Dubai, UAE; November 17, 2022: Ellington Properties, Dubai’s leading and award-winning design-led boutique developer, SHUAA Capital psc (DFM: SHUAA), the region’s leading asset management and investment platform through its real estate development arm, Northacre, and Sol Properties, the real estate development arm of Bhatia Group, have signed an agreement to develop a new residential project on the iconic Palm Jumeirah.
The partnership is a strategic alliance that brings together leading players in the investment and real estate industries to work on an iconic project that will feature exquisitely designed spaces for luxury living.
Bjarke Ingels Group (BIG), a Copenhagen, New York, London, Barcelona, and Shenzhen based group of architects, has been appointed to design the project. With nine residential floors, the new project will have 88 units comprising of two to six-bedroom units as well as duplex units. The project will reflect Ellington Properties’ signature design-led approach, with exceptional features and resort-like amenities that will provide high-quality lifestyles.
Robert Booth, Co-Founder and Managing Director of Ellington Properties, said: “This exciting partnership marks our further expansion to meet the growing demand for our design-led homes. By partnering with the best-in-class companies, we will leverage their expertise to develop stunning homes in prime locations across Dubai that will elevate people’s lifestyles.”
Jassim Alseddiqi, Chairman of Northacre, said: “We are excited to embark on this partnership to realise our shared vision of creating contemporary luxury spaces and exceptional living and wellness experiences, while bringing to the project our meticulous attention to detail and passion for craftsmanship.”
Fawad Tariq Khan, Group Chief Executive Officer of SHUAA Capital, added: “The partnership is consistent with SHUAA’s continued successful investment strategy in the real estate market with the goal of increasing value for our shareholders. We remain committed to diversifying our investment portfolio across all major sectors of the market, including real estate.”
Ajay Bhatia, CEO of Sol Properties, said: “We are delighted to once again be partnering with Ellington Properties, following our joint venture to develop Oakley Square Residences. Through this partnership, we will work together to develop beautiful, high-quality homes that will enrich people’s lives.”
The new project is Ellington’s third development on Palm Jumeirah, following the recently launched Ellington Beach House, a residential apartment project of 123 units, and The Ellington Collection, comprising of nine prestigious beachfront villas. Ellington Properties has a varied portfolio of award-winning projects including Belgravia and Belgravia II, Belgravia Square, Belgravia Heights I, Eaton Place, Somerset Mews and Harrington House, all located in Jumeirah Village Circle; DT1 in Downtown Dubai as well as Wilton Terraces, and Wilton Park Residences.
Northacre, London’s leading super-prime developer with more than 30 years of experience in creating exceptional housing, is a subsidiary of Dubai-based SHUAA Capital. Currently SHUAA and Northacre are involved in the development of a diverse and unique portfolio of projects in the UK and the GCC valued at more than USD 3.6 billion. Northacre recently announced the project completion of The Broadway, a USD 1.5 billion+ contemporary residential and mixed-use development with unrivalled views across Westminster and St James’s Park in London.
Sol Properties is a well-established property developer bringing four decades of experience with more than 250 projects, including residential, hospitality, retail, and commercial developments.