CEO of Select Group, tells Gulf Construction.
“The deconstructed themed, urban and extraordinarily efficient floor layout of Studio One is inspired by the growing segment of customers that demand high-quality residences in premier communities at attractive rates,” he says.
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Aslam .... confident. |
Studio One is located in close proximity to the Bluewaters Island and next door to the Wyndham hotel as well as the New Rove hotel. It brings a multitude of shops, restaurants and entertainment options right to residents’ doorsteps. Furthermore, residents will be able to enjoy the ease of access to Sheikh Zayed Road, and a host of public transportation options.
Designed for the millennials and the savvy investors, Studio One apartments range from 360 sq ft to 1,100 sq ft and feature full-length windows that frame the surrounding cityscape, and stunning sea and marina views.
Amenities will include a temperature-controlled outdoor swimming pool with Marina views, a well-equipped gym with steam room and sauna access for men and women, two levels of dedicated underground resident parking, and around-the-clock security. The development will also include five retail units conveniently located on the ground level.
Commenting on the unique selling points of the project, Aslam says: “Residences in Studio One are priced attractively. Our loyal customer base trusts our track record and understands that despite these prices, the Select Group standard for finishes and construction quality will always be maintained. Testimony to the success of Studio One is the fact that 65 per cent of the development was sold prior to the launch and in a span of 48 hours. Combining highly functional apartment layouts at a very attractive price point in one of the most sought-after locations, makes it an attractive offer for first time home owners and value conscious investors.”
Prices start from Dh574,000, Dh899,000 and Dh1,349,000 ($156,250, $244,715 and $367,209) for studio, one-bedroom and two-bedroom apartments, respectively.
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Studio One in Dubai ... exterior view. |
Milestones
Select Group has delivered over 5.5 million sq ft of real estate development since 2002, with a combined GDV in excess of Dh10.5 billion ($2.86 billion) to 5,300 customers of 62 nationalities.
Strategic and astute financial planning of the group’s assets ensured that despite one of the worst global economic downturns in recent history, its developments continued to completion, and 2,500 properties were delivered to customers without any delays from 2009 to 2012, Aslam says.
“We also remain proud of our work on The Torch tower, the tallest skyscraper of its time that was topped out at a height of 348 m in 2011, and is still listed among one of the tallest buildings in the world,” he adds. “One of our most recent developments includes our Bay Central development, at one of the most prime locations within the Dubai Marina. The development includes two residential towers housing a total of 747 residential units, and The InterContinental hotel tower, home to Marina Social by Michelin-starred celebrity chef Jason Atherton, and which continues to win accolades in different award categories in the UAE.”
Another accomplishment for the group is Nottingham One in the UK, which has won the 2016 Royal Institute of British Architects (Riba) East Midlands Award.
Among its ongoing projects is Pacific, a 2-million-sq-ft residential property being developed in Al Marjan, a reclaimed island located in Ras Al Khaimah. The Dh1-billion ($272 million) project features 1,500 apartments spread over six buildings with 10 storeys each. The stunning development features amenities like state-of-the-art gymnasiums, paddle tennis courts, private beach access, rooftop swimming pools and tennis courts.
Due to a growing middle class and the increase in younger buyers, mid-market properties are in strong demand, according to Aslam. With that in mind, the company is diversifying and has acquired land parcels in Jumeirah Village Triangle (JVT), which has a lot of infrastructure already completed. This project is already in the design stage and is tentatively scheduled for launch in Q1 2017.
He continues: “Dubai’s comparatively young real estate market has experienced a correction like its other global counterparts along with a slowdown, which can be attributed to a decline in oil prices. However, recently the Dubai Land Department recorded Dh158 billion ($43 billion) real estate transactions within eight months of 2016, which is an improvement compared to the same period last year. This is reassuring that Dubai’s market has reached a stage of maturity and will remain positive.
“We are confident about Dubai’s future profitability, as the market remains attractive and is on track whilst the government works towards realising its vision for Expo 2020 by reinforcing the emirate’s position as a global business centre and preferred tourist destination with the support of recently launched projects such as Jumeirah Central and the world’s largest theme park. The expected growth in global visitors will directly translate to real estate investment opportunities.
