Property of the week: Dh60 million Dubai penthouse is the most expensive in JBR

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 best homes on offer in its Property of the Week. This week, it's a penthouse at 1/JBR in Dubai's Jumeirah Beach Residence ...

1/JBR – the key details

This new five-bedroom penthouse is set within what is regarded as the jewel in the crown of Dubai's JBR district. The 53-floor tower is less than 150 metres from the beach and was designed with two principles in mind according to its architects: waterfront views and spatial clarity.

It is on the market for Dh60 million through LuxuryProperty.com and is spread out across almost 10,000 square feet encompassing a full floor.

What's the story with this Dubai penthouse?

Well, at that price you are expecting something special – and this home delivers.

It's a case of where to explore first: the balconies with the endless views out to sea and around the Marina district, the furnishings that have some dazzle without being too much, and then there's the swimming pool .

Normally reserved for the cavernous villas in the suburbs with backyards the size of a football pitch, there are a handful of apartments in the city which have incorporated the luxury of a private pool in the sky.

But, when kitting out a home in the Dh60m bracket, why not? And who doesn't want to catch the six o'clock news on the TV in the lounge from the comfort of the pool?

As for the views, it doesn't get much better than this in Dubai. The only one comparable in terms of impact and wow factor is in the close vicinity of Burj Khalifa. The endless windows make sure the most is made of the outdoor glory.

Inside, the eyes are drawn to the Jupiter-like pillars giving it an other-worldly feel, while the decor features an array of artwork and hanging lights.

The one area that is more reserved is the kitchen. The breakfast bar and island bring convenience, though there isn't anything here, besides the wonderful sea views, that provides any wow factor. But then does a kitchen need to do that?

There are two living areas – one formal, one adjoined to the pool, while the master suite is positioned on a corner and includes his and hers walk-in closets.

As for the black cat, no, he doesn't need feeding.

There's plenty of room to lounge about. Courtesy LuxuryProperty.com

What the brokers say...

At Dh60m is this the most expensive property in JBR?

Yes, this is certainly the most expensive property in JBR and is truly the definition of super prime real estate. Each of the principal bedrooms enjoys amazing beachfront views, and the six car parking spaces mean there is enough space for one's classic car or super car collection.

The tower must be the most prestigious?

JBR is blessed with two spectacular new developments – 1/JBR, which is ready and occupied, and the Address Jumeirah Resort, which is handing over imminently. 1/JBR is definitively a prestigious address that offers private beach access, and excellent facilities and amenities with good arterial road links.

The outdoor / indoor pool is quite the thing to have in the Marina area?

The indoor pool is a gorgeous amenity to have in what is a truly gorgeous penthouse. The infinity aspect of the pool allows you to enjoy views afforded from the high floor, and it has been designed with a waterflow system that enables users to have a swim exercise session. Apartments and penthouses with their own pools are in fact a bit of a rarity in this community, and are the hallmark of a world-class home.

The view over Palm Jumeirah. Courtesy LuxuryProperty.com

What’s the thinking behind the interior?

The penthouse has been subject to a full and extensive refurbishment, and the interiors have been designed to maximise the sense of interior space, so your eyes are drawn across the room and directly out to the views outside. The lavish use of onyx and other high-grade materials creates an unmistakable style statement, adding a brilliant contemporary touch to the home.

Are the glowing Jupiter-esque walls a new trend?

This is back-lit onyx and yes, we are seeing more and more homes adopt this design style. It adds a unique character to the interior aesthetic, can help accentuate certain facets of the design, and with the right combination of colour, polish and lighting, it also makes for a stunning art piece.

Who will be looking to buy this property?

International clients looking for a five-plus bedroom home with the convenience of penthouse living. We have European clients, as well as clients from North America taking a keen interest. The unique beachfront location, close to well-established areas of the city such as Marina, with the plethora of restaurants and retail mean that a home in this neighbourhood is incredibly sought after.

Jason Hayes, founder and chief executive of LuxuryProperty.com

Business Insights

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SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
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The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

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.”