Investors line up to buy Emaar’s new Dubai project… 2 days in advance

Crowds outside Emaar's office on Thursday.

Though the public launch of The Address The BVLD in Downtown Dubai is scheduled for September 22, people have started queuing outside the Emaar sales office to buy apartments off plan.

Since the announcement of the project on September 16, people working in companies located in Emaar Square said they have seen crowds outside Emaar’s office.

“We could earlier see few people standing outside their [Emaar] office, but today the numbers have swelled. I believe the numbers will go up by Friday night,” said BG, who works in a company based in Emaar Square. “I believe they are office staff waiting on behalf of investors to get the token from Emaar.”

Some property brokers admitted they are sending their staff to stand in the queue so when Emaar starts selling on Saturday they would be the first ones to book units.

“Emaar brand sells. Their Panorama project sold off in hours and we expect the same to happen since this project is in Downtown and close to the Burj Khalifa,” a broker said who did not wished to be named.

On Sunday, Emaar had unveiled The Address The BVLD serviced residences, a 340 metre tower, which will be the second tallest in Downtown Dubai after Burj Khalifa.
The 63-storey tower will have a 200-room hotel and 542 serviced apartments when it is completed by 2015.

Arif Amiri, Chief Executive Officer, Emaar Retail, said: “The hotel we're launching today represents an opportunity to capture the interest we're seeing from Dubai, (the Gulf), Middle East, Indian subcontinent, China and Europe."

The construction of the five-star hotel will be financed mainly through pre-sales of serviced apartments, Amiri said. No value or costs of the project were revealed.

Emirates 24/7 reported earlier that the developer had this month sold its inventory in Standpoint, Boulevard Central and 29 Boulevard, with the prices ranging between Dh1,600 and Dh2,000 per square feet. These projects are nearing completion and handover is expected within the next nine to 12 months.

In July, Mohammad Al Abbar, chairman, Emaar Properties, said: “We are planning on bigger growth in our home market through projects such as the Dubai Modern Art Museum & Opera House District and the expansion of the Dubai Mall, in addition to new project launches.”

He had added: “The real estate market in Dubai is turning around, led by robust performance of key growth sectors including aviation, retail, hospitality, tourism and foreign trade. The city’s appeal to high net-worth individuals as the ideal destination for a home is also gaining strength.”

Emaar finalised a land transaction in Dubailand with Dubai Properties Group (DPG), a member of Dubai Holding in July. The plot will be developed as a mixed-use neighbourhood.

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