The first batch of villas released on Emaar’s new Dubai Hills project have sold out in just one hour, Arabian Business understands.
Just 70 specially selected buyers were invited to bid for plots at a private launch on Sunday at The Armani Hotel, Dubai, with the villas priced at $7m upwards. Almost all were sold in the first hour, with several buyers investing in villas worth over $10m
“They went like hotcakes. Just about everyone invited left within an hour, owning a new villa in Dubai Hills,” said a source.
Another source, who purchased one of the villas, told Arabian Business: “Many of us wanted to buy more than one but they limited it to one unit per buyer. We were shown the designs on ipads and it looks like this is going to be the new benchmark for gated communities, the general buzz is that Dubai Hills will be even more exclusive than Emirates Hills once it is completed.”
When first launched in June as a joint venture between Emaar and Meeras, the project was described as “By Invitation Only,” with all applicants asked to fill in a detailed questionnaire, including whether they hold any “Executive Director” positions, their employment and marital status.
The first 70 investors were selected from a pool on over 10,000 buyers who registered an interest when the project was announced in June.
Just 600 plots are being put up for sale in Dubai Hills, with “small groups” of investors being invited to purchase villas on different dates.
It is understood that another small group of investors will be selected to purchase plots in early January.
According to Emaar’s website, the project is being launched within the first phase of Mohammed Bin Rashid City and will boast “spectacular views over the majestic Dubai skyline and a world class 18-hole golf course.”