Arab Today, arab today the palm to get a 100metre high residential project
Last Updated : GMT 04:33:33
Arab Today, arab today
Arab Today, arab today

Sales of super-luxury units to be done in third quarter

The Palm to get a 100-metre high residential project

Arab Today, arab today

Arab Today, arab today The Palm to get a 100-metre high residential project

The Palm Jumeirah, Dubai's priciest freehold residential destination
Dubai - Arab Today

The Palm Jumeirah, Dubai's priciest freehold residential destination, is to have its first 100-metre high development, courtesy of a joint venture project between Omniyat Properties and the construction major Drake & Scull International. Sales of the super-luxury units — only 90 will be there and with floor areas between 2,500 square feet and a substantial 20,000 square feet — will be done in the third quarter and that too by-invitation only.
"Existing tall structures on the Palm tend to be around 50-52 metres and from the moment we acquired the plot with Drake & Scull the plan was to create a signature development,” said Mark Phoenix, Managing Director at Omniyat. "Given the significant resources the project and its design entails, it was always felt having a strategic partner made more sense than doing it alone. Drake & Scull brings in financial strength and construction expertise to the project.”
Construction of the project — located on a plot near the Viceroy Hotel — should be complete by 2017. (In 2005, a Trump Tower was announced for the Palm which would have been more than 250 metres high. But it was cancelled during the subsequent downturn.)
Details of the pricing of the Omniyat-D&S units will only be revealed closer to the launch day. A model will be on display at the Omniyat stand in Cityscape. A trio of global firms — Tokyo-headquartered Super Potato, Lebanon's Vladimir and New York-based architects Soma — have already been signed up.
On why it wanted to have a by-invitation only sales programme, "If a prestige developer in Dubai targets a select buyer base, he doesn't seem to have much of a problem selling out,” said Phoenix. "There's a class of buyer globally who is extremely demanding in the kind of lifestyle he wants to buy into. Any developer who can create a property and a surrounding lifestyle around it can always expect to be successful. It's not just the property alone.”
International investors
Property, lifestyle and location have come together seamlessly at the Palm Jumeirah. Even with the current slowdown at the top end of the market, transactions centred on the Palm have held their own.
"It's relatively easy to offer luxury real estate as it fits in with the glamour of the city itself,” said Sameer Lakhani, who heads Global Capital Partners. "This may be true of any cosmopolitan city, but more so in Dubai where developers have relied extensively on international investors.
"The Palm more than any other luxury community has captured the zeitgeist of the address-conscious buyer. It is clearly reflected in the Dubai Land Department stats by virtue of having relatively stable volumes throughout the boom-and-bust and the subsequent recovery cycle.”
According to Simon Townsend, Business Development Manager at the consultancy DTZ, "There remains varied investor interest on the Palm much in line with the rest of Dubai, with demand reducing at the high-end signature villas where recent transactions have ranged between Dh2,750-Dh4,000 per square foot to potentially stronger demand for the apartments where Shoreline units recently traded around Dh1,500-Dh2,000 a square foot through to Dh3,000 for premium views.
"The enhanced service offering opportunities like at the Fairmont and Anantara have seen significant transaction activity.”
Source: Gulf News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today the palm to get a 100metre high residential project Arab Today, arab today the palm to get a 100metre high residential project

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday