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Tenants have 90 days to vacate homes as Nakheel begins work to turn property into serviced apartments
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Dubai's most expensive penthouse sold for Dh60m
The penthouse is the most expensive one sold till date, only followed by a penthouse on Fairmont the Palm that sold at Dh42m in 2012.
The property is currently being developed by Meraas and is due for completion by the end of 2017. The luxury development will host a 1.7 million sq. ft complex and will be framed landscaped gardens. With 100 rooms and suites, 20 residential villas and a marina, the residents will be additionally pampered with a full range of luxury amenities.
According to historical statistics, this penthouse is the most expensive penthouse transaction to date, only followed by a penthouse on Fairmont the Palm that sold at Dh42 million in December 2012.
Luxury Sales Director, Alexander Von Sayn Wittgenstein, who brokered the deal, said: "This penthouse is very special because it has 270 degree views of Downtown Dubai and the sea. It's the largest penthouse I've ever come across for a branded development in Dubai."
Other branded developments that host penthouses include Armani Residences, Kempinski Hotels & Resorts, The Fairmont Palm Residences and Palazzo Versace. Branded developments can demand up to a 46 per cent premium in terms of prices per sq. ft, according to a Luxhabitat analysis in 2015. It was also found that these branded residences have an inelastic price and higher investment returns.
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