Italian luxury goods maker Salvatore Ferragamo, which has plans for a market listing, is to design the interior of penthouses in Dubai as part of an agreement with Trident International Holdings, a United Arab Emirates-based company operating in the high-end real estate sector.

The Florence-based company said on Tuesday it would design a set of luxury penthouses in the ‘Pentominium’ tower, to be completed in 2012. At 516 meters, and boasting 120 floors and 120 penthouses, the Pentominium is expected to be the highest residential building in the world.

Each penthouse unit boasts at least a floor space of 6,470 square feet (600 square meters) with ocean views. In addition, amenities in the Pentominium include an indoor pool and a Sky Lounge for business functions which directly overlooks the Palm Jumeirah.

“Ferragamo’s entry into the world of high-end residential luxury is an important step in the brand extension process and opens the road to other development opportunities,” Chief Executive Michele Norsa said in a statement.

While standard units are expected to command around US$5.3 million, there is no word on pricing for the Ferragamo-designed penthouses. The official launch of the Pentominium project will take place in Dubai on October 6 with a spectacular fashion show and a charity event. (Source : Press release)

Sol Kerzner, the flamboyant hotelier, is to launch his new Dubai resort with a party so extravagant that organisers claim it will be seen from space.

The event, for the grand opening of the $1.5 billion Atlantis, The Palm, will have 2,000 VIP guests. Kylie Minogue will perform - her first concert in the Middle East - and the final bill for the four-day beachside celebrations is estimated to exceed $30 million, the London Telegraph reports.

The 1,500 room resort, located on the world’s largest manmade island, the Palm Jumeirah ( which has been built to resemble a palm tree when seen from above) features 16 restaurants including a branch of Nobu, and is partially bankrolled by the Dubai Royal Family.