Palace Towers, DSO

Palace Towers, DSO

HIGHLIGHTS

About Palace Towers, Silicon Oasis

Palace Towers is a mixed-use complex in Dubai Silicon Oasis consisting of two high-rise buildings. One is referred to as Palace Tower 1, which is a 27-storey commercial building. The other is a 24-floor residential building called Palace Tower 2.

Commercial building in Palace Towers
Palace Towers 1 entrance

Palace Towers, Silicon Oasis was developed by Tameer Holding Investments, while its design has been done by Al Hashemi architects. The construction of the project started in 2007 and it was completed in 2009. The exterior design of Palace Towers buildings features a blend of neo-classical and postmodern architecture. The commercial building consists of 150 offices, whereas the residential tower features 424 apartments. Housing 17 retail units, the project also features a total retail area of 33,000 sq. ft. spread across the ground level. Palace Towers features a range of facilities, such as a fitness club, a swimming pool, play area and spa services. In addition to being situated opposite Academic City, the complex also houses an educational institute called British Orchard Nursery

A holistic community, Dubai Silicon Oasis is free-zone urban development situated at the gateway to ‘New Dubai’. Ranking among the top five areas of the city, its popularity for renting apartments is clearly reflected through Bayut’s Market Report for 2020. This 7.2 million sq. m. large technology park hosts a number of commercial properties as well as a variety of accommodations.

IN A NUTSHELL

  • Type of building: Residential
  • Location: Dubai Silicon Oasis
  • Developer: Tameer Holding Investments
  • Number of floors: Tower 1 (27), Tower 2 (24)
  • Number of units: 424 apartments, 150 office spaces
  • Unit type: Studio, 1 and 2-bedroom apartments
  • Type of ownership: Freehold
  • Amenities: Gymnasium, swimming pool, kids’ play area, landscaped podium decks, sauna facilities

BUILDING DETAILS

Facilities in Palace Towers, Silicon Oasis

Parking

Parking facility in Palace Towers, Silicon Oasis features underground parking spots for tenants in the buildings. There are also multiple empty spaces outside where visitors can park their vehicles.

Elevators

Each of the two Palace Towers, Dubai buildings is served by six high-speed elevators.

Security, Central Air-Conditioning and Maintenance Services 

Both buildings of Palace Towers are facilitated by 24-hour security, cooling and electricity backup systems. All non-private areas of the complex are equipped with CCTV security. Additionally, the security staff takes rounds in guarding the main entrances.

Gym and Fitness Facilities 

An exceptional facility in Palace Towers, Silicon Oasis is the fitness club which comprises three gyms. Residents, as well as office tenants, can keep up with their fitness regime at one of these high-tech gyms. 

Lifestyle Amenities

The Palace Towers, Silicon Oasis complex features a luxury swimming pool on the terrace. For professional spa services, residents, office tenants as well as visitors can visit Oasi Rejuve in Tower 2. The landscaped common terrace on the extensive podium deck offers an ideal leisure retreat for children. It has a kids’ play area and a vast space for children to run around.

Concierge and Guest Services 

Both the towers in the complex have separate entrances. Offering 24-hour front-desk services, there is a helpful reception staff that sits in the residential lobby as well as in the office lobby.

Palace Towers, Silicon Oasis Floor Plans 

The apartments in Palace Towers, Dubai Silicon Oasis come in different configurations. Checkout its floor plans in 2D and 3D formats on Bayut.

Apartment Types in Palace Towers, Silicon Oasis

Whether for rent or for sale, the residential properties in Palace Towers, Silicon Oasis offer a choice of spacious studios of various sizes as well as 1BHK and 2BHK apartments with contemporary layouts.

Studio Apartments in Palace Towers, Silicon Oasis

Studio apartments in Palace Towers, Silicon Oasis come with areas ranging from 396 sq. ft. to 588 sq. ft. These flats feature entrances that open into a corridor-style kitchenettes. With a bathroom accessible after a few steps, the corridor leads to the bedroom plus living room space. The studios also have a glass-door balcony. 

1-Bedroom Apartments in Palace Towers, Silicon Oasis

The coverage areas for 1-bedroom apartments vary between 793 sq. ft. and 952 sq. ft. Each 1BHK flat contains an open kitchen that overlooks the living room. The bedroom includes sliding-door wardrobes, while the bathroom has a bathtub.

