Investors brave overnight chill to snap up Emaar’s new units in Downtown Dubai

Investors have been queuing outside Emaar Properties’ Dubai sales office since Monday night as Dubai’s largest developer is set to release a select number of units in Downtown Dubai today.

Unlike the previous occasions when potential buyers had to pre-register online, sales this time will be on a first-come-first-serve basis, Emirates 24|7 has learnt.

Photo by Peterson Aninao

In an email sent to its registered agents, Emaar said: “A select number of units within Downtown and beyond will be released on Tuesday, February 12, 2013. Kindly ensure your customer is present with you at the sales centre on the day of the sale.”

A real estate agent standing in the queue, said: “We had people standing in queue since last night as there is no appointment system with the sale commencing from 10am today.”

Temperatures dipped to chilly 7˚C in the country’s internal areas last night, according to the UAE’s official weather forecaster NCMS.

Photo by Peterson Aninao

Beverley Andrews tweeted, saying: “Crazy queues outside Emaar... apartments going on sale again, I think.”

Emaar has been drip-feeding the market since last year with additional units in projects nearing completion. Today’s sales are likely to include units in Standpoint, Claren, 29 Boulevard, and Boulevard Central, etc.

Emirates 24|7 reported last month that the 147 apartments, released by Emaar in The Address Residence Fountain Views, were sold out for an average price of Dh2,500 per square feet.

“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.

The company later confirmed that released units in the project were all sold.

Emaar has set April 2016 as completion date for the project, which will have over 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).

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