Buyer in talks to snap up Dubai's second most expensive penthouse
The developer behind the latest iconic property to take its place on Dubai’s skyline is aiming to net a hat-trick of titles for One at Palm Jumeirah in boasting three of the most expensive penthouse apartments in the emirate.
Dubai-based luxury developer Omniyat Group made history in 2017 when it sold a penthouse apartment at One Palm for AED102 million ($27.7 million). This was followed by the sale of another property within the development in 2019 for $19.9 million.
In pictures: Inside the ultra-luxurious One at Palm Jumeirah in Dubai
Dubai-based luxury developer Omniyat Group is aiming to net a hat-trick of titles for One at Palm Jumeirah
And executive chairman and founder Mahdi Amjad told Arabian Business they are in the process of securing number three, which has a listing price of $25.4 million.
He said: “We’re looking to make sure we get the three most expensive, the last of which is under negotiation as we speak.”
Designed by New York architects SOMA, the property includes 94 exclusive apartments and over 37,000 square feet of amenities
The flagship project, based on the left trunk of Palm Jumeirah, is currently 95 percent complete and is scheduled to finish by the end of this year. Designed by New York architects SOMA, the property includes 94 exclusive apartments and over 37,000 square feet of amenities.
Amjad revealed that more than 60 percent of the apartments have already been sold.
“It’s a mix,” he said, referring to the investors in the project. “We find a lot from the GCC who consider this predominantly their second home, with some considering this as their primary home. Then a lot of Europeans. I would say these two demographics represent as much as 70 percent of the nationalities in the building.
“From there the rest is spread with Asia or Russia or some of our American investors.”
The development will be managed by the Dorchester Collection, a luxury hotel operator owned by the Brunei Investment Agency, an arm of the Ministry of Finance of Brunei, which currently has nine iconic hotels in its portfolio across the UK, US, France and Italy.
Amjad added that discussions are currently taking place with leading F&B companies with a view to announcing the names behind the property’s two restaurants before the end of the year, ahead of commencing operations in September next year.
He said: “We can expect some very interesting names. We are in a very close finalisation. We are very careful with our selection. We need to bring in an offering that really adds value to the entire neighbourhood and to our brand.”
One at Palm Jumeirah
One Palm is Omniyat Properties’ flagship project and is located on plot number one on Dubai’s most premium swathe of real estate, The Palm Jumeirah.