Emaar to Start Selling Townhouses at Mira Site

on Apr 9, 2013

Emaar Properties (DFM:EMAAR) is about to launch sales of residential units at its Mira scheme, the first site to be developed at Emaar’s latest mega-project Reem, the Dubai property developer announced.

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**Townhouses Priced Under Dh1m**
On April 8, the Dubai-listed company said in a statement that it would launch the sale of 188 Mediterranean-style townhouses at its Mira residential community with prices for a three-bedroom residences starting at Dh988,888 (£176,348). The sales of the properties will be launched at Emaar’s
Sales Centre in Downtown Dubai on April 13, with units to be sold on a first-come, first-served basis. The first homes at the site are expected to be delivered by 2016, the Dubai property developer said.

Dubai property brokers said they were surprised by the advertised prices. Brokers contacted by UAE-based The National said that two-bedroom townhouses at Emaar’s nearby Arabian Ranches development sold for around Dh1.7 million (£303,266) to Dh1.8 million (£321,105). The Cluttons director Richard Paul, the head of the residential valuation team for the real estate broker in the UAE, commented: “I don’t know what Emaar’s reasoning can be on this. I can’t believe that villas in Dubai would sell for under a million dirhams when you could put 20 percent on that. I suspect there must be something else to it.”

Some analysts, however, believe that the advertised prices reflected the discount demanded by buyers for off-plan property investments. “Emaar tends to offer off-plan properties at a 30 percent discount to completed value,” said Helen Tatham, Director of Residential at Knight Frank’s Dubai office. She added that it would be good for the market if Emaar takes steps to prevent speculative investors buying the properties off-plan to then resell them for a higher price – a worrying trend for the recovering Dubai property sector. (Investors “Flipping” Dubai Properties Recalls Bubble Fears)

**Emaar Eyes Long Queues for Mira Townhouses**
Emaar said that the Mira gated residential community, which will be the first to be developed in the Reem project area located on Mohammed Bin Zayed Road between Emaar’s Arabian Ranches and Global Village, would include a desert botanical park, camping facilities, sand surfing and camel riding trails, a go-karting track, dune buggies, a rock climbing wall and a skate park.

The Dubai property firm added that the master-development, Reem, will include several residential communities to be unveiled in phases. “We are giving a new interpretation to leisurely lifestyle with Reem, which meets the growing demand for villas and townhouses in Dubai,” said Emaar’s Managing Director, Ahmad Al Matrooshi.
Reem is the latest addition to the portfolio of Dubai residential projects launched by Emaar in recent months. It follows overwhelming customer response to the launch of The Address Residence Sky View (Emaar’s New Project Attracts “Phenomenal” Interest), The Address Residence Fountain Views I and II and The Address The BLVD, all in Downtown Dubai. Emaar has also launched CASA, a Moroccan-style villa community, as part of its Arabian Ranches extension. Emaar is now hoping to repeat the feat with long queues for its new townhouse development, according to local media reports.
!m[Advertised Prices Surprise Dubai Property Brokers ](/uploads/story/1841/thumbs/pic1_inline.png)
**Emaar Share Price Rises**
Following the announcement of the planned launch of sales at Mira, the Emaar share price on the Dubai Financial Market (DFM) gained more than two percent. As of 13:26 GST on April 9, the Dubai property developer’s stock was trading at Dh5.47, or 2.43 percent up from its previous day’s closing level.
For an in-depth analysis on Dubai property click here.


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