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The property is currently being developed by Meraas and is due for completion by the end of 2017. The luxury development will host a 1.7 million sq. ft complex and will be framed landscaped gardens. With 100 rooms and suites, 20 residential villas and a marina, the residents will be additionally pampered with a full range of luxury amenities.
According to historical statistics, this penthouse is the most expensive penthouse transaction to date, only followed by a penthouse on Fairmont the Palm that sold at Dh42 million in December 2012.
Luxury Sales Director, Alexander Von Sayn Wittgenstein, who brokered the deal, said: "This penthouse is very special because it has 270 degree views of Downtown Dubai and the sea. It's the largest penthouse I've ever come across for a branded development in Dubai."
Other branded developments that host penthouses include Armani Residences, Kempinski Hotels & Resorts, The Fairmont Palm Residences and Palazzo Versace. Branded developments can demand up to a 46 per cent premium in terms of prices per sq. ft, according to a Luxhabitat analysis in 2015. It was also found that these branded residences have an inelastic price and higher investment returns.
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