Buyers snap up $27m of units in new Dubai tower

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew