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Fri 26 Oct 2012 10:35 AM

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Emaar opens luxury LA apartment tower

Units worth up to $22m on sale at Beverly West tower which is located on Wilshire Boulevard

Emaar opens luxury LA apartment tower

Apartments worth up to $22m are up for sale in a new luxury residential tower built by Emaar Properties in Los Angeles.

The condominium tower developed by the UAE company has opened near the Los Angeles Country Club after originally being bought prior to the global financial crisis, the Los Angeles Times reported.

Emaar bought the 22-storey Beverly West tower at Wilshire Boulevard for $65m in 2007 while it was under construction by a previous developer, it said.

The newspaper said that Mohamed Alabbar, chairman of Emaar, kept the property off the market until earlier this year.

It quoted Dario De Luca, president of the company's Los Angeles operations as saying that one of the Beverly West's 35 units was sold in March for $5m with prices for the remaining units range from $1.5-$22.4m.

Beverly West cost more than $325m to build, Emaar said.

On Tuesday, Emaar Properties, Dubai's biggest real estate developer and builder of the world's tallest tower, reported a 4.7 percent drop in third-quarter net profit, missing analyst estimates by a large margin, as a seasonal slowdown hit revenue.

Alabbar said the property market's tone was positive, as the emirate continues to recover from a real estate crash in 2009-2010.

The sector is witnessing "an ongoing upward price revision as well as a high level of demand for new projects in strategic locations", he said in a statement.

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