According to the most recent weekly data from the Dubai Land Department, a plot and built-up portions of the Palm Jumeirah were sold for Dh600 million. Frond N’s property is just under 59,600 square feet, confirming the island’s reputation as the area in Dubai where mega-sized deals are the order of the day.
Land on the Palm that sold for Dh206.52 million was the next most expensive transaction.
Industry insiders claim that the Dh600 million purchase also reportedly includes a villa, with the price per square foot coming to more than Dh10,000. “Nowadays, anything that’s transacted on the Palm reaches for the skies in value terms,” said the source. “Palm will keep breaking records for some time.”
The most recent purchase, which was recently completed a few weeks ago, comes after the record-breaking sales of Dh280 million and Dh302.5 million for Palm villas this year. To understand why the most recent one increased to Dh600 million, more information would be needed, including the precise built-up area over the nearly 60,000 square feet of land.
More so now that undeveloped land on the Palm is becoming more scarce and is fetching eye-catching prices.
The ‘Palm Flower’
The most recent ultra-luxury building on the Palm has begun construction and will have 11 stories. The developer is Alpago Properties, which has a history of closing high-value transactions on the island.
The “Palm Flower,” an 11-story building, was initially announced last year. The famed UK-based firm Foster & Partners, led by Norman Foster, is the architect behind the Palm Flower. The Gherkin in London, Apple Tower Theatre in Los Angeles, Hong Kong International Airport, and Alif – The Mobility Pavilion at Expo 2020 have all been connected to the agency.