Penthouses are special. We know that because they are often at the top of very, very tall buildings and have very powerful people living in them. There must be something about being on top that makes you want more of it.
Which could explain why this week’s property, set on the 83rd floor of a tower in the heart of Dubai Marina overlooking Palm Jumeirah, is on the market for Dh44 million.
The Elite Residence penthouse has 14,392 square feet of space made up of five bedrooms all en suite, 6.5 bathrooms (one just has a toilet in it) and parking for six. And let’s not forget the indoor pool.
It also comes fully furnished. The owner bought the floor off-plan and when the tower – the third-tallest residential building in the world at 381 metres – was finished in 2011 developed it in the manner he thought a top chief executive or member of a Middle East royal family may want to live.
It was his idea to add an indoor swimming pool. He ripped out everything that was in place, including floors, walls, doors and utilities, and started anew, creating the living area as a Bond villain may have wanted.
According to Stephan Hirzel, a property consultant for Better Homes, the agent marketing the apartment, Dh44m is at the very conservative end of penthouse prices in the emirate. A similar offering in the neighbouring building, La Reve, 30 stories lower, will cost double that asking price, he says. It seems where real estate is concerned, location, location location can apply even when buildings are next to each other.
q&a location, location, location
Stephan Hirzel, property Consultant for Better Homes reveals more about this Dh44m property offering.
How easy is it to sell this sort of residence?
The market has slowed down a little bit as investors don’t want finished properties at a high price they now want to buy off plan developments as that is where the margins are and there may be a rental yield.
Why off plan?
Off plan is where it’s at right now for a two-year investment. Location and quality is very important, people now look at the details such as the contractor and builder more than they did six years ago. If someone buys now with a mortgage they want to know that in 10 years the building doesn’t fall apart and there are plenty of 10-year-old buildings which are falling apart.
Who will buy this residence?
This kind of penthouse attracts big chief executives of oil companies, for example, fed up of living in Emirates Hills that want to live a metropolitan life. Also wealthy people that live outside of Dubai and want it as a holiday home. Then there are those that want to have a party place. It won’t be as quick a sale as a one-bedroom or a studio, it’s for an end user. This developer has a lot of properties in Dubai so will take an offer; he doesn’t need the money so he can sell it with a smaller profit.
How is Dubai’s property market faring?
The new supply in the market means that the demand has the power at the moment, it’s a healthier market than it was. Dubai is planning to increase the population so property is a good long-term investment but possibly not a short-term one.
ascott@thenational.ae
Follow us on Twitter @Ind_Insights
WORLD CUP FINAL
England v South Africa
Yokohama International Stadium, Tokyo
Saturday, kick-off 1pm (UAE)
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Easter Sunday
Director: Jay Chandrasekhar
Stars: Jo Koy, Tia Carrere, Brandon Wardell, Lydia Gaston
Rating: 3.5/5
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
Publisher: Sony Computer Entertainment
Console: PlayStation 2 to 5
Rating: 5/5
If you go
There are regular flights from Dubai to Addis Ababa with Ethiopian Airlines with return fares from Dh1,700. Nashulai Journeys offers tailormade and ready made trips in Africa while Tesfa Tours has a number of different community trekking tours throughout northern Ethiopia. The Ben Abeba Lodge has rooms from Dh228, and champions a programme of re-forestation in the surrounding area.
ACC T20 Women’s Championship
UAE fixtures
Friday, June 17 v Oman
Saturday, June 18 v Singapore
Monday, June 20 v Malaysia
Wednesday, June 22 v Qatar
Friday, June 24, semi-final
Saturday, June 25, final
UAE squad: Chaya Mughal (captain), Esha Oza, Indhuja Nandakumar, Kavisha Kumari, Khushi Sharma, Lavanya Keny, Priyanjali Jain, Rithika Rajith, Samaira Dharnidharka, Sanchin Singh, Siya Gokhale, Suraksha Kotte, Theertha Satish, Vaishnave Mahesh
COMPANY PROFILE
Company: Educatly
Started: 2020
Based: UAE
Founders: Mohmmed El Sonbaty, Joan Manuel and Abdelrahman Ayman
Industry: Education technology
Funding size: $2 million
Investors: Enterprise Ireland, Egypt venture, Plus VC, HBAN, Falak Startups
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
Kanye West
Ye — the rapper formerly known as Kanye West — has seen his net worth fall to $400 million in recent weeks. That’s a precipitous drop from Bloomberg’s estimates of $6.8 billion at the end of 2021.
Ye’s wealth plunged after business partners, including Adidas, severed ties with him on the back of anti-Semitic remarks earlier this year.
West’s present net worth derives from cash, his music, real estate and a stake in former wife Kim Kardashian’s shapewear firm, Skims.
Fifa World Cup Qatar 2022
First match: November 20
Final 16 round: December 3 to 6
Quarter-finals: December 9 and 10
Semi-finals: December 13 and 14
Final: December 18