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| Dubai's $30m penthouse sale trumps record |
| Posted on June 24, 2008 | Print Version |
Dubai government developer Nakheel hopes to sell a penthouse in Donald Trump's towers on Dubai's first artificial island for more than $30m, which would smash the emirate's record for its most expensive apartment.
The two towers of the Trump International Hotel & Tower, scheduled for completion in 2011, will form the gateway to Palm Jumeirah, the offshore development that will host a permanent residence for the Cirque du Soleil and the retired QE2 cruise liner, along with hotels, apartments and villas.
Chris O'Donnell, Nakheel's chief executive, said that based on initial interest in the 62-storey building he expected to sell one of the two Kelly Hoppen-designed penthouses within the next six months for more than $30m, beating Dubai's previous record for an apartment of $12m.
Mr Trump has reserved one of the development's 399 residences for himself. The project has already received bids as high as $3,270 a sq ft in pre-sales before yesterday's launch. The $1.1bn development, a joint venture with Nakheel, is the US magnate's first foray into the Middle East.
"People will continue to pay for good locations and good product - it is an iconic building in the middle of the iconic Palm, with Trump branding on top," he told the Financial Times.
Mr O'Donnell rejected claims that the build quality of the first properties on Palm Jumeirah has been disappointing, saying that Nakheel is responding to all homeowners' claims and pointing out that the contractor behind Dubai's most famous landmark, the Burj al-Arab hotel, will be building Trump's towers.
Dubai's real estate market is booming as the diversified city-state attracts much of the petrodollar surpluses caused by record oil prices. According to property consultants Colliers International, Dubai property prices have surged 78 per cent in the first quarter of this year, compared with the same period last year, as expatriates continued to surge into the city, stoking rental and property inflation.
Still, Dubai lags well behind the average property prices in centres such as New York and London with which the ambitious emirate of Dubai wants to compete.
London's most expensive flats are the Candy brothers' One Hyde Park, where penthouses have allegedly sold for more than £80m ($157m) and where flats start at about £20m each apiece - or up to £6,000 a sq ft.
For the $30m tag placed on Dubai's Trump penthouse, you could get a six-bed flat in a nearby Candy development in Pimlico with an underground swimming pool.
The Trump apartments reached an average price of $2,450 per sq ft, slightly less than the average price of Emaar's Giorgio Armani apartments in Burj Dubai, the world's tallest tower under construction in central Dubai, which were last year sold at an average of $2,860 per sq ft (including the designer's furniture and fittings).
Source:-The Financial Times Limited 2008 |
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