Apartments are finding buyers in the first phase of the luxury Dubai Marina less than a week after going on sale.
Buyers have swamped the sales office to enquire about apartments in Murjan Tower, the first condominium block being built as part of the $5 billion project.
The prospect of owning a high-tech flat in Emaar Properties' upcoming e-city is proving irresistible, and waterfront apartments are the most popular.
Amina Al Sharawi, Corporate Communications Executive, said, "Since opening for sale on November 4, we have had a lot of response. A lot of the apartments have been sold, especially those that face the water. A number of units have also been reserved, so the demand has been high."
The sales office is open from 10.30am to 5.30pm every day, but has been staying open until 8pm due to demand.
The Marina is one of the largest commercial projects Dubai has undertaken. It will have a man-made waterway, three-kilometre beach, 100 apartment towers, landscaped parks, schools, mosques, shopping centres, luxury hotels, medical centres and a full range of entertainment facilities.
It is scheduled to be completed in eight stages over the next 20 years and will eventually contain nearly 100,000 residents.
The first phase consists of six residential towers to be completed in 2003, but the first, Murjan Tower, is now open for sale in the construction stage.
Al Sharawi said, "The response for units in Murjan Tower has been from both expatriates and nationals. Expatriates can lease a unit for 99 years, and a national can buy it outright.
"But the price structure is the same and we have an arrangement with the financial organisation, Amlak, which is offering 25-year mortgages up to 75 per cent of the purchase price.
"They are the only ones in Dubai that have such a long term. It can be used by both nationals and expatriates."
Emaar Properties has chosen Marconi to design, build and operate the communications network.
"Dubai Marina is the first true e-city because everything will be linked using the latest technology.
"For example, the refrigerator in your apartment will be able to name the items it contains, prepare your shopping list and, in the case of a recipe, be able to tell you what needs to be purchased.
"You can pay your utility and Etisalat bills from home. You can start heating your meals in the microwave while in the office, check on your children, speak to their teachers and keep a close watch on who enters your apartment.
"It will be an e-home with e-health, e-education, e-business and e-government, a truly hi-tech city."
Majan Tower is 37 storeys high and has 288 apartments with one, two and three bedrooms. There are also penthouses available. Prices range from Dh735,000 to Dh4.5 million and buyers may choose them furnished or unfurnished.