London Gate, the developer behind the latest "iconic" tower launch in Dubai, is planning to launch further similar-sized projects in the near future, it said on Tuesday.
The developer unveiled the design and interiors for its Franck Muller Aeternitas tower in Dubai Marina, a collaboration with the Swiss luxury watch manufacturer that is billed as the world's tallest branded residential clock tower.
The launch at Ritz Carlton DIFC took place in a ballroom packed with more than 1,500 people, the majority of whom were brokers.
At 450 metres, the tower will be one of the tallest in the city when completed, and just 22 metres shorter than the world's tallest residential building, Central Park Tower in New York.
The launch event, which included a curtain-reveal of the tower, unveiled a collection of 649 one-, two- and three-bedroom apartments, as well as duplexes called Sky Mansions and Sky villas, spread over 106 floors.
The pricing for each apartment is Dh1,800 per square foot, slightly above the average price of Dh1,653 per square foot reported by CBRE in December. The pricing means the entry point for a one-bed starts at Dh1.6 million ($0.44 million). The tower's total sales value is more than Dh2 billion, London Gate said.
As with every branded building, Franck Muller Aeternitas comes with luxury amenities, including a Zen garden, private cinema, cigar lounge, library, spa, yoga room and 24/7 concierge services.
In what could be considered a reminder of the days when luxury cars were offered with properties to entice buyers, each apartment sold comes with the promise of a limited edition Franck Muller watch.
It won’t, however, be a Franck Muller Aeternitas watch, which are valued at $2.5 million.
“Depending on the apartment you buy – entry-level, mid-level and then expensive – we're going to do a three-segment depending on which apartment you're going to get and it will be gifted at the handover," Erol Baliyan, managing director, Franck Muller MENA & India, told The National.
The large clock, measuring 40 metres by 30 metres, will be built in Germany by the same company that manufactured the clock in Makkah's tower and will be visible from several kilometres away.
"After the clock tower in Makkah, it’s going to be the second biggest clock tower," Mr Baliyan said.
“The dial that you see is exactly the same dial of a Long Island model, a Franck Muller iconic model. The numbers are also going to be the same – it will be a Franck Muller watch dial.
“The idea is to show the time and at that magnitude, it's going to be a working clock.
“It will be visible from five or six kilometres on any clear day with proper lighting.”
He said the tower's interior will be finished to an extremely high standard and detail, in keeping with the Franck Muller brand.
"As a brand, with our partner London Gate, we’re going to assure the quality and design in the building, because when you bring a brand, as a brand you need to ensure that you keep the brand quality and image," he said.
“It’s going to be the first one and obviously as a branded residence, we're going to have the amenities – all that comes with a high-end luxury branded tower."
Mr Baliyan said every corridor will have clocks, with a clock showing the time in certain major cities in the lobby.
"You will see Franck Muller in every corner, the DNA of Franck Muller," he said.
New projects
Dubai is among the world's busiest markets for luxury homes. Knight Frank said Dubai’s prime markets will grow 5 per cent this year, driven primarily by supply limitations and a resurgence in demand from key source markets such as China and India.
Until relatively recently, London Gate focused on build-to-rent projects before changing its business strategy and launching several luxury projects.
In November, it launched three projects – an apartment project in Jumeirah Village Triangle which sold out on the day of the launch and two apartment buildings in Al Furjan, which sold out over a three-week period.
Buoyed by their success and the strength of the market, London Gate is hoping to see similar demand for the Franck Muller Aeternitas tower, with 30 floors launched for sale on Tuesday.
The building is the former Marina 106 project that was started many years ago but was never completed. London Gate said it is expected to be completed in Q2, 2027.
"I think just because of the sheer volume of properties, at 649 properties, I think if we get to probably over the next eight weeks through to maybe 80 to 85 per cent, then we've done a really good job," said Tom Hill, media relations coordinator with London Gate.
"There haven't been many launches in Dubai Marina in the last few years. There's a scarcity of land in Dubai Marina, so all those things, along with what we're bringing as a developer, mean that we have high interest in the project."
Both London Gate and Franck Muller plan to announce further projects in the near future, but were coy about confirming if they will be together again.
Mr Baliyan said there were more Franck Muller branded projects coming in Dubai.
“We’re working on multiple projects. We will reveal them soon," he said.
Eman Taha, chief executive of London Gate, confirmed it will announce new projects soon, valued at a total of Dh8 billion (including the Dubai Marina tower).
"We have two major real estate projects in the real estate sector coming very soon. One of them will be branded," she told The National.
