Page 73 - Emerald Palace Group - JANUARY 2024

1/4/24, 4:07 PM Dubai super-penthouse with cinema and basketball court on sale for $163m
The 77,707 square feet penthouse R1 at Raffles The Palm Dubai Residences is spread across three
levels and the rooftop of the property.

The eight-bedroom property includes its own indoor and outdoor cinema, gym and basketball
court.

It has a spa and wellness area that includes a cryogenic room, an outdoor swimming pool, a bar
and barbecue area, a mini golf course in a meditation garden, a cigar lounge and a bar offering
360-degree views of the Arabian Gulf.

It also comes with a private lift and has a dining room with a Teppanyaki kitchen that seats 20
people.

Emerald Palace Group, which owns Raffles The Palm Dubai, said the property also includes a
central terrace area that can entertain hundreds of guests.

The super-penthouse – a penthouse that occupies at least 10,000 sq ft of space in a building that
is about 305 metres high – also offers customisation options.

The handover term for the penthouse is 15 months from the date of
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Where are UAE property prices booking, EPG said.
headed in 2024? Seran Gheorghe, vice president of EPG and director of sales for

Sharjah’s Arada expands further Raffles The Palm Dubai Residences, described the super-
into Dubai market as it buys $163m penthouse as “an embodiment of architectural grandeur and
plot near DIFC exclusivity” .

UAE Property: ‘Can my landlord
add a non-renewal clause in my The sale of the property would “mark another significant milestone
contract?’ in the history of Dubai real estate,” he said.

If the Super Penthouse R1 sells for Dh600 million, it would set a
record as the most expensive.

In November, a five-bedroom penthouse on Palm Jumeirah sold for Dh500 million, the most
expensive penthouse in Dubai.

The property at Como Residences, which is expected to be completed in the third quarter of 2027,
covers about 22,000 sq ft and comes with a private lift and floor-to-ceiling windows.

Property prices in recent years have increased in Dubai, with the residential market recording its
highest quarterly price rise in a decade in the third quarter of last year, according to property
consultancy ValuStrat.

Prices in the emirate's prime markets are expected to rise by 5 per cent this year, driven by supply
limitations and a resurgence in demand from source markets such as China and India,
consultancy Knight Frank said.

Updated: January 03, 2024, 7:01 PM

PROPERTY DUBAI

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