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Dubai's XXII Carat luxury homes at Palm Jumeirah 90% complete

Major construction on the 22-villa, uber-luxury project began in September 2015

The XXII Carat luxury villa homes on Palm Jumeirah are 90% complete.
The XXII Carat luxury villa homes on Palm Jumeirah are 90% complete.
Anton Yachmenev, managing director of Russian-backed property developer Forum Group.
Anton Yachmenev, managing director of Russian-backed property developer Forum Group.

Construction on the XXII Carat villa homes on Dubai’s Palm Jumeirah has passed the 90% completion mark, the head of the luxury residential project’s development team, Forum Group, told Construction Week.

“We received building permits around 2014, with [major] construction starting in September 2015,” said Anton Yachmenev, managing director of Russian-backed property developer Forum Group, speaking on the 4.65ha development near the end of the Palm Jumeirah West Crest.

“We’ve been here now for three years. During that time, we had to change a few things here and there, which has led to some delays in completion. [In early November], we were valued by [Dubai's Real Estate Regulatory Agency] at above 90% completion.”

IN PICTURES: XXII Carat, Palm Jumeirah

All 22 houses are structurally ready, he explained, noting that some of the villas are fitted out, with others being “shell and core”.

“The initial plan was to fit-out everything, but once we started talking to clients we understood that we’d never match or fit [what they want]. These type of calibre clients all have their own [vision]. Outside we’re not allowing them to [change anything], but inside they can do whatever they want.”

The gated community offers beachfront living on the Palm Jumeirah, next to the One and Only resort. The seven-bedroom villas range in size from 743m2 to 1,208m2, and enjoy amenities like private pools and landscaped gardens. Prices for the villas – named Sapphire, Ruby, and Emerald – begin at $10.3m (AED38m) and go up to $25m (AED92m).

SITE VISIT: One Palm, Dubai

Yachmenev said Abu Dhabi-based contractor Teejan Contracting was the main contractor for 70-75% of the project development process, before parting ways due to a confidential “different reason”.

He added: “The project is now with GGB.”

This is Forum Group’s first project in Dubai, Yachmeney said. Commenting on future plans, he added: “We’re still looking – we still have a few plots in our land bank but currently the market is a little bit soft.

“So the focus is still [on XXII], regardless of what the next project will be, because we now have to complete this, and then set up the service element of the project.”

 

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Construction Week - Issue 730
Feb 21, 2019