Dubai’s Emaar Properties has launched a range of off-plan penthouse residences at its new The Address The BLVD project, the Downtown Dubai development which sold out its entire portfolio of 542 units on the first day of sales last September.
The developer behind the Burj Khalifa – the world’s tallest building – on Sunday launched The Address The BLVD Sky Collection, a range of three-, four- and five-bedroom serviced residences, penthouses, and duplexes set in the uppermost levels of the 63-storey tower located on the Emaar Boulevard.
Emaar did not state how many units were being added to the market.
The move comes after it was claimed all 542 units released for sale off-plan at the The Address The BVLD serviced residences were sold out on the first day, with customers queuing up to two days in advance to place an order at the Emaar sales centre in Downtown Dubai.
The tower, which is due to start construction shortly and is scheduled for completion in early to mid-2015, will have 200 hotel rooms and 542 serviced apartments, including studios, plus one-, two-, three- and four-bedroom units. Prices rangee from AED1.1m (US$299,500) for a studio to over AED6m (US$1.6m) for a 4-bedroom unit.
Ahmad Al Matrooshi, Emaar Properties’ managing director, said: “The Address The BLVD Sky Collection is envisaged to be the connoisseur’s choice, and offers the opportunity to own ultra-luxury homes in the heart of Downtown Dubai.
But company chairman Mohamed Alabbar said the property market’s tone was positive, as the emirate continues to recover from a real estate crash in 2009-2010.
The sector is witnessing “an ongoing upward price revision as well as a high level of demand for new projects in strategic locations”, he said in a statement.
The company, in which the government has a 31.2 percent stake, posted a net profit of AED387m in the quarter compared to AED406m a year earlier.
Revenue for the quarter dropped to AED1.6bn from AED1.9bn in the prior-year period.
Dubai’s real estate market saw house prices drop by over 60 percent from their 2008 peak, after a global financial crisis sparked a collapse in property values propped up by market speculation.
Last month, it was announced Emaar was to team up with conglomerate Dubai Holding to build Mohammed Bin Rashid City, a complex consisting of 100 hotels, the world’s biggest shopping mall and a Universal Studios theme park.