Dubai: Dubai’s offplan property market will signoff 2023 in some style, with sales to open for the new Armani branded project on the Palm Jumeirah. The project, announced earlier in the year and being developed by Sharjah-headquartered Arada, has been one of the most anticipated launches, given the Armani label and the fact that it’s only the second such in Dubai.
The first Armani homes, of course, are at the Burj Khalifa.
The new one – ‘Armani Residences by Arada’ - will take shape on the crescent just before the Waldorf Astoria Palm Jumeirah.
Unit prices – and there are only 53 of them – start at a steep Dh20 million plus for the two-bedroom units. (There are also the ‘presidential suites’, but those prices have not been confirmed to the market.)
The second Armani comes to market at a time when super-luxury offplan property buying in Dubai continues to hold steady. The last two years have seen record deals on apartments and villas, with July last recording a Dh422 million one for a penthouse at the Jumeirah Marsa Al Arab. And earlier in the year, the Bulgari Lighthouse set up a deal for another penthouse. The price? Dh410 million.
“In Dubai’s super-luxury real estate, the asking prices continue to climb – offplan launches are happening with prices easily above Dh15 million,” said an estate agent.
Emaar’s Address
Another imminent launch is from Emaar, using its ‘Address’ brand. Located in Za’abeel Dubai, the project will also be the second Address launch in recent weeks, with the earlier one being in Ras Al Khaimah, at the much happening Al Marjan Island development.
"UAE's mega-developers will not be staying away from the offplan action and leaving the floor to private developers," said the estate agent. "There is still some fairly sizeable growth left in the Dubai luxury/super-luxury space - one just has to look to the Palm Jebel Ali sales to date for confirmation.
"Once more phases are released at PJA, the scope for 'branded' projects there will be limitless."
This was the year that Dubai's property market - and its buyers - truly took to branded residences. Nearly all of the world's biggest hospitality companies had their names associated with new launches. Brands in high-end fashion and in the automotive space - such as Pagani - too came into the reckoning in Dubai property. More recently, there have been announcements related to Mercedes-Benz and by the jeweller Franck Muller.
The Armani project will fit in neatly into the overall Palm dynamic
How are the Armani homes at Burj Khalifa faring?
At the Burj Khalifa, the Armani units stretch from levels 9-16 and total 144 units. Current listings show two-bedroom units there asking for around Dh10 million and more.
"Armani and Arada have got their timing on the new sales launch to perfection," said an estate agent. "For one, Palm Jumeirah values are at their peak, and demand for new buying options run strong.
"There was the Dh500 million penthouse sale for Nakheel's new Como Residences - these are unprecedented deals.
"The Armani project will fit in neatly into the overall Palm dynamic. Plus, it's an Armani..."
