Armani is waiting until summer to launch sales the supra-luxury brand’s second project in Dubai – a project that will be launched in alliance with Sharjah-headquartered master-developer Arada.
The new project on the Palm ‘will be the biggest launch of the summer’. “The developer has not formally released the prices, but there have already been multiple enquiries. This is a project with a pricing that will reflect the Armani branding mark up, the Palm premium, and the Dubai property’s attraction for the rich, whether in the UAE, the Gulf or from anywhere in the world.”
Market sources are speculating that the Armani project will only have a limited number of residences, likely to be between 100-300 units. On a project like this, the developer would certainly have already confirmed a certain percentage of sales based on their existing client list or contacts.
The average transaction price for Palm homes sold in the year-to-date is around Dh3.8 million. On a per square foot basis, the price is at Dh2,738 a square foot. Both values are higher by more than 20 per cent from 12 months ago.
Palm-focussed buyers have options other than Armani – Nakheel is getting back into launch mode, with the ‘Como’ tower. A 75-storey structure where the starting price is Dh21 million. Industry sources say developers are speeding up their plans, especially those with high-end projects. The Dubai property market continues its high-performance run, with the Land Department confirming a Dh150 million sale at the Burj Khalifa. There was the now frequent big-ticket deal for a Palm home, at Dh60 million.
While Armani-Arada fine-tune their launch and sales strategy, multiple developers are rushing ahead with their launches, including Damac which this week added to its ‘de Grisogono’ collection of towers in Dubai. The ‘Canal Crown’ obviously takes its name from closeness to the Dubai Canal, and as with the earlier four de Grisogono branded projects, the emphasis is on lifestyle elements, a touch of green, and even of the ‘ocean’.