Real Estate

News in brief

Downtown Dubai luxury penthouse snapped up for $13.6m

The 118, a boutique luxury project by Signature Developers located in the heart of Downtown Dubai, has just sold one of its trademark apartments for AED50 million ($13.6 million).

Nestled mere steps away from Dubai Mall, across the Address Downtown, The 118 offers an opulent, yet highly secure, retreat for UHNWIs (ultra high net worth individuals), says Signature Developers. 

A near record breaking sale, the luxury property earned its ticket price through IADA award-winning design, palatial interiors, impeccable details, premium services, and an unparalleled, panoramic view of the Downtown area, it states. 

This is in stark contrast to current ‘ultra’ expensive residences that heavily rely on beachfront access and a sea view to justify their asking price, it adds.

“Interestingly, a big draw to our pool of discerning buyers has not only been the uncompromising luxury we stand by, but also the heightened level of security and privacy we offer,” remarks Sunil Nihalani, a senior representative for Signature Developers.

The duplex apartment, one of only two being offered at The 118, features six ensuite bedrooms, 8-m-high living room ceilings, state-of-the-art amenities, exquisitely furnished interiors, generous ‘walk in’ closet spaces, and a combination of stone and pearlescent finishes.


Emirati entrepreneur sets up new company for sale of Dubai mansions

Emirati entrepreneur Abbas Sajwani has launched an uber-luxury real estate company, AHS Properties, with a total asset value of more than $100 million, mainly aimed at selling ultra-luxury mansions in Dubai.

He is the son of Hussain Sajwani, the founder of Damac Group, a UAE conglomerate that has a diverse portfolio ranging from capital markets, hospitality, data centres, fashion, retail and, of course, real estate.

AHS Properties says its asset portfolio comprises high-end properties including the uber luxurious Amara Villa at Emirates Hills worth AED150 million ($40 million). The mansion has a built-up area of 45,000 sq ft and living space with seven en-suite bedrooms.

Spotting an opportunity to meet rising demand for ultra-luxury properties, the new entity has begun selling premium estates in Emirates Hills, as well as beachfront villas on Dubai’s exclusive Palm Jumeirah. Another project is the 12,500-sq-ft Azalea Villa located on Palm Jumeirah, built with natural materials and textures, has six en-suite bedrooms and its own pool, gym, gardens and bar.


Azizi starts delivery of 448-unit mixed-use project in Dubai

Azizi Developments, a leading private developer in the UAE, has handed over Plaza, a well-connected condominium project located in the heart of Dubai’s new growth corridor, Al Furjan.

This is in line with Azizi’s commitment to customer-centricity and timely delivery, with Plaza, a 448-unit development that is home to 286 studios, 46 one-bedroom units, 86 two-bedroom residences, 16 luxurious penthouses, as well as 14 retail units, being its fourth delivery this year, says the developer.

Next up, Azizi will deliver Star, also in Al Furjan.

Founder and Chairman Mirwais Azizi says: “This completion is yet another testament to our dedication to prompt delivery and maintaining the highest quality standards. Plaza, with its central, prime location in Dubai’s high-growth corridor, its remarkable connectivity, and its exceptional finishing, caters to both savvy, value-oriented investors seeking outstanding rental yields, as well as end-users looking to enhance their lifestyle.”

“Plaza is an embodiment of our commitment to creating world-class properties in master-planned communities that provide excellent convenience in the form of retail and leisure options, easy access, and a sense of belonging.”


Lux Collective to manage Shurooq’s offerings

The Sharjah Investment and Development Authority (Shurooq) has appointed The Lux Collective, a Singaporeheadquartered luxury hospitality management company, to manage two new hospitality projects set in Sharjah’s scenic central and East Coast regions.

The nature-inspired Lux Al Jabal Resort spans a 260,000-sq-m area on a spectacular terrain hill overlooking a beach in Khorfakkan. The resort is expected to open in March 2023 and comprises 45 eco-friendly units and suites that open out to views of aquamarine waters and a jagged mountain range.

 Set adjacent to Sharjah Safari, the largest conservation park in the region and the largest wildlife safari in the world outside Africa in Al Dhaid, the second project Lux Al Bridi Resort is scheduled for a 2023 opening.

 The project will feature 35 luxurious private tents and the Lux Me Spa. Another key highlight of the property is the animal encounters that are set in partnership between Shurooq and the Sharjah Environment and Protected Areas Authority (EPAA) under safe and secure measures that guarantees protection for both the guests and the animals.