As Demand For Luxury Living In Dubai Increases Globally, Omniyat May Reveal A New Project Soon.
The developer Omniyat, which specializes in ultra-luxury projects in Dubai, plans to “take its next project out to the waters.” An announcement is anticipated in the coming days. The plans are being prepared as Omniyat or other luxury-focused developers get the city ready for its upcoming batch of iconic projects.
Omniyat’s first project on the Palm, the “One at Palm Jumeirah,” where a penthouse sold for a then-Dubai record of just over Dh100 million plus, has set numerous records in recent years. Recently, it also appeared on the Palm with the AVA.
Mehdi Amjad, executive chairman and founder of Omniyat, declined to provide specifics regarding whether the intention is to construct a beach-side development. As well as further out on the water with regard to the planned new one. Saying only, “what we are doing is following the vision of Dubai, as we can see another chance to build something unique.”
This occurs as Omniyat prepares to complete The Opus, a project for which it hired the late Zaha Hadid to create the distinctive design. Mehdi Amjad, founder and executive chairman of The Opus, recalled that Business Bay was nothing more than a barren landscape when the company first opened its doors. I literally took dune rides to find the spot where the 2 million square foot icon is now.
Establishing New Office Price Records
The Opus is divided between a hotel (which occupies 30% of the space), offices (which occupy 60%), and the remaining residential space. One of the offices recently sold for about Dh3500 per square foot, making it easily one of the most expensive offices deals Dubai has ever seen. Since we had already sold every office unit, this situation arose on the secondary market, explained Amjad. “The deal demonstrates the degree of interest that The Opus has generated. It is a shame Zaha is not here to witness this.
Still a few homes Omniyat can use. We will soon release this to the market, and it would represent about 5% of the remaining units, said Amjad. Pricing would be approximately Dh4500 per square foot.
The Opus will begin the first residential handovers in the first quarter of 2023. The Chairman stated, “At this point, nearly 80% of these units have been sold.” “Although it took more than ten years to realize the Zaha vision, the effort was very well worth it.” Entrepreneurs signed up for Dubai’s plans to shape the city’s offerings when they announced. We bowed our heads and carried on.
Shorter Project Duration
According to the CEO of Omniyat, new real estate projects will not last longer than ten years. Despite how heavily design-led it may be, he said, “instead, we intend to reduce it to about four years.” “In my opinion, new projects will finish in 3.5 years.” In addition, that would work with any real estate market cycle…