$68mln price set for super-luxury penthouse at Palm Jumeirah

$68mln price set for super-luxury penthouse at Palm Jumeirah

Luxury properties sustained a strong demand this year as investors reposed trust in Dubai's growing real estate sector as another high-value penthouse at the Palm Jumeirah looks set to attract Dh250 million.

"The super-luxury property on the Palm Jumeirah will cost Dh250 million," according to the developer Alpago Properties, who recently sold a new mansion on the Palm for Dh302.5 million surpassing the previous record of Dh280 million.

Each unit comprising of 9,000 and 19,000 square feet will be costing between Dh95 million and Dh250 million. The most expensive unit receives two floors, while the other nine will each have one.

"Prices have been set for the 10 units that make up the project’s 11 stories by Alpago Properties. Sales won’t begin until the project is finished, which is anticipated in 2024," the developer said.

Frond G, which has more signature villas than all of Palm Jumeirah combined, is popularly known as 'Billionaires Row'. It is is home to the most expensive villa ever sold in Dubai by Alpago Properties.

Recent media reports said that the Indian industrialist Mukesh Ambani, one of the world’s richest people, bought a Palm Jumeirah villa for approximately $80 million (Dh293 million) for his son Anant.

Prathyusha Gurrapu, head of Research