Dubai-based luxury property developer AHS Properties said Wednesday it had completed sale of an ultra-luxury penthouse along the Dubai Canal for a record $50 million to the family office of an unspecified European billionaire, making it one of Dubai’s most expensive penthouse purchases ever.
The penthouse, spanning over 30,000 square feet and merging four rooftop units, was the final unit of the $450 million One Canal project, which AHS developed alongside Italian developer Fendi Casa in November 2022, the Dubai firm said in a statement.
The luxury unit has “a dedicated gym, steam room, sauna, an exclusive rooftop garden accompanied by a pool, two additional private pools, grandiose high ceilings, and dual parking spaces,” the company added.
Everose Properties acted as the wealth management entity to manage the transaction.
“This niche sector is poised for continued growth, with the UAE consistently drawing high-net-worth individuals eager to call Dubai home,” said AHS CEO Abbas Sajwani.
At a glance
Founded in November 2021, AHS Properties has ultra-luxury real estate units in Dubai’s premier locations such as the Palm Jumeirah and Emirates Hills.
In May, the company revealed that it had sold three of its luxury villa projects on the Palm Jumeirah for more than $75 million.
In January, AHS Properties launched One Crescent on the Palm Jumeirah, a low-rise residential building designed by Killa Design, the firm behind the Museum of the Future.
Sajwani’s father, billionaire Hussain Sajwani, who chairs Dubai-based luxury real estate developer Damac Properties, has a net worth of $4.5 billion as of October 25, 2023, according to Forbes estimates.