Emaar’s Panorama Selling Out On Opening Day In Dubai

As with Emaar’s previous launches, its new project Panorama in Dubai’s Greens area has attracted the attention of investors. At 12 noon today, the sales centre was bustling with investors keen to lay their hands on Emaar’s latest offering. The project, sales for which opened at 9am today, has already seen some parts of it sold-out by 12 noon today.

The project comprises of 4 buildings with 15 floors, offering customers a total of 224 apartments. Apartments in the premier project offer a view of the Emirates Living Golf Course. The primary driver of this investor rush seems to be the closely-guarded pricing of the project.

While Emaar hasn’t made the pricing public yet – and is only sharing it with investors who walk in with a cheque book – real estate brokers aware of the project told this website that one-bedroom units in the project were being offered by Emaar at around Dh940per sq ft.

“As far as I know, one-bedroom units are already sold-out, and two-bedrooms are also selling like hot cakes and are expected to be sold-out any time,” an agent with one of the largest real estate brokerages in Dubai told this website on the condition of anonymity.

ccording to listings on Dubai’s property classifieds, the current rate in Fairways West in the same area with golf course and pool view is between Dh1,170 to Dh1,500-plus per sq ft, making Emaar’s latest offering an attractive investment .

The agent mentioned earlier added that, in what reminded him of the days of Dubai’s property boom, some early investors who managed to book one-bedroom units this morning were seen reselling their units to late-arrivals at a premium.

“A one-bedroom was being sold at Dh940 per square feet, and people who have bought it are selling the same unit at Dh1,100sq ft, making a decent premium,” he said.

While Emaar customer centre personnel were not aware of the sale prices and Emaar hasn’t disclosed it on its website or in any of the sales literature, brokers told this website that two- and three-bedroom units in the newly launched Panorama are being offered betweenDh1,150 to Dh1,300 sq ft, depending on the view from the unit.

The Panorama offers one, two, three and four-bedroom apartments and three and four-bedroom duplex apartments. The handover is expected by November 30, 2014.

Currently, the sale price of a two-bedroom apartment in The Views within the same community with a golf course view isDh1,700,000 and a 3-bedroom with a similar view is Dh2,300,000.

As far as the service charges are concerned, an agent mentioned a figure of a little over Dh10 sq ft for the new project.

“I don’t know the exact amount but I heard people talking of Dh10 toDh12 sq ft,” he said.

In comparison, service charges at The Views, still been fairly new, are around Dh16-Dh18 per sq ft.