Emaar sells Dubai Creek-facing homes for Dh1,850 psf

Emaar Properties and Dubai Holding, the developers of Dubai Creek Harbor at The Lagoons, sold units in the first tower of Dubai Creek Residences for prices between Dh1,400 and Dh1850 per square foot (psf), real estate agents told Emirates 24|7.

“Units facing the Dubai Creek were sold for Dh1,850 psf, while those without the view were sold for Dh1,400 psf,” an agent, who bought apartments in the tower, said on conditions of anonymity.

According to another agent, the first tower is expected to be completed by end-2017/early 2018.

“Most of the units in the tower were sold through Emaar Preferred Access where investors pay 30 per cent down payment and are blocked from selling the unit till handover,” the agents said, adding, “they were expecting a five per cent increase in prices.”

Emaar, in a statement issued on Monday, said it had received an “overwhelming investor response” to the launch of the first residential tower of Dubai Creek Residences.

Some units sold in the first tower of Dubai Creek Residences are already listed on various property websites, with agents seeking three to five per cent premium.

Two towers launched

The developers also announced launch of two more towers in the project, which will go on sale from November 15 in Dubai, Abu Dhabi and Doha.

The Dubai Creek Residences cluster comprises six towers with the Dubai Creek Harbour at The Lagoons housing 3,664 office units, eight million square feet of retail space, 39,000 residential units and 22 hotels with 4,400 rooms, while the centerpiece will be the 'Dubai Twin Towers' that will be the tallest twin towers in the world.

The Lagoons master development was originally launched in April 2006 and was to cover an area of 70 million square feet, comprising seven detached islands that were to be interlinked with bridges. The value of the project was then quoted at Dh65 billion.

Last month, Emaar Chairman Mohamed Alabbar said that The Lagoons was three times the size of Downtown Dubai. He had declined to give a completion date for the mega project, but had said that the project will be built as per market demand.

Follow Emirates 24|7 on Google News.