Home Brand View Downtown Dubai milestone: Kempinski The Boulevard penthouse sells for record Dhs80m The penthouse, which boasts unparalleled views and lavish amenities, commanded an impressive price of Dhs10,715 per square foot by Gulf Business May 13, 2024 Image credit: Supplied Amidst the glittering skyline of Downtown Dubai, a new standard of luxury living has emerged, with the record-setting eight figure sale of a duplex penthouse in the Kempinski The Boulevard complex. This four-bedroom residence, featuring five bathrooms, a powder room, and two fully equipped kitchens, all furnished by Fendi, epitomises extravagant living in one of Dubai’s premier addresses. The sale of the Kempinski The Boulevard duplex penthouse has set a new benchmark, surpassing the previous record set in 2022 for a five-bedroom Burj Khalifa apartment which sold for Dhs73m. LUXURY CONCIERGE REAL ESTATE (LCRE), a leading real estate agency in the MENA region, essayed a key role in the transaction which was valued at Dhs80m. New records The penthouse, which boasts unparalleled views and lavish amenities, commanded an impressive price of Dhs10,715 per square foot, revealed Shitij Kapoor, founder and CEO of LCRE, who played a pivotal role in this landmark deal. This figure is a significant step upwards from the average rates for Downtown-core apartments earlier in the year, he added. The final sale price sets a new benchmark for branded residences in the same area and reaffirms Dubai’s standing among global real estate destinations, explained Kapoor. Team effort Despite its substantial price tag of Dhs80m, the property is a prudent investment, particularly when compared to similar offerings in global cities noted Kapoor, who was assisted by Dhiraj Mulagada, a luxury property specialist and portfolio management expert, and contributed significantly to the transaction. Image credit: Supplied The collaborative efforts between the parties aided by Mulagada, and guided by Kapoor, ensured the seamless execution of this sale. Mulagada attributed Kapoor’s “keen understanding of market dynamics and client preferences” which ensured that the transaction was executed seamlessly, resulting in a mutually beneficial outcome for all parties involved. High-value investments This milestone solidifies Dubai’s reputation as a leading destination for high-value real estate investments on a global scale. Dubai’s Downtown district, akin to bustling hubs in major US cities like New York and Los Angeles, continues to attract both local and international urbanites. Kapoor added, “Its prime location, coupled with its proximity to the world’s largest shopping mall and low service charges, makes it a highly desirable investment location.” Downtown Dubai offers lucrative returns on investment for property buyers, with rental yields ranging from 5-7 per cent for apartments at prime addresses like Burj Khalifa and The Address Downtown Dubai, noted Mulagada. “As Dubai’s real estate market continues to thrive, the sale of the Kempinski The Boulevard penthouse reaffirms the city’s status as a global beacon of luxury living and investment opportunities,” he added. Tags Downtown Dubai Luxury Concierge Real Estate You might also like DAMAC launches jewellery inspired Sapphire tower in Downtown Dubai Cover: LCRE’s Shitij Kapoor shines the spotlight on the company’s strong foundation Central Park Towers, DIFC unveils enhanced amenities for tenants Dubai’s residential prices grow at the strongest pace since late 2014