The 1/JBR Tower will house 152 units across the 46 floors, split between two- to four- bedroom apartments and five-bedroom penthouses.
“Sections of the tower will be released for sale in different markets,” said Marwan Al Kindi, Executive Director for Sales and Sales Operations at Dubai Properties, the developer. “Registration is now open exclusively through our sales partner – Gulf Sotheby’s International Realty.
“Work has already begun on site and we will tender for the main works and appoint the lead contractor soon. We have great relationships with key players in the sector, with many projects under our belts together.”
He continued: “With every project we complete, we keep raising the bar in terms of quality, efficiency, and speed of delivery. That is what we are looking for throughout the contractor selection process – real project partners.”
No pricing has yet been announced, but data from real estate consultancy Chestertons Mena estimates existing high-end towers at Dubai Marina such as La Reve and Cayan commanding between Dh2,300-Dh3,200 (£440-£612) per square foot.
“Luxury properties in these prime areas are considered as long term trophy assets and the current prices are highly attractive for such investors,” said Robin Teh, Country Manager – UAE at Chestertons Mena.
“Furthermore, regional tensions have also attracted luxury property buyers from other parts of the Middle East. We foresee a favorable outlook for luxury properties in 2016.”
The new tower is expected to be completed for early 2019.