The 147 apartments, released by Emaar Properties, in The Address Residence Fountain Views on Saturday, were sold out for an average price of Dh2,500 per square feet, property agents told Emirates 24|7.
“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.
Another property agent said prices ranged between Dh2,400 and Dh2,600 per sq ft.
“We were told that the units released had been sold. No more information was given when the next lot will be released.”
Emaar, Dubai’s largest developer, 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).
Property agents had told this website earlier that prices will be in the range of Dh2,200 and Dh2,600 per square feet, little lower than The Address The BVLD.
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.
Earlier in September, Emaar launched a 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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