Developer says prices at its exclusive development have risen by 25% since its launch in December
Discovery Dunes, a new ultra-luxury development that has been launched in Dubai and is selling land plots for up to $50 million, is registering strong demand, according to its developer.
Prices at the project – to which The National had exclusive access – have increased 25 per cent since it was soft-launched less than three months ago by US-based Discovery Land Company, which operates 35 high-end residential communities globally.
The members-only community in Dubai South will contain 198 mansions and villas, 132 apartments, a Tom Fazio-designed golf course and several luxury amenities.
The two-square-kilometre development is minutes away from the Jetex private jet terminal at Dubai World Central.
The lots, which come without a villa, start at $7.5 million – up from $6 million when the development was launched in December.
Buyers then choose one of Discovery Land’s Olson Kundig designs for villas, starting at Dh2,500 ($700) per square foot, or approved custom designs for their villas, which are expected to start at around Dh1,500 per square foot.
Among the most expensive lots is one in the centre of the development, priced at around $50 million, said Mohammed Alawadhi, chief executive of Discovery Land Company Middle East.
There’s an annual management fee for buyers that pays for the multitude of services offered on-site, including doctors and wellness specialists.
Mr Alawadhi declined to disclose how much it is but insisted it hasn’t been an issue. “The only answer we hear from our members is, ‘Oh, is that it?’” he told The National.
Interest has been strong, with about half of the initial release of 55 plots bought by “an interesting mix of European, Middle East and US buyers”, he said.
“We have 50 per cent of the first phase sold and we have prospects in the pipeline,” said Mr Alawadhi, former head of real estate of Dubai South Properties.
Discovery, which acquired the plot of land in Dubai South’s golf community for Dh1 billion in 2022, expects the site will generate approximately $6 billion in total sales.
