Despite everyone’s fears that the market will be oversupplied with new housing units, Dubai's leading developer Emaar has unveiled a new residential project that will offer breathtaking views of the world's tallest tower Burj Khalifa, as well as of the magnificent futuristic building of the Dubai Opera and the world famous Dubai Dancing Fountains.
You can own one the units put on sale in the new Burj Crown tower if you have AED 1 million (US$300,000) in your pocket. The 44-story building will be located on Sheikh Mohammed Bin Rashid Boulevard in
The project is planned to be handed over in October 2023, and, in total, will bring 400 more new apartments to the market, adding them to the growing number of real estate offers in Dubai.
According to Luxhabitat analytical bureau, it will be possible to purchase apartments in the new tower with the number of bedrooms ranging from one to three at the cost starting from AED1,068,888 (US$291,000). But at the same time, the developer provides a bonus in the form 50% discount on DLD’s registration fee (which in other case amounts to 4 per cent of the unit’s price).
Burj Crown boasts a wide range of amenities gathered at the “Leisure Desk”, a large open area with green spaces where you can relax and unwind. Additional amenities also include an outdoor children's playground, a dedicated barbecue area and a pool for children and adults.
And the “Active Roof” rooftop area will provide residents with the opportunity to enjoy public space in the open air at height that offers incredible views of the surroundings. Other innovations include, in particular, the pedestrian bridge connecting the podium with the neighboring tower, which will be cladded with material that reflects light during the day and is transparent at night.
Mohamed Alabbar, the head of Emaar, expressed confidence that the Burj Crown tower "will undoubtedly become one of the most attractive and sought-after addresses in Dubai."
The new project by Emaar was presented against the backdrop of a general downward trend in the Dubai’s real estate market caused, partly, by the oversupply and prevailing negative market sentiment, which fact, however, does not seem to bother the developer.
At the same time, as
Data published by the leading UAE real estate portal PropertyFinder showed that over 32,000 villas and apartments were completed in the first nine months of 2019. Apparently, although these data have not yet been taken into account, the construction of another 13,216 apartments was probably completed in the remaining period of last year.
As for the Emaar, the company currently has a whole pipeline of other projects under construction and development. In the Q3 2019, the developer’s net profit amounted to AED1.3 billion (US$362 million), which is 20 per cent higher than over the same period a year earlier.
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