With just a week to go before Dubai’s biggest property exhibition, developers are once again preparing for an off-plan sales bonanza.
Cityscape Global, once known as a boom time show of excess with investors throwing cheques down on off-plan properties, is expected to attract at least 10 per cent more visitors than last year when more than 17,000 people attended the show.
After years of shrinking attendances and lacklustre exhibitions where the few developers who did attend had little to sell, this year’s show will take place in three exhibition halls rather than the one used last year.
Those exhibiting include Arady Developments, a joint venture between Dubai Properties Group and Deyaar Developments, which is hoping to shift the second phase of the flats in its mixed-use Central Park scheme at Dubai International Financial Centre.
The pair started work on the project in 2007 before the global financial crisis.
With work back on track and the development now 80 per cent completed, they launched a first phase of about 120 apartments last month and hope to sell a similar number at the exhibition next week.
At a press briefing yesterday Arady’s chief executive Arif Mubarak said the venture had sold 30 per cent of the total 426 apartments in the boxy blue-grey towers next to the Ritz-Carlton.
“The second phase we will launch at Cityscape and we believe that the target will be achieved because we believe the market is progressing,” he said. “The market is positively moving towards maturity. Those decrees that have recently been announced, we believe that will help the market to stabilise more and to be more developed.”
The luxury Dubai developer Damac announced yesterday that it had started to sell 215 off-plan flats in its Paramount Hotels & Resorts-branded serviced apartments tower in Riyadh in time for the show.
“We have seen a huge response from Saudis interested in the projects we are collaborating on in Dubai and we are delighted that we can bring the Paramount Hotels & Resorts brand,” to Saudi Arabia, said Damac’s managing director Ziad El Chaar.