Emaar Properties, Dubai-based developer, will be selling units in The Address The BVLD project in Downtown Dubai as high as Dh29,000 per square metre (Dh2,650 per square feet), which is more than double the average sales price in the area, market sources said.
The public launch of The Address The Bvld in Downtown Dubai will be on Saturday. Emirates 24l7 reported on Thursday that people have started queuing outside the Emaar sales office to buy units off plan.
“We have been told that the prices will range between Dh26,000 and Dh28,900 per square metre,” said a senior executive of a real estate consultancy, who asked not to be named.
Asteco, a real estate consultancy, said in July that apartments in Downtown Dubai were the most popular among buyers and average prices had increased by nine per cent to Dh12,900 per square metre in the second quarter 2012 compared to the first quarter.
As Emirates 24l7 reported earlier that Emaar had sold its inventory this month in Standpoint, Boulevard Central and 29 Boulevard with the prices ranging between Dh17,222 and Dh21,527 per square metre.
Emaar had unveiled The Address The BVLD serviced residences, a 340 metre tower, which is the second tallest in Downtown Dubai after iconic Burj Khalifa on September 16.
The 63-storey tower will have 200-room hotel and 542 serviced apartments, with the completion by 2015.