Luxury units are still in demand
dubai — Cityscape Global 2017 continued to attract buyers and investors with developers reporting selling out their projects and midto-luxury segment selling strong on the second day of the exhibition.
Marwan Al Kindi, executive director of master developer Dubai Properties, said the group sold out Riverside Tower consisting of 420 units of 1,2 and 3-bedrooms with 360 degree view of Downtown Dubai.
“As I mentioned earlier also, we had high expectation from Cityscape. We sold good on day one and the demand today is even growing higher and hope to break the last year’s record also. Usually our sales cross Dh1 billion during the month of Cityscape and we are expecting to cross this year too because there is acceleration in the market. People liked Riverside Tower due to its prime location and there’s huge demand for waterhomes as well, therefore, we intend to bring the waterhomes sooner to the market,” Al Kindi said.
Reported by Khaleej Times on Tuesday, Al Kindi had expected the tower to be sold out on the second day of the property show.
Developers have been allowed to sell their units for the first time at the Cityscape with most of the developers reporting strong sales. Some of the major developers that
Khaleej Times spoke to at the second day of Cityscape Global claimed that they had sold a large number of units and even one developer sold the whole building of 420 units. In order to attract investors and end-users, many of the developers are offering attractive payment plans as well as discounts and draws to attract buyers during the Cityscape. The 3-day Cityscape Global will close today at the Dubai World Trade Centre.
Dubai-based property developer BinGhatti Holding launched its Dh250 million BinGhatti Stars consisting of 363 units, ranging from studio to 1 and 3 bedroom apartments with prices starting from Dh395,000.
“We’re showcasing a lot of projects which are more or less sold out. We have sold out about 30 units in addition to two floors of BinGhatti Stars, which was launched today, reflecting strong response so far,” said Muhammad BinGhatti, CEO of BinGhatti Holding.
Walid El Dawy, CEO of Jumeirah Luxury Living, said the group released 100 villas or 30 per cent of their Jumeirah Luxury Living project which is nearly 75 per cent sold out.
“The response at Cityscape is great. We opened 30 per cent of the Jumeirah Luxury Living project for the release. The total project consists of 291 villas and townhouses split in to three sectors, flowers, golf and waterfront. We released 100 units in the first phase and almost 75 per cent are sold out to investors,” he added.
Jumeirah Luxury Living is a joint venture project between Jumeirah Golf Estate and Luxury Living Investments with a total investment of Dh1 billion while the 30 per cent of the project’s value is Dh400 million. Nasser Amer, vice-president for sales, Deyaar, claims that they witnessed some serious inquiries which will be translated into acquisitions.
“There are a lot of serious inquiries for all types of properties from highend to middle income. The fast-moving items are the units that cater the needs of upper middle class. We are selling the Midtown, Atria, Millennium and other projects. We are offering guaranteed returns of 21 per cent over the first three years and we have multiple stocks in our portfolio. I can’t disclose the numbers that we have sold, but they’re really encouraging so far,” he added.