Palace Tower 2, Dubai Silicon Oasis

Palace Tower 2, Dubai Silicon Oasis

HIGHLIGHTS

About Palace Tower 2

Palace Tower 2 is one of the high-rise buildings of the Palace Towers complex, situated in Dubai Silicon Oasis. It is a 24-storey tower that consists of two basement levels, one ground floor and 22 residential floors. The project was launched by Tameer Holding Investments in 2006 and was completed by the end of the year 2009.

Palace Tower 2
Palace Tower 2 is a high-rise building with 24 floors

Palace Tower 2 contains a total of 424 residential units which are available in studio, 1-bedroom and 2-bedroom configurations. It features a range of amenities, such as a fitness club, spa and sauna services, landscaped podium, play area and retail facilities.Dubai Silicon Oasis is a popular area for renting and buying apartments, as stated in the H1 Dubai Property Market Report 2020. It spread over an area of 7.2 million sq. m. with a number of residential and commercial properties and a technology park.

IN A NUTSHELL

  • 24-storey tower located in Dubai Silicon Oasis
  • Residential building in Palace Towers complex
  • A project by Tameer Holding Investments 
  • 424 apartments divided into studios, 1 and 2-bed units
  • Neighbouring areas include Academic City and Nad Al Sheba

BUILDING DETAILS

Facilities in Palace Tower 2

Parking

There is ample space for parking in Palace Tower 2. Each residential unit has an allocated parking spot in the basement levels while visitors can avail street parking outside the building.

Elevators

Palace Tower 2, Dubai Silicon Oasis is equipped with high-speed elevators. 

Security, Central Air-Conditioning and Maintenance Services 

The apartment tower is facilitated by 24-hour security and maintenance. Utilities are powered by DEWA while Empower is the district cooling supplier. 

Gym and Fitness Facilities 

There is a fully equipped gymnasium in Palace Tower 2 where residents can keep up with their fitness goals. It also has a swimming pool and sauna facilities to get relaxed after the workout session or a hectic schedule.

Lifestyle Amenities

Palace Tower 2 features landscaped podium decks along with a children’s play area. Oasi Rejuve is a medical beauty clinic in the complex offering cosmetic and laser treatments.

Concierge and Guest Services 

Palace Tower 2 offers 24-hour front-desk services. The reception staff in the residential lobby is always there to help. 

Apartment Types in Palace Tower 2

Palace Tower 2 offers studio, 1 and 2-bedroom apartments.

Studio Apartments in Palace Tower 2

Studio apartments in Palace Tower 2 span over an area of 460 sq. ft. to 510 sq. ft. The layout of these units involve open kitchens, sleeping plus living room space and glass-door balconies. Each of these studio apartments contains one bathroom with a shower.

1-Bedroom Apartments in Palace Tower 2

The total area of 1-bedroom apartments in Palace Tower 2 varies between 765 sq. ft. and 818 sq. ft. Each of these 1 BHK apartments contains an open kitchen that overlooks the living room. There is one bedroom with a built-in wardrobe and an en-suite bathroom.

2-Bedroom Apartments in Palace Tower 2

The average coverage area of 2-bedroom apartments in Palace Tower 2 is 1,000 q. ft. These units include wardrobes in their master bedrooms, two bathrooms, kitchens, living rooms and balconies.

Most Popular Apartment Types in Palace Tower 2

  • Studio
  • 1-Bed
  • 2-Bed
  • 0
  • 20%
  • 40%
  • 60%
  • 80%100%

Based on searches conducted by users on Bayut.com over the past 12 months

According to the searches made on Bayut, the most popular apartments in Palace Tower 2 are studio units. 2-bedroom and 1-bedroom apartments follow, securing second and third positions on the popularity list.

Those looking to rent an apartment in Palace Tower 2, the rental trend is as follows:

  • Studio apartments in Palace Tower 2 have the rental prices from AED 23k to AED 25k per annum
  • The annual rental prices for 1-bedroom units lies between AED 33k to AED 38k 
  • 2-bedroom apartment can be leased out at an average price of AED 60k per year

You can compare these prices with other Dubai Silicon Oasis rental apartments

Investors can buy an apartment in Palace Tower 2 in the following price range:

  • The sale price of studio flat ranges between AED 258k to AED 260k
  • Prices for 1-bedroom apartments in Palace Tower 2 starts from AED 335k and go up to AED 400k

The price of a residential unit largely depends on the offered amenities and coverage area. The sale prices for Palace Tower 2 can be compared with other apartments for sale in Dubai Silicon Oasis for analysis. 

Rental Yield in Palace Tower 2

  • Studio
  • 1-Bed
  • 2-Bed
  • 0
  • 2%
  • 4%
  • 6%
  • 8%10%

Based on searches conducted by users on Bayut.com over the past 12 months

The Palace Tower 2 offers a high rate of return to investors. The ROI of studio apartments is 9.1% followed by 8.6% for 2-bedroom units. Though 1-bedroom apartments are last on the list but still offer a promising rental yield of 7.8%.

