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Tue 1 May 2018 01:50 PM

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Mayfair chosen for global launch of luxury $172m Dubai project

Posh London district to host international launch of The 118, prices start from $6.2m

Mayfair chosen for global launch of luxury $172m Dubai project

UK-based upmarket estate agents Wetherell is holding a Mayfair exhibition on behalf of developer Signature Developers for the international launch of The 118, a Dubai luxury residential skyscraper.

Dubai schemes launched in London are normally off-plan sales but for the first time in the UK, The 118 is being launched build-complete with finished residences and dressed show-units by international design houses Fendi and Roberto Cavalli.

The Mayfair exhibition is being held on May 9-10 at the Four Seasons Hotel on Park Lane.

The 118 in Downtown Dubai is a £125 million ($172 million) 44 storey residential skyscraper providing 28 finished bespoke full-floor 4-6 bedroom residences, including two duplex penthouses.

For the international launch in Mayfair, residences on the upper 14th to 44th floors are being released for sale.

Twelve residences were launched and successfully sold at a phase 1 domestic launch in Dubai, with 80 percent of the purchasers consisting of high-net-worth international buyers, many of whom have business or family connections in London.

Considered to be among the most luxurious penthouses created in Dubai, the six bedroom duplex residences have a grand entrance hall with feature staircase leading to upper floor, double height living and dining room opening onto sky terrace, family living room opening onto private terrace, long gallery for artwork, family kitchen and breakfast room leading onto terrace and two bedroom suites.         

On the upper floor there are four Ambassadorial sized bedroom suites, including the Presidential master bedroom suite with day area, study, master bathroom and walk-in dressing room.

Amenities include a fitness centre with club lounge room, gymnasium, treatment room, steam rooms, a 30,000 sq ft pool/entertainment deck and a Sky Terrace on the top floor hosting a 4,000 sq ft rooftop sunset lounge.

Peter Wetherell, chief executive of Wetherell, said: “The subcontinental buyers in Mayfair typically have a home for banking and family education in London, a family home in the city and homes for business and leisure in either Dubai, Monaco, Manhattan or Los Angeles.

"They will spend anything from £2-20 million on purchasing a home in Mayfair, with 70 percent buying an apartment or penthouse and the balance acquiring a mansion, townhouse or mews property. Providing value-on-investment, a world-class destination and a low tax environment, The 118 in Dubai is a logical choice for these multi-national residents.”

Prices of the 118 residences start at £4.5 million ($6.2 million) while penthouses are priced from £10.7 million ($14.7 million).

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