Dubai: Omniyat Properties is aiming to set another round of records, with a 50,000 square feet penthouse at its new project, the Orla, on Palm Jumeirah. That built-up area would make the penthouse, stretching over three levels, the largest of its kind in the UAE – and the Middle East.
The pricing is closely guarded for now, with the reveal likely within the next three weeks. The penthouse – part of a near Dh5 billion project – has already garnered pre-launch interest, according to Mahdi Amjad, founder and Executive Chairman of Omniyat.
“The penthouse – we prefer to call it the ‘sky palace’ – will have its own lobby, arrival area, elevator and a 35-metre Infinity pool,” said Amjad. “We will announce the prequalified investors before year-end. That would also be the time for the price announcement.”
The starting prices on the Orla units will be from Dh25 million, as Omniyat again takes aim at a still expanding base of super-rich investors in Dubai property. The project is aiming for a 3- to3.5-year completion timeline.
As of now, the Dh163 million for a penthouse at Atlantis The Royal Residences on the Palm is the priciest penthouse deal in the UAE. That is a 25,000 plus square feet unit. With Omniyat pushing the spread to 55,000 square feet, the stakes come immeasurably higher. Incidentally, it was the developer who broke the Dh100 million barrier for a penthouse, when it sold a unit on its One The Palm back in September 2017.
"We are taking all the best elements that investors associate with 'resort living' and then redefined them through Orla," said Mahdi Amjad, Chairman. "We did not stint on amenities at our One at Palm project, and it was one of the largest offered on the island. For Orla, we have doubled the size of the amenities that future home owners can expect."
This is the second Palm project that the developer – known for its Zaha Hadid designed The Opus – has launched this year. In March, there was the AVA, again with a limited number of units, ’90 per cent of which are sold’, according to Amjad.
These launches come as Palm's existing homes and new ones keep setting records for the priciest deals in Dubai's real estate market, capped recently by a Dh600 million sale to the Indian billionaire Mukesh Ambani.
The appetite for more is clearly very much visible at the Palm, and a handful of new launches have been setting some clear benchmarks. This is clearly what Omniyat is digging into with the Orla - and all attention will now be reserved for what the penthouse will likely fetch.