Service Charges in Palace Tower 2

General Fund
Price Per Sq. Ft. In AED
General Fund
Services
General upkeep of the building
Price Per Sq. Ft. In AED
1.99
General Fund
Maintenance
General repairs and replacements
Price Per Sq. Ft. In AED
3.41
General Fund
Utilities Services
Charges for using DEWA/district cooling facilities and meters
Price Per Sq. Ft. In AED
2.67
General Fund
Management Services
Owner’s association charges for managing the property
Price Per Sq. Ft. In AED
0.93
General Fund
Insurance
Charge for the insurance of the building
Price Per Sq. Ft. In AED
0.24
General Fund
Master Community
Fees for communal facilities in the neighbourhood
Price Per Sq. Ft. In AED
1.40
General Fund
Reserved Fund
Funds used for major repairs and to help maintain the yearly service charges fees
Price Per Sq. Ft. In AED
2.15
General Fund
Adjustment
The difference between the estimated amount charged the previous year vs the actual amount spent
Price Per Sq. Ft. In AED
-5.68
General Fund
Income
A credit or debit charge
Price Per Sq. Ft. In AED
0.04
General Fund
Total
Price Per Sq. Ft. In AED
7.15
ADDITIONAL SERVICES
PRICE PER SQ. FT. IN AED
ADDITIONAL SERVICES
Unit A/C (Charges)
PRICE PER SQ. FT. IN AED
6.25

These figures are based on the services charges for Palace Tower 2* as per the Dubai Land Department.

There are many different types of Dubai service charges, read up on the service charges guide if you are interested in buying a property in Dubai.

*These charges are subject to change.

NEARBY AMENITIES

Transportation near Palace Tower 2

The key routes for transportation near Palace Tower 2 include Dubai – Al Ain Road (E66) and Academic City Road (D54).

Bus Stations near Palace Tower 2

Residents can catch the nearest buses from Silicon Oasis, Palace Tower Bus station, Silicon Oasis LakeBus station and Silicon Oasis, SIT Tower Bus station. All these bus stations are accessible within a 3-minute walk.

Metro Stations near Palace Tower 2

The nearest metro stations include Creek, Rashidiya and Al Jadaf. All these stations are located within a 14-minute drive from Palace Tower 2.

Tram Stations near Palace Tower 2

Dubai Marina Mall Tram station and Al Sufouh Tram station are available within 25 minutes, by car.

Restaurants near Palace Tower 2 

Popular restaurants near Palace Tower 2, Dubai Silicon Oasis include:

  • Tomato & Basilico
  • The Snack House
  • Al Humsani Restaurant

Tomato & Basilico is just a 3-minute walk from the building. It is one of the best restaurants in Dubai Silicon Oasis and serves Pizza and other Italian food items. Al Hamsani Restaurant is a 4-minute drive away. It offers Arabian, Middle Eastern and Lebanese cuisines. 

Cafés to enjoy coffee nearby are:

  • Snookers Sports Cafe
  • Qiso Café
  • Trois Specialty Café
  • Filli Cafe

Snookers Sports Café is located on the ground level of the apartment tower. It offers fast food items, one-bite snacks and hot and cold beverages. Visitors can play snooker and other board games while their food is getting prepared. All the above-mentioned cafés are located within an 8-minute drive.

Supermarkets near Palace Tower 2

Supermarkets near Palace Tower 2, Dubai Silicon Oasis include:

  • Choithrams
  • Almaya Supermarket
  • Margo Supermarket

Choithrams in Spring Oasis Tower and Al Maya in Silicon Gates 1 are easily accessible for residents within a 2-minute walk. An outlet of Carrefour Supermarket is located in Seven Towers Complex, DSO that is a 6-minute drive away.

NEARBY BUILDINGS

  • Silicon Gates 1
  • Spring Oasis Tower
  • Cordoba Palace

Palace Tower 2, Dubai is surrounded by other residential buildings including Silicon Gates 1, Spring Oasis Tower and Cordoba Palace. All these apartment buildings are 2 to 4-minutes away from the apartment tower.

Major Landmarks

Ras Al Khor Wildlife Sanctuary birds
Ras Al Khor Wildlife Sanctuary has a wide collection of flora and fauna

Following are some of the notable landmarks near Palace Tower 2, Dubai:

DSO Lake Park is a public park spans over an area of 35,000 sq. m. The park features a children’s play area, outdoor gym, cycling track and a skate park. It also has climbing frames and a sandpit for toddlers. Meydan Grandstand and Racecourse is an ultimate venue for horse racing in the emirate. It has a turf track, dirt track, five-star hotel and parking space for 8,600 cars. The racecourse can accommodate 80,000 people at a time.

THINGS TO CONSIDER

Palace Tower 2 provides an ideal opportunity for people looking for affordable apartments in Dubai Silicon Oasis. In addition to being next to a commercial tower, it has both fitness and lifestyle amenities for a balanced lifestyle. However, the building does not have 3 and 4-bedroom units for accommodating larger families.

Are you looking to buy or rent apartments in Palace Tower 2?

RATINGS & REVIEWS

Reviews are not available currently for this building

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