UAE - Luxhabitat Sotheby's International Realty has announced the launch of the exclusive Baccarat Residences, a residential complex in Downtown Dubai.

Announcing the project, Luxhabitat Sotheby's said it will feature 49 ultra-luxury flats with two- to five-bedroom units on the 24th floor. The Baccarat Apartments will reflect the level of the legendary brand, which is adept at exceeding the expectations of the world's most discerning connoisseurs, it said.

Making its debut in Downtown Dubai, Baccarat Residences offers spacious and intimate residences that provide unparalleled service and iconic design. The project is owned by Shamal, who will work closely with H&H Developments.

The ultra-luxury branded residence is a visionary real estate development that combines elegance and effortless style in a destination overlooking the iconic Burj Khalifa, the statement said.

Designed to enrich every moment of life, the crystalline tower creates a majestic presence that shines brightly in the city's stunning skyline. Carefully laid and co-ordinated with exquisite fabrics, fine marble and sparkling crystal, the ornate interiors and impeccable finishes are the future of world-class community living today, it adds.

Chairman and CEO George Azar said: "We have seen a significant uplift in the branded residential segment, with demand in prime areas combined with a demand for premium brands that is not based on the rules of the market."

Azar said we have witnessed extraordinary interest with homes selling for a record-breaking A$14,000 per square foot (US$3811).

"At Luxhabitat Sotheby's International Realty, we have done a pricing matrix based on selling branded residences globally and we have unparalleled experience in how to find the right buyers in our global database. The three buyers of the exclusive Baccarat residence in downtown Dubai were already owners of Baccarat residences in New York and Miami, which suggests that the product is suitable for avid collectors," he added.