Emaar offers serviced residences in Downtown Dubai this month

After launching Panorama at The Views project and new townhouses in Alma 2 cluster, Arabian Ranches, earlier this year, Dubai-based Emaar Properties will be unveiling serviced residences in Downtown Dubai.

The project christened - The Address The Boulevard - serviced residences will be publicly launched on September 22, market sources told ‘Emirates24|7’.

Emaar on Thursday send invites for September 16th press launch of a project in Downtown, but no other details were mentioned.

Last week, the developer sold its inventory in Standpoint, Boulevard Central and 29 Boulevard with the prices ranging between Dh1,600 and Dh2,000 per square feet, sources said, adding all the 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 added: “The real estate market in Dubai is turning around, led by the 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.”

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

The company’s net operating profit for the first half 2012 surged over 45 per cent to Dh1.22 billion compared to Dh843 million in the same period last year.

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