Construction

Emaar sells out The Address Residence Sky View

Construction of project to start in August of 2013

Emaar says that its Sky View apartments have been sold out at an average price of $700 per square feet.

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Emaar Properties, the Dubai based property developer, sold units in The Address Residence Sky View project at an average price of $700 per square feet, investors who purchased units in the tower, said.

“We bought properties in the project for $700 per square foot,” one investor said on conditions of anonymity. He added: “We were told that all the units in the project released in Dubai had been sold out.” Another investor, who wished not to be named, said he had also been told by the company sales staff that all units released had been sold out.

Last week, Emaar said it had closed on-line registration for the project in less than one hour following “phenomenal” investor interest for the residences and serviced apartments in the project. Emaar.com recorded visitor traffic from more than 75 countries.

Emaar also held the sales launch simultaneously in Riyadh.  Saudis have been major investors in the Dubai real estate market. Last year, they invested over $500mn in the sector.

Spanning the tower complex will be a ‘Sky Bridge’ which includes a restaurant, ballroom, infinity pool with amenity deck, offering 360-degree views of Downtown Dubai.

Construction of the project will start in August 2013, with a scheduled completion date of August 2016.

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