Will Palm Jumeirah’s Frond G become the Middle East’s ‘billionaires row’?
Alpago Group chairman sees Frond G rivalling the likes of 57th Street in Manhattan and The Bishops Avenue in London
Could Frond G on Dubai’s Palm Jumeirah soon be uttered in the same breath as the likes of 57th Street in Manhattan, New York and The Bishops Avenue in London for billionaire lifestyles?
As Dubai’s luxury real estate market continues to blossom following the impact of the global pandemic, Alpago Group is looking to attract billionaires to its Frond G project.
Within the 17 fronds on Palm Jumeirah, few have signature villas but Frond G features an exclusive collection of 13 signature villas and three double signature villas, six of which have been developed by Alpago Properties.
Murat Ayyildiz, Alpago Group chairman, said the Frond G neighbourhood is a “one of a kind” thanks to an array of posh residential villas that offer world-class amenities and a unique view of the iconic Atlantis and Royal Atlantis residences.
He added that it is also one of the shortest fronds on the Palm which makes it surrounded by the freshest blue waters.
He described Frond G as the “billionaire’s row of the Middle East”. The term refers to a belt of luxury skyscrapers located on 47th Street in Manhattan and to a street of 66 luxury mansions located in The Bishops Avenue in London.
“There is the 57th Street in Manhattan, the Bishops Avenue in London and soon the Palm Jumeirah Frond G will be added to the list as the Middle East Billionaire’s Row,” said Ayyildiz.
In November, Alpago Group announced that British architects Foster + Partners have been hired to design its 10-unit Palm Flower project located at the West Beach, Palm Jumeirah. The units are priced between AED60 million and AED200 million.
Dubai’s luxury property market recorded the third highest price growth among global cities in 2021.
Over 5,200 apartments and 552 villas were sold in the fourth quarter of 2021 alone, with deals valued at AED17.07 billion.
AED3.4 billion of those were transacted on Palm Jumeirah, based on data from Dubai Land Department.
Palm Jumeirah consists of a trunk with 17 fronds all crowned by a circular crescent. Located off the coastal area of Jumeirah Beach, it is home to many celebrities and high-net-worth individuals from around the world.
Palm Jumeirah’s fronds features ultra-luxurious residences, varying from apartments, townhouses and luxury villas.
According to Ayyildiz, billionaires from around the world are now seeking out prime properties for sale in Dubai “like never before”.
He added that this surge in demand stems from the country’s handling of the pandemic, the success of the ongoing Expo 2020 Dubai and flexible long-term visa options being offered by the UAE government to investors.
Alpago Group is a Dubai-based conglomerate specialising in the ultra-high-end segment in the Middle East and Europe.
Its subsidiaries Alpago Properties, Alpago Contracting, and Alpago Homes operate within the luxury real estate industry while F1rst Motors is a luxury cars showroom and Milad operates within the jewellery industry.