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29 March 2024

Emaar's 5-bedroom Dubai penthouse sells for Dh23m

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By Parag Deulgaonkar

Emaar Properties, Dubai’s largest developer, has sold 72 units in The Address Residence Sky View in Downtown Dubai, with a 5-bedroom penthouse selling for Dh23 million, according to a media report.

The average selling price for the luxury residences were in the range of Dh4,000 per square feet, according to Arabic daily 'Al Khaleej'.

In March 2013, Emirates 24|7 reported Emaar had sold units (not the uppermost floors) in The Address Residence Sky View project at an average price of Dh2,600 per square feet.

The Address Residence Sky View, a 50-storey hotel, residence and serviced apartment twin-tower complex, in Downtown Dubai is slated for completion in August 2016.

At a height of over 230 metres, the Sky View tower will have 532 serviced apartments fully-furnished with floor-to-ceiling windows and will be linked directly to the Dubai Metro and The Dubai Mall via a new air-conditioned travelator.

Spanning the tower complex will be a 'Sky Bridge', which includes a signature restaurant, ballroom, infinity pool with amenity deck that will offer 360-degree vistas of Downtown Dubai.

Skidmore, Owings & Merrill, the architect’s of Burj Khalifa, the tallest tower in the world, has designed the tower.

Earlier this month, Knight Frank’s Global House Price Index revealed that Dubai continued to top the annual rankings for the fifth consecutive quarter, recording an annual price growth of 24 per cent in the year to March 2014.

The UK-based consultancy also said Dubai's increasing popularity as an aviation hub was fueling global investor demand for real estate.

Read: Aviation hub status driving Dubai's real estate market