Palm Jumeirah beachfront plot sold to Select Group and ESIC

Demand for luxury real estate in Dubai is showing signs of a recovery after a prolonged slump. (Supplied)

• The plot of land is one of the last few remaining beachfront plots in the area

DUBAI: Select Group and ESIC today have acquired one of the last remaining beachfront plots of land on Palm Jumeirah from master developer Nakheel.
The purchase price was not disclosed.
Select Group and Emirates Strategic Investments Company LLC (ESIC) acquired the 17,919.24 square meters land plot on the island's west crescent. The joint venture already owned an adjacent land plot, bringing its total beachfront area to 65,410 square meters, Nakheel said in a statement on Wednesday.
Located between the the One & Only and W Hotel Palm Jumeirah, the plot of land is one of the last few remaining beachfront plots in the area.
“The demand for tranquil beachfront locations has increased exponentially, and our aim is to target the ultra-luxury segment with a world class hospitality and residential resort,” said Rahail Aslam, founder and Group CEO of Select Group.
Demand for luxury real estate in Dubai is showing signs of a recovery after a prolonged slump and glut of new properties which kept prices depressed for the last seven years.