For Dh55m home in Dubai, it’s always good time to sell
Palma tests investor waters with super-premium unit on the Palm
There is no such thing as a good or bad time in the property market… not when it comes to selling a Dh55 million home. That’s the mindset Palma Development is taking for its penthouse at the recently completed Dh1.3 billion Serenia Residences on the Palm, right on the Crescent. “Truth be said, these kind of products can be brought out at any point of time,” said Kareem Derbas, CEO. “For someone who’s worth a few million dollars, buying it today or last year does not make much of a difference.
“The only requirement is that he or she should want to invest in Dubai property, for whatever consideration.” The Serenia, launched in May 2015, is designed by Hazel Wong, who was also the architect behind Dubai’s landmark Emirates Towers.
Fact is demand for luxury homes in Dubai did have a good 2019, with the consultancy Luxhabitat confirming that the costliest deal was for a mansion at MBR (Mohammad Bin Rashid) City, which sold for Dh90 million. A penthouse upcoming project on the Palm, being built by Omniyat, had the second highest price tag, at Dh74 million.
For the Dh55 million unit, spread over 15,000 square feet, Palma is spreading the word among its clientele and other potential prospects.
In an ideal world, Derbas says the unit would have brought to market some six- or nine months ago. “The project was done, but designing the interior and sourcing the bespoke furniture and all other custom-made details took six months,” said Derbas. “We wanted this particular unit to be ready to move in the moment someone bought it.
“We still believe it’s the right time for this kind of property and for this kind of price.
“There’s only so much fancy brochures and nice marketing campaigns can do. No one can really appreciate the views we have on this unit until they actually see it. That’s the whole purpose behind fitting out the entire 15,000 square feet of it.
“The plan was to make it ready for occupancy from Day 1.”
Of course, there are two additional “presidential suites” at the Serenia, which the developer is leaving bare and for future buyers to do up the way they want it. These units, of 13,000 square feet, have been fixed prices of Dh45 million.
Costliest penthouses to date
Currently, the tag of being the costliest penthouse deals in Dubai property market is held by two units at the same development – The One by Omniyat on the Palm. One closed at Dh103 million and the other for Dh74 million. The project is due to complete “post-summer”.