Emaar Chairman Mohamed Ali Alabbar speaking on Tuesday at the Council on Tall Buildings and Urban Habitat (CTBUH) conference, said the sale of office space at Burj Dubai has received phenomenal response, with the going rate at $4,000 (Dh14,000) per square foot.
He added that the Armani Residences, also in the world’s tallest tower, are selling for $3,500 per sq ft.
Realty experts that Emirates Business spoke to said those rates matched those of property prices in Central London and Moscow’s city centre.
Although 20 to 25 per cent of sales in Burj Dubai have been through “traders” (middlemen and real estate agencies), Alabbar added: “People just do not want to let go of their purchase.”
Burj Dubai will inspire architects of the future
Emaar Properties would rather opt for a “nominal delay” in total quality execution of the Burj Dubai interiors than compromise on any aspect of quality, the company has said.
Earlier on Tuesday, Reuters reported that Burj Dubai, the world’s tallest tower, was about four months behind schedule.
“We are about four months late,” Emaar Chairman Mohamed Ali Alabbar told Council on Tall Buildings and Urban Habitat (CTBUH) conference without giving a reason for the expected delay, Reuters said.
“Burj Dubai is setting new standards in architecture and construction engineering and Emaar is thus committed to adhering to the highest quality standards at all stages of Burj Dubai’s completion, including the interiors. The company would rather opt for a nominal delay in total quality execution of the Burj Dubai interiors than compromise on any aspect of quality,” a spokesperson said. However, the company statement did not deny the report of delay.
“Quality will be the first priority in the execution of Burj Dubai and several design considerations for the interiors were rejected at various stages of the project development,” Alabbar told the conference.
“Burj Dubai will influence and inspire future generations of architects and engineers, he said.
Although Alabbar has little doubt that “someone” will eventually build a tower higher than Burj Dubai, he said that such an outcome would not bother him. “This is not a race or competition. What’s important is that Dubai has provided a platform for humanity to push the boundaries of what can be achieved.”
Burj Dubai will be the tallest structure in the world in all four of the criteria listed by CTBUH on completion. The council measures height to the structural top, the highest occupied floor, to the top of the roof, and to the tip of the spire, pinnacle, antenna, mast or flag pole.
Emaar has said it planned to complete the tower in 2008, which is part of a $20 billion (Dh73.4bn) Burj Dubai development that includes a mall, hotels, and residential buildings.
Burj Dubai offices to top $4,000 per sq ft