Dubai’s Meydan Group has shrugged off slow uptake in other mega high-rise projects with the release of 444 serviced apartments on Monday in the first sales stage of its “110 storey” Entisar Tower on Sheikh Zayed Road.
Meydan head of commercial and free zone, Mohammad Al Khayat, told reporters at Cityscape Global that the one to three-bedroom apartments will cover 66,300 sq m across 37 floors of the building, which at about 520m, will be the tallest tower “as of now” in Dubai after the Burj Khalifa.
The project, which he revealed was valued at AED4-5bn when fully realised, with the building the only freehold building of its kind on Sheikh Zayed Road and sandwiched between the Radison Twin Towers and Park Tower.
They are priced between AED2,500/sq ft to AED3,500/sq ft on a four-year payment plan.
He said, in line with Meydan’s recent experience with its other projects, he expected most of the purchasers to be end users.
However, the apartments would be sold off-plan with safeguards to prevent flipping.
Al Khayat said 30 percent of the apartment needed to be paid, with a new buyer required to pay a further 10 percent in upcoming payment guarantees before it could be on-sold.
The project, which was announced at last year’s Cityscape, features a so-called vertical community, with four floors of retail, a hotel, serviced apartments, freehold residential units including apartments, Sky Villas and Penthouses, featuring private sky gardens and balconies.
Al Khayat said a key feature was also an indoor, 250m running track.
The 112-room hotel would be managed by Meydan Hospitality, and include lift access to a VIP club and dining near the top of the tower.
“It took us almost a year to work on the details, the design, the core, the structure of this development,” Al Khayat said.
He rejected suggestions people were not keen on such high-rise living, after a slow uptake of residential sales in projects such as Burj Khalifa.
“There are actually people who would like to live (that high up). We have it in proportion, we have the serviced apartments up to the 46th floor and then you have the boutique hotel, which is in the middle. But then the idea between the 60th floor to the 100th floor, if you see the buildings around it will actually give you an overview of the whole of Dubai.”
He said it was also rare for people to own a property on Sheikh Zayed Road, which was another drawcard.
Tenders are expected to be released by the end of this year, early next year. The project is expected to start next year and will take about four years, Al Khayat said.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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