Property of the week: Dh15m Dubai Marina penthouse with 'breathtaking' terrace


Ian Oxborrow
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There is no doubt that the UAE is home to some spectacular properties. From penthouse apartments to plush villas with sprawling gardens and incredible pools, it’s a real estate haven.

Each week, The National showcases some of the finest homes on offer in its Property of the Week. Here, we take a closer look at a penthouse in the Damac Heights tower in Dubai Marina.

The key details

This four-bedroom, five-bathroom penthouse is set within one of Dubai's tallest towers at 84 floors and 335 metres. It is in a prime location within the Marina and makes up part of the city's most recognised skyline.

The property is spread across 3,699 square feet and fully upgraded with Fendi interiors and Crate and Barrel furniture.

What's the story?

"Come and see the view."

Potential buyers, and visiting friends of the new owner, will be heading straight for the terrace once they step inside. There's no shortage of stunning vantage points across the city with so many high-rise towers, but this is among the very best.

It isn't simply that you can see a long way (and you obviously can from the 84th floor); it's more about the variety of what you can see from up there. The terrace, which is huge, looks into the cluster of skyscrapers at the end of the Marina, with their differing tower tops far more appreciated than at ground level.

To one side is Palm Jumeirah and the Burj Al Arab, and on the other, the green grass of Emirates Golf Club and the city spreading out away from the coast. And then there's a close-up view of the top of the neighbouring Cayan Tower from the bedrooms.

Just don't look down.

When you manage to tear yourself away from the terrace and back inside, there is a rather snazzy apartment to be found. Predominantly white walls are funked up by the marble flooring while the furniture is modern and fresh.

The living area is open plan with a further dining option available in the kitchen. It may be slightly more compact than some of Dubai's other penthouses, but you have to remember the outside space that it comes with.

An added bonus is a spa room complete with massage beds – as if looking out at the world around you wasn't relaxing enough.

This Damac Heights penthouse is located on the building's 84th floor. Courtesy Luxhabitat Sotheby's International Realty
This Damac Heights penthouse is located on the building's 84th floor. Courtesy Luxhabitat Sotheby's International Realty

What the brokers say ...

How does Damac Heights rank in terms of Dubai Marina’s best towers?

Damac Heights is situated in the northern end of Dubai Marina in the last area of "platinum" real estate. The top 40 floors have crafted interiors by Fendi and, having been handed over in 2018, it has really maintained itself. The facilities in the building are amazing, with an infinity pool overlooking Dubai Marina, health clubs for men and women, cinema room and lounge, spa and salon, convenience store ... the list goes on. Not many buildings have all of these facilities within the building and residents like the convenience of the area and location, too.

The terrace must be a candidate for most dramatic in the entire city … how would you describe it?

The terrace is incredible; it is between 800 and 900 square feet where you have close to 360° views. You're almost sitting amongst the clouds at more than 80 floors high and, as long as you're not scared of heights, it's breathtaking.

How long has it been on the market? How are prices moving in the Marina area?

It has been on the market for a couple of months and we have been renting it on a short term basis as there has been a demand for luxury penthouses for rent. The prices are moving in the Marina, as there has been a high demand of buyers wanting seafront and waterfront properties. The luxury market especially is moving.

Who would this property suit? Does it come furnished?

The property can come furnished; it is completely up to the prospective buyer. It would suit a diverse range of people - with four bedrooms and a maid's room, there is plenty of space. Fashion and Fendi lovers will also love the penthouse, with its beautiful Fendi marble floors. It's a showstopper penthouse.

- Lorna Bruce, senior global property consultant at Luxhabitat Sotheby's International Realty




Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match

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