Dubai's The Pointe attraction is tipped for redevelopment after tenants were served with eviction notices this week.
The decision comes amid soaring demand for property and entertainment on Palm Jumeirah.
It is believed the open-air venue, which features restaurants and, until it closed on May 15, the world's tallest fountain show, will be given a major revamp.
Nakheel confirmed that the fountains would close but did not disclose its plans. Restaurants lining the man-made bay said they had been given eviction notices this week.
“The tenants of The Pointe have been served notice, which is fully compliant with the Dubai Land Department laws, rules and regulations, as part of the future redevelopment of The Pointe,” a statement from the developer said.
If this was redeveloped as villas or apartments they would command a premium unlike any we have seen so far
Peter Townsend,
Allsopp & Allsopp
“The tenants will have a period of 12 months to vacate and relocate, as per their individual circumstances.
“Nakheel is working closely with our valued tenants throughout this process. As a part of this redevelopment, The Fountain at The Pointe closed on May 15. Nakheel remains committed to ensuring the smoothest transition possible for its tenants during this time.”
There is no confirmation yet that the site could pave the way for waterfront homes, although it comes as Palm Jumeirah registered the highest sale prices per square foot in Dubai in April, at Dh4,635, up 4 per cent on the previous month.
The highest average annual apartment rents are also found in Palm Jumeirah at Dh263,762.
“If they rejuvenate this area and add real estate then it can only be a good thing because the Palm has come on leaps and bounds in the last three to four years,” said Rennie Sanger, senior off-plan and investment consultant with real estate company Haus & Haus.
“Before then it was seen as a very luxurious area with not much in the way of amenities but now you’ve got West Beach with a host of restaurants and Nakheel Mall.”
Mr Sanger said there was a need for more property on the Palm given how much the area was due to expand.
“There is a surge of people heading to the Palm now with the opening of the Royal Atlantis, and the upcoming Six Senses residences will create a lot more real estate,” said Mr Sanger.
Another expert said the land could end up being among the most valuable properties in Dubai, depending on how it was developed.
“If this was redeveloped as villas or apartments they would command a premium unlike any we have seen so far,” said Peter Townsend, senior property consultant for Palm Jumeirah with Allsopp & Allsopp.
“The land could be among the most valuable on the Palm, either side of The Pointe has some of the most exclusive villas in Dubai.”
There were several ways the land could be redeveloped to Nakheel’s advantage, he added.
“It could be plausible for this prime location – with some of the best views on the Palm – to be relaunched as residential,” he said.
“Or it could be the case that Nakheel is looking to improve what’s on offer in terms of high-end restaurants or bars.”
More internationally recognised restaurant brands and bars, such as those found in DIFC, would add immediate value to the market in the Palm, said Mr Townsend.
The opportunity to purchase new properties on the Palm would be snapped up by buyers, said another property expert.
“Shoreline type apartments, as opposed to ultra luxury villas, would compliment what is already there,” said Matthew Gregory, Marina branch director at Betterhomes.
“It would also take advantage of the boom in property prices and there could be buyers already lined up, given how prestigious it is to live on the Palm.”
Eating out at The Pointe: in pictures
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
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THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
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Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
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KILLING OF QASSEM SULEIMANI
Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
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Avengers: Endgame
Directors: Anthony Russo, Joe Russo
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4/5 stars
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
