AHS Properties buys two prime residential buildings in Dubai
In less than a year after Emirati entrepreneur Abbas Sajwani launched his uber-luxury real estate company, AHS Properties, it has acquired two low-rise apartment building plots - one in Palm Jumeirah, and the other on the Dubai Canal.
The buildings, which are both nine storeys high, comprise 25 penthouses and sky villas, offering residents an exclusive and private experience, with some of the most sought-after views in the city.
With the addition of these two projects to its portfolio, the company's gross development value has risen to $550 million between projects sold and under development.
A specialist in selling premium high-ticket properties, AHS said the Palm Jumeirah and the Dubai Canal property will be priced at $1,100 per sq ft with interior designs by 1508 London and Hirsch Bedner Associates.
Each of the projects will feature a state-of-the-art spa, private cinemas, cigar lounges, and private swimming pools on all balconies.
Global architect Shaun Killa from Killa design, a long-time veteran of Dubai's architecture sector and designer of the Museum of the Future, has been appointed as lead architect.
On the acquisition, Sajwani said: "We are working with world-renowned architects and brands to revamp these properties to meet the growing demand for ultra-luxury living. AHS Properties aims to set the highest bar for delivering unique and quality ultra-luxury homes for our clientele and giving them the best of the best."
AHS Properties announced its entry into the market in November last year with a total asset value of more than $100 million, comprising four luxury villas in Palm Jumeirah and Emirates Hills. Since then, it has already sold three of its uber premium villa projects on Palm Jumeirah with a combined value of more than $75 million.
Another mansion in Emirates Hills, valued at $45 million will go on the market in Q4. Additionally, AHS is developing a fifth mansion in Palm Jumeirah with a value of $40 million, he added.