A one-of-a-kind address on the Palm Jumeirah

dubai - The penthouse at Omniyat's One Palm could be Dubai's costliest home for sale

Do you fancy owning one of Dubai's most expensive post codes? Omniyat Properties' One at Palm Jumeirah could fit your bill to the T. With a coveted 155,000 square feet location right at the entrance of the Palm Jumeirah's trunk, you will have to pay top dollar to purchase one of the 90 homes in this luxury 25-storey project.

With 44 three-bedroom apartments, 47 four-bedroom and three penthouses to choose from, it is worth noting for serious buyers that prices start from Dh12 million and go all the way up to Dh180 million for the penthouse, spanning approximately 62,000 square feet.

Even if you can't afford the penthouses, be assured of exclusive beach access and views of the Dubai skyline and Burj Al Arab from your apartments. Add in landscaped gardens, fitness centre, spa, four swimming pools, private marina, cinema with BBQ area, a fine-dining restaurant and a yacht club to boot.

The opulent residences, expected to be complete in Q2 2018, will also include a concierge, chauffeur, housekeeping, 24 hour security and butler services. You can't imagine any less from Dubai's most exclusive address.

"A good proportion of the units have been sold. Global sales have officially launched from Tuesday, but were earlier available to a select high net worth audience in our global client network on an invitation basis," says Mahdi Amjad, executive chairman and CEO of Omniyat.

Omniyat wanted to be well-advanced on the construction side before commencing sales. Work is complete for 20 floors and will top out later this year.

Buyers for the project have mostly been from the GCC, UK, India and Russia so far. "We have received several expressions of interest from buyers for the penthouse but it is yet to be sold. We are waiting for a buyer with the right profile," adds Amjad.

Omniyat has created a shortlist for the operator of the residential property. A decision will be made within the next two months.

Apartments in the Dh2 billion project - a joint venture with Drake & Scull International - are being referred to as 'villas in the sky'. Buyers can choose from between homes designed by Japanese firm Super Potato and Londo-based Elicyon, which has done projects such as One Hyde Park.

"Omniyat's strategy in any master development has been to create the priciest piece of real estate in that location," explains Amjad. "It's what we achieved with The Opus [worth Dh2.5 billion, which has been designed by Zaha Hadid] in Business Bay."

The developer will deliver The Opus and The Pad this year and also announce its flagship hotel with frontage on the Dubai Water Canal in the first half of 2017.

"We also have land bank in International Media Production Zone for which we will launch project sales at a later stage. It is in the design phase. It will be similar to our mid-market project, The Square," informs Amjad.

Omniyat is not worried by the price softening in the luxury end of Dubai's property market. "Dubai has never been reliant on buyers from one country or the other - there's no shortage of markets from which developers can find a buyer."

Omniyat has delivered projects worth $6.2 billion and has a pipeline of a further Dh12 billion in various stages of planning and development.

- deepthi@khalejtimes.com