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16 April 2024

Emaar's Sky View in Downtown Dubai 'sold out'

By Parag Deulgaonkar

Dubai’s Emaar Properties on Saturday sold units in The Address Residence Sky View project at an average price of Dh2,600 per square feet, investors, who purchased units in the tower, said.

“We bought properties in the project for Dh2,600 per square foot,” an investor, who bought properties, said on conditions of anonymity.

He added: “We were told that all the units in the project released in Dubai had been sold out.”

Another investor, who wished not to be named, said he had also been told by the company sales staff that all units released had been sold out.

Emirates 24|7 could not be confirm how many units were released for investors in Dubai.

Last week, the developer said it had closed on-line registration for the project in less than one hour following “phenomenal” investor interest for the residences and serviced apartments in the project. Emaar.com had recorded visitor traffic from more than 75 countries.

On January 27, we reported that the apartments, released by the developer in The Address Residence Fountain Views, had been sold out for an average price of Dh2,500 per square foot.

Emaar also held the sales launch simultaneously in Riyadh. We have no information on the investor response there. Saudis have been major investors in the Dubai real estate market. Last year, they invested over Dh2 billion in the sector.

Construction of The Address Residence Sky View, a 50-storey hotel, residence and serviced apartment twin-tower complex, in Downtown Dubai will commence in August this year with completion slated for August 2016.

In a presentation given to its registered agents, Emaar said handover of the towers will commence in December 2016 with Tower 1 having 326 serviced apartments with sales commencing on March 2.

The top floors of the Tower 1 will consists of "sky" apartments. No details were shared. Launch of Tower 2, which will be a hotel with 180 rooms and an observation deck, will take place at a later date, agents were told.

At a height of over 230 metres, the Sky View tower will have 532 serviced apartments fully furnished with floor-to-ceiling windows and will be linked directly to the Dubai Metro and The Dubai Mall via a new air-conditioned travelator.

Spanning the tower complex will be a "Sky Bridge", which includes a signature restaurant, ballroom, infinity pool with amenity deck that will offer 360-degree vistas of Downtown Dubai. The tower has been designed by Skidmore, Owings & Merrill, architects of the Burj Khalifa.