Dubai’s Emaar Properties, the developer behind the Burj Khalifa – the world’s tallest building – is likely to launch further residential projects in the Downtown Dubai area after its latest project sold out its entire portfolio of 542 units on the first day of sales, it was confirmed on Sunday.
All 542 units released for sale off-plan at the The Address The BVLD serviced residences were sold out on the first day, with customers queuing up to two days in advance to place an order at the Emaar Sales Centre in Downtown Dubai.
The Address The BLVD will have 200 hotel rooms and 542 serviced residences including studios, one, two, three and four-bedroom units. Prices ranged from AED1.1m (US$299,500) for a studio to over AED6m (US$1.6m) for a 4-bedroom unit.
“The strong response to the launch of The Address The BLVD is an indication of the robust demand for premium developments in established lifestyle communities,” said Ahmad Al Matrooshi, managing director of Emaar Properties.
Construction of the 63-storey tower is due to start shortly and is scheduled for completion in early to mid 2015.
With the success of The Address The BLVD project, an Emaar salesperson confirmed it was likely more projects would be launched in the area in the near future.
Earlier this year, Emaar launched ‘Panorama at The Views’, another residential project, which sold out its 224 units after one day, and Alma 2 at its Arabian Ranches development.
In July, Dubai’s largest real estate developer, said its profit more than doubled in the second quarter of 2012.
The firm posted a net profit of AED614m (US$167m) for the three-month period ending June 30, up from AED250m in the year-ago quarter.
Revenues at the company increased 3 percent to AED2.1bn.For all the latest business 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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