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Sat 22 Feb 2014 02:32 AM

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UK's Select says 90% of new $136m Dubai tower sold

Company says it is looking to diversify projects away from Dubai Marina, seeks partnerships across emirate

UK's Select says 90% of new $136m Dubai tower sold
(Photo for illustrative purposes only)

UK-headquartered Select Property has announced that it has sold 90 percent of a AED500 million ($136 million) project called No.9 in Dubai Marina a month after launching sales.

The property, being built by UAE developer Select Group, includes more than 200 one, two and three-bedroom apartments as well as several penthouses in the development which have been sold off-plan to investors around the world.

The company said in a statement that the project brings its total number of sales in the region up to more than 5,500 in iconic developments including The Torch, The Point, Yacht Bay, Botanica, Bay Central Towers, West Avenue and The Royal Oceanic.

Previously, Select's strategy has been to specialise in property on Dubai Marina but it said it is now diversifying into Business Bay and Downtown Dubai.

To this end, it said is actively in talks with major developers in the region with the view to form long-term sales partnerships.

Adam Price, managing director of Select Property Middle East, said: "The response we received for the apartments at No.9 has been overwhelming and it feels as though the sector is starting to realise its potential again, albeit in a much more sustainable manner than pre-2008.

"Dubai Marina has historically been a property 'hotspot' in the Emirate which is why we strategically decided to specialise in that area and we have enjoyed enormous success with the nine towers we have brought to market for Select Group.

"However, there are limited sites available which means we have started identifying new developments in areas which are due to experience the same demand, such as Business Bay and Downtown Dubai.

"It marks a new chapter for the company and we're eager to start exploring the new opportunities that are available in the Emirate."

Select Property has had a sales hub in Dubai since 2005 and it has recently relocated to new, larger offices. It also has offices in Manchester, London and Singapore, with 85 employees worldwide.

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