Dubai: Dubai has recorded its costliest deal so far this year – a villa on the Palm going for Dh111.25 million plus. The property has been bought by a Swiss investor, and will now be placed in the holiday home market.
The One100 was listed last year, and the seller had even lined up a slew of add-ons such as a luxury car, a Harley and much more to attract the attention of a buyer. The initial asking price was Dh120 million.
“Across the wider city, homes above Dh100m are a rare commodity,” said Jason Hayes, CEO of Luxuryproperty.com, which completed the transaction on the One100 sale. “We are currently marketing three homes on the Palm Jumeirah each with an asking price of above Dh100 million - and each very different in terms of their individual design aesthetic.”
According to a senior spokesperson at Luxhabitat Sotheby’s International Realty, the final price was settled for Dh111.25 million. But the new seller will not be taking the Rolls or the Harley. The villa spans three floors and with a built-up area of 14,000 square feet. It hosts 5 bedroom suites with the master-suite extending to 1,300 square feet.
"Due to the ‘wow factor’ of the villa and the video receiving over million views, you would get many people wanting to see the villa in person," said Leigh Borg, Managing Director of Luxhabitat Sotheby’s. "However, only a small percentage of the clients had the actual budget, so we had to shield the villa from this, carrying out the necessary due diligence on clients visiting."
Michael Adam Alibhai was the seller, and it's a fact that this property has been one of the most looked at and talked about in recent months. Apart from the property, its location, the Palm factor, and everything besides, there was the fact that Alibhai was throwing in quite a few add-ons into the mix.
The buyer wishes to remain anonymous. What we know is that it is a Swiss family based in Monaco.
The villa comes with Bentley & Minotti furniture, decor by Louis Vuitton & Hermes and custom-made pieces that shows the personal aesthetic of Alibhai. There is an outdoor hydraulic pop-up theatre on the ground floor, rooftop outdoor cinema along with an infinity glass Jacuzzi with pop-up TV.
On the second floor is a home cinema furnished in Hermes, featuring an IMAX screen, 4K projector, and Dolby ATMOS sound.