On the 108th floor of the world’s tallest tower, a penthouse has gone on the market for a staggering $49.5 million (Dh180 million).
That price may seem as steep as the glassed walls of the Burj Khalifa in Downtown Dubai. But its owner insists it is a once in a lifetime opportunity to purchase a trophy property in one of the world's most recognisable buildings.
For more than a decade, details of the penthouse apartment remained a closely guarded secret, until now, with its current owners prepared to sell-up and cash in on a booming Dubai real estate market.
At 460 metres above the ground, the aptly named Sky Palace is a 21,000 square foot apartment spread across two floors, with a connecting lift. It is advertised as the world’s highest residential property on sale – but there is a catch awaiting potential buyers.
Despite its panoramic views, the property is currently just a shell and in need of at least Dh20 million of investment to transform it into one of the world’s most eye-catching homes.
While the asking price of $49.5 million is huge, the website the property is advertised on suggests, once renovations are complete, it would have a resale value of more than $110 million. It also added that similar properties in New York, Hong Kong and Tokyo were being sold for between $200 million and $350 million.
The apartment boasts views of the Arabian Gulf, the mountains of Ras Al Khaimah on a clear day to the north, Palm Jumeirah and beyond. After lying empty and unused for years, the property was purchased by entrepreneur Karl Haddad and his business partner in 2022.
Now, Mr Haddad believes, it is the right time to sell. A design company has used artificial intelligence to develop images of how the luxurious pad could look, once its transformation is complete.
“There's only about 30 brokers in the country who could call someone off the bat and say, this property is on the table – are you interested?” said Mr Haddad, who runs a citizenship by investment programme supplying people with second passports.
“To this day, this is the most beautiful building anywhere in the world. Whoever buys this will have unobstructed views for life, and that's really what makes this unique.”
Sky Palace - in pictures
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A view from the 108th floor of the world’s tallest tower. All photos by Ruel Pableo for The National -
The view from inside the apartment, which is about the size of a large restaurant. -
Despite its stunning panoramic views, the property is just a shell and in need of at least Dh20 million of fit-out and furnishing. -
Co-owner Karl Haddad at the penthouse apartment, which he purchased two years ago. -
The penthouse has a private elevator that travels from the ground floor straight to the 108th. -
The National has been given a rare glimpse inside the Burj Khalifa, the world's tallest building. -
An outdoor spa on the lower floors of the tower. -
Artist impressions show what a floating staircase would look like. Photo: gt&i -
An AI image of how a bedroom could look at the apartment up for sale. Photo: gt&i -
An AI-created image of how an office could look in the property. Photo: gt&i -
The master bedroom, as designed by AI. Photo: gt&i -
The bathroom in the property could look like this, according to imagery created by AI. Photo: gtandi
The property includes a private, internal lift and 12 dedicated parking spaces. The shell-and-core layout allows any owner to entirely design and shape their surroundings.
Burj Khalifa facilities include a private lounge on the 123rd floor, outdoor jacuzzis and pools on the 43rd and 76th floors, a 25-metre swimming pool and two premier spas.
Residents also have access to private gated gardens, a children’s play area, a choice of three gyms, tennis courts and the Armani Hotel's facilities.
“People have questions about the lifts, but they are super fast and you are upstairs on the 108th floor probably quicker than when you go to your office on the 20th floor,” said Mr Haddad, who also lives in the Burj Khalifa, more than 20 floors below the Sky Palace with his wife and two children.
“The air is also incredibly clean on every level, that's very important because there's no balconies, and the security here is also exceptional. And you've got the service lift which leads right into the apartment so any work that will be done will be relatively straight forward.”
And there is plenty of demand for sky-high living in one of the world’s most exclusive addresses.
While the top 40 floors of the Burj Khalifa are commercial offices, the other 900 apartments on the remaining floors are 99 per cent occupied.
Mr Haddad said there has been significant interest in the Sky Palace from wealthy people since the penthouse went on an exclusive market in September, including from a global media tycoon who wants to do his daily podcast from the atrium area, he said.
AI design
To help illustrate how the property may look once all work is complete, a UK-based design firm, gt&i used AI-generated imagery to create images of how the space could be used.
The results show main living areas and bedrooms to entertainment spaces, bathrooms, walk-in closets, home offices, home cinemas and a children’s playroom. The images help to offer a glimpse of what could be made of an otherwise anonymous concrete shell, albeit with spectacular views in all directions.
The use of AI is helping to cut costs for designers, as well as those looking to market high end property.
“Expensive, on-location shoots and time-consuming CGI (computer generated imagery) were once the only ways to bring a property to life. But that’s changed,” said gt&i creative director Glen Tarr, who has directed hundreds of photos shoots for luxury properties over 25 years.
To create the images, Mr Tarr entered key words into the AI software, such as Burj Khalifa, Dubai, double height ceilings, mezzanine level spiral staircase and penthouse in the clouds.
Costs for CGI renderings can run into the tens of thousands of dollars for major projects, but those fees were cut considerably using AI.
“There is a lot of trial and error, but generally we can generate one of these images in a matter of minutes,” said Mr Tarr. “About a year ago, I was worried this kind of software could put us out of work, but I've been using this for three years now and we have been able to learn from it.”
