Emaar Properties, Dubai’s largest developer, has set April 2016 as completion date for The Address Residence Fountain Views.
The project will be launched on January 26.
Although no price details have been shared by company officials at its registered agents meeting, the developer did disclose payment terms for buyers.
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).
Property agents say prices will be in the range of Dh2,200 and Dh2,600 per square feet, little lower than The Address The BVLD.
According to the Emaar 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.
Earlier in September, Emaar launched 72-storey The Address The BVLD hotel and serviced apartment tower, which includes 200 hotel rooms and 523 serviced residences.
The tower is scheduled for completion in 2015.
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