Emaar announces Dh1bn of sales at new Dubai beach scheme

22/01/2018 08:02 AST

Emaar Development, the publicly listed real estate development subsidiary of Dubai-based Emaar Properties, said it recorded Dh1 billion of sales from the launch of the first residences at its new beachfront scheme in Dubai this weekend.

"With Emaar setting impressive property sales last year, the response to our first launch this year is a positive statement on the robust performance of Dubai's property sector," said Mohamed Alabbar, the chairman of Emaar Properties.

Beach Vista is the first collection of residences to be launched for sale at the developer's 10 million square foot Emaar Beachfront scheme, which was unveiled last year as part of the new Dubai Harbour project master-planned by the Dubai developer Meraas Holding.

Beach Vista comprises a twin-tower development of 33 storeys and 26 storeys containing 375 one to four-bedroom apartments. Emaar Properties said on Sunday all 375 residences have sold out.

When complete, the Emaar Beachfront scheme will house a collection of "Miami Beach-style" residences with exclusive access to a 1.5 kilometre private beach, according to Emaar Properties.

There will also be food and beverage (F&B) outlets, retail pop-ups, beachside recreation areas, a hotel and promenade.

The broader Dubai Harbour project will include a 1,400-berth marina, 135 metre-high Dubai Lighthouse, and a 150,000 sq ft cruise liner terminal capable of handling 6,000 passengers, Meraas Holding said last year.

Emaar Development listed 20 per cent of its shares on the Dubai stock exchange on November 16, raising Dh4.8bn. Last week, the company approved the distribution of Dh4bn in dividends to shareholders from proceeds of the initial public offering.

The National