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14 April 2024

Mira Oasis sells at 6-15% premium

Mira Oasis comprises 411 three and four-bedroom townhouses. (SUPPLIED)

By Parag Deulgaonkar

Two days after launch of Emaar Properties’ Mira Oasis townhouses in Reem master development, units have come up for sale in the market with investors seeking premiums of six to 15 per cent.

“We are asking for a premium of 15 per cent for the type C townhouses (corner plot), but we are open to negotiations,” a real estate agent, who has put an online advert, told Emirates 24|7.

Market listings put prices between Dh710 and Dh900 per square feet for the newly launch three- and four-bed townhouses. The project is likely to be completed in 2017.

Emaar, however, does not allow any transfer of property until the investor has made 40 per cent payment; agents said the sale is done through a power of attorney, authorizing transfer of ownership to the buyer on completion of the aforementioned amount.

In November 2013, the developer banned local real estate agents (registered/unregistered) from selling any off-plan property, purchased under their names, until handover.

Last year, Dubai Land Department Director General Sultan Butti bin Mejren said that they plan new measures to restrict flipping in the market. Market sources say that a new fee slap is being worked out to stop flipping.

On Saturday, Emirates 24|7 reported that despite heavy morning fog and zero visibility driver alerts hundreds of investors descended at Emaar Downtown sales office early morning to buy townhouses in Mira Oasis project. But as the numbers swelled, the developer cancelled the first-come first-served approach and adopted an "online registration” system in order to manage the crowd. The launch did go on in Dubai, Abu Dhabi and Jeddah, but was postponed in Islamabad.

Mira Oasis, Reem located close to Arabian Ranches, comprises 411 three and four-bedroom townhouses. The development is anchored by a central park with interactive fountains, walkways and a water feature.

Reem has several features such as a desert botanical park, sand surfing and camel riding trails, go karting track, dune buggies, rock climbing wall, cricket pitch, soccer field, and a skate park.