Emaar's new tower in Dubai Opera district @ Dh4.2k psf: sources

Emaar Properties sold units in The Address Residence Dubai Opera in the price range of Dh3,600 to Dh4,200 per square foot, market sources told Emirates 24|7.

“The units, we understand, were sold for between Dh3,600 and Dh4,200 per square feet,” said people who attended the VIP launch event on December 12.

“The launch event was held on the plot marked for the development of the project,” sources said.

The number of units released and sold were, however, not known.

The Dubai-based developer tweeted pictures of the venue.

This website reported earlier that the launch prices, estimated at Dh3,500 to Dh4,500 per square feet, were likely to be the highest in 2015.

Property agents had asked their VIP investors attending to bring a Dh500,000 cheque with them for booking one unit.

The project, located close to Burj Khalifa, the world’s tallest tower, and Burj Lake, will consist of 65-storey residential tower and a 55-storey hotel/serviced apartment tower.

Each of the towers will have gross floor space of nearly 590,000 square feet.

In August 2015, Lookup.ae, a local real estate portal, said a total of 120 new projects have been launched in Dubai in the past 24 months, with investors being drawn to the off-plan market due to attractive prices and payment plans.

Emaar reported a 16 per cent increase in its nine-month 2015 net profits of Dh3.048 billion, compared to Dh2.622 billion during the same period in 2014.

Revenues for period stood at Dh9.849 billion, up 25 per cent over the same period last year at Dh7.888 billion.

Follow Emirates 24|7 on Google News.