Stock Palm Jumeirah Atlantis
Palm prices reach for the skies, latest deal set at Dh600 million, shows Dubai Land Department data. Image Credit: Supplied

Dubai: A plot and built-up portions on the Palm Jumeirah have sold for Dh600 million, reveals the latest weekly data from Dubai Land Department. The plot size comes to just under 59,600 square feet on Frond N, reinforcing the island destination's status as the place in Dubai where super-sized transactions are the name of the game.

The next highest priced deal was land sold for Dh206.52 million, also on the Palm.

It is believed that the Dh600 million deal includes a villa as well, and on per square foot terms, it comes to more than Dh10,000 a square foot, according to industry sources. "Nowadays, anything that's transacted on the Palm reaches for the skies in value terms," said the source. "Palm will keep breaking records for some time."

Now, the latest deal follows on from the record Palm villa transactions this year of Dh280 million and Dh302.5 million, with the latter having been concluded just weeks ago. More info will be required as to why the latest one went up to Dh600 million, including the actual built-up area over the near 60,000 square feet land.

More so as available unbuilt land on the Palm is becoming scarcer - and these are going for eye-catching values.

Ground breaking ceremony of Dh600m villa at Palm
Alpago Properties and Foster + Partners’ at the groundbreaking event for the ‘Palm Flower’.

The 'Palm Flower'

Meanwhile, construction has started on the latest super-luxury structure on the Palm, this one across 11 storeys. The developer is Alpago Properties, which has been no stranger to picking up big ticket deals on the island. 

The 11-storey structure is called the 'Palm Flower', and was initially announced last year.  The architect behind the Palm Flower is Foster & Partners, the fabled UK based firm headed by Norman Foster. The agency has been associated with The Gherkin in London, Apple Tower Theatre in Los Angeles, the Hong Kong International Airport, and Alif – The Mobility Pavilion at Expo 2020.