181222 luxury rents
Penthouse sales in Dubai are pushing into record territory. The one at The 118 is the latest. Image Credit: Supplied

Dubai: A Downtown Dubai apartment has been sold by its developer for a substantial Dh50 million. The 118, a boutique luxury project by Signature Developers, is a few steps away from Dubai Mall and across from Address Downtown.

The duplex apartment, one of only two being offered, features six en-suite bedrooms and an eight-metre living room ceilings. The property itself features a 30,000 square ft poolside garden and deck, a dedicated chauffeur accommodation, and 24-hour maintenance and concierge services.

“A near record-breaking sale, the luxury property earned its elusive ticket price through award-winning design, exclusive access to a community of prolific residents, palatial interiors, impeccable details, premium services, and an unparalleled, panoramic view of the Downtown area,” said the developer in a statement. “This is in stark contrast to current ‘ultra’ expensive residences that heavily rely on beachfront access and a sea view to justify their asking price.”

The sale cements an upward trend of investor confidence in the country. Dubai has once again positioned itself as a safe haven for burgeoning entrepreneurs, international investors and celebrities alike.

“Interestingly, a big draw to our pool of discerning buyers has not only been the uncompromising luxury we stand by, but also the heightened level of security and privacy we offer,” said Sunil Nihalani, a senior representative for Signature Developers. “With only 28 units available, we strive to build a sought-after community of tasteful residents that value discretion and peace of mind,” he added.