By Staff writer
Specially selected buyers snap up exclusive villas priced from $7m upwards
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.”
This is a total contradiction of Emaar's desire to sell to end-users rather than flippers and investors. Who decides to buy their family home within an hour? Who? Its just a front to appease those who think that 90% of the market is made up of flippers who will leverage to the hilt and pray for an increase in prices. This is not sustainable and will come back to bit us all in the long run.
The contrsact states that the villa cannot be transferred until completion. these are shell and core so the property has to have the interior finished before title deed. It also means the property has to be 100% paid before it can be legally transferred to a second party. This is not flip material. People who buy this are commited to Dubai for another 10 years, that's who buys this. Serious cash though!!
sorry but it seems you do not have any serios money , if you can afford USD 10 , this will eb only ONE of your houses , besides the same happens all over the world , pepole buy an island over a cup of coffe , sorry to say it taht we are not in that leage , and i personally never want to be , i am happy being a small milionar , having fun and no knows me , i prefer it that way , i do not want to be invited to this kind of events , even i know pepoel that have been invited , every person have a passion , buying a car for USD 1.5 is even worse , and do you think it takes him 1 hour , i think a couple of minutes , so lets admit it .
it's all about money how much you have , a AED 10 for some one will be the same as AED 10 million for another.
So Emaar continue to encourage off plan flippers, One property per investor. I wonder how many payments they have to make before they can put the property back on the market for a nice tidy margin?
When is this market going to learn you will never have stability while you continue to operate this way.
I'm 100% sure, it was not sold out and all the sources mentioned here are fake!!!!! they hardly sold any villas and interest was just not there. Make sure to get your information correct.... such information will be the cause of the next bubble ...
Let's just hope that Emaar pay more attention to the long term conditioning and continued investment here than they have at The Montgomerie (another Emaar project) in Emirates Hills.
What started as a golfing paradise is becoming an overpriced course, with poor maintenance and an ever decreasing quality of operation. Why? Emaar squeezing every $$$ out this cash-cow without investing in its long-term future. The value proposition is disappearing fast. Great location, great course design - poorer year on year conditioning.
Sounds like a great project, glad to hear it sold out in a fast time.