Built on one of the last remaining waterfront plots in Dubai Marina and situated on its northern entrance is The Residences at Marina Gate. The three-tower project has a combined gross development value (GDV) of AED 4bn ($1.09bn) and covers an area of 3.8 million sq ft.
The first tower in the development ‘Marina Gate I’ was launched by Select Group in Q1 2014. Construction began the same year and was completed in Q1 2018. Residents have moved in and a handful of two-bedroom apartments remain to be sold. With a built-up area of 1,139,500 sq ft and spread over 51 floors, the development features 399 residential units.
Marina Gate II, the second tower in the development was launched in Q4 2014. It is scheduled for completion in Q2 2019 and is 90% sold out. Occupying the central location in the development, the tower features 519 residential units and is spread over 64 floors. The building has topped out and cladding works are currently ongoing.
The developer has tied up with the Jumeirah Group for the third and final tower. The Jumeirah Living Marina Gate will feature 104 serviced apartments, 389 branded residences and 15 villas.
Phase 1 was launched in Q1 2017, and construction is progressing on schedule.
How do you hope to stay ahead of the competition in a mature development location like Dubai Marina?
Dubai Marina offers a vibrant cosmopolitan lifestyle, has great accessibility and public transport options. Its proximity to the beach, restaurants and cafés add to its lifestyle and once residents embrace this they are naturally reluctant to move to other communities.
With 14 developments to its credit in Dubai Marina, Select Group is the largest private developer in the buzzing Marina community and this gives us a competitive edge.
Due to a growing value-conscious segment and the increase in younger buyers, mid-market properties are in strong demand. With that in mind, we are diversifying and widening our product offering. The launch of Studio One is proof of this strategy.
Along with identifying the right opportunities, the track record of a developer becomes very important. As the market in Dubai matures, customers want to see that a developer has delivered projects in the past.
Our wide-ranging presence in Dubai Marina adds to the overall success of our developments. We aspire to grow from being excellent to being exceptional, and plan to do so through continuously focusing on processes across our business verticals and exceeding our customer’s expectations with respect to both delivery timeframe and quality.
What are the project’s unique features? Can you list the Top 5?
Marina Gate I, the first tower within the Residences at Marina Gate, is now complete and handover to customers is ongoing. The development’s most significant USPs in a glance are stunning waterfront views, premium finishes and efficient layouts, luxurious amenities, and retail at the Marina Gate.
What are your target markets?
The buyer demographics have continued to evolve over the years. Since inception in 2002, Select Group has had an extensive and varied customer base. The Group has delivered approximately 8 million sq ft of residential property with a combined GDV in excess of AED 11.5bn to 5,300 customers from 62 nationalities.
A significant number of our existing UK and Europe based customers have remained loyal to the brand and continue to invest in Select Group’s developments followed by UAE, GCC and other nationalities. More recently we are witnessing growing interest from the Chinese customers.
What other projects do you have in the pipeline?
Set for completion within the next 12 months are ‘No.9’ and ‘Studio One’, both located in Dubai Marina. No.9 is a waterfront development located on the promenade and offers stunning Marina views. The 34-floor tower will house 220 apartments and offer residents a wide array of amenities.
The built up area of the project is approximately 500,000 sq ft. Spread over 31 floors and 400 residential units, Studio One is Select Group’s 14th residential development in Dubai Marina.
Select Group has recently acquired a prime location for a large-scale project in the heart of the city. Extensive concept and design works are ongoing and launch of the project is anticipated by the end of 2018. More details will be disclosed closer to the launch.
What is your forecast for the MENA construction sector in 2018?
MENA benefits from one of the most attractive demographic profiles globally, ones that support sustained demand for infrastructure investment in the coming years.
Analysing the positive demographics and ambitious economic diversification agendas by the government, we foresee infrastructure development to be a key growth engine, fueling the region’s performance in the near future.
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