Dubai South Properties has launched the fourth phase of its South Bay waterfront development after selling out the first three phases, which includes more than 600 villas.
The master developer also appointed Al Kharafi Construction Company to build three phases of its South Bay waterfront development.
The contract, worth Dh1.5 billion ($408 million), covers phases three, four and five of the project on Expo Road.
Slated for completion in the first quarter of 2027, the fourth phase includes 138 units comprising three, four and five-bedroom villas and a limited number of five-to seven-bedroom mansions.
Launched in 2022, South Bay in Dubai South's Residential District includes more than 800 villas and townhouses and more than 200 waterfront mansions.
The centrepiece of the scheme is a one-kilometre lagoon that will provide more than three kilometres of a waterfront promenade. The planned amenities include a lake park, beaches, water parks, swimming pools and a clubhouse, as well as cafes and a shopping mall.
In June, Dubai South launched phase three of the project with more than 200 villas and townhouses and waterfront mansions – currently priced between Dh18 million to Dh19 million – after it sold out the first two phases of 400 units.
South Bay incorporates a total of 6 phases. The first two phases – currently under construction – are completely sold out, and the company said it is planning to release the last two phases in the second quarter.
Nabil Al Kindi, chief executive of Dubai South Properties, said the project “has witnessed lots of interest since its launch”.
“The sell-out of each phase upon launching on to the market exemplifies South Bay’s uniqueness,” he said.
First apartments
Mr Al Kindi said Dubai South will launch an apartment project in the coming weeks which is expected to “create huge interest among investors”.
“We are also excited to announce that soon we will be launching our next project specifically catering to the demand for high-quality apartments in Dubai South, which will be a first-of-its-kind in Dubai South,” he said.
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“This new development promises an elevated living experience with meticulously crafted luxury finishes and thoughtfully designed amenities.”
Property search websites have listed the apartment project as South Living, a luxury 12-storey development of studios, one, two and three-bedroom apartments.
The Residential District at Dubai South is already home to more than 25,000 people.
Construction has started on a British-curriculum school, with registrations to open soon. Amenities in the area include public parks, sports courts, retail shops, a Lulu hypermarket which opened in March last year, a mosque, a petrol station and a public bus route connecting to Expo 2020 Metro station.
Dubai's luxury home market hit record levels in 2023 as sales of $10 million-plus homes nearly doubled to $7.6 billion, performing better than London and New York, Knight Frank said last month.
While sales within the price bracket rose by 91 per cent last year, about a third (28 per cent) of the 431 transactions were completed in the final quarter.
