Emaar to release more units on Saturday

Investors invited for Downtown project

Emaar Properties, Dubai’s largest developer, will be selling the remaining units in The Address Residence Fountain Views project in Downtown Dubai on Saturday.

Invites have been sent to pre-registered customers,  who were not able to buy units during at the launch which happened mid-January.

Emirates 24|7 had reported that investors had snapped up 147 units of the 280 units released in The Address Residence Fountain Views 1.

The Address Residence Fountain Views is part of the three-tower development. It is not known when Emaar will launch the other two towers.

Customers of Emaar Square were also informed on Tuesday that Emaar will be holding a sales event at Emaar Square Building No 3 on February 16, with tenants being advised of temporary closures of main parking entrance for phase 1 and ground floor main entrance for building no 3.

The Address Residence Fountain Views is 60-level dedicated serviced residences development will be completed in 2016.

Prices ranged between Dh2,200 and Dh2,600 per square feet during the first launch.

In November, Emaar had announced it will be launching new luxury homes and serviced residences in Downtown Dubai and will commence expansion of the Dubai Mall by building a new high-street boulevard style retail destination.

The website reported on Tuesday that investors had queued up to purchase properties in Standpoint, Claren and other towers.

Earlier this January, Emaar reported a full-year 2012 net profit of Dh2.119 billion,  an increase of 18 per cent over the 2011 profit of Dh1.794 billion backed by investor confidence in Dubai’s property sector and strong growth in recurring revenues from its shopping malls and retail, hospitality and leisure businesses.

Jones Lang LaSalle, a global real estate consultancy, has said that it expects a broad-based recovery in all segments of Dubai real estate market this year. 

Alan Robertson, Chief Executive Officer, JLL MENA, said: “The Dubai real estate sector will continue to shift up a gear in 2013, experiencing a broader based recovery on the back of continued economic growth.”

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