Trump presales leave Burj Dubai standing

RECORD PRICES: Sales of luxury apartments at the Trump International Hotel & Tower have begun to a group of “very wealthy” Russians, Asians and Middle Easterners, said Donald Trump Jnr.

Presales of luxury apartments at the Trump International Hotel & Tower have already overtaken those at the Burj Dubai, with prices rising to a record 12,000 dirhams ($3,267) per square foot, an official said on Tuesday.

Previously the Armani residences at the Burj Dubai were the most expensive in the city, with prices up to 10,500 dirhams per square foot, UAE daily The National reported on its website, calculating that at 12,000 dirhams, a 2,000 square foot apartment would cost 24 million dirhams.

The prices are in line with trends in the UAE, property consultant Blair Hagkull told The National, saying: “We’ve seen prices triple in the last five years and double in the last two years. There is a significant escalation in land prices.”

“It’s a great testament to the building,” Donald Trump Jr, the eldest son of Donald Trump and executive vice president at the Trump organisation, told the newspaper.

Sales had “quietly” begun in June to a select group of “very wealthy Russians and Asians, and Middle Easterners”, Trump said, adding: “These are the guys who contacted us the second we announced the project.”

The $600 million development on the Palm Jumeirah is scheduled for completion in 2009. It will contain 300 hotel rooms with 260 freehold apartments, with official sales beginning in late June.

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