Dubai: A project on the Palm featuring two of the priciest penthouse deals in Dubai is now complete. The Omniyat-owned One at Palm Jumeirah, Dorchester Collection will soon have residents moving in.
The project made waves in 2017 when an investor bought a 29,000 square feet penthouse there for Dh102 million, and followed by another who picked up a unit for Dh73 million. “Our flagship residential building and Dubai’s most sought-after address is guaranteed to offer a unique lifestyle as well as an unrivalled way of living,” said Mahdi Amjad, Executive Chairman of Omniyat.
There are units currently listed in the secondary market with prices starting from Dh15 million.
The project was conceived and launched in 2016-17, and immediately set itself apart from being at one of the Palm’s most visible spots. Initially a joint venture, Omniyat later acquired full rights on the venture, according to property market sources. Through its project cycle, the One at Palm Jumeirah leveraged the island’s reputation as an investsor magnet.
It was later that Omniyat - which was one of the first local developers to be associated with the late Zaha Hadid on project designs - struck the pact with Dorchester Collection, a bespoke hospitality brand. The association also extends to some of the other Omniyat projects in the city.
According to Christopher Cowdray, CEO of Dorchester Collection, “This project is a measure of true success, and together with Omniyat, we have now opened the doors to this new and iconic landmark."
More to come on Palm
The Palm will soon have another mega-project go past its completion, The Royal Atlantis Resort & Residences. But there are more coming through – there will be Arada’s first ever project in Dubai, as well as the ‘Palm Flower’, where each floor will be dedicated to a single unit. Prices there could touch Dh200 million.