The European Billionaire’s Family Office Acquired The Property

In a new milestone in the Dubai real estate market, a penthouse on the Dubai Water Canal has been sold for a whopping $50 million (Dh183 million). This transaction has garnered significant attention and represents a major development in the city’s luxury real estate scene.

The penthouse is situated in the ultra-luxury residential building known as One Canal. It was sold by AHS Properties to the family office of a European billionaire. This sale has now become one of Dubai’s most expensive penthouse purchases, highlighting the enduring allure of high-end properties in the emirate.

The One Canal project has been a notable success, with a gross development value of $450 million. It attracted considerable interest and rapid sales, culminating in the sale of this prestigious penthouse as the final piece of available inventory. Everose Properties played a pivotal role in overseeing the transaction, with Karl Shehfe and Gregory Mathieu representing the wealth management entity.

This penthouse, which spans over 30,000 square feet, is truly a sky mansion. It effectively merges four rooftop units into one, offering a spacious and opulent living space. Among its many amenities are a dedicated gym, steam room, sauna, an exclusive rooftop garden accompanied by a pool, two additional private pools, high ceilings, and dual parking spaces. Residents of this penthouse will enjoy 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 collaboration with Fendi Casa, a name synonymous with luxury and style. This partnership, which was established in November 2022, has brought the Fendi brand’s elegance and sophistication to 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 world-famous architect who also designed the stunning 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 drawing high-net-worth individuals eager to call Dubai 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.”

AHS Properties has emerged as a prominent player in the ultra-luxury real estate landscape since its launch in November 2021. 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 allowed AHS Properties to deliver remarkable projects like One Canal, setting new benchmarks in luxury living.

Moreover, 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 on 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.