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UAE property developer Omniyat is looking to tap more into the growing high-net-worth market with the launch of a luxury project that features "hanging palaces", to be built on the manmade island of Palm Jumeirah.
Drones Illuminated Dubai Sky With 17 Hanging Palaces. Source: Omniyat
The "AVA at Palm Jumeirah" project is the latest venture in Omniyat Group's 15-billion-dirham ($4 billion) investment portfolio, the developer confirmed on Tuesday.
The project is being launched with an extravagant nightly light show on the manmade island that runs from March 21 to 24.
Dorchester Collection. Source: Omniyat
The project will consist of 17 "hanging palaces" designed to "re-shape" the luxury real estate market in Dubai Omniyat said in a statement, without revealing further details.
The developer last year sold one of the costliest penthouses in the UAE, a massive residential unit on The Palm Jumeirah for 86 million dirhams ($23.5 million).
The region’s leading ultra-luxury real-estate developer, Omniyat. Source: Omniyat
In the last several years, Dubai has seen the launch of projects that push the boundaries of real estate development, including the floating villas on The World and Royal Atlantis Resort on The Palm, which features an eye-catching design, including 90 swimming pools and private gardens.
(Writing by Cleofe Maceda; editing by Daniel Luiz )
