By Neil Halligan
Sale is one of 72 units sold at the Address Residence Sky View which is due to be completed in 2016
Emaar Properties has sold 72 units in The Address Residence Sky View in Downtown Dubai, which included the sale of a five-bedroom penthouse for $6.2m (AED23 million).
Arabic daily Al Khaleej reported that the average selling price for the luxury units was in the range of AED4,000 per square foot.
The Address Residence Sky View, at a height of over 230 metres, will feature 532 serviced furnished apartments and will be the latest addition to The Address Hotel + Resorts' portfolio and a flagship property for the brand.
The 50-storey hotel, residence and serviced apartment twin-tower complex has been designed by the architects of Burj Khalifa, Skidmore, Owings & Merrill. The property will also serve as a business hotel of about 180 keys.
Due for completion in mid-2016, the development will be linked directly to the Dubai Metro and The Dubai Mall via an air-conditioned travelator.
Spanning the tower complex will be a unique 'Sky Bridge', which includes a signature restaurant, ballroom, infinity pool with amenity deck, which offers 360-degree vistas of Downtown Dubai and panoramic views of the Gulf.
It shows how bad the real estate market has become when an announcement is made about the sale of ONE penthouse. There used to be daily announcements of this magnitude. Soon we will see announcements of one bedroom apartments in International City!!!