Emaar’s New Off Plan Residential Project Sold Out In 1 DayThursday, May 31, 2012
According to news, the new residential project of Emaar Properties ‘Panorama at The Views’ was sold out. The developer claims that the total 224 units were sold soon after they went on sale on Saturday. The managing director of Emaar Properties, Ahmad Al Matrooshi, said that such a tremendous response from the investors indicates that they trust in the Emaar credentials of project delivery. Moreover, it also indicated that Dubai property sector is on the fast track this year.
He also added that the handover time of the project is the first quarter of 2015 and they are committed to deliver the project on time. This is the first lifestyle community planned by Emaar. Some of its other projects include Opera House District in Downtown Dubai and Dubai Modern Art Museum.
As a bank guarantee, Emaar is asking for 20% deposit of the construction value. This amount would be collected in an Escrow account opened only for this purpose. All the sales deposits would be collected in the account and would be used only for construction of the project. This system allows the payments to be made by the investors based on developmental milestones.