PHOTO
Tuesday, Feb 07, 2017
Dubai
The countdown continues to pick up the costliest penthouse in Dubai — a 62,000 square feet unit on the Palm and with a base price of a whopping Dh180 million ($49 million). It will be part of the under-development Dh1.9 billion One Palm project.
“Even last week we received an offer — but we want to finalise the sale until the very last moment,” said Mahdi Amjad, Executive Chairman and CEO of Omniyat Properties, which is building it in alliance with Drake & Scull. “The penthouse can even be carved up into two or three units depending on the owner preferences, with the smallest being a still sizeable 20,000 square feet plus.
“The way it’s been designed it is quite a large crown on top of the building, which itself is 100 metres high. We are seeing the price tag change significantly.”
Omniyat started taking expressions of interest on the unit from last year. Sales on the other units are progressing — “A majority have been sold to a who’s who of the region,” Amjad added.
Occupying a coveted 155,000 square feet spot right at the entrance into the Palm cluster, the 25-storey project has reached the 20th level on the construction side, placing it in line for completion next year. Omniyat has also created a shortlist for the eventual operator of the residential property, with a decision expected within the next two months.
“It’s on purpose we want to hold back the penthouse sale,” said Amjad. “A developer can have the best properties on the best locations ... but he will also need to make sure to have the right neighbours and operations. That’s what we are working on.” (In all, there will be 90 units on the One Palm,)
Currently, top-of-the-line apartments at the Palm command values in the range of Dh2,000 and above. The location is currently witness to a high-rise project from Nakheel, in the form of the 52-storey Palm Tower. (The master-developer recently confirmed it will be launching its next high-rise — the Palm 360 will be a twin-tower structure — later this year.)
Secondary market activity involving Palm projects did have a relatively quiet time last year, with the market being in corrective mode.
According to a listing of the costliest properties in Dubai this year, the estate agent Luxhabitat has space for six Palm properties in the Top 10 positions, with a villa carrying a Dh115 million tag. (The priciest home in the list was an Emirates Hills villa for Dh129.9 million.)
Outside of the One Palm, Omniyat is gearing up for a launch on a plot along the Dubai Water Canal, fast emerging as a favoured spot for developers with high-end aspirations. “We plan to announce it in the first-half itself — it will be a mixed-use, with a hotel component to be operated by a niche brand,” said Amjad.
By Manoj Nair Associate Editor Gulf News 2017. All rights reserved.
Dubai
The countdown continues to pick up the costliest penthouse in Dubai — a 62,000 square feet unit on the Palm and with a base price of a whopping Dh180 million ($49 million). It will be part of the under-development Dh1.9 billion One Palm project.
“Even last week we received an offer — but we want to finalise the sale until the very last moment,” said Mahdi Amjad, Executive Chairman and CEO of Omniyat Properties, which is building it in alliance with Drake & Scull. “The penthouse can even be carved up into two or three units depending on the owner preferences, with the smallest being a still sizeable 20,000 square feet plus.
“The way it’s been designed it is quite a large crown on top of the building, which itself is 100 metres high. We are seeing the price tag change significantly.”
Omniyat started taking expressions of interest on the unit from last year. Sales on the other units are progressing — “A majority have been sold to a who’s who of the region,” Amjad added.
Occupying a coveted 155,000 square feet spot right at the entrance into the Palm cluster, the 25-storey project has reached the 20th level on the construction side, placing it in line for completion next year. Omniyat has also created a shortlist for the eventual operator of the residential property, with a decision expected within the next two months.
“It’s on purpose we want to hold back the penthouse sale,” said Amjad. “A developer can have the best properties on the best locations ... but he will also need to make sure to have the right neighbours and operations. That’s what we are working on.” (In all, there will be 90 units on the One Palm,)
Currently, top-of-the-line apartments at the Palm command values in the range of Dh2,000 and above. The location is currently witness to a high-rise project from Nakheel, in the form of the 52-storey Palm Tower. (The master-developer recently confirmed it will be launching its next high-rise — the Palm 360 will be a twin-tower structure — later this year.)
Secondary market activity involving Palm projects did have a relatively quiet time last year, with the market being in corrective mode.
According to a listing of the costliest properties in Dubai this year, the estate agent Luxhabitat has space for six Palm properties in the Top 10 positions, with a villa carrying a Dh115 million tag. (The priciest home in the list was an Emirates Hills villa for Dh129.9 million.)
Outside of the One Palm, Omniyat is gearing up for a launch on a plot along the Dubai Water Canal, fast emerging as a favoured spot for developers with high-end aspirations. “We plan to announce it in the first-half itself — it will be a mixed-use, with a hotel component to be operated by a niche brand,” said Amjad.
By Manoj Nair Associate Editor Gulf News 2017. All rights reserved.
