Dubai-based real estate major Emaar Properties is once again readying to release new residential units in the emirate’s Downtown area, Emirates 24|7 has learnt.
“Emaar is asking potential customers to register their interest with it,” a senior broker at one of Dubai’s largest real estate brokerage agencies told this website. The new units will be released in Standpoint, Boulevard Central and 29 Boulevard. All three buildings are in the final stages of completion with 20/80 payment plan.
Units in Emaar’s latest project – The Address The BVLD – in Downtown Dubai sold like hotcakes last month with investors queuing up for ‘days’ and braving the Dubai heat to grab the off-plan property within hours of it being available.
“The Address The BLVD serviced residences, the newest residential offering of Emaar Properties in Downtown Dubai, recorded a sell-out response to all the units that were released for sale, on the very first day of its launch. Customers queued several days prior to the public launch to buy the residences released for sale at Emaar Sales Centre,” the property major said in a media statement the next day.
The demand, in fact, was so positive that unites were reported to be reselling in the secondary market at a premium of up to 20 per cent on the same day, after Emaar said it had exhausted its inventory. And this was ongoing despite there being a lock-in clause in Emaar’s sale-purchase agreement, which bars the buyer of an off-plan unit in its developments from transferring it before paying off at least 30 per cent of the unit’s value.
“It’ll be interesting to see the price Emaar now sets for the units in the project, with existing units already being offered on a substantial premium in the secondary market,” the broker mentioned earlier said.
This morning, at 9am, Emaar opened the registration process for investors interested in snapping off new units in Downtown Dubai.
Interested customers are being asked to register their interest online through Emaar’s website by providing their details, and once registered, the property major promises to notify applicants on the status of their application, even as it doesn’t mention the project in which it will be offering the new units.