Indians big buyers in new upscale Dubai addresses
Dubai, June 25:
Indians and Pakistanis are turning out to be big buyers in a series of new upscale neighbourhoods being developed by Emaar Properties in this swanky commercial hub of the United Arab Emirates (UAE).
“Around 25 per cent of all Emaar Properties in Dubai sold till now have gone to Indians and Pakistanis,” Shravan Gupta, managing director of Emaar MGF, the joint venture between Emaar Properties and New Delhi-based MGF, said.
Among these upscale addresses are the Dubai Marina, a Riviera-style living area along the Gulf coast, residential communities like the Emirates Hills, The Lakes, The Greens, The Meadows, The Springs, the Arabian Ranches and The Views, and a Manhattan-like area called Burj Dubai.
“Five years ago, there was nothing here, only desert land,” Gupta said.
The flagship project of Emaar Properties in this city, which is witnessing a huge construction boom, is Burj Dubai, a downtown Dubai area.
It is an integration of homes, offices, hotels, shops, boulevards, landscaped parks and lakes. And the centrepiece of this area, touted as ‘the most prestigious square kilometre in the world’, is the Burj Dubai tower, which is set to become the world’ tallest building.
“The building will be ready for inauguration by December 2008,” Scott Pottruss, director of development in Emaar Properties, said. Construction had started in 2004. Only recently, well-known Dubai-based Indian businessman B R Shetty bought the 100th floor of the tower, according to Emaar officials. As of now, 143 floors of the Burj tower are sold out.
The tower is one of the two anchors of downtown Burj Dubai. The other is the Dubai Mall, which is going to be the world’s largest mall with around 344,000 sq-metres of retail space.
The Old Town, the Old Town Island, The Lofts, Burj Views, South Ridge and the Residences are the other components of the area offering ultra-luxurious city living.