Dubai real estate market sells penthouse on Dubai Water Canal for USD50M

(MENAFN) The Dubai real estate market has achieved a significant milestone with the sale of a penthouse on the Dubai Water Canal for an astonishing USD50 million. This record-breaking transaction was facilitated by AHS Properties, which successfully closed the deal with the family office of a European billionaire. The sale of this penthouse, located within the ultra-luxury residential building known as One Canal, has now become one of the most expensive penthouse acquisitions in Dubai's real estate history.

This remarkable agreement comes on the heels of a partnership between AHS Properties and Fendi Casa in November 2022, which marked the inception of the One Canal project. Valued at a gross development of USD450 million, the project experienced a rapid surge in sales, with the penthouse sale signifying the culmination of the available inventory. The entire transaction was overseen by Everose Properties, represented by Karl Shehfe and Gregory Mathieu, serving as the wealth management entity responsible for ensuring a seamless deal.

The penthouse itself is a sprawling residence, spanning over 30,000 square feet, akin to a sky mansion, uniquely created by merging four rooftop units. This opulent dwelling boasts a wide array of amenities, including a dedicated gym, steam room, sauna, an exclusive rooftop garden complemented by a private pool, in addition to two more private pools, high ceilings, and two parking spaces. Residents of this exceptional penthouse will be treated to breathtaking panoramic views of Dubai, with iconic landmarks such as the Burj Khalifa, Burj Al Arab, and the Dubai Canal forming a picturesque backdrop.

The One Canal project, bearing the Fendi brand, elegantly combines the spaciousness of a luxury villa with the allure of city panoramas. The interior design of One Canal was entrusted to the renowned firm Hirsch Bedner Associates, while the architectural brilliance behind the project was executed by Shaun Killa, a globally acclaimed architect responsible for the striking Museum of the Future.

Abbas Sajwani, the CEO and Founder of AHS Properties, lauded this momentous sale as a testament to the vibrancy of Dubai's luxury real estate sector. He emphasized the city's continuous attraction for high-net-worth individuals who find Dubai an enticing place to call home. AHS Properties, guided by its mission to redefine luxury, continues to strengthen its position in Dubai's premium real estate sector, drawing global investors with prime locations and unparalleled amenities. The One Canal penthouse, in particular, stands as an embodiment of this commitment, representing the pinnacle of luxury living in the emirate.


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