2-Bedroom Apartments in Palace Towers, Silicon Oasis

The coverage area for 2-bedroom flats in Palace Towers, Silicon Oasis range between 990 sq. ft. and 1,145 sq. ft. Each 2-bed flat typically has two bathrooms and includes an L-shaped kitchen, a living room and a balcony.

Offices in Palace Towers, Silicon Oasis

Palace Tower 1 is a 27-storey commercial building with many office spaces for both rent and sale. All of them are available in fitted conditions. The minimum sizes of these offices starts from 1,700 sq. ft. while the largest office spaces available for rent in the building is of 6,200 sq. ft. Most of the offices are fully upgraded with wooden partitions, pantries, bathrooms , meeting rooms and reception areas. Some of the units have glass partitions. One can also find connected office spaces in Palace Tower 1. These are ideal for medium sized businesses with multiple departments.

Most Popular Apartment Types in Palace Towers, Silicon Oasis

  • 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

As per the search data on Bayut, the most popular apartments in Palace Towers, Silicon Oasis are studio flats. Next on the list are 2-bedroom units with comparatively less number of searches. Third on the search list are 1-bedroom units, securing the last position.

Apartments for rent in Palace Towers, Silicon Oasis exhibit the following annual price trends:

  • The studio flats in Palace Towers demands the annual rents between AED 21.9k and AED 26k 
  • The annual rental prices for 1BHK flats starts from AED 32k and go up to AED 48k
  • The average rent for 2-bedroom flats in Palace Towers is AED 40k 

Following is the price range for rental office spaces in Palace Towers, Silicon Oasis:

  • A spacious fitted office space with 2,205 sq. ft. area demands an annual rent of AED 100k 
  • A modern fitted office of around 2,000 sq. ft. with glass partitions costs around AED 150k annually
  • A connected office in Palace Towers with an area of 6,262 sq. ft. comes with an annual rent of AED 450k

Palace Tower is a freehold project offering many apartments for sale in DSO. The sale trends in the building are:

The demand of the Palace Tower apartments for sale is quite reasonable, considering the coverage areas and amenities they offer. Offices for sale in Palace Towers have the following price demands:

  • Fitted office spaces of around 2,000 sq. ft. area have the sale price ranging from AED 650k to AED 800k
  • A larger fitted space with 3,554 sq. ft. area comes with a sale price of AED 1,2M

Rental Yield in Palace Towers, Silicon Oasis

  • 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

Palace Towers, Silicon Oasis is one of the projects in Dubai Silicon Oasis known for high rental returns. If one wants to invest in the freehold properties in Palace Towers and then later rent it out, this section will help them in making a well-calculated decision. With a 9.2% return on investment (ROI), the bed-type with the highest profitability factor is the 2-bedroom apartment. Next property to give great rental yields are studios with an ROI of 8.8%. Behind by only a meagre difference of 0.1%, 1-bedroom flats in Palace Towers are at the bottom of the list. With an ROI of 8.7%, this one-bed property still enjoys a substantial rental yield. 

Service Charges in Palace Towers, Silicon Oasis

The service charges for the commercial units in Palace Towers, DSO are as follow:

GENERAL FUND
PRICE PER SQ. FT. IN AED
GENERAL FUND
Services
General upkeep of the building
PRICE PER SQ. FT. IN AED
1.51
GENERAL FUND
Maintenance
General repairs and replacements
PRICE PER SQ. FT. IN AED
3.10
GENERAL FUND
Utilities Services
Charges for using DEWA/district cooling facilities and meters
PRICE PER SQ. FT. IN AED
4.42
GENERAL FUND
Management Services
Owner’s association charges for managing the property
PRICE PER SQ. FT. IN AED
0.82
GENERAL FUND
Insurance
Charge for the insurance of the building
PRICE PER SQ. FT. IN AED
0.21
GENERAL FUND
Master Community
Fees for communal facilities in the neighbourhood
PRICE PER SQ. FT. IN AED
1.25
GENERAL FUND
Adjustment
The difference between the estimated amount charged the previous year vs the actual amount spent
PRICE PER SQ. FT. IN AED
-4.07
GENERAL FUND
Income
A credit or debit charge
PRICE PER SQ. FT. IN AED
0.03
GENERAL FUND
Reserved Fund
Funds used for major repairs and to help maintain the yearly service charges fees
PRICE PER SQ. FT. IN AED
1.91
GENERAL FUND
Total
PRICE PER SQ. FT. IN AED
9.18

Following is the service charges table for the residential units in Palace Towers, Silicon Oasis

