ONE1OO Palm includes a wellness spa, start-of-the-art fitness centre, massive assorted candy wall, hydraulic pop-up cinema and three gourmet kitchens
ONE1OO Palm Villa is the most expensive residential transaction closed in Dubai so far this year. The most expensive villa to be sold on Dubai's Palm
Jumeirah, per square foot, has gone for the princely sum of over $30 million.
The buyers, a Swiss family living in Monaco, have snapped up the stunning property, which was placed on the market with real estate outfit Luxhabitat Sotheby's International Realty in August last year with a $32.7m price tag.
The 13,500 square foot property, named ONEl00 Palm, which is situated at the top of frond Non the Palm, includes a wellness spa, start-of-the-art fitness centre, massive assorted candy wall, hydraulic pop-up cinema and three gourmet kitchens.
Michael Adam Alibhai, who sold the magnificent property, told Arabian Business: "If you look at the villa you see it contains every piece of luxury you could ever want."
The property even comes with a Ferrari 599 GTO and Rolls Royce Wraith in the luxury garage with a custom wall-to-wall LED screen as well as a fully customized Ultra Glide Harley Davidson from the USA installed inside the living space.
"I'm a perfectionist. I put my heart and soul into it. I spent all my own time, going there every morning and afternoon after being in my office, to check the status and to ensure that we achieved the quality. It's spotless. No-one can come to the house and complain about one single thing," he added.
Alibhai, who took his inspiration for the villa from studying design, architecture and innovation during trips to California, admitted that striving to sell a property during the middle of a global pandemic made the process "probably a little harder", but revealed that the "market has just boomed" on the Palm since the beginning of the year, with strong interest from people from Israel and across Europe.
He said: "From January onwards, I came back after Christmas and new year in Sweden, I would say that 80 percent of views were genuine, with high profile clients.
"Lately we have seen a huge influx of people from Israel, we have seen a lot of Europeans and besides the people who just want to see the villa, which we have had such viewings, we have seen genuine buyer interest from people coming with valid bank statements, reference letters and proof of funds."
The Swedish national, who owns fashion manufacturing company Connection Design Associates & Exports Ltd, has been in Dubai for more than 20 years. Back in 2017 he achieved the highest price ever paid for a signature villa on the Palm, when the property he had renovated was sold for $18.2m.
Alibhai said he had decided to sell the property to return home.
He explained: "It's my piece of art. I am sad to see it go but on the other hand, I'm happy at the same time because I would want to go back. I think the Covid, it changed my mindset a bit. I had some people who passed away during Covid and it made me think a lot about my life and 20 years away from my family, although I visit them twice-a-year.
"My mother is 72 this year, my grandmother is turning 93, my brother moved back with my nephews so I'm just thinking, maybe life is too short and family is important to me."
Leigh Borg, managing director of Luxhabitat Sotheby's International Realty, who listed the property, told Arabian Business: "The Onel00 Palm villa is the most expensive residential transaction closed in Dubai this year, showing us that the luxury property market is on an upward trend. Luxhabitat Sotheby's International Realty started the year strong by brokering the sale of The Address Sky Views Hotel and are excited and positive for the future of the luxury homes market.
"The UAE's quick reaction to dealing with the pandemic has made many wanting to call Dubai their home; many buyers now realise the importance of a well-designed, quality home and we are very excited for what's next. There is a strong demand for brand new and upgraded homes that match international quality standards."
Riccardo Scala, the LuxuryProperty.com agent who represented the buyer in the transaction, added: "I am truly delighted to have sold this exquisite villa, which represents the pinnacle of luxury real estate in Dubai."
Chris Boswell's 2015 sale for AED185m ($50m) remains the highest residential private residence sale in Dubai's history.