Who will buy Dubai’s Dh200m penthouse?
Clock ticks to find buyer for Dubai’s costliest penthouse at Dh200m
Multiple offers received for Dh200m unit at Al Habtoor City tower
DUBAI: There are multiple offers for a Dh200 million penthouse at Al Habtoor City on Shaikh Zayed Road, and which could turn out to be the costliest apartment going in Dubai. A decision on the eventual buyer could be taken shortly for the unit that takes up three levels at the G+73-storey Noora Tower in AHC.
“We are calling in letters of intent for the penthouse, which will be 30,000 square feet,” said Umar Bin Farooq, CEO of One Broker Group, the estate agent which has the exclusive sales and marketing rights for the tower.
“The tower will be completed by December, but the intention is to confirm the buyer well before so that he can provide inputs on how his property should be.
“Despite the multiple interest, we will not engage in an auction process to finalise the buyer. We don’t want a bidding war. Instead it will be done through internal vetting in collaboration with the AHC master-developer, the Al Habtoor Group.”
Noora Tower is part of a mixed-use development that enjoys prime access to the Dubai Water Canal and features prestige hotel brands such as W and St. Regis. The entire area already occupies a heightened degree of prominence, brought on by the convergence of the Canal and its location off Shaikh Zayed Road. Two further high-rises are in development, but these are not freehold.
Meanwhile, another penthouse is aiming to set the record for the priciest apartment around, this one by Omniyat Properties’ at its One Palm Jumeirah project. Again, the developer has fielded multiple enquiries and to date has not officially confirmed that a buyer has been identified.
As for AHC’s Noora Tower, there will be a further three penthouses, but considerably less expensive, at Dh60 million apiece.
For the record, the costliest properties in Dubai’s freehold clusters have been a couple of villas that have tilted the scales at well over Dh200 million. These were at Emirates Hills and at the Palm. There was another Palm property that sold for Dh180 million plus in recent years.
Demand for super-luxury properties remains understated at the moment, with much of the action shifting to mid-market and lower. Dubai’s developers had also changed tack in response, feeding the buyer demand for optimally priced properties of smaller dimensions and with comparable price tags.
“But right at the top end of the marketplace, there are always investors who want to pick up trophy assets,” Farooq said. “They may take their time … but they are very much there.”