Omniyat, the Dubai-based luxury real estate developer, has announced that construction of a AED2 billion ($544 million) residential project on Dubai's Palm Jumeirah is progressing well with completion scheduled for 2018.
In a new construction update, Omniyat said that its flagship One Palm project, based on the left trunk of Palm Jumeirah has reached level three of its cores, with first level slabs now completed at 16m above ground level.
Slabs are expected to be completed up to level 15 by the end of 2016, making One Palm taller than its neighboring developments.
The project is located on the first plot on the trunk of Palm Jumeirah and will house 90 ultra-luxurious apartments with pricing starting at AED14 million and rising to AED200 million for a penthouse
It will feature the One Palm Clubhouse, which includes a fine-dining restaurant, indoor and outdoor swimming pools, outdoor cinema and BBQ area, cigar lounge, yacht club and spa.
The iconic property, due for completion in 2018 is designed by New York architects SOMA and buyers will be able to choose from interiors designed by Japanese firm Super Potato or London-based Elicyon.
Mark Phoenix, managing director of Omniyat said: "It's clear to see from our latest construction report that development of One Palm is coming on in leaps and bounds. This has clearly piqued the interest of potential buyers who are keen to get their hands on one of these magnificent properties."
One Palm is one of a number of projects that Omniyat will be showcasing at this year's CityScape Global on September 6-8 at Dubai World Trade Centre.
The developer also has other residential and hospitality developments in the pipeline, including The Opus, The Pad, ANWA, Langham Place and The Sterling.
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