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Mon 23 Jun 2008 02:45 PM

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Dubai penthouse to fetch $30mn

Exclusive residence in Trump International Hotel & Tower to become most expensive in Dubai

The first penthouse to go on sale in the Trump tower on the Palm Jumeirah will fetch more than $30 million, smashing the previous record for the most expensive apartment in Dubai, the CEO of Nakheel has told
Arabian Business

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Palm developer Nakheel and the Trump Organisation on Monday launched sales of penthouse residences in the Trump International Hotel & Tower, designed by British celebrity interior designer Kelly Hoppen.

"When the deal is signed for the first penthouse it will be sold for more than $30 million", Chris O'Donnell said, adding that the previous record for a penthouse in Dubai was around $12 million.

There are only two penthouses available in the tower, with the rest of the residences made up of one to four bedroom units, ranging from from 890 to 7,500 square feet.

Apartments in the iconic hotel and residences have already reached record highs – topped only by the Burj Dubai - with pre-sales for some units fetching as much as $3,000 per square foot, with an average price of $2,450.

Last month Emaar Properties announced its pre-sales figures for the world’s tallest building had tripled from $1,089 per square foot a few months ago to $3,540.

The 62-story, stainless steel and glass Trump tower will be the tallest structure on Palm Jumeirah and is expected to be completed in summer 2011. The property will be comprised of two freestanding towers that straddle the centre line of Palm Jumeirah.