By Abdul Basit www.khaleejtimes.com
Emaar Property’s first project in 2013, The Address Residence Fountain Views, on Saturday witnessed an overwhelming response, selling out all the units released on the first day of the launch, according to sources.
The strong response to Emaar’s prime property indicates robust demand for premium developments in Downtown Dubai, which was one of the most sought-after communities for residential sales and leasing last year.
Emaar released 147 out of 280 units on Saturday and all were sold out in a few hours, according to a real estate agent. The average unit price is Dh2,500 per square feet, he added. Khaleej Times approached Emaar to get details of the units sold, but did not get any response till filing the report.
The completion date of the project is April 2016, the agent said. A buyer has to make a down payment of 15 per cent at the time of booking, followed by 10 per cent on June 30, 2013; 15 per cent in January 2014; 10 per cent each in April and October 2014 and January 2015; and 15 per cent in September 2015, according to the agent. The final 15 per cent payment will be made on April 30, 2016, which is also the completion date, he added. More info