More than AED100m ($27.2m) has been invested in a new Downtown Dubai real estate development during a two-day pre-launch sales event, it was announced on Monday.
Dubai-based Sherwoods and property development company Pacific Ventures said it recorded strong demand from investors in the Burj Pacific project.
Indian celebrity Sohail Khan, the popular Bollywood actor and TV personality, confirmed the purchase of several apartments, on a single floor.
Just over half of the 140 apartments in the development, have now been sold, ahead of the general sales release with up to 500 investors signing up.
Situated less than 500 metres from Burj Khalifa, the 20-storey tower comprises of 140 one, two and three-bedroom apartments and three-bedroom duplexes.
“The sales figures prove that confidence has indeed returned to the Dubai property market,” said Sherwoods founder and CEO Iseeb Rehman
“It is a quality development located in a sought after location. With prices starting at just over one million Dirhams for a one-bedroom apartment, Burj Pacific represents excellent value for money,” added Rehman.
According to Rehman, the payment plan was key for investors with an initial booking deposit of 15 percent, plus an additional 35 percent during the two-year construction period with 50 percent balance due upon completion in the second quarter of 2016.
The Burj Pacific was designed by architects H-AO which was founded by Manoj H Rathod, who also worked on the Marriott Marquis and the Grosvenor House hotel Dubai.