Penthouses are the epitome of luxury when it comes to property. And when they enjoy a vantage position on The Palm Jumeirah, then they are a class apart. Dubai’s iconic landmark is dotted with several signature penthouses in luxury developments, such as the One at Palm Jumeirah, W residences, Palm Couture, Royal Atlantis and Serenia. Alexander von Sayn-Wittgenstein, managing director of Luxhabitat Sotheby's International Realty says penthouses usually hold their values over time. “The luxury segment is more stable than mass market since supply here is limited and owners are wealthy and wouldn’t just sell for any given price. On The Palm, prices per square feet for penthouses range between Dh3,000 and Dh4,000 per square feet.”
Aditi Gouri, Associate Partner, Strategic Consulting and Research, Cavendish Maxwell says in Dubai the most in-demand prime locations for penthouses include the Palm Jumeirah, Dubai Marina, Downtown Dubai, and Jumeirah Bay. She says, such properties, "are usually customised upon purchase to fit a buyer’s taste.”
There is a sustained demand for newly-built penthouses with modern architecture and unique features, agree experts. Large terraces, an indoor or outdoor swimming pool or jacuzzi, a wine cellar, extremely large bedrooms and living spaces with great views, maximised glazing in bedrooms and living areas, private gym, duplexes or even triplexes can fetch higher values. “These properties do well as second homes or a regional home for frequent HNWIs travellers who are based outside of town,” says Gouri.
The penthouse collection at One at Palm Jumeirah has drawn significant global interest and hype in the last couple of years from a broad demographic of high-profile individuals looking for opulent, luxury properties. Located as the first plot on the famous man-made Palm Jumeirah, the penthouses have an untouched, unobstructed city and sea views. Coupled with this, they are designed by prestigious interior design firms in London and Japan and managed by the super exclusive Dorchester Collection.
An exclusive offering
Talking about the exclusivity of the penthouses at One at Palm Jumeirah, Peter Stephenson, Executive Development Director, Omniyat says, “We have ensured that none of our penthouses are identical, making them even more unique while maintaining the quality of the design and materials used to design each one. One of our extravagant penthouses caters for a 20-meter pool that enjoys a spectacular marina view and a Burj Al Arab view to the north.”
Creating news with bespoke offerings
Two of the three penthouses of One at Palm Jumeirah were sold in 2017 and 2019 for record-breaking prices of Dh102 million and Dh73 million respectively. “They were sold prior to finalising the design,” says Stephenson. “We were able to custom design specific elements of the property to suit the buyers’ specific style and living requirements. All three penthouses of One at Palm Jumeirah boast three levels of living that include rooftop terraces with swimming pools, mezzanine living areas and private elevators.”
An emotional asset
Gowri explains that location and the facilities are very important factors for penthouse demand. "Penthouse buyers not only invest in the penthouse they buy, they invest in a landmark that has a unique selling point of its own," she says. Talking about price, Stephenson says the price per square foot metric can be misleading when buying a penthouse without proper context of each individual residence. "We have learnt that price is only one of the factors for our buyers, who are looking for a home that is of value financially, socially and emotionally.”
Signature penthouses on The Palm Jumeirah
One at Palm Jumeirah Palm - This 105m residential landmark houses only 94 exclusive residences with great views and utmost privacy. It is managed by the Dorchester Collection.
W Residences – It has a total of 104 units spread around eight different mansions with each mansion having its own private lobby and two elevators serving up to a maximum of 14 apartments with just 2 apartments per floor.
The Royal Atlantis Residences -- You will find here a stunning collection of duplex and penthouse units. It has a private residential lobby, concierge, spa, indoor and outdoor pools and clubroom, awe-inspiring layouts and access to the neighboring Royal Atlantis hotel with signature sky pool.
FIVE Palm Jumeirah – It features 221 signature private residences of one- to four-bedroom apartments.
Serenia Residences – The project comprises of three residential buildings (nine-storey each) with apartments ranging from one-bedroom to three-bedroom including penthouses. It contains 250 units
Shoreline Apartments – This development has four-bedroom penthouses with great sea views.