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Dubai's Meraas picks up $30mln for two Bvlgari Residences

An aerial view of Dubai from Burj Khalifa, the tallest building in the world, in Dubai November 19, 2014.

An aerial view of Dubai from Burj Khalifa, the tallest building in the world, in Dubai November 19, 2014.

REUTERS/Ahmed Jadallah

Thursday, May 18, 2017

Dubai: Dubai’s super-pricey Bvlgari homes on a brand new island development are getting snapped up, including two units that went for Dh60 million and Dh50 million. These represent the costliest penthouse deals in the city, and easily going past the Dh42 million recorded for a unit in 2014.

The Bvlgari Residences will be handed over in early 2018, and all of the eight penthouses and 60 per cent plus of the total 188 units have been sold, according to Meraas, the developer.

The Dh60 million unit is spread over 14,346 square foot (at Dh4,182 a square foot) and bought by a GCC national. The Dh50 million deal was concluded by a European national and the unit encompasses 12,122 square feet.

The property mix also includes 15 “mansions”, and the only ones to bear the Bvlgari name in the world to date. These range from Dh18 million to Dh51 million. More than half of these units — measuring 10,504 to 29,113 square foot — have been sold.

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The one-to-three bedroom apartments, which range from Dh4.5 million to Dh13 million, has seen over half of the 168 units sold. The Residences are located 300 metres off the coast of Jumeirah 2 area at “Jumeira Bay”, a man-made island by Meraas. The homes are part of The Bvlgari Resort & Residences Dubai, spreading over 1.7 million square foot. It is the sixth Bulgari Hotels & Resorts property in the world.

Staff Report

Gulf News 2017. All rights reserved.

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