Property brokers and investors are bracing themselves for simultaneous sales events in Dubai, Abu Dhabi, London and Jeddah as Emaar's latest crop of serviced apartments go on sale.
Potential buyers hoping to get their hands on 178 serviced apartments set to be built by the Dubai listed property developer have been told they will have to register online and receive a token before they can turn up at the company’s four sales centres in the UAE, London and Saudi Arabia on Friday.
“One has to imagine that there will be a VIP sales launch first which is likely to mean that only some of those 178 apartments are actually put up for sale,” said Mario Volpi, the managing director of Prestige Real Estate. “So your chance of actually getting sent a token and being able to turn up and buy an apartment here are about as high as getting one of Willy Wonka’s golden tickets.”
Emaar has been rethinking its sales strategy after police were called to control the crush as hundreds of people queued at the company's sales office in Emaar Square in April to buy off-plan property.
The incident has been widely cited as a key indication that the Dubai property market – which experienced a massive boom before prices crashed by 60 per cent during the global financial crisis – is once again spiralling out of control.
During the previous boom speculative off-plan property sales were blamed for pushing up prices to unsustainable levels, with contracts changing hands for huge premiums while the pace of construction failed to keep track.
Emaar told brokers yesterday that only customers who had registered online after September 18 and who had received a confirmation from Emaar would be able to purchase any of the 58 one-bedroom flats, 60 two-bedroom flats and 60 three- bedroom flats it is putting up for sale on Friday and which would be located above an extension to The Dubai Mall.
Property brokers complained that the new strategy would make it even harder for their clients to get their hands on the prized serviced apartments.
The tower, The Address Residence Fountain Views III, will be located between two other towers of the same name which Emaar has already sold to investors. It is scheduled to be completed by March 2017. Prices are expected to stand at between Dh2,800 and Dh3,000 per square foot, slightly higher than for the previous two towers where they reached between Dh2,600 and Dh2,700 per sq ft.
“Located in the heart of our flagship development, Downtown Dubai, The Address Residence Fountain Views III provides investors from across the world the opportunity to reside in one of the most dynamic communities in the city,” said Ahmad Al Matrooshi, Emaar’s managing director.
Potential customers can register online on Emaar’s website. Sales will take place at Emaar’s at 10am at the InterContinental London, Park Lane, 12 noon at Jeddah Gates Sales Centre and at 1pm at Emaar’s sales centres in Dubai and Abu Dhabi.
lbarnard@thenational.ae
