Dubai: Who’s ready for a Dh180 million penthouse in Dubai? And part of a high-profile development that is all set to be delivered shortly.
Said to be the costliest penthouse in the market, the 25,000 square feet one at The Royal Atlantis Resort and Residences has been seeing quite a few enquiries, according to estate agents. “Closer to the completion date of the project is when we expect to see a deal happening,” said one agent who has been associated with the project on the Palm since its launch.
As and when the deal is done, this will be the costliest penthouse transaction in Dubai. The residential part of the twin-structure building will be complete late summer, with the hotel to be ready in the fourth quarter.
The ‘super-penthouse’ is how Timothy Kelly, Executive Vice-President and Managing Director of Atlantis Dubai, likes to call it. “Except for the super-penthouse, all 230 residences have been sold,” said Kelly. “The current price is Dh180 million and it will be the most stunning penthouse in entire Dubai, featuring three floors, 25,000 square feet and two outdoor terraces with pools.
On investors’ radar
Incidentally, there was a unit at the project which sold for Dh41 million last month, becoming the second costliest apartment sale in Dubai during April. (The costliest deal was for Dh45 million at the Il Primo, a super-luxury tower at the Downtown, according to data from DXBInteract.com.)
The Palm recently saw the completion of One at Palm, Dorchester Collection, where two of the costliest penthouse sales had happened in the recent past. In addition, there have been other eye-popping deals happening across the island stretch, not least a Dh280 million one for a villa, easily the priciest deal in the city to date.
More Dh100m+ penthouses?
According to Mark Castley, Chief Operating Officer, of LuxuryProperty.com, “There was a time when a penthouse was just a slightly larger apartment unit, or maybe a duplex at the top of a building. What we are seeing now is a new supply of penthouses of a truly international standard - W Residences, One at Palm Jumeirah, The Residences Dorchester Collection, and The Royal Atlantis stand out.
“Demand for prime and super prime continues to be incredibly strong this year, from local and international buyers. Dubai has really positioned itself as a city where one would seek a long-term home - either as a holiday destination to spend three or four months out of the year, or as a new primary residence.”
The Residences do not have short-term leasing; they are all private homes and if the owners decide to offer long-term lease they are regulated via appointed realtors