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Tue 8 Sep 2015 05:37 PM

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Revealed: $54.4m penthouse to be sold in Dubai

Developer Omniyat says 20,000 sq ft penthouse will be most expensive to be offered in Dubai

Revealed: $54.4m penthouse to be sold in Dubai

Omniyat, the Dubai-based developer, said on Tuesday that it has the most expensive penthouse in Dubai which has a price tag of AED200 million ($54.4 million).

The company, which is taking part in Cityscape Global this week, said the luxury 20,000 square feet penthouse property was part of its The ONE at Palm project which it is showcasing at the exhibition.

Construction work started last year on the ultra-luxury residential project on Dubai's Palm Jumeirah and is slated for completion in 2017.

Omniyat is also showcasing its recently announced Langham Place Downtown development, The Opus by Zaha Hadid and The Sterling, it said in a statement.

Mahdi Amjad, executive chairman and CEO, Omniyat Group, said: "Omniyat has successfully grown its project portfolio to AED16 billion in the last decade. At the event, we will reiterate our commitment to shape exemplary properties that reflect the emirate's global status as a leading destination for upscale projects looking to attract 20 million visitors by 2020."

The Langham Place Downtown Hotel was launched last month in Hong Kong. Located in the Burj Khalifa district, the property will span a built-up area of 680,838 sq ft.

The $273 million project will comprise the five-star luxury hotel and serviced apartments, adding a total of 436 units to the hospitality sector in Dubai upon completion in 2018.

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