Set in the prestigious area of Business Bay, Peninsula comes as the latest residential project by Select Group. The master developer is particularly famed for its several thousand homes and numerous waterfront buildings in Dubai Marina, having operated there for 15 years. Meanwhile, Peninsula is the second development launched by Select Group in the highly popular central commercial area, after the successful release of 15 Northside.
Spanning across a 3.3 million sq.ft plot where the highly anticipated tower is to be built, the development is the largest acquisition so far in the extensive real estate portfolio of the Dubai-based developer. End-users and investors have an attractive opportunity to choose from a stunning collection of studios and 1 & 2-bedroom apartments. For those interested in more spacious properties, there is also a limited range of 1, 2 and 3-bedroom simplexes available for purchase. These residences come in 2 options: Podium and Waterfront, to suit the needs of any buyer.
This type of project is quite unusual for the area of Business Bay, since it plans to feature an abundance of green spaces, parks and running tracks, as well as the ultimate array of recreational amenities. One of the planned key features of Peninsula, which is already attracting the attention of many buyers, is a gorgeous promenade, featuring F&B venues and retail spaces, alongside parks and gardens. As well as all the above, residents of the waterfront tower will be granted full access to premium fitness facilities, which will include, but are not limited to tennis, squash and basketball courts, as well as a one of a kind skate park. The master plan of Peninsula includes supermarkets, boutique stores, beauty salons and famous hospitality and dining brands set within the long-awaited development, to ensure its homeowners eat at only the finest dining hotspots in the city.
The construction of Peninsula will happen in phases, with Phase 1 expected to start in Q4 2021. It is worth noting that the project will include a building of 100,000 sq.ft. which will house the headquarters for Select Group within the huge development plot. Meanwhile, the overall completion schedule of the upcoming tower will be from 6 to 7 years, as stated by the master developer.
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Located right next to the Dubai Canal, Sheikh Zayed Road and Al Khail Road, Peninsula boasts excellent transport connectivity by private vehicle, marine transport and the city’s metro links. Residents will be able to reach some of the key areas of Dubai, such as Downtown Dubai, DIFC and Dubai International Airport within a 20-minute drive. Peninsula will also boast close proximity to Business Bay Metro Station and the Burj Khalifa/Dubai Mall Metro Station, which are both accessible within walking distance. Meanwhile, several water taxi stations are scattered nearby, including Al Wajeha Al Mayeha Station, Marasi Marine Transport Station and Dubai Design Marine Station. The excellent travel infrastructure just adds to the huge list of benefits from living in the luxury tower of Peninsula.
Home owners will be able to benefit from numerous essential amenities located within walking distance from the development. For a daily or weekly grocery shop, there are a few stores available just around the corner, such as Talabat Mart, Zoom and W Mart Supermarket. Furthermore, there is an Emirates NBD branch, Dubai Islamic Bank and Abu Dhabi Islamic Bank close by. In order to obtain high-quality healthcare services, residents will be able to make an appointment in The Physio Center, EK Clinic, Emirates Hospital Clinic and LifeLine Hospital, among many other premium medical institutions all within walking distance of the development. Meanwhile, families with children will be keen to learn that Peninsula provides easy access to a number of well-reputed academic establishments. These include Learning Tree Nursery, Japanese School Dubai, JSS Private School, Al Safa High School and Horizon English School, just to name a few.
Moreover, residents of Peninsula will be surrounded by a range of famous attractions, luxury hotels, gourmet eateries and great leisure spots. The following hotels will be a stone’s throw away from the new development: Park Regis Business Bay, JW Marriott Marquis Hotel Dubai, ME Dubai and The Oberoi, which are all famed for 5-star service, and fine eateries. Speaking of F&B venues, Peninsula will be adjacent to Malang Lounge Restaurant & Café, Bait Al Dana Restaurant & Café, Tibba Restaurant for Mandi and Kitchen 6, just to name a few. As well as all the above, Peninsula will boast close proximity to some record-breaking attractions within the city, including the Burj Khalifa, The Dubai Mall and Dubai Opera, which will all provide even more options for entertainment and dining to residents of the waterfront development.
In terms of investment and economic appeal, the long-awaited waterfront development is a highly profitable option. Firstly, properties located in the vicinity of the Dubai Water Canal, such as Peninsula, show a tendency of adding in value constantly due to the well-developed surrounding infrastructure which bolsters commercial and tourist activities on both side of the banks.
Secondly, in accordance with Vision 2040, the area of Business Bay, alongside Dubai Downtown is set to become the main financial hub of Dubai, subsequently creating a surge of investors and businessmen, as well as attracting local and international companies to the area. This will promote a higher interest and demand for properties in Peninsula, both for sale and to rent.
Thirdly, Dubai has been ranked the 11th most popular city globally for residence-by-investment programmes in 2021. Following this news, the minimum financial requirement to apply for a 3-year visa through investment has been reduced to AED 750,000 (USD 205,000) by the DLD. Among other benefits, this visa also allows families to apply for family sponsorship. Therefore, when purchasing a property in Peninsula, there is an attractive possibility of becoming a UAE resident and relocating close family members to the country as well.
The annual rental price for a 1-bedroom apartment in similar developments in Business Bay starts from AED 45,000 (USD 12,300). Meanwhile, as reported by Bayut & Dubizzle, this area remains one of the top favorites in the city in terms of luxury apartments with an average ROI as high as 5.39%.
Being qualified property experts with years of experience, we realize how confusing Dubai’s off-plan property market could be for new buyers, as well as for professional investors. Especially when there are thousands of off-plan properties in Dubai.
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