Developer seeks discerning buyers for luxury Palm project

A show apartment designed by Elicyon at the One Palm by Omniyat in Dubai.
(Supplied photo)

Omniyat Properties has two more penthouses for sale after it sold Dubai’s most expensive apartment last year

Omniyat Properties made headlines last year when it sold the most expensive apartment in Dubai to a GCC buyer for Dh102 million at the One Palm by Omniyat. It beat the previous sales record for a Dubai apartment of Dh60 million.

The developer now has two more penthouses, a tad smaller, at the project for sale now. “We have 3 penthouses in total, of which the largest has been sold. Two more smaller penthouses costing Dh88 million and Dh91 million are available. We have seen several expressions of interest. But these things take time and we are working on it. Interest is coming in from the GCC, New York, London, Moscow, Australia and Italy. Celebrities and athletes are likely to come on board as well,” said Mohammed Hmeid, general manager, Omniyat Properties.

The new owner has commissioned London-based design studio Elicyon to design the interior of the penthouse, which is due for handover towards the end of the year.

“It’s in the design process. The triplex penthouse has 20,000 sqft liveable area and a terrace on the top floor spanning 10,000 sqft,” said Charu Gandhi, founder and director of Elicyon.

Elicyon has now unveiled two new show apartments at the One Palm. “We are bringing the London aesthetic to Dubai while also paying homage to Arabesque designs. There is a reference to water throughout the design. The view was my brief,” added Gandhi.

The British firm has projects such as the One Hyde Park on its resume.

The Dorchester Collection will be managing the apartments at the One Palm which includes around 94 units and will be delivered by the end of this year.

“We have sold up to 70 per cent of the apartments. The average price per sqft at the One Palm is around Dh4,500. Demand has been good. We have a very specific target audience for this project. The smallest unit is around 8,000 sqft. In the beginning, there was more demand for smaller units,” observed Hmeid.

Omniyat has started handover of The Opus, designed by the late architect Zaha Hadid, in Business Bay. Fitout work has started on the hotel, which will be operated by ME by Melia. There will also be serviced apartments and office space.

“We are also working on Anwa [reached 23rd floor] in Dubai Maritime City, The Sterling in Downtown Dubai and are doing final touches on The Pad as well. This is going to be a big year for us,” Hmeid added.

Omniyat says its projects The Sterling and Langham Place are in the premium mid-market space.

However, the Omniyat executive said the developer currently had no plans for projects outside the UAE. “Our primary focus in the short term will be on Dubai,” added Hmeid.



Developers need to put 20% of project value in escrow

They must also verify ownership of the project and pay its value in full, says regulator

In response to recent media reports, the Dubai Land Department (DLD) has confirmed that developers only need to deposit 20 per cent of the project’s value in escrow ahead of launching off-plan sales. They also need to verify ownership of the project and pay its value in full, in addition to receiving all approvals from the competent authorities, according to a statement issued on Thursday.

Sources had told Khaleej Times on Tuesday that a proposal was being mulled which would force developers to launch off-plan sales only once construction had reached the 50 per cent mark. This was to reduce the pace of off-plan launches in Dubai.

But in the latest statement, there is no mention of any plan to raise the 20 per cent limit to 50 per cent as a requirement for developers to launch sales.

Sultan Butti bin Mejren, director-general of the DLD, said: “There is a strong coordination among all relevant government institutions, including the DLD, as well as between developers and various parties in the market to establish confidence among investors and achieve the highest degree of transparency in Dubai’s real estate market.”

The Land Department’s statement said 150 new projects were registered in Dubai during 2017, at a combined value of Dh82 billion and that 90 projects were completed during the period.