Construction work started on Wednesday on a new AED2 billion ($544 million) ultra-luxury residential project on Dubai's Palm Jumeirah.
Omniyat Group and Drake & Scull said they broke ground on the One at Palm Jumeirah, which is slated for completion in 2017.
"We are absolutely thrilled to break ground today on what will be one of the finest residential developments and an iconic addition to the regional skyline," said a joint statement.
Mahdi Amjad, executive chairman and CEO of the Omniyat Group and Khaldoun Al Tabari, vice chairman and CEO of Drake & Scull International (DSI), performed the ceremony, the statement said.
"Throughout the next three years, the Omniyat Group and DSI will work jointly to build this magnificent building to a standard, well beyond anything seen in high-end development," said Amjad.
He added that the 25 storey tower, comprising 90 spacious apartments, will be the "most prestigious address in Dubai" and will feature swimming pools cinema, cigar lounge, luxury spa and yacht club.
Being one of the highest residential developments at the trunk of the Palm Jumeirah, the project will also include a 20,000 square feet penthouse.
“One at Palm Jumeirah is specially crafted for the most privileged of the privileged few, which shows the commitment which is reflected in our design approach. Our aim is to release a project that can smoothly speak to the world and take the buyers through a journey of urban and premium lifestyle,” said Al Tabari.
One at Palm Jumeirah is a 50-50 joint venture between the Omniyat group and DSI and is a collaboration between Soma Architects from New York, Super Potato interior design from Japan and Vladimir Djurovic landscape architects from Lebanon.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.