A Dubai-based private developer will be launching a new residential tower in Downtown Dubai and will sell units starting at Dh1,800 per square feet, Emirates 24|7 can reveal.
“We will soon be launching Elite Downtown Residences, which we plan to deliver it in December 2016,” Juwaad Beg of Al Madina Al Raeda, exclusive sales agent for the project, told this website.
In the past 18 months, Emaar Properties, Dubai’s largest developer, has launched series of projects The Address The Blvd, The Address Residence Fountain Views and Burj Vista in Downtown Dubai.
Damac Properties, a private developer, is the only other developer to have launched projects in the 500-acre master community, which has a development value of $20 billion.
Currently, off-plan properties in Emaar projects are selling between Dh2,400 and Dh3,500 per square foot in the secondary market. Prices, however, vary with the view and floor of the tower.
“We are not putting any clauses to ban speculators. People can buy and sell,” Beg added.
Emaar has already banned local real estate from selling any off plan property, bought in their own name, till completion. Investors have to make 40 per cent payment to sell in the secondary market.
The tower is located next to Emaar’s Southridge cluster and is being built by Triplanet Range Investments Ltd, which is a joint venture between Triplanet International and Range Investments. It will house nearly 200 furnished apartments.
Knight Frank’s Prime Global Forecast report has revealed that Dubai will top of the list of global cities that will witness double-digit price growth in 2014. It expects 10 to 15 per cent increase in prices.
The developer has already launched seven projects in Dubai Sports City of which five have been delivered and two in handover stage.