Emaar’s latest hotel project The Address The BLVD has sold all of its serviced residences on the first day of sale, after investors paid laborers to queue for them overnight.
The Dubai-based developer announced last week its plans to build a new luxurious hotel in Downtown Dubai, the latest addition to its Address Hotels & Resorts stable.
Queues outside Emaar Square began on Friday morning, 48 hours before the sale was due to start, as property agents and brokerages paid labourers to hold a presence for them in the line.
The Address The BLVD has 542 serviced apartments ranging from studios and one beds to four-bedroom penthouses. Prices ranged from Dhs1.1m (US$299,500) for a studio to over Dhs6m (US$1.6m) for a 4-bedroom unit.
Ahmad Al Matrooshi, managing director, Emaar Properties, said: “The sell-out of the serviced residences that were offered for sale demonstrates the strong investor confidence in the development credentials of Emaar, while underlining the positive growth trends witnessed in Dubai’s real estate sector.
“We are committed to upholding the highest standards in the development of The Address The BLVD for scheduled handover in 2015.”
Speaking at the launch announcement, Arif Amiri, chief executive officer of Emaar Retail, said: “The hotel we’re launching…represents an opportunity to capture the interest we’re seeing from Dubai, Middle East, the Indian subcontinent, China and Europe.
“This will be the third launch from Emaar this year and across all our launches we are seeing growing customer interest.”