Forget about designing for the 1 percent--a new luxury high rise on the Persian Gulf will cater to "the most privileged of a privileged few," according to its architect.

When it's completed in 2017, the over-the-top ONE at the Palm will boast a $54 million penthouse, wall-to-wall glass ceilings, yacht parking, and a bird's eye view of Dubai. New York City-based architect Michael Abboud of SOMA recently unveiled his avant garde design for the $2.5 billion residential development located at the trunk of the Palm Jumeirahan artificial archipelago in the United Arab Emirates. It will be the single tallest residential property on the Palm.

The residences will range in size from 2,700 to 20,000 square feet and will feature a personal terrace with glass infinity pool, jacuzzi, and tanning deck. ONE will be built on three separate cores that provide private access to the apartments in order to achieve the highest level of exclusivity. Each core leads to no more than two apartments, and for those who like to reside above the clouds, elevators to higher floors give access to units individually. Click on the slide show at left for renderings of the megaproject, said to be the most luxurious and expensive in Dubai.