Luxury homes are back again
dubai — After a subdued January, developers in Dubai are upping the ante for property launches in February. The luxury end of the market is seeing a lot of activity, with two launches on the Palm Jumeirah this week.
Following the announcement of the Royal Atlantis Resort & Residences by Kerzner International, Innovate Living has announced the launch of Palme Couture Residences on the trunk of the Palm Jumeirah.
It will feature 14 suites (lateral apartments, townhouses and duplexes) ranging in size from 5,028 to 10,715 square feet. A 7-bedroom penthouse will span a staggering 19,247 sqft.
The developer will launch sales on all units only after completion. Palme Couture Residences are scheduled to be ready by the middle of February 2018.
Kareem Fahmy, founder and CEO of Innovate Living, said: “Our investments in projects are valued at over $125 million.”
Joey Elaty, Palm Jumeirah senior advisor at Luxhabitat, told Khaleej Times: “These kinds of properties aren’t sold on a ‘per square footage’ basis per se because of the level of individuality of each of the units. There seems to be a promising demand for these types of properties but the market for the ultra high-end is not like the mass market properties. The market is smaller but Dubai is the best place for these developments because of what the city stands for — the best of the best, ultra-luxury and worldclass. These are end-user products for those who can appreciate the finer things in life.”
The price for Royal Atlantis Residences range from Dh8.5 million to Dh47 million while those at Palme Couture start from Dh18 million and go up to Dh58 million, according to Luxhabitat.
— deepthi@khaleejtimes.com