More than 400 ‘investors’ standing outside Emaar Properties’ office in Downtown Dubai
Reminiscent of the property heydays, more than 400 ‘investors’ are already standing outside real estate developer Emaar Properties’ office in Downtown Dubai, waiting for the developer to begin the sale of the first phase of its latest project ‘Mira’, the first residential community in Reem.
A queue of about 400 people had already built up outside Emaar Sales Centre in Emaar Square, Downtown Dubai, by Thursday afternoon whereas the project does not go on sale until 7am on Saturday.
Interestingly, the current queue comprises mostly of construction workers and labourers. Industry experts maintain that this lot will be handed a couple of hundred dirhams or so early morning on Saturday by real investors who’ve hired them to block a slot at the head of the queue as the project will reportedly be sold on a first-come-first serve basis by Emaar Properties.
With Friday being a holiday, it seems they’ve decided to camp outside the Emaar sales office until it opens on Saturday, with more people expected to join the crowd as the launch nears.
With just 188 townhouses to go on sale, those not already in the queue may have already lost the opportunity to buy the three-bedroom villas at prices starting at under Dh1 million.
Sale will commence on Saturday April 13 at the Emaar Sales Centre in Emaar Square, Downtown Dubai, on a first-come, first-served basis. Emaar has requested potential customers to be on-site for registration at 7am.
The starting price-point of Dh988,888 for a three-bedroom apartment is perhaps the biggest magnet attracting investors, with similar properties in the nearby Arabian Ranches going for Dh2.5 million and above.
Although the first homes on the latest project are schedule to be delivered only by 2016, there is clearly no dearth of investors willing to snap up the limited number of available townhouses at these prices.
Even as many customers believe this price point is intended to attract more people for the launch.
“There is no catch in the sale price. It is a test-run for Emaar. The sale of the initial 188 townhouse is just a start. The developer has plans to build thousands of villas in the new community. People are willing to buy villas in this project as the price is very low and capital gains in short and long run will be good,” Rushiraj Mehta, a real estate agent working with Legacy Real Estate, told this website.
“Due to the limited number of villas on sale, chances are slim for all to get a shot at the property. Thus, it cannot be construed as anything irregular on Emaar’s part. Demand is exceeding supply. Things will get clearer after the Saturday launch and will tell us the future of this community – Reem-Mira,” he said.
The community will feature a desert botanical park, camping sites, camel-riding trails, go-karting tracks, sand surfing facilities, dune buggy tracks, climbing walls and other sports and activity facilities.
The Reem development will be anchored by a huge central park and will also contain a waterpark, interactive fountains and a centre-piece water feature. It will also contain facilities for residents such as mosques, retail plaza, residents’ club, restaurants, football pitches, cycling and jogging paths, cricket pitch, miniature golf course and an outside amphitheatre.
The development will be next to the Arabian Ranches extension at the crossroads of Al Qudra and Emirates Road.