Equity Magazine October 2017

REAL ESTATE
ONE PALM
TO RULE THEM ALL
Omniyat’s One Palm penthouse, that sold for more than $27 million,
is the home even the rich-and-famous didn’t know they needed
Words by Meryl D'Souza
London’s One Hyde Park is said to be amongst
the priciest residences in the world. Apartments
in the Knightsbridge complex cost more than
$11,000 per sq ft – that’s nearly three times the
typical price of luxury London real estate.
Despite all the money behind it and the hoopla it
generates, precious little is known about the
people who call the place home. That’s most
certainly how the building conducts its business.
The uber-wealthy, you see, don’t like dealing
with the common folk. In fact, they’d rather you
know nothing about them.
The one bit of information we can confirm is
that Elicyon, a luxury design studio based in
Chelsea, London, was involved in creating the
stellar interiors of the 86-unit building. The
interior design studio founded by Charu Gandhi
has also used its opulent textures in designing
the most expensive penthouse in Dubai.
The apartment in question – the largest of
three penthouses part of One Palm by Omniyat
– sold for Dhs102 million (more than $27
million), dwarfing the previous record price tag
of Dhs60 million (about $16 million) held by the
penthouse of the Bulgari Resorts and Residences
project on Jumeirah Bay Island.
Measuring in at more than 29,800 sq ft, the
lavish five-bedroom (all en-suite) apartment
offers up almost perfect views of the epic Dubai
Marina skyline. The huge apartment also
includes more than 11,000 sq ft of exterior
space, including multiple balconies, terraces and
a rooftop area.
The penthouse was sold to an anonymous
GCC buyer – see what we mean – after an
extended series of negotiations. One of which
included the buyer’s demand to have a
20-metre long private lap pool installed on the
rooftop of his penthouse. The pool will become
one of the highest and most private swimming
pools in Dubai, upon completion.
The 100-metre tall, 100-metre wide One
Palm project was unveiled in February and is
home to just 90 apartments comprising three-,
four- and five-bedroom residences. Situated on
a prime plot on the eastern tip of the iconic
Palm Jumeirah’s trunk, amenities include the
One Palm Clubhouse decked with a fine-dining
restaurant, indoor and outdoor swimming
pools, indoor cinema, outdoor cinema and BBQ
area, residents lounge, children’s pool, playroom
and a luxury spa.
Omniyat says that, having topped out (when
the last beam has been placed during
construction), the whole building is due for
completion in 2018, and a three-bedroom
apartment will set you back at least Dhs12.5
million (about $3 million). Don’t worry, it
comes with a private jetty that allows residents
to conveniently dock their yachts.
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EQUITY