Select Group launches $123m Dubai Marina tower

UAE real estate developer Select Group has launched a new Dhs450m ($122.5m) residential tower in Dubai Marina.

The 31-storey Studio One project, Select’s 14th in the marina area, is located near the Bluewaters Island development.

Read: Dubai’s RTA confirms Bluewaters Island bridges to be ready in December

It will feature studios, one-bedroom and two-bedroom apartments designed to appeal to “millennials and savvy investors” with prices ranging from Dhs574,000 to Dhs1.34m.

Other amenities include a swimming pool, gym, male and female steam and sauna rooms, ground floor retail outlets and dedicated parking for residents.

“Studio One is a project that aspires to cater to the current pulse of Dubai’s real estate market, which comprises value driven young professionals and families. The combination of a prime urban location, smartly designed layouts, attractive price point and a great payment plan promises to be a viable investment option for the new generation of home buyers in Dubai,” said Select Group CEO Rahail Aslam.

Read: Select Group chief Rahail Aslam on why he remains bullish about Dubai’s property market

Studio One, which is located next to the Wyndham Hotel, is due to be finished in December 2018.

The launch comes as the Dubai property market continues to face downward pressure, with many owners hoping for a turnaround next year.

Read: UAE residential market declines expected until year-end