This type of project is quite unusual for the area of Business Bay, since it plans to feature an abundance of green spaces, parks and running tracks, as well as the ultimate array of recreational amenities. One of the planned key features of Peninsula, which is already attracting the attention of many buyers, is a gorgeous promenade, featuring F&B venues and retail spaces, alongside parks and gardens. As well as all the above, residents of the waterfront tower will be granted full access to premium fitness facilities, which will include, but are not limited to tennis, squash and basketball courts, as well as a one of a kind skate park. The master plan of Peninsula includes supermarkets, boutique stores, beauty salons and famous hospitality and dining brands set within the long-awaited development, to ensure its homeowners eat at only the finest dining hotspots in the city.
The construction of Peninsula will happen in phases, with Phase 1 expected to start in Q4 2021. It is worth noting that the project will include a building of 100,000 sq.ft. which will house the headquarters for Select Group within the huge development plot. Meanwhile, the overall completion schedule of the upcoming tower will be from 6 to 7 years, as stated by the master developer.
To acquire more information on property prices and layouts of units in Peninsula, please register your interest on our website. Our real estate agents will then contact you and will be glad to answer any queries regarding the off-plan development.
In terms of investment and economic appeal, the long-awaited waterfront development is a highly profitable option. Firstly, properties located in the vicinity of the Dubai Water Canal, such as Peninsula, show a tendency of adding in value constantly due to the well-developed surrounding infrastructure which bolsters commercial and tourist activities on both side of the banks.
Secondly, in accordance with Vision 2040, the area of Business Bay, alongside Dubai Downtown is set to become the main financial hub of Dubai, subsequently creating a surge of investors and businessmen, as well as attracting local and international companies to the area. This will promote a higher interest and demand for properties in Peninsula, both for sale and to rent.
Thirdly, Dubai has been ranked the 11th most popular city globally for residence-by-investment programmes in 2021. Following this news, the minimum financial requirement to apply for a 3-year visa through investment has been reduced to AED 750,000 (USD 205,000) by the DLD. Among other benefits, this visa also allows families to apply for family sponsorship. Therefore, when purchasing a property in Peninsula, there is an attractive possibility of becoming a UAE resident and relocating close family members to the country as well.
The annual rental price for a 1-bedroom apartment in similar developments in Business Bay starts from AED 45,000 (USD 12,300). Meanwhile, as reported by Bayut & Dubizzle, this area remains one of the top favorites in the city in terms of luxury apartments with an average ROI as high as 5.39%.