Property
Adriatic A Type CE three-bedroom apartment in Oceana, Palm Jumeirah, Dubai.
Price
Open to offers.
Key features
At the top of the Palm Jumeirah's trunk sit two distinctive wave-topped developments. These are the Tiara and Oceana residences, striking modern buildings in ochre and blue. Tiara stands on the northern side of the trunk, Oceana on the southern.
This property is a rare "end" apartment looking directly on to the water, with breathtaking views of the palm's southern fronds, the perimeter island and the Dubai Marina skyline.
The apartment is a three-bedroom, four-bathroom plan with floor-to-ceiling windows throughout and a substantial balcony looking over the private beach below.
The property offers a living area of 2,368 square feet (219 square metres) plus two parking spaces and access to the development's extensive recreational facilities, including a large infinity pool and private beach, a well-equipped gym, children's club and a spa. The complex is also home to the well-regarded West 14th steakhouse. Completing the facility will be a Mövenpick hotel at the apex of the site, construction of which is complete and the opening planned for "soon".
The owners, James and Linda, originally from Holland, moved into the new apartment in April, having previously lived in a villa. The finish of the building was to a generally high standard, and no structural changes have been made, but it has been furnished and styled to take maximum advantage of the views.
Linda oversaw the interior design, opting for a striking colour scheme of blacks and silvers, which contrasts nicely with the dark wood and cream marble of original finishes. The decorations and furnishings are all her own choosing. "The wallpaper is actually Laura Ashley," she says, "which was quite hard to get, but I wanted something different to what the local interior designers usually produce."
The apartment's location on the outward end of the building has a number of advantages, James adds. "We're not overlooked by anybody, and because we're facing the sea rather than the club, we're not bothered by noise at all. In fact, we don't even have directly adjoining neighbours in the building. There's a staircase separating us, so the apartment is really very quiet and peaceful indeed.
"In fact, the only reason we're considering moving on is that Linda, like a lot of European expatriates, really misses having a garden. The balcony here is certainly big enough for a dining table and a barbecue, but she'd prefer a bit more space and greenery."
They say
"This is a rare opportunity on the eighth wonder of the world. It is a bright and spacious apartment with stunning views of the sea, the Palm Jumeirah and the skyline of Dubai Marina. With sweeping ocean, marina and garden views, each generous, upscale residence reflects superior attention to detail."
We say
Oceana is definitely a classy resort, and you only need to have a look at the cars parked in the basement to understand just how much it appeals to discerning buyers. Ceilings are high, materials and finish are good and there is a quiet air of quality and solidity about the property that augurs well for future residents. The outdoor leisure area is large, well equipped and secluded, protected by the building but offering spectacular views to the south and west. For those who enjoy this type of living, Oceana certainly has a great deal to recommend it.
Minuses
The same things that appeal to some people might dissuade others: the outdoor space is necessarily always shared. The only private outside space is a balcony, and although the beach may be private, it's not exclusively your own.
Verdict
Oceana is a good example of a particular way of living, and this apartment is one of only 24 end units in the development, with the result that if offers even more of the light and airy nature that characterises the property. It gives access to an excellent range of shared amenities, and at the same time manages to be private and quiet. For some, that combination will prove irresistible.
For further information, contact Christoph Engels of the exclusive agents Engel & Volkers; 050 29 11 405; www.engelvoelkers.com/dubaialmarsa
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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The 15 players selected
Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans
