The Burj Pacific residential development in the Downtown Dubai has recorded sales of more than Dh100 million during a pre-launch presentation organised for local, regional and international investors in Dubai. Around 500 investors took part in the two-day showcase as more than half of the 140 apartments in the development were sold ahead of the general sales release on September 16.
Dubai-based real-estate specialist Sherwoods and property developer Pacific Ventures jointly organised the pre-launch event.
“The sales figures prove that confidence has indeed returned to the Dubai property market,” said Sherwoods Founder and CEO Iseeb Rehman. “It is a quality development located in a sought-after location. With prices starting at just over Dh1 million for a one-bedroom apartment, Burj Pacific represents excellent value for money.”
Investor profile was a cross-section of local and overseas buyers, including Asians, Arabs and Europeans, according to Rehman. He also said that around 70 per cent of the visitors were investors looking for buy-to-let opportunities with the remaining 30 per cent being end users.
The payment plan is a key attraction of the project, according to Rehman. “The initial booking deposit is 15 per cent, plus an additional 35 per cent during the two-year construction period with the 50 per cent balance due upon completion in the second quarter of 2016,” he said.
Indian celebrity Sohail Khan, the popular Bollywood actor and TV personality, was among the project’s early investors, purchasing several apartments on a single floor.
“This is a family investment,” he said. “These apartments will make ideal homes when we all travel to Dubai.”
The 20-storey tower comprises one-, two- and three-bedroom apartments and three-bedroom duplexes. More than half of the apartments have a view of the iconic Burj Khalifa, due to its distinctive L-shaped design.
“The theme of this project is ‘Celebrate Life’ and judging by the response from investors, that is exactly what they intend to do at Burj Pacific,” said Parvez Khan, Chairman of Pacific Ventures, the developer of Burj Pacific.