Emaar Properties, Dubai’s largest developer, sold serviced apartments in Vida Residence Downtown Dubai for an average price of Dh2,500 per square foot (psf) on Saturday, according to real estate agents.
“The average sales price was Dh2,500 psf, but first customers were offered units at Dh2,200 psf,” an Emaar registered agent told Emirates 24|7.
“We were told that the tower will be completed in May 2018,” he added.
Vida Residence Downtown Dubai comprises 320 units, including one-, two-, three-, and four -bedroom serviced apartments.
The 57-storey tower is directly linked to Vida Downtown Dubai via an air-conditioned glass bridge, giving residents access to the hotel.
Vida Residence Downtown Dubai was launched simultaneously in several cities on Saturday, including Dubai, Abu Dhabi, London, Baku and Riyadh.
Vida Hotels and Resorts will service all homes with residents having access to modern amenities including a swimming pool, fitness centre, and a dedicated area for children.
Earlier this month, the developer launched Lila, a Spanish themed-villa community, in Arabian Ranches.
The development comprises 219 villas in five different types, ranging from three to five-bedrooms, each with private plots for gardens and outdoor decks.
In May 2013, Emaar Chairman Mohamed Alabbar told a conference that the company would continue to launch new projects and properties on a regular basis.
A new report by Arqaam Capital states Emaar has contributed, through its fully owned domestic developments, to 10 per cent of the total available residential stock in Dubai in the past five years and is expected to deliver 1,800 units in FY14-15, which constitute five per cent of the market’s total incoming supply in the next two years.