DUBAI : A mystery British businessman has paid Dh70 million for an off-plan villa on The Palm Jumeirah.
The luxury three-storey M. State villa will have a panoramic view of the sea, Dubai Marina and the Palm’s crescent, once completed later this year.
It is the biggest sale of the year so far and is believed to be one of the highest in the emirate.
“The buyer wants to remain anonymous but is obviously a wealthy individual,” said Zishan Khan, director of Terra Casa Real Estate Brokers.
“What I can say is that he’s of Indian heritage and comes to Dubai once or twice a year.
“We had shown him around a few places but nothing seemed to grab his attention and we were going to advise him to get a plot of land and build something himself, until he spotted the M. State development.”
It is one of five limited villas on the Palm and has five bedrooms, seven ensuite bathrooms, plus a private beach, 17-metre infinity pool and a cinema room.
The original list price for the 13,058-square-foot villa was Dh80 million and the handover date is December this year.
“The original idea of these villas was them to be fully furnished, but our buyer preferred to do that himself so the villa will be handed over as a shell and core,” Mr Khan said.
The project is being developed by AA Real Estate Development and features a 51-metre private beachfront, making it one of the largest in the emirate.
“Last year I believe a property in the Burj Khalifa went for about Dh59 million but, with prices dropping in the Downtown area, I think this villa sale may very well be the highest this year,” Mr Khan said.
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