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 is showcasing some of the best homes on offer with its Property of the Week. This week, we take a look at a penthouse at The Residences Dorchester Collection Dubai, a development by Omniyat.
The key details
This penthouse at The Residences Dorchester Collection Dubai is spread across 17,712 square feet and three floors, with the lowest level on the 30th floor of the residential tower. It has five bedrooms, several terraces (all contenders for the best in Dubai), and comes with a price tag of Dh72.9 million ($19.8m).
The development is in Business Bay, a stone's throw from Burj Khalifa, is opposite Marasi Marina and overlooks the Dubai Canal. Although the tower is spread across 32 storeys, there are only 39 residences.
What's the story?
You know you are in for a treat when residents have a 100-foot luxury yacht available for their personal use – in this case the Dolce Vita – which can take you on a cruise to Palm Jumeirah.
That's if you'd ever want to leave a home as opulent as this.
The hospitality brand Dorchester Collection will be familiar to the well-heeled and well-travelled given it is one of the most well-known hotels in London and is famed for its standards of service.
In 2006, the brand went global with the launch of Dorchester Collection, which was founded to manage a portfolio of luxury hotels in Europe and the US.
Soon, residents of Dubai will be able to enjoy that same service with the completion of the world's 10th Dorchester Collection hotel, and its first in the Middle East.
The Dubai iteration consists of two towers – one the hotel and the other the residences – designed by renowned architect Foster + Partners.
And when it comes to the residential side of things, we're talking serious sophistication, thanks to the work of Parisian design house Gilles & Boissier, which has cleverly combined European detailing and traditional decor with contemporary living spaces.
Oak flooring is prominent, as is marble – and not only in the bathrooms.
The lower two levels feature a double-sized living room, four spectacular bedrooms, a private study and a presentation kitchen with Miele and SubZero appliances, as well as a Quooker faucet offering chilled and sparkling water at the touch of a button.
The third level ramps it up a notch with a grand master suite featuring his-and-hers dressing rooms, a master bath with Jacuzzi and a family lounge. Each level has a terrace, one of which has its own swimming pool with views out across the Dubai skyline.
We ask the broker ...
Is there anything comparable to The Residences, Dorchester Collection in Dubai?
In terms of luxury residences, The Residences, Dorchester Collection, Dubai is synonymous with the finest addresses around the world, so you might say that nothing is truly comparable to it. However, Volante along the Dubai Canal is a spectacular development, and The 118 in Downtown Dubai has a sense of prestige and an allure that could possibly rival The Residences, Dorchester Collection, Dubai.
What kind of buyer will this attract?
This really is a project for the discerning buyer, one who appreciates quality and has an eye for the finer things in life. Dorchester Collection, throughout its history, has become the personification of luxury living. It will attract any buyer who is looking for a primary residence with an incredible wow factor, or a pied-a-terre that takes you away from the cares of modern life.
When does the development open?
The project was originally slated for completion in 2021, but due to current circumstances, the current completion date is Q1 2022. It will be well worth the wait.
There's another Dorchester Collection coming in Dubai ...
Yes, One at Palm Jumeirah managed by Dorchester Collection, is another stunning project that benefits from the hospitality of Dorchester Collection. It, of course, provides a completely different lifestyle to the one at The Residences, Dorchester Collection, Dubai. Although one is more of a resort with a private beach, the other gives you urban waterfront chic. And architecturally, both projects are quite distinct.
Q&A with Dean Charter, sales manager, LuxuryProperty.com
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
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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.”
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● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
Asia Cup 2018 Qualifier
Sunday's results:
- UAE beat Malaysia by eight wickets
- Nepal beat Singapore by four wickets
- Oman v Hong Kong, no result
Tuesday fixtures:
- Malaysia v Singapore
- UAE v Oman
- Nepal v Hong Kong
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The Buckingham Murders
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Director: Hansal Mehta
Rating: 4 / 5
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
