Gramercy Real Estate Development L.L.C

Gramercy Real Estate Development is here with 42 East Residences on Central Island, and it is one of the more distinctive buildings on the island because of what it does not do: it does not chase compact investor units. 42 East is built around large, family-sized homes, and that shapes everything about it.

The clue is in the mix. Layouts run from around 2,075 sq.ft up to 4,470, with three to four bedrooms only, in a building of just 42 units. There are no studios or one-bedroom investor units here; this is a low-density, large-format building for people who will actually live in the home. On Central Island, the built-up core with the deepest resale market, a genuinely low-density family product is scarce and has a clear end-user audience.

On price, the per-foot rate is reasonable at AED 2,025, below the island median of AED 2,445, but because the units are so large the entry price is high, from about AED 4.2M. So you are getting a fair per-foot rate on a large home rather than a cheap ticket. The payment plan is a soft 40/60, deferring most of the price to handover, which suits a family buyer planning to move in. Handover is dated Q2 2028, a mid-range horizon.

The honest read on 42 East is that it is a specialist product: a large-format, low-density, family building at a fair per-foot price but a high absolute price. If you want a genuine family home on Central Island with only 42 neighbours and space that most island buildings do not offer, it is one of the few that delivers that, and the below-median per-foot rate means you are not overpaying for the space. If you are a yield investor after a compact, cheap-ticket unit, this is simply not aimed at you. As with any newer developer here, confirm on-site progress and keep a cushion on the Q2 2028 date.

42 East Residences is priced from AED 4.2M at AED 2,025 per sq.ft. That is 17% below the Dubai Islands apartment median of AED 2,445, a gap of AED 420 per foot, which puts it in the cheapest quarter of island pricing. On its 40/60 payment plan, that entry price splits into about AED 1.68M committed across construction and AED 2.52M due at handover. Budget roughly another 6 to 7 per cent to complete, around AED 273K: the 4 per cent Dubai Land Department fee, trustee and admin, the first year of service charge and snagging. At this price the registered value clears the AED 2M threshold for the 10-year Golden Visa. Handover is dated Q2 2028, the building holds 42 units, sized 2,075 to 4,470 sq.ft, currently selling. View the full listing →