Dubai: Want to buy a home at Dubai’s next most prestigious address? Could it be included in the Guinness World Records? Hopefully, that will be possible soon.
That’s right, the 263 super-luxury apartments located in one tower at One Za’abeel near the World Trade Centre roundabout will soon be for sale. The sale has been announced in advance to potential investors, but no details regarding the likely price range have been released.
All indications suggest a wide range of pricing options will be made available. “One Za’abeel along with The Royal Atlantis Resort & Residences are two of the most eagerly awaited completions in 2022-23,” said an estate agent dealing in super-premium homes. “The Royal Atlantis has already seen some prominent deals, but there is a Dh200 million penthouse unit that’s still listed.”
One Za’abeel is scheduled for completion in 2022. It is interesting to note that developer Ithra Dubai waited until key milestones had been reached to launch sales. Whether by coincidence or not, luxury properties in Dubai have seen sustained demand for the better part of the last year.
Ithra’s One Za’abeel is a Dubai government-owned project with two towers connected by a bridge. Guinness mentions the project as aiming to be the ‘world’s longest cantilevered building’. It weighs a whopping 8,500 tonnes and was cradled into place 100 meters above the ground by a clever piece of engineering. (Cantilevers are structural elements that extend horizontally and are supported at only one end.)
The second tower will be used for a hotel and serviced apartments managed by Kerzner International’s One & Only brand.
Only a few Dubai skyscrapers are prominent enough to be listed in the Guinness Book of Records as well as prominent addresses within the city. “Along with the Burj Khalifa and Emirates Towers, One Za’abeel will stand out for its engineering and architectural design,” said the estate agent. “That’s what the buyers will be looking into.”
Luxury investors will soon have plenty to choose from. Alpago Group announced the ‘Palm Flower’ at the Palm, which will only have one apartment per floor. Foster + Partners is to design and build the units, with prices ranging from Dh60 million to Dh180 million.
“The demographics of buyers are discerning high net worth individuals who appreciate style, architectural class, and finish,” said Riccardo Scala, Director of the Private Client Office at LuxuryProperty.com. “These clients are in Dubai – and actively buying. They know their materials and products, and so they only accept the best.
“Our largest volume of inquiries is from Indian and European buyers who recognize the high levels of personal safety and security Dubai provides, especially in the current global climate.” Riccardo Scala, Director of the Private Client Office at LuxuryProperty.com