Flipping starts in Emaar The Hills

Apartments in Dubai-based Emaar Properties’ latest project -- The Hills in Emirates Living -- are on sale in the secondary market, with investors asking for premiums of up to 10 per cent.

“Our investor is asking for a premium of 5 per cent for one apartment in the project that does not have a golf course view but 10 per cent for the golf course view,” a property agent, who has already posted adverts on social media sites, told Emirates 24|7.

Emaar Chairman Mohamed Alabbar said in May that market demand for homes in Dubai was very strong but "flipping" needed to be controlled.

“We have a mainframe [computer] system that is incredible - if you buy and you flip within 30 days, the system will never allow you to come and buy with us again,” he said at the African business conference.

Last week, Real Estate Regulatory Agency CEO Marwan bin Ghalita said that little speculation was Ok for the market, but developers had introduced their own measures to limit practice of flipping.

Emaar registered agents told this website that the launch was “successful” with the company having sold units for prices between Dh1,150 and Dh1,400 per square feet.

No details were available on how many apartments were released during the launch, which took place on Saturday (June 15).

--Completion in 2016

The initial down payment was 15 per cent with Emaar allowing transfer after payment of 30 per cent. The project is slated for completion in 2016.

The Hills is a four-tower complex with two dedicated residential buildings. Besides, it will have a Vida hotel and Vida serviced apartments.

The development is targeted towards young couples and small families. It will have 400 units between the two residential buildings.

The Hills will be the fifth community in the Emirates Living area, which houses upscale villa and townhouse communities such as The Lakes, The Meadows, The Springs and Emirates Hills.

It is designed with an emphasis on sustainability and adherence to Green Code requirements. Residents will have access to a number of swimming pools, including an adult’s pool, a separate lap pool for exercise, a kid pool, a Jacuzzi, kids play area, sun beds and enclosed cabanas.

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