Dubai’s new Dh1.4b St. Regis Residences does Dh1 billion in offplan sales in 1 hour

Dubai: Demand for super-premium property in Dubai continues to hold up well into 2023, with the developer of the 250-metre tall ‘St. Regis Residences, Financial Center Road’ in the Downtown netting Dh1 billion in committed sales within the ‘first hour of the launch’.

That meant 70 per cent of the available 232 units finding a buyer in the first 60 minutes of launch. The tower, to be ready in 2025, is from Adventz Group and comes to market with branded residences continuing to hit the mark with buyers in Dubai.

According to market data, the first two months have seen marked gains in residential property sales over the corresponding period in 2022. The total has been boosted by sales of luxury homes, including a Dh400 million plus penthouse on the Jumeira bay Island.

At the St. Regis Residences, the costliest penthouse had a price tag of Dh42 million, with the buyer getting access to a 5-bedroom unit and spread over 9,300 square feet. There will be four of the full-floor penthouses with the obligatory private pool and a terrace promising a 360-degree view. Starting price for a one-bedroom unit is Dh2.75 million. (These are the launch prices.)