Dubai: Super-luxury penthouse up for sale for Dh250 million

Another high-value penthouse on the Palm Jumeirah is up for sale and it looks set to attract Dh250 million — as the demand for luxury properties continues to rise in Dubai.

"The super-luxury property on the Palm Jumeirah will cost Dh250 million," according to the developer Alpago Properties, who recently sold a new mansion on the Palm for Dh302.5 million surpassing the previous record of Dh280 million.

The project consists of 10 penthouses priced between Dh95 million and Dh250 million. The mega-penthouse, which occupies two floors at the top of the tower, is the most expensive unit.

"Prices have been set for the 10 units that make up the project’s 11 stories by Alpago Properties. Sales will begin early 2023 and the project is expected to be completed on 2024," the developer said.

Alpago Properties, which disclosed details of its newest and latest project — Palm Flower, said this newest project will be the crème de la crème of luxury residences and is set to be another architectural wonder on the picturesque Palm Jumeirah.

“Located on the West Beach of the Palm Jumeirah, the property will consist of 11 floors contain 10 residential units, each occupying an entire floor with one mega penthouse taking up two floors,” according to the developer.

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Murat Ayyildiz, chariman of Alpago Properties, said this project will be like none other in the world.

“We are already well-known for delivering some of the most breathtaking and eye-catching properties to our esteemed clientele and this will be no different,” he said.

He said Dubai is a hub for the most modern, creative, and extraordinary projects in the world and we are proud to be able to bring people something that perfectly matches the ambitions of this incredible city.

“Upon completion, Palm Flower will become one of the most sought-after residences in the world,” Ayyildiz said in a statement to Khaleej Times on Wednesday.

High-end amenities

Each penthouse of this niche residence will have floor-to-ceiling windows offering unobstructed views of the Arabian Gulf. The building will also contain high-end amenities such as a private cinema, gymnasium, and each unit will contain a full terrace with a private pool facing the sea on one side and the other side coming complete with a garden terrace giving residents ultimate comfort.

For this project, Alpago Properties partnered with the one and only British architect and designer Norman Foster. His company, Foster & Partners, is a global studio for architecture, engineering, urban and landscape design, rooted in sustainability.

The design agency is known globally for structures such as The Gherkin in London, Apple Tower Theatre in Los Angeles, the Hong Kong International Airport, and Alif – The Mobility Pavilion at Expo 2020 Dubai. World-renowned for the modern masterpieces he creates, Norman Foster will be delivering another exquisite work of art that will become an iconic feature of the Dubai skyline.

Ultra-prime property in demand

Frond G, which has more signature villas than all of Palm Jumeirah combined, is popularly known as 'Billionaires Row'. It is home to the most expensive villa ever sold in Dubai by Alpago Properties.

Recent media reports said that the Indian industrialist Mukesh Ambani, one of the world’s richest people, bought a Palm Jumeirah villa for approximately $80 million (Dh293 million) for his son Anant.

Prathyusha Gurrapu, head of Research and Advisory at real estate consultancy Core, said the prime and ultra-prime residential market has been relatively resilient compared to the affordable and mid-market segment during 2014-2020.

"We have observed a marked increase in demand for prime residential properties since fourth quarter of 2020. In fact, 2021 saw the highest secondary market transactions above Dh10 million in the last decade, with Palm Jumeirah accounting for nearly 35 per cent of these transactions," Gurrapu told Khaleej Times recently.

Prime residential values in Dubai, which encompasses the neighbourhoods of the Palm Jumeirah, Emirates Hills and Jumeirah Bay Island have risen by 88.8 per cent in the last 12 months, according to global property consultant Knight Frank.

“Prime residential values in Dubai continue to strengthen, growing by 29 per cent in third quarter alone, fuelled by a persistent deluge of UHNWI individuals who are zeroing in on Dubai’s premier districts, in search of second homes,"Faisal Durrani, Partner – Head of Middle East Research, said.

Of Dubai’s three Prime residential districts, the Palm Jumeirah, with an average transacted price of Dh3,054psf, remains the most affordable, relative to Emirates Hills (Dh5,220psf) and Jumeirah Bay Island (Dh6,345psf).

Ata Shobeiry, CEO at Zoom Property, the luxury property market will continue its rebound in 2022.

“The luxury property market will retain its upwards trajectory in 2022 with more upscale buildings and projects on the rise. Consequently, wealthy foreign investors will show more interest in the sector," he said.

"The market, on the whole, will benefit from an influx of overseas investors as there’s an increase in demand from Ukrainian and Russian buyers, as well. Moreover, visa reforms, expatriate-friendly policies, and high profit earning potentials continue to attract investors from across the globe, making Dubai a lucrative market for real estate investment,” Shobeiry said.

— muzaffarrizvi@khaleejtimes.com

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