Developed by Meydan, the latest luxury development located by the Dubai Water Canal in Al Wasl is to be sold by the firm
Words by Aneesha Rai in Company News · Nov 21st, 2022
A brand new, luxury residential project located in Al Safa Park, next to Dubai Water Canal, has been launched by LUXHABITAT Sotheby’s International Realty. The Canal Front Residences will offer 165 luxury one-, two- and three-bedroom apartments for sale, and will be located on the Dubai Canal in Al Wasl, Jumeirah, offering scenic views across the Dubai Water Canal embankment, the Tolerance Bridge, Safa Park, Downtown Dubai skyline, and the Arabian Gulf.
Canal Front Residences is one of the few freehold building projects launched in Al Wasl, Jumeirah. With a starting price of AED 1.99 million for a 972 sq ft apartment, the units at Canal Front Residences offer incredible value for both end-users and investors alike. The area has seen a sales volume of AED 290.7 million in Q3 2022 with the average price per sq ft at AED 10,942. The average villa in Jumeirah sells for AED 13.21 million and has a built-up area of 3,043 sq ft, based on the data by the Dubai Land Department and analysis by LUXHABITAT Sotheby’s International Realty.
Jumeirah also emerged as the residence location of choice by HNWIs in Dubai, based on an analysis by the US-based strategy consultancy, Webster Pacific. Of the 67,900 HNWIs in Dubai, 35% are in Jumeirah First, Al Barsha, and Jumeirah, according to the report. The off-plan apartments at Canal Front Residences will be estimated to be ready for handover in the last quarter of 2024.
Talha Ahmad, Sales Manager, Project Developments, LUXHABITAT Sotheby's International Realty, commented, “Off-plan apartments have performed very well this year across prime areas, with an increase of approximately 26% in sales volume as people continue to flock to invest, work and live in Dubai. Investors into Dubai’s real estate market understand the city not only offers security, resilience, and growth, but considerable value for money when compared against other global hubs. The Canal Front Residences developed by Meydan offers investors security, high-quality finishing, and a convenient and an excellent lifestyle within a stunning waterfront location on the Dubai Water Canal, with easy accessibility to various hotspots such as Downtown Dubai.”
Once complete, the Canal Front Residences will epitomize a contemporary and expressive design. Residents will enjoy floor-to-ceiling windows, spacious rooms, elaborate interiors, and unique pastel textures and finishes. In addition to its convenient location, which offers quick access to Sheikh Zayed Road, residents will have access to a wide range of amenities. An on-site state-of-the-art gym, outdoor swimming pool, complete with sun loungers, and children’s playground will cater to the needs of the entire family.
Created by developer Meydan, best known for real estate projects such as The Meydan Hotel, Dubai Racing Club and Meydan Racecourse, and Bab Al Shams Desert Resort & Spa, Canal Front Residences offer spacious apartments with easy access to Dubai’s most popular business, retail, and leisure attractions.