New Dubai Property Attracts Dhs100m Investment

A new development in Downtown Dubai has attracted investments worth Dhs100 million following a pre-launch presentation, its developers have said.

Investors snapped up over half of the 140 apartment units in the Burj Pacific development during a two-day showcase in Dubai.

The 20-storey tower, developed by Sherwoods and Pacific Ventures, is located around 500 metres from Burj Khalifa, and includes one, two and three-bedroom apartments and three-bedroom duplexes.

Burj Pacific, designed by architects H-AO, also includes eight floors that make up the ‘Signature Residences’ featuring fully furnished units with interiors by Tony Ashai.

“The sales figures prove that confidence has indeed returned to the Dubai property market,” said Sherwoods founder and CEO Iseeb Rehman.

Prices for the property started at just over Dhs1 million for a one-bedroom apartment.

“The initial booking deposit is 15 per cent, plus an additional 35 per cent during the two-year construction period with 50 per cent balance due upon completion in the second quarter 2016,” he said.

Investors included local and overseas buyers, including Asians, Arabs and Europeans, he said.

Around 70 per cent of the investors were looking for buy-to-let opportunities with the remaining 30 per cent being end users, Rehman added.

Indian Bollywood celebrity Sohail Khan was also one of the investors, purchasing several apartments on a single floor, Sherwoods said.

“This is a family investment,” Khan said. “These apartments will make ideal homes when we all travel to Dubai,” he added.

Dubai’s property market has rebounded strongly this year with investors regaining confidence in the emirate. In the past twelve months, residential prices in Dubai have increased by 38 per cent for apartments and 24 per cent for villas while rents have risen 20 per cent and 17 per cent respectively, according to recent research by Standard Chartered Bank.