Would-be investors in Emaar Properties’ latest project, Il Primo in Dubai Opera District near the Burj Khalifa, have been asked to pay deposits of as much as AED1 million ($272,000) to secure an apartment, it was revealed on Thursday.
Real estate agents reportedly told Emirates247 that the hefty deposit was non-refundable in keeping with security deposits for other properties.
An unnamed broker was quoted as saying: “Il Primo is located next to Dubai Opera and the closest you could go to the Dubai Fountain.
“The soft launch of the project has taken place and those who wanted to book an apartment were asked to deposit an AED1 million refundable cheque.”
Emaar’s newest project has 77 storeys comprising 119 four- and five-bedroom apartments. It is expected to be completed in September 2020. The unnamed agents said prices range from AED2,800 ($762) to AED3,200 ($871) per square foot.
The developer has three other towers in the Opera District in Downtown Dubai: The Address Residence Dubai Opera, Forte and Opera Grand. The new Dubai Opera is set to open in September 2016.
Emaar has been contacted for comment.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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