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22 April 2024

Emaar Panorama sold out, sparks property buying frenzy

By Shuchita Kapur

As with Emaar’s previous launches, its new project Panorama in Dubai’s Greens attracted the attention of investors and was totally sold out on the launch day.

“Panorama at The Views, the newest residential project launched by Emaar Properties, recorded sell-out response yesterday. All the residences released for sale were bought by customers, who thronged the Emaar Sales Centre on the opening day,” said the company in a statement.

The project comprises 4 buildings with 15 floors, offering customers a total of 224 apartments.

Apartments in the premier project offer a view of the Emirates Living Golf Course.

The primary driver of this investor rush seemed to be the closely-guarded pricing of the project.

While Emaar didn’t make the pricing public – and only shared it with investors who walked in with a cheque book yesterday – real estate brokers aware of the project told this website that one-bedroom units in the project were being offered by Emaar at around Dh940per sq ft.

“As far as I know, one-bedroom units are already sold-out, and two-bedrooms are also selling like hot cakes and are expected to be sold-out any time,” an agent with one of the largest real estate brokerages in Dubai told this website yesterday on the condition of anonymity.

According to listings on Dubai’s property classifieds, the current rate in Fairways West in the same area with golf course and pool view is between Dh1,170 to Dh1,500-plus per sq ft, making Emaar’s latest offering an attractive investment .

The agent mentioned earlier added that, in what reminded him of the days of Dubai’s property boom, some early investors who managed to book one-bedroom units this morning were seen reselling their units to late-arrivals at a premium.

“A one-bedroom was being sold at Dh940 per square feet, and people who have bought it are selling the same unit at Dh1,100sq ft, making a decent premium,” he said yesterday.

While Emaar customer centre personnel were not aware of the sale prices and Emaar hasn’t disclosed it on its website or in any of the sales literature, brokers told this website that two- and three-bedroom units in the newly launched Panorama were being offered betweenDh1,150 to Dh1,300 sq ft, depending on the view from the unit.

The Panorama offers one, two, three and four-bedroom apartments and three and four-bedroom duplex apartments. The handover is expected by November 30, 2014.

Currently, the sale price of a two-bedroom apartment in The Views within the same community with a golf course view is Dh1,700,000 and a 3-bedroom with a similar view is Dh2,300,000.

As far as the service charges are concerned, an agent mentioned a figure of a little over Dh10 sq ft for the new project. “I don’t know the exact amount but I heard people talking of Dh10 toDh12 sq ft,” he said.

“For Panorama at The Views, Emaar offers several investor focused initiatives in line with the guidelines of the Real Estate Regulatory Authority (Rera). The project is registered with the Dubai Land Department and all its units are listed on the department’s system,” Emaar said in the statement.

“Emaar has also set up a dedicated Escrow account for Panorama at The Views with 20 per cent of the construction value deposited as bank guarantee in the account. All sales proceeds will be deposited in the Escrow account, which will be used only for construction purposes. Investors also have the added attraction of having to make the payments based on construction milestones,” it added further.

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