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22 April 2024

Is this Dubai’s most expensive penthouse?

Photo: Supplied

By Staff

A 14,000 square feet penthouse at Bvlgari Resorts & Residences, Jumeirah Bay has sold for Dh60 million.

Developed by Meraas, property deal was conducted by real estate brokerage, Luxhabitat, with the project due for completion by the end of 2017.

The luxury development will house a 1.7m sq ft. complex and will be framed by landscaped gardens.

With 100 rooms and suites, 20 residential villas, and a marina, residents will also be pampered with a full range of luxury amenities.

According to Reidin’s statistics, this penthouse is the most expensive penthouse transaction to date, beating a penthouse in the Fairmont the Palm, which sold at Dh42m.

According to Reidin and the Land Department, two penthouses sold for that price on the The Palm Jumeirah, in 2012 and 2013.

Luxury Sales Director, Alexander Von Sayn Wittgenstein, who brokered the deal said: “This penthouse is very special because it has 270 degree views of Downtown Dubai and the sea.

“It’s the largest penthouse I’ve ever come across for a branded development in Dubai.”

Other branded developments that host penthouses include the 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 an analysis in 2015. It was also found that such branded residences have an inelastic price and higher investment returns.