Dubai Water Canal penthouse sells for whopping $50 million

In a new milestone in the Dubai real estate market, a penthouse on the Dubai Water Canal has been sold for a whopping $50 million (Dh183 million).

The penthouse, in the ultra-luxury residential building One Canal, was sold by AHS Properties to the family office of a European billionaire, making it one of Dubai’s most expensive penthouse purchases.

This agreement follows closely on the heels of the company’s collaboration with Fendi Casa in November 2022, which heralded the launch of the One Canal project. With a gross development value of $450 million, the project experienced rapid sales, and the penthouse sale represents the final piece of the available inventory.

Everose Properties, under the representation of Karl Shehfe and Gregory Mathieu, acted as the wealth management entity overseeing the transaction.

The 30,000-plus square-foot penthouse at One Canal stands as a sky mansion, merging four rooftop units. The unit includes amenities like a dedicated gym, steam room, sauna, an exclusive rooftop garden accompanied by a pool, two additional private pools, high ceilings, and dual parking spaces. Residents will have panoramic views of the Burj Khalifa, Burj Al Arab, and the Dubai Canal.

Earlier in January, AHS Properties launched One Crescent on the Palm Jumeirah, a low-rise residential building designed by Killa Design, the firm behind the design of the Museum of the Future. Offering similar top-of-the-line amenities as One Canal, residents of One Cresent wake up to ocean views and vistas of Dubai’s most iconic landmarks.