11.54 PM Saturday, 13 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:39 05:55 12:22 15:50 18:44 20:00
13 April 2024

Emaar not to allow resale unless 40% payment is made

By Parag Deulgaonkar

Unit owners in Emaar Properties’ The Address Fountain Views in Downtown Dubai will be able to resell their apartments only after making a 40 per cent payment, according to property agents.

“We have been told that the property cannot be sold unless the buyer makes a 40 per cent payment,” a broker, who has purchased units in the project, told Emirates 24|7.

The move is aimed to curb flipping in “off plan” properties which was rampant during the property boom time and was somewhat visible during the launch of The Address The BVLD.

Investors in The Address The BVLD project were, however, allowed to resell units after a 20 per cent payment made (10 per cent down payment and 10 per cent accelerated payment).

“The move is certainly aimed at reducing flipping which was vibrant during the first launch of The Address The BVLD,” the agent said.

Another agent also confirmed there was a 40 payment requirement for reselling the unit.

Emaar has set April 2016 as completion date for the project, which will have 280 serviced apartments.

Under the payment terms, buyers will have to make a down payment of 15 per cent at the time of booking, followed by 10 per cent on June 30, 2013; 15 per cent in January 2014; 10 per cent each in April and October 2014 and January 2015; 15 per cent in September 2015 and final 15 per cent on April 30, 2016 (completion date).

Emirates 24|7 reported on Sunday that the 147 apartments, released in The Address Residence Fountain Views on Jan 26, were sold out for an average price of Dh2,500 per square feet.

“Emaar distributed nearly 600 tokens, but only 177 people were let in into their sales office. The 147 units released in the project were sold out in few hours,” an agent, who purchased units in the new tower, said on conditions of anonymity.

As per Emaar’s presentation, the top six storeys of the over 220-meter-high tower will be penthouse units with rooftop gardens.

The tower will have a double-gazed floor-to-ceiling windows and adjacent balconies and will be directly linked to the Dubai Mall.

Residents will enjoy amenities such as fully equipped health club and a rooftop recreation deck complete with landscaped amenities and water features.

The developer announced in November 2012 that it will be launching new luxury homes and serviced residences in Downtown Dubai and commence expansion of the Dubai Mall by building a new high-street boulevard style retail destination.