UAE property developer Meraas will start the handover of all the mansions and luxury units at the Bulgari Residences coming up at its man-made island Jumeirah Bay in Dubai early next year.

Situated 300 m off the coast of Jumeirah 2 area at Jumeirah Bay, the residential project is part of The Bulgari Resort & Residences Dubai.

Spread over a 1.7-million-sq-ft area and featuring lush landscaped gardens, the luxury complex is only the sixth Bulgari Hotels & Resorts property in the world.

Meraas officials say all eight penthouses and over 60 per cent of the 188 units at Bulgari Residences have been sold. One of the penthouses, a 14,346-sq-ft unit offering panoramic views of Dubai’s skyline and the ocean, was purchased by a GCC national for Dh60 million ($16.33 million). Another is now owned by a European national, with this particular 12,122-sq-ft property going for Dh50 million ($13.06 million).

The two deals mark a new record for the two most expensive penthouse transactions in Dubai to date, beating a record set in 2014 for a penthouse which sold at Dh42 million ($11.43 million), says the officials citing Reidin’s statistics.

Designed by Antonio Citterio Patricia Viel and Partners, The Bulgari Residences will be managed by the adjacent Bulgari Hotels & Resorts, and residents will enjoy an innovative luxury service concept, including a dedicated, informal, and impeccable 24-hour concierge service.