3.10 PM Thursday, 28 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:57 06:11 12:27 15:53 18:37 19:51
28 March 2024

Long queue of buyers at The Address The BLVD in Downtown Dubai

Published
By Parag Deulgaonkar

Standing from six in the morning with his token in hand, Alam, who works in Qatar, wants to buy an apartment in Emaar’s new project — The Address The BLVD, which was open to investors today. 

“I always wanted to buy an apartment in Downtown Dubai. My brother, who stays in Dubai, told me ‘this was the project’ and so I am here to buy one,” he told 'Emirates24/7'. 

“Downtown is very beautiful and it is very well maintained. Besides, these are serviced apartments and I am certain it will offer me a good return on investment.” 

A Saudi national, who asked not to be named, told this website: “I want to buy an apartment in Emaar project since it is in Downtown. I am not bothered about the price, I am ready to pay cash now.” 

However, they will have to brave the sun and wait patiently as individuals with tokens, distributed since yesterday, will be allowed to book apartments only after the VIP launch is concluded. 

In order to manage the crowd, Emaar has appointed 80 security guards across its office precincts. However, this website witnessed people getting into arguments with security staff for not letting them to the Emaar office. An ambulance was as well stationed at the location. 

On Friday, 'Emirates24/7' reported Emaar will be selling units in The Address The BLVD for as high as Dh29,000 per square metre (Dh2,650 per square feet), more than double the average sales price in the area. 

Asteco, a real estate consultancy, said in July apartments in Downtown Dubai were the most popular among buyers and average prices had increased by nine per cent to Dh12,900 per square metre in the second quarter 2012 compared to the first quarter. 

Besides end-users, a number of real estate agents were also standing in the queue, hoping to make a quick buck. 

“We are booking the apartments as we are confident that we will be able to sell the project at premium even though the construction is yet to start. Properties off plan may not sell in other locations, but certainly in Downtown,” Ashok K, a real estate agent, said. 

Market sources said they were told that booking deposit will be 20 per cent and off plan resale will be allowed only after 40 per cent of the property price is paid. 

The Address The BVLD serviced residences is a 340 metre tower and is the second tallest in Downtown Dubai after iconic Burj Khalifa. The 63-storey tower will have 200-room hotel and 542 serviced apartments and will be completed by 2015. 

Earlier this  year, Emaar launched Panorama at The Views project and new townhouses in Alma 2 cluster, Arabian Ranches. It has also bought land in Dubailand from Dubai Properties Group (DPG), a member of Dubai Holding, which it plans to develop as a mixed-use neighbourhood.

ALSO READ:


Emaar’s latest Downtown project selling at more than double the average sales price

 

New parking offence in Sharjah... car must face the pavement



Woman learns late husband was her biological father