Peninsula Two is the second phase of the Peninsula development which was launched in Q3 2021 by Select Group. The master developer, with a GDV of AED 17B (USD 4.6B), is particularly known for its wide range of homes built in the Dubai Marina area. Spanning across 358,000 sq.ft, the brand new 36-storey tower in Business Bay is set to provide a total of 439 residential units, including compact studios and spacious 1 & 2-bedroom apartments. Meanwhile, the living area of residences ranges from 339 sq.ft to 968 sq.ft. The Peninsula Two development is due for completion in Q4 2024.
Virtually all apartments will include a balcony of 62 sq.ft -83 sq.ft. offering a beautiful view of the Dubai Water Canal. Moreover, properties at Peninsula Two will boast upscale finishes, such as gypsum board ceilings, textured HPL wardrobes and cupboards, marble thresholds and porcelain tile flooring. At the same time, kitchens plan to be equipped with stainless steel sinks, quartz surface countertops, a backsplash and a connection point for a washing machine. There will also be high-end appliances, including an exactor fan, a gas oven, a fridge/freezer and 2 or 4 gas hobs (depending on the property type) installed in the kitchen. Prospective buyers will be keen to learn that carefully crafted bathrooms will boast a porcelain-tiled wet zone area and ceilings, chrome-plated sanitary fittings, stone washbasins, and tastefully located mirrors. As well as all the above, each apartment will be provided with 1 designated parking space in the basement.
In addition, Peninsula Two will be connected to the Community Mall, a 66,000 sq.ft. retail center, which is set to include 23 individual units. Designed to accommodate the needs of homeowners, the mall will provide residents access to beauty salons, supermarkets, pharmacies, F&B outlets and cafes, as well as healthcare amenities. Peninsula Promenade is another focal point of the community, serving as the main entertainment hub. Among other facilities, it will house an events venue, a concert space, an art park, an outdoor cinema and pop-up jet fountains, offering plenty of family-friendly activities.
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Located in a freehold area, Peninsula Two is most certainly a highly attractive investment opportunity. In fact, Peninsula One sold out within only 1 month after its release, which proves its popularity with buyers. One of the appealing aspects of this development is, of course, its strategic location. Interested buyers will be glad to know that some of the most sought-after areas, including DIFC, Downtown Dubai and Dubai International Airport, are only around 15 minutes’ away from the development. Furthermore, when purchasing a property in the upcoming tower, you will be provided with a 4% DLD Waiver Fee.
As well as this, the estimated rental income from a 1-bedroom apartment in Peninsula Two amounts to AED 57,257 (USD 15,600), according to Select Group. At the same time, Business Bay, has an ROI of 5.39% and has been one of the most in-demand areas in 2021 for buying luxury apartments, as reported by Bayut & Dubizzle. As Business Bay is set to become the main financial hub of the city, together with Dubai Downtown, it will attract even more business individuals, entrepreneurs and traders, as well as local and international companies to the area. Thus, residences within the area, such as Peninsula Two, will witness a surge in demand regarding both sale and rentals.
Not forgetting the Taskeen Programme, which was launched by the DLD, which provides the opportunity of applying for a 3-year visa through investment. The minimum required amount to apply for this type of visa is AED 750,000 (USD 205,000) and this visa includes a spouse sponsorship. This means that once Peninsula Two is completed, you will be able to become a UAE resident and also bring your children and a spouse to the UAE.