(MENAFN- Khaleej Times) If you are seeking exclusivity, privacy and luxury trappings in a property and have a few million dirhams to spare, the Alef Residences on the West Crescent of the Palm Jumeirah is a good option to consider.
To be serviced by the W Dubai - The Palm, the Alef Residences is seeing steady progress in construction, with an average of 3,000 workers on site. While the W hotel is structurally complete and topped out, structural work on the 104 homes comprising Alef Residences has hit the 93 per cent mark. The W Dubai is on track to be completed by the end of Q1 2017 while the residences will be ready at the end of Q2 the same year. The developer, Al Sharq Investment, a joint venture between Qatar's Al Mana Global and Saudi Arabia's Al Sharq Group, has launched a show home for potential home owners. A four-bedroom apartment spanning a mammoth 8,900 sqft, the show home offers sweeping views of both the Dubai skyline and the Arabian Gulf. It features a formal living room, dining room, a family living room, gourmet kitchen equipped with Miele appliances, a walk-in wardrobe in the master bedroom and back-of-house services such as a service kitchen, laundry room, storage room and maid's quarters. While each floor will only feature two apartments, separate service lifts will guarantee more exclusivity. The eight mansions will also have private lift lobbies for residents. Around 15 per cent of the 104 Alef Residences has been sold, said Matthew J. Bate, executive manager of Al Sharq Investment. "This is on track with our sales programme. The majority of our clientele are looking at these homes as a primary or secondary residence. It's a very emotional process with regard to the sales. People spend a lot more time, looking and making sure that the apartment they pick will be the right one," informed Bate. The buyer demographic has been across the board, according to the promoters. "There has been a mix of Indian, Eastern European, European and the UK buyers. Because of the location and our brand, we also have a strong database of enquiries from the GCC." Make no mistake, with the average price of an Alef Residence pegged at Dh23 million to Dh25 million, these are targeted at high net worth individuals. Mahmoud Amer, a member of the executive committee of Al Sharq Investment, said Alef Residences is unlike any other product in the Dubai market. "It fills a gap for very high-end premium quality residential developments in an integrated lifestyle project." The project also features five penthouses, a few of which have been sold. The two simplex and three duplex penthouses will have enclosed parking spaces, private lifts and lobby. "The ground floor apartments, with access to the backyards, barbecue areas and pool, are proving to be very popular," said Bate. The residents will also have access to a 475-metre beachfront, including the W Dubai's private beach, with cabanas, outdoor dining, a tennis court and a beach sports hut. Meanwhile, the top two floors in each mansion will be shell and core. Owners can customise fitouts and layouts according their personal needs. "The type of customer who will buy at Alef will always want to put their personal touch to the apartment. Hence, we have opted for flexible finishes in the fitted out apartments. Living spaces can be tailored to what your needs are," explained Bate. Residents will also have access to Club 104, which will include a lounge, pool, cinema, restaurant, gym/yoga room, spa and juice bar spread across three floors. Al Sharq Investment intends to expand the Alef brand in the wider GCC and Europe in due course. "We are focusing hard on getting our flagship property right. We need to build brand equity," Bate concluded. -