Want Dubai penthouse? Here’s one for Dh60M

dubai — A 14,000 square feet full-floor penthouse at Bvlgari Resorts & Residences on Jumeira Bay set a record as the most expensive penthouse in Dubai when it was sold for Dh60 million.

Luxhabitat, a high-end real estate company, which sold the iconic property, said the penthouse is currently being developed by Meraas and is due for completion by the end of 2017.

The luxury development will host a 1.7 million sqft complex and will be framed landscaped gardens. With 100 rooms and suites, 20 residential villas and a marina, the residents will be additionally pampered with a full range of luxury amenities.

According to Reidin’s historical statistics, this penthouse is the most expensive penthouse transaction to date, only followed by a penthouse on Fairmont the Palm that sold at Dh42 million in December 2012.

Luxury sales director, Alexander Von Sayn Wittgenstein, who brokered the deal said, the penthouse is very special because it has 270 degree views of Downtown Dubai and the sea.

“It is the largest penthouse I have ever come across for a branded development in Dubai,” he said.

Other branded developments that host penthouses include Armani Residences, Kempinski Hotels & Resorts, The Fairmont Palm Residences and Palazzo Versace.

Branded developments can demand up to a 46 per cent premium in terms of prices per square feet, according to a Luxhabitat analysis in 2015. It was also found that these branded residences have an inelastic price and higher investment returns. Oriol Font, CEO of Luxhabitat, said the transaction of such a magnitude further underlined his company’s presence as the experts in Dubai’s luxury real estate market.

— issacjohn@khaleejtimes.com

It is the largest penthouse I have ever come across for a branded development in Dubai Alexander Von Sayn Wittgenstein, Luxury sales director at Luxhabitat