Ominyat Properties is working on a dew development that will break records in the Dubai real estate market.
The penthouse apartment at its new flagship project, the Orla, on Palm Jumeirah, will be spread over an enormous 50,000sq ft when completed according to media reports.
The Orla is a $1.3bn (AED5bn) luxury property taking shape on the outer fronds of Palm Jumeirah.
Ominyat has previously said that the Orla, which will be managed as part of the Dorchester Collection, will be built on a 29,000sq m beachfront plot will have one and two-storey residences, each having a unique design and layout.
It will have 270-degree views of the Dubai skyline and the Arabian Gulf.
Media reports the property’s penthouse apartment will be 50,000sq ft, making it the largest apartment in the city.
Giant Dubai apartment
“The penthouse – we prefer to call it the ‘sky palace’ – will have its own lobby, arrival area, elevator and a 35m infinity pool, Ominyat Properties founder, Mahdi Amjad told a newspaper in Dubai.
Penthouse apartments at the apex of Palm Jumeirah are highly desirable properties. A top-floor triplex in Atlantis The Royal residences is on the market for $49m (AED180m) Arabian Business reported this month.
Any deal for the Orla’s 50,000sq ft apartment is sure to be at the very upper end of the price range.
The price of the 50,000sq ft property will only be revealed after it has met with interested investors, says Ominyat.
However, it has confirmed that units in the building will start at $6m (AED22m). Payment plans will see 50 per cent paid up front and a further 50 per cent on completion, which is said to be in three to three-and-a-half years’ time.
Ominyat Properties partnered with world-famous Foster + Partners, founded by legendary architect Norman Foster on the design of the Orla development.
On its website Ominyat Properties said: “The exclusive architectural design of the building offers the area indoor outdoor living while the unique architectural design of the residences, lobbies, and spa within the complex of 3 towers honours the sensitivity of the environment.
“An incredible life will unfold here overlooking the Arabian Gulf, the Palm Bay, and Dubai Marina.”
Ominyat has been making waves in the luxury real estate space in Dubai. Earlier this year it broke ground on AVA at Palm Jumeirah, Dorchester Collection.
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