The Sky Tower penthouse on Reem Island. Courtesy Crompton Partners
The Sky Tower penthouse on Reem Island. Courtesy Crompton Partners

Reach for the sky at Dh16m Reem Island penthouse



Abu Dhabi’s skyline has changed dramatically in recent years – most notably at Reem Island, where so many buildings are being erected that it looks like someone is attempting to create a forest made from glass and steel towers.

For lovers of the high life, one apartment on the market in Aldar Properties’ Shams Abu Dhabi scheme offers perhaps the best views over the entire city and the surrounding area, including the mangroves, Saadiyat Island and Yas Island.

The unit straddles the 71st and 72nd floors of the 74-storey Sky Tower, which are the two highest residential floors. This six-bedroom, eight-bathroom unit has a double-height living room with a massive window as its focal point. It is on the market for Dh16 million.

“A lot of clients ask for uninterrupted views,” says Joanna Tate, a senior sales agent at Crompton Partners, the estate agent marketing the property. “They don’t want another building to block their views or have construction noise. There is no chance of either with this apartment.”

Although completed in 2011, the unit has never been lived in and has only been on the market for the past three months, with the owner’s family opting to live in a villa instead of this apartment.

The apartment contains a large, fully integrated kitchen as well as a separate mini-kitchen and a bar kitchen. The six master bedrooms all have walk-in wardrobes, and there is also a breakfast room, dining room, three reception rooms, a maid’s room and a pantry. In total, it has 8,713 square feet of space and comes with three parking spots in the building’s basement.

And although much of the surrounding area of Reem Island continues to resemble a giant construction site, the facilities at Sky Tower and its neighbouring 65-storey Sun Tower are so comprehensive that you do not need to leave the complex. It has three gyms, including a women-only facility, exercise rooms, squash courts, two outdoor tennis courts and a multi-sports court. There are also three swimming pools – including a children’s pool – a play area, sun loungers and a juice bar.

The ground and first floor of the towers are also linked by the Boutik retail mall with a Waitrose supermarket, cafes, restaurants, a food court, banks and other stores. The building also offers ample visitor parking – a major plus for Abu Dhabi.

Q&A

Joanna Tate from estate agents Crompton Partners tells Michael Fahy about the appeal of high-rise living in Abu Dhabi

So, who would live in a house like this?

Someone who is all about status and prestige. Definitely someone who likes or has to entertain a lot, while wishing to retain their privacy for the rest of the time. A chief executive of a large corporation, a hotshot lawyer or a diplomat of some kind. The unit has six bedrooms, though, so is suitable for an end user with a family.

What is so special about this apartment?

The real attraction is the 6.2 metre by 9.5 metre, double-height window that greets you as you walk through the door. You cannot fail to be impressed. It’s quite breathtaking – like being on top of the world.

Also, they say that kitchens and bathrooms sell a property. This apartment has got what I would call a real cook’s kitchen and a bathroom with a Jacuzzi to sip a beverage from while you gaze down at the mangroves. It’s fabulous.

But isn’t Reem Island still largely a building site?

Reem Island is definitely a work in progress, but eventually it will be home to 200,000 people. The good thing about this unit is that because it is on the top floor of the tallest tower on Reem Island, what you see is not what’s going on the ground level, but the far-reaching, uninterrupted views across the water to Saadiyat Island, Yas Island, Abu Dhabi city and over the Grand Mosque district. You can see for miles, and a lot of it is natural habitat and water.

mfahy@thenational.ae

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What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."