06 July 2022 – Khaleej Times – www.khaleejtimes.com
Dubai luxury property sector witnessed another high-value deal.
An exceptionally well designed garden home villa at Palm Jumeirah sold for a record-breaking price of Dh67 million in a single sitting to a British high net worth individual.
This makes the DHB villa the most expensive garden home villa sold on the palm.
The six-bed room property comprising of 10,000 square foot is designed by one of the top architects in the region, Naga Architects and built by DHB Properties. The Japanese inspired Zen Garden, Koi fish pond at the heart of the luxury property, a pool at the ground level as well as a lap pool at the top level adjoining the master bedroom are some of the key features of the new property located at Palm Jumeirah’s Frond G, which is now considered billionaire’s row of the Middle East.
“A play on glass and water creates a movement of lights and shadows as day moves into night. Floor-to-ceiling glass infrastructure ensures that all spaces are flooded in natural light with views of the sea from almost every part of the house,” said Riad Gohar, partner at BlackOak Real Estate.
Record breaking garden villa
BlackOak is a new generation of real estate agency taking on the traditional larger players, with an exceptional business model and leadership. It has created a very professional institutional type retail brokerage platform by investing in a team of high-calibre agents trained in real estate sales, investments, finance and markets.
“BlackOak was proud to work with DHB and Naga Architects to list such a spectacular villa on the palm. The attention to detail and the passion of the architect is truly visible when walking through the villa,” said Imran Sheikh, founder and CEO of BlackOak Real Estate.
Sheikh attributes the credit of selling one of the most expensive and record breaking garden villa to his partner Riad Gohar who clinched the deal in a single viewing with the British buyer.
“Riad is a leader in the real estate industry with 18+ years of entrepreneurial experience, and takes a special focus on the luxury sector where he has transacted over $1 billion worth of properties,” Sheikh said.
Targeting niche market
Gohar said the villa has been developed by DHB Properties, a developer focused on the niche market of luxury living and innovative living experiences. The designs are by Naga Architects spearheaded by Dr Shams Naga.
“The villa is unique both in terms of the style and the quality it has been built to. The buyer was looking for a villa for a few months at a lower price point, but when he saw the DHB villa, he immediately confirmed the villa as there was nothing comparable in the market,” he said.
“Some of the finest brands from Europe, USA and further afield have been sourced to furnish and equip the villa, all hand selected by the designer Naga architects,” he said.
“The Dubai luxury property market has generated a significant interest and activity this year. There have been record breaking transactions in terms of value and price per square foot,” Gohar said.
Lack of high-end luxury products
With the migration of HNWI and UNWI’s to the UAE, Sheikh said the luxury market has plenty of steam as there is a lack of high-end luxury products.
“Areas such as Palm Jumeriah, Dubai Hills, District 1, etc are seeing great demand for villas whereas Dubai Marina, Palm Jumeirah and Downtown/Business Bay for apartments,” he said.
Sheikh, a veteran of the real estate industry in the UAE for the last 15 years, is working with large family offices and institutions and has transacted more than $2.5 billion worth of real estate.
In reply to a question, he said prime properties in Dubai have bright prospects and it will continue to attract millionaires, high net worth individuals and investors.