Burj Pacific attracts $27.22mn in investment
Pre-launch presentation sees hundreds of investors pick up more than half of the 140 available apartments
RELATED ARTICLES: UAE remains international real-estate hotspot | Reading the Pattern | Plunging Rupee could hit Indian investment into UAE real estate Dubai-based real-estate company Sherwoods and property development company Pacific Ventures have concluded a pre-launch presentation that was held for local, regional and international investors in Dubai for their latest venture in Downtown Dubai. Called ‘Burj Pacific’, the project recorded sales of $27.22 million, with more than half of its 140 apartments sold. The presentation was held over two days and was attended by 500 investors. “The sales figures prove that confidence has indeed returned to the Dubai property market,” said Sherwoods founder and CEO Iseeb Rehman. “It is a quality development located in a sought after location. With prices starting at just over one million dirhams for a one-bedroom apartment, Burj Pacific represents excellent value for money,” he added. The investor profile, according to Rehman, was a cross-section of local and overseas buyers, including Asians, Arabs and Europeans. He estimated that 70% of the visitors were investors looking for buy-to-let opportunities with the remaining 30% being end users. He added that the payment plan was also key to the success of the sale. “The initial booking deposit is 15%, plus an additional 35% during the two-year construction period with 50% balance due upon completion in the second quarter 2016,” he explained. The 20-storey tower, situated less than 500 metres from Burj Khalifa, comprises of two and three-bedroom apartments and three-bedroom duplexes, and more than 60% of the apartments have a view of the iconic landmark due to its distinctive ‘L’ shaped design, the developer said. Eight floors make up the fully-furnished ‘Signature Residences’ with interiors by Tony Ashai, the award-winning architect who has previously worked on Dubai Lifestyle City, Shah Rukh Khan Boulevard in Ras Al Khaimah and the Santori Resorts. Burj Pacific was designed by architects H-AO, which was founded by Manoj H Rathod, who has previously worked on the Marriott Marquis and the Grosvenor House Hotel, Dubai.
