Emaar Properties will defy a recent slump in property prices and start selling off-plan apartments at the latest phase of its Dubai Creek Harbour project.
The developer said that it would hold a sales launch for Creekside 18, a development of 480 apartments in two 37 storey towers, on September 12 in Dubai and Doha.
“Creekside 18 development forms the centrepiece of the Dubai Creek Harbour master plan. Surrounded by the business and shopping districts that border Central Park, the residential towers are home to 480 dazzling one-, two- and three-bedroom glass-fronted apartments, all with private outdoor balconies,” Emaar said on its website.
The off-plan apartments are expected to be marketed at as much as Dh1,400 per square foot, with the priciest apartments on the market for as much as Dh3.8 million.
Emaar and Dubai Holding unveiled the master plan for the Dubai Creek Harbour at the Lagoons, comprising 39,000 homes and 22 hotels, at Cityscape Global last year.
The completed project would include what Emaar claims would be the world’s tallest twin towers, the centrepieces of a project designed to be three times the size of its vast Downtown development.
A first phase of six residential towers, branded Dubai Creek Residences, was launched last October.
The Lagoons project was originally unveiled in 2006 by Dubai Properties but was stalled because of the global financial crisis.
The news comes after the property broker Knight Frank this week reported that Dubai’s mainstream residential prices fell by 12.2 per cent in the year to June and by 2.8 per cent quarter-on-quarter, ranking the city at the bottom of its list of house price rises in 56 global cities for the period.
Off-plan Emaar sales launches have in recent years in Dubai become synonymous with snaking queues and even unruly scuffles. However, in January The National reported that the Dubai Creek Residences London launch was a subdued affair, with just four people waiting outside the sales venue at the Four Seasons Hotel near Park Lane on the launch day.
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