Dubai-based developer Deyaar announced that it has sold out all the residential units in the first tower of its recently launched Montrose project.
The majority of units sold at an average of Dhs1.166 per sq ft, it said a statement.
The units are set to be delivered by December 2016.
The recently unveiled Montrose project, located at Barsha South in DuBiotech, comprises three towers – a hotel apartment tower and two residential towers. Each of the towers includes three basement levels and 19 stories.
The two residential towers feature 68 one-bedroom, 68 two-bedroom, five three-bedroom and two four-bedroom apartments.
The hotel apartment tower will incldue 88 studios, as well as 68 one-bedroom and 24 two-bedroom units.
Following the positive response for the first tower, Deyaar has announced it will open sales of units in the second residential tower at Montrose by end-September.
Saeed Al Qatami, CEO of Deyaar, said: “The positive turnout highlights the growing demand for urban upscale properties in Dubai. Montrose, which is located in South Barsha on Umm Suqueim Road, is witnessing building projects to be completed in the next 12 months.
“Strategically located within easy access to arterial districts in Dubai, home owners can benefit from extended and flexible payments plans after the handover, with a minimal down payment as low as five per cent.”
Apart from the residential and hotel units, the Montrose development will also offer amenities such as a landscaped garden, an outdoor sitting area, a kids play area and a gymnasium.
Each of the towers will feature a rooftop infinity swimming pool, a 24-hour security system, an access control system, firefighting and alarm system, central air conditioning and CCTV surveillance.
The hotel tower will also include a health club and a restaurant.
Dubai’s property sector has been booming, and most developers have been witnessing strong investor interest for new developments.
Late last month, Damac Properties announced that the first release of houses at its recently revealed master development, AKOYA Oxygen, sold out on the first day of launch.