“Dubai Water Canal Penthouse Sells for an Incredible $50 Million”

Dubai Water Canal

The acquisition of the property by the European billionaire’s family office marks a significant milestone in Dubai’s real estate landscape, as a lavish penthouse overlooking the Dubai Water Canal has been successfully sold for a staggering $50 million (equivalent to Dh183 million). This transaction has generated considerable buzz and signifies a momentous development within the city’s luxury real estate sector.

The penthouse is located within the opulent residential complex known as One Canal and was acquired from AHS Properties by the family office of a European billionaire. This purchase has now become one of the most expensive penthouse transactions in Dubai, highlighting the enduring allure of high-end real estate in the emirate.

The One Canal project has been a standout success, boasting a gross development value of $450 million. It garnered significant attention and achieved swift sales, culminating in the sale of this prestigious penthouse as the final piece of available inventory. The wealth management entity Everose Properties played a pivotal role in overseeing the transaction, with Karl Shehfe and Gregory Mathieu representing the family office.

This sprawling penthouse, spanning over 30,000 square feet, is a veritable sky mansion that seamlessly combines four rooftop units into one, providing an expansive and opulent living space. Its impressive amenities include a dedicated gym, steam room, sauna, an exclusive rooftop garden complemented by a pool, two additional private pools, lofty ceilings, and dual parking spaces. Residents of this penthouse are treated to panoramic views of some of Dubai’s most iconic landmarks, including the Burj Khalifa, Burj Al Arab, and the Dubai Canal.

The One Canal project is a collaborative venture with Fendi Casa, a name synonymous with luxury and style. This partnership, established in November 2022, has infused the elegance and sophistication of the Fendi brand into this prestigious development. The renowned interior design firm, Hirsch Bedner Associates, was entrusted with crafting the interiors of One Canal, ensuring that every detail exudes luxury and comfort. The architectural brilliance behind the project is attributed to Shaun Killa, a globally acclaimed architect renowned for designing the remarkable Museum of the Future, another iconic structure in Dubai.

Abbas Sajwani, CEO, and Founder of AHS Properties expressed his enthusiasm for this sale, stating, “This mega sale to a European buyer is a testament to the vitality of Dubai’s luxury real estate scene. This niche sector is poised for continued growth, with the UAE consistently attracting high-net-worth individuals eager to make Dubai their home. Guided by our mission to elevate and redefine luxury, AHS Properties is further cementing its position in the emirate’s premium property sector as a beacon for global investors, offering a synergy of prime locations and unmatched amenities. The One Canal penthouse exemplifies this, reflecting the height of luxury.”

Since its launch in November 2021, AHS Properties has emerged as a prominent player in the ultra-luxury real estate landscape. Initially focused on acquiring, renovating, and reselling mansions in premium locations such as the Palm Jumeirah and Emirates Hills, the company has evolved into a full-fledged property developer. This transformation has enabled AHS Properties to deliver remarkable projects like One Canal, setting new benchmarks in luxury living.

Furthermore, in January, AHS Properties unveiled One Crescent on the Palm Jumeirah, another addition to their portfolio. This low-rise residential building, designed by Killa Design, the firm behind the Museum of the Future, offers similar top-of-the-line amenities as One Canal. Residents of One Crescent wake up to breathtaking ocean views and vistas of Dubai’s most iconic landmarks.

In summary, the sale of the $50 million penthouse overlooking the Dubai Water Canal underscores the city’s enduring appeal to high-net-worth individuals seeking luxury and exclusivity. It represents a major achievement for AHS Properties and further solidifies its position in the premium property sector of Dubai. With the successful completion of the One Canal project and the launch of One Crescent, AHS Properties continues to shape the landscape of luxury real estate in this dynamic city.

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