Omniyat Group and Drake & Scull International (DSI) announced that they have begun construction on their megaproject in Palm Jumeirah by breaking ground.
The project, called One at Palm Jumeirah, is a Dhs2 billion premium residential development located at the trunk of Palm. The property, which was launched in August, is scheduled for completion by 2017.
“Throughout the next three years, the Omniyat Group and DSI will work jointly to build this building to a standard, well beyond anything seen in high-end development,” said Mahdi Amjad, CEO of Omniyat.
The development will be 25 storeys high and will comprise of 90 apartments. The One at Palm Jumeirah will also have indoor and outdoor swimming pools, a cinema, cigar lounge, super luxury spa and yacht club.
The project will be the highest residential development at the trunk of Palm Jumeirah, the statement said.
“One at Palm Jumeirah is specially crafted for the most privileged of the privileged few, which shows the commitment which is reflected in our design approach,” said Khaldoun Al Tabari, CEO of DSI.
The project is a 50-50 joint venture between the Omniyat group and DSI and will be designed by architects Soma from New York, Super Potato interior design from Japan and Vladimir Djurovic landscape architects from Lebanon.
Real estate developers have been cashing in on Dubai’s property boom with the launch of new projects while some have restarted work on stalled developments.
Omniyat, which had to suspend Dhs8 billion worth of projects during the property crash in Dubai, unveiled projects such as The Opus and The Pad last year.
Aside from its joint venture project with DSI, the developer launched a Dhs600 million tower in Dubai Maritime City and a Dhs900 million residential tower in the Business Bay area during Cityscape Global 2014.