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
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
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
Total
PRICE PER SQ. FT. IN AED
7.15
ADDITIONAL SERVICES
PRICE PER SQ. FT. IN AED
ADDITIONAL SERVICES
Additional Charges
PRICE PER SQ. FT. IN AED
6.25

These figures are based on the services charges for Palace Towers, Silicon Oasis* 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 Towers, Silicon Oasis

Bus service users won’t face any issues as there are multiple bus stations near Palace Towers, Silicon Oasis that are located over a three-minute walk. Residents who don’t own a driving license or a vehicle have the option of using taxi services instead. The key routes for transportation near Palace Towers include Academic City Road (D54) and Dubai – Al Ain Road (E66).

Bus Stations near Palace Towers, Silicon Oasis

Palace Towers, Silicon Oasis have two bus stations with its name. These are located just outside the complex and form a route for buses 320 and X25. Silicon Oasis Lake 1 and Silicon Oasis SIT Tower 2 are the other two options available at a 4-minute walking distance.

Metro Stations near Palace Towers, Silicon Oasis 

There are no metro stations within immediate vicinity. However, people can take a 14-minute drive to Rashidiya Metro station to take a metro train from there. They can keep their cars safe at the station’s free parking facility.

Restaurants near Palace Towers, Silicon Oasis

Palace Towers, Silicon Oasis is surrounded by multiple restaurants and cafes with both budget-friendly and upscale dining options. However, if you are looking for the best places to eat out, you can consider the following top restaurants in DSO

  • My Home Kitchen
  • Copper Kettle
  • The Monk

If you are looking for a healthy option, you can find Healthy Fusion, Health and Diet and Circle Cafe within a few minutes’ drive. There are many outlets within a 10-minute drive offering fast foods such as McDonalds, New York Fries, Hardees and Popeyes. For an exceptional dining experience with your partner, friends or family, you can book a private table at anyone of the following restaurants:

  • Gaia
  • Shanghai Me
  • Il Borro 
  • Wakame

These are the top restaurants in Dubai with private dining options. Also, they offer a table with a price quote of less than AED 300 per person. If you are willing to spend more than AED 300 per person for the table, you can consider other options such as At.Mosphere and Zuma.

Supermarkets near Palace Towers, Silicon Oasis

Residents of Palace Towers, Silicon Oasis can checkout the top grocery stores and supermarkets in DSO where they can find all the household essentials at a very reasonable price. Some nearest ones include:

  • Choithrams
  • Jannath Al Madeena grocery
  • Al Maya Supermarket

Choithrams in Spring Oasis Tower and Al Maya in Silicon Gates 1 are two nearby stores that are easily accessible on foot. For more deals and promotions, you can head to Carrefour located in Binghatti Terraces, 7-minute away by car,

NEARBY BUILDINGS

Palace Towers, Silicon Oasis have many residential buildings in the vicinity offering affordable apartments for rent in DSO. Most of the buildings in the area offer studios to 3-bedroom flats with their average annual rents lying between AED 25k and AED 79k. Silicon Gates, Axis Residence, La Vista Residence and Arabian Gates have many flats for rent. Apart from that, they are also one of the popular buildings for buying flats in DSO, with high return on investments. which is around 7.5%.

Major Landmarks

Dubai Miracle Garden
Dubai Miracle Garden is a famous landmarks in Dubai
  • Silicon Park
  • Miracle Garden
  • Desert Palm Polo Club

Palace Towers, Silicon Oasis have many parks in the vicinity, providing green spaces for unwinding. Silicon Park and Desert Palm Polo Club are both reachable within a 15-minute drive from the building. Dubai Miracle Garden which is a haven for the nature lovers is accessible within a 16-minute drive. You can also find Dubai Autodrome and Plantation Equestrian and Polo Club near the garden.

Palace Towers Silicon Oasis location makes it close to entertainment spots like IMG World of Adventure and Global Village within a 15-minute drive. The famous Dragon Mart is also just an 11-minute drive away, where you can shop, eat or watch a movie at their cinema.

THINGS TO CONSIDER

Considering the facilities offered in Palace Towers, Silicon Oasis, it is a top-notch project with a comfortable living and working environment. You can keep yourself fit with its fitness club while unwind at the landscaped podium decks. However, there are multiple undergoing construction projects in the vicinity which may cause noise pollution to people living in Dubai Silicon Oasis.

Are you looking to buy or rent properties in Palace Towers, DSO, Dubai?

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