Staff Report
Dubai, UAE
Taraf, the real estate division of Yas Holding, an investment group, has completed the groundbreaking for Dh350 million Luce project, an ultra-luxury residential development located on Palm Jumeirah in Dubai. Designed by MZ Architects, Luce is the developer’s first project to break ground. It has appointed APCC as the main contractor for constructing the project.
The groundbreaking marks the start of the construction phase, bringing the project a significant step forward towards completion. The project features 38 units ranging from two-, three-, four- bedroom apartments to one duplex and one penthouse which are worth Dh350 million altogether. The apartments value from Dh7-15 million, according to the number of bedrooms, while the duplex and penthouse collectively stand at Dh45 million.
The residence is equipped with amenities like gym, entertainment and recreational centres, and infinity pools. The duplex apartment comes with a garden and swimming pool, and the 10,000 square feet penthouse features a private lift and a plunge pool. Taraf unveiled Luce in February 2023 and aims to deliver it by December 2025.
In an interview with Gulf Property, Ahmad Shibel, CEO of Taraf, justified the developer’s venture into niche boutique properties, “Luxury is selling.” Luce successfully sold out in less than a month following its unveiling. The pace at which high-end luxury properties are selling out will boost more developers to launch further projects, according to a real estate analyst, requesting anonymity. Moreover, luxury residences provide sustainable cash flow to developers, proving to be high return, low risk ventures.
Taraf unveiled its second property in Jumeirah Village Circle in July earlier this year. The Dh180 million Terrazo comprises 200 apartment units, falling into a more affordable mass-market segment of properties. However, Taraf intends to focus on the niche boutique segment and cater to high net worth individuals in the UAE, according to Shibel. The developer has revealed that it has more projects in the pipeline ready for launch in Dubai and Abu Dhabi this year.
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