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Dubai’s ‘most expensive’ penthouse finds a buyer for Dh102m

Top-floor penthouse forms part of Omniyat’s One Palm all-prestige tower on the Palm

  • The penthouse of Omniyat’s One PalmImage Credit: Omniyat
  • The penthouse of Omniyat’s One PalmImage Credit: Omniyat
Gulf News

Dubai: The Dh100 million and the Dh102 million ($27.56 million) sales transactions are starting to show up in Dubai’s real estate radar.

Omniyat Properties managed the latter by selling off a top-floor penthouse at its One Palm all-prestige tower on the Palm.

It was sold to a GCC buyer after an extended series of negotiations, and now lays claim to the most expensive penthouse sold in Dubai.

The Dh100 million was achieved by brokerage firm Gulf Sotheby’s for a villa at Emirates Hills.

Big-ticket purchases

In the last four or five months, the frequency of big-ticket purchases is on the upswing, according to market sources, with the various Meraas’ islands featuring prominently.

The freehold-designated tower at Al Habtoor City also has an apartment unit that aims to be the most expensive in Dubai.

Omniyat Properties is angling for more from the One Palm. “We potentially have one or two more penthouses to be sold on the top floor,” said Mohammad Hmeid, director of sales & marketing at Omniyat, which currently is working on a full roster of projects, including giving the final touches to The Opus, designed by the late Zaha Hadid.

“Discussions with these type of buyers willing to spend that kind of money do not get over after one round of talks,” said Hmeid. “For the penthouse we sold, we will create a lap pool, special terraces and have special fitouts.

“As for the rest of the floor, we will go by where demand takes us — that should decide whether it should be two more to sell or one.”

At the time of the One Palm launch, Omniyat did toy with the thought of selling the entire top floor to one buyer.

The 100-metre-tall-by-100-metre-wide structure is due for a 2019 completion date.

For the present, it is to feature two show homes, one from a Japanese boutique designer and the other a British firm that had projects such as One Hyde Park on its resume.

Mohammad Hmied, Director- Sales & marketing, Omniyat at the company’s stand. Ahmed Ramzan/ Gulf News

“We will soon appoint a hotel operator to manage this property as a serviced apartment,” said Hmeid.

Interestingly enough, the Palm is starting to see a lot more of high-rises. Nakheel launched the Palm Beach Residences on Monday and will also have the Palm 360 twin-tower to keep it company.

Both sales could start soon, a top Nakheel official aid Monday. Nakheel is also building The Palm Mall.

For information on the real estate sector within the UAE, please visit our sister site, getthat.com.

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