Emaar Downtown Dubai units ‘gone in hours’

The strong response to Emaar’s prime property indicates robust demand for premium developments in Downtown Dubai, which was one of the most sought-after communities for residential sales and leasing last year.

Emaar released 147 out of 280 units on Saturday and all were sold out in a few hours, according to a real estate agent. The average unit price is Dh2,500 per square feet, he added. Khaleej Times approached Emaar to get details of the units sold, but did not get any response till filing the report.

Prospective buyers queue outside the Emaar Square office as sales opened for The Address Residence Fountain Views property in Downtown Dubai on Saturday morning. — KT photo by Rahul Gajjar

The completion date of the project is April 2016, the agent said. A buyer has to make a down payment of 15 per cent at the time of booking, followed by 10 per cent on June 30, 2013; 15 per cent in January 2014; 10 per cent each in April and October 2014 and January 2015; and 15 per cent in September 2015, according to the agent. The final 15 per cent payment will be made on April 30, 2016, which is also the completion date, he added.

The new dedicated serviced residences project opened for public sale on Saturday. Online registration of the project for sales on first-come-first-serve basis commenced on January 22.

The crowd was disciplined, with no complaints of scuffles and shoving in the queue. The first batch of a few people who arrived at about 6.30am, had snowballed to a big crowd by 8.30am. The queue was at some points four or five-people wide.

The Address Residence Fountain Views marks the first launch of residential property by the global developer in 2013. This follows the overwhelming response to the launch of serviced residences in The Address The BLVD, also in Downtown Dubai, and premium villas in Arabian Ranches, highlighting the robust performance of the city’s property sector led by all-round economic growth.

In September last year, Emaar claimed that it sold out all the units, released on the first day of the launch, for its project The Address The BLVD, which has 200 hotel rooms and 542 serviced residences, including studios, 1, 2, 3 and 4-bedroom units.

“The sell-out of the serviced residences that were offered for sale demonstrates the strong investor confidence in the development credentials of Emaar, while underlining the positive growth trends witnessed in Dubai’s real estate sector,” Emaar said.

“With the launch of The Address Residence Fountain Views, Emaar’s first exclusive serviced residences’ development in Downtown Dubai, we are offering the city’s residents and visitors the choice of being part of one of the world’s most dynamic communities,” Emaar Properties managing director Ahmad Al Matrooshi said in the project launch statement.

Offering an unparalleled lifestyle choice, The Address Residence Fountain Views is a 55-level dedicated serviced residences development. With only 280 residences, all to be serviced by the professional team of The Address Hotels + Resorts, the newest lifestyle development in Downtown Dubai offers investors the choice of spacious 1, 2, 3-bedroom, and 4-bedroom apartments.

abdulbasit@khaleejtimes.com