fbpx

Not-yet-developed Dubai penthouse sells for $136M

Publish Date: December 06, 2023

Written by Lillian Dickerson

- Originally published at Inman News - Lillian Dickerson

The sale of the Como Residences penthouse, located on the exclusive Palm Jumeirah archipelago, is the priciest ever to close in Dubai. The penthouse is expected to be complete in late 2027.

The verdict is in — the old way of doing business is over. Join us at Inman Connect New York Jan. 23-25, when together we’ll conquer today’s market challenges and prepare for tomorrow’s opportunities. Defy the market and bet big on your future.

A new record has been set in Dubai with the roughly $136 million (500 million UAE dirhams) sale of a yet-to-be-developed penthouse on the exclusive Palm Jumeirah archipelago, CNN first reported on Tuesday.

The 22,000-square-foot penthouse will span five bedrooms and be located at the top of the 71-story Como Residences. Once finished around late 2027 by developer Nakheel, the residences are expected to be nearly 1,000 feet tall.

Previously, the record for the priciest sale in the UAE luxury enclave went to a unit at the Marsa Al Arab Hotel, which sold for about $114 million last spring.

The Como Residences deal was brokered by Dubai-based firm Provident Estate.

Como Residences tower rendition | Nakheel Properties and Provident Estate

The penthouse includes a 360-degree “sky pool” and features sweeping views of the world’s tallest building, Burj Khalifa, as well as the Dubai Marina, according to Sam Horani, associate partner at Provident Estate.

The buyer’s identity was not revealed, other than the fact that they are from Eastern Europe.

The Como Residences will include 76 apartments that will hold between two and seven bedrooms. The tower will include an elevated private beach, a 25-meter lap pool and a rooftop infinity pool. There will only be one to two residences per floor, each accessible by a private elevator. Other building amenities include concierge services, squash courts, a kids’ pool and a gym.

Palm Jumeirah is an archipelago of artificial islands in the Persian Gulf, which was completed around 2006. The archipelago is known for its high-end hotels, apartment towers and global restaurants, as well as beach clubs.

Chris Boswell, a Dubai-based agent not involved with the sale, told CNN that the Como Residences penthouse is unique due to its scale, despite Palm Jumeira having plenty of luxury residences.

Rendition of terraces on the Como Residences tower | Nakheel Properties and Provident Estate

“There aren’t any real large-scale penthouses like that unless you go for something that is off plan, meaning under construction,” Boswell said. “And people are prepared to wait that long for the best ones.”

Boswell added that he’s seen more buyers come to the area with an interest in actually living there, rather than just investing.

“For many years, we were predominantly dealing with speculative investors, but now Dubai is not the same landscape as it was before; it’s not full of cranes and construction, and people are coming here to live now,” Boswell told CNN. “I’m seeing a lot more inquiries coming from the United States, from Italy, from France, from the UK.”

Get Inman’s Luxury Lens Newsletter delivered right to your inbox. A weekly deep dive into the biggest news in the world of high-end real estate delivered every Friday. Click here to subscribe.

Email Lillian Dickerson

You may also like…