The Palm Tower – The iconic landmark of Palm Jumeirah
Currently, The Palm Tower stands as the sole skyscraper on the island of Palm Jumeirah. However, it will soon face competition from the architectural marvel, Como Residences, featuring a network of vertical lakes. For now, The Palm Tower proudly stands above Nakheel Mall, dominating the skyline.
In terms of exterior design, notice how the tower expands towards the upper floors. This intentional design choice is meant to make the skyscraper resemble an architectural palm tree. Can you see the resemblance? The island looks like a palm, the tower looks like a palm, and both feature the word palm in their names. It's a perfect recursive loop.
At the pinnacle of the tower is an observation deck. Below, you'll find a large mall and an island museum. The lower floors are occupied by the St. Regis Hotel, complete with restaurants, bars, pools, and a spa – classic luxury amenities. Floors 19 to 47 house residences with their own club infrastructure, while residents also have access to all hotel facilities.
Initial prices in 2016:
• Studios – from $450,000
• 1-bedroom – from $850,000
The project includes a total of 430 apartments. Options range from 50 m² studios to 100 m² 1-bedroom units. Over the past eight years, property values have appreciated by 60%, averaging an annual growth rate of approximately 7,5%.
Several acquaintances of Oleg Torbosov reside in this building and have shared their experiences. They are thrilled with the panoramic views, the convenient mall, and the extensive green park perfect for family walks. On the downside, the lack of balconies and the increasingly frequent traffic congestion on the Palm are noted drawbacks.