1.3bn ultra-luxury Palm Jumeirah mega project nearing completion

Dubai-based ultra-luxury property developer, Forum Group, has announced it is on course to complete its first residential project, XXII Carat, on time, with a number of villas due to be completed ahead of schedule.

The AED 1.3 billion ($355 million) project, Forum Group’s first in the region, will officially open its doors in January 2018 with the first villas due to be finished ahead of schedule in October 2017. Fifty per cent of the villas have already been sold and the remaining properties are on the market for between AED 39m ($11m) and AED 91.7m ($25m).

Located on The Palm Jumeirah’s West Crescent, the one-of-a-kind ultra-luxury mega project comprises 22 ultra-luxury villas of different styles and architecture – Emerald, Ruby and Sapphire. The Mediterranean architectural inspired seven-bedroom villas range from 8,000 to 13,000 square feet and are in a private beachfront gated community.

“We spend a great deal of time on the interiors of the villas making sure every detail is exactly how it is supposed to be. Construction wise, we move pretty quickly and that is something we are proud of,” said Anton Yachmenev, Managing Director of Forum Group.

“This project is being delivered on time, on budget and we are excited to welcome our first residents in the very near future.”

Residents will enjoy a luxury hotel-inspired lifestyle offering spacious accommodation with the convenience of 24-hour, 7-day a week concierge and exclusive access to a private beachfront spanning 720 ft. with 360° views of Dubai Marina and the Arabian Gulf. Some of the villas will also feature AED 3.6m ($1m) bathtubs made by Italian specialist Baldi, which are hand carved from 10-ton Amazonian crystal.

Responsibility, efficiency and build quality, Mr Yachmenev says, are what set Forum Group apart from other developers.

“Setbacks are always a possibility, and we have to be realistic and prepare for every eventuality, but it is important to stay focused and always stay one step ahead,” he said.

“To be successful in this business you need three qualities: vision, determination and courage. It is not an easy road, but once you see your vision come to life, brick by brick, tile by tile, it is incredibly inspiring.”

Construction on the project began in August 2015 with the company primarily targeting High Net Worth Individuals (HNWIs) from the GCC as well as Russia, India and Europe.

Mr Yachmenev is keen to complete the project as promptly as possible so as not to keep existing customers waiting.

He added: “The completion of XXII Carat marks the opening of our first project in Dubai and indeed, the region, and is an important milestone in our growth in the region.”

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