Emaar has incorporated a new clause in its local agent agreement, offering a commission for any sale transacted using its credit notes, a real estate agent told Emirates Business. The ongoing saga of replacing deposits that investors have paid on canceled projects with “credit notes,” takes a new twist as people become more desperate to offload these poison pills.
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Emaar's Dubai Marina
Emaar properties, the Dubai government owned property firm and owners of WL Homes, which trades as John Laing, have filed for bankruptcy protection for John Laing, after writing down $482 million in goodwill. Emaar purchased John Laing in 2006 for over $1 billion when the company was building as many as 3,000 homes a year, and sales have since fallen to less than 600 units in 2008.
More on Emaar Properties Files Chapter 11 for John Laing Homes
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Burj Dubai Tower Reaches final Height
The Burj Dubai has reached its final height of 818 meters. The final height had been kept secret until last week, presumably in an effort to keep competitors on their toes, although all of the possible competition for the world’s tallest tower have now been cancelled courtesy the credit crunch.
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Emaar Properties will roll out an exclusive roster of signature residences within its established master-planned communities on May 10, 2008.
The one-day special sale of premium residences within The Lakes, The Views, Downtown Burj Dubai and Dubai Marina will be on a first come, first serve basis with several financial institutions offering easy home finance options.
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Emaar Properties has unveiled Burj Park, a premium waterfront residential zone and the first of its kind within Downtown Burj Dubai, conveniently located within walking distance of Burj Dubai and The Dubai Mall. Burj Park also offers direct access to Burj Lake Promenade and to Park Island, a 25-hectare park located on an island accessible via a bridge walkway.
Burj Park homes redefine the lifestyle experience by blending elegant views and modern amenities. Many of the residences open to Burj Dubai and a vast panorama of greenery and water, including The Fountain, a monumental, world-class musical water feature incorporating choreographed music, light and projection. The Fountain forms the centerpiece of Burj Dubai Lake.
The sale of studios, and one- and two- bedroom apartments in the 50-storey Burj Park will begin on April 5, 2008 at the Downtown Living Sales Centre located with Downtown Burj Dubai. Potential customers can look forward to luxury living in a lifestyle-rich environment described as the ’soul of Dubai.’
Mr Saif Al Mansoori, Sales Director, Emaar Properties said: "Burj Park V is situated in a prime location, defined by the impressive waterfront views it offers residents. Burj Park V homes will appeal to the stylish and sophisticated, with an address where luxury is the way of life. Adding to the affluence of the community is its central location within the thriving neighborhood, Downtown Burj Dubai, which has already been recognized as a global investment destination."
Burj Park V features neo-classical architecture and modern décor designed as a collaboration between international and local architects. The interiors of every apartment are embellished with the finest furnishings, accessories and fittings. Podium level amenities include a swimming pool, children’s pool, Jacuzzi, outdoor dining area, children’s play area, fully-equipped gymnasium and club house with secure parking. The podium also has a number of apartments with private gardens overlooking Burj Dubai Lake and lush, landscaped courtyards.
Mr Al Mansoori explained: "Burj Park V offers ‘a cut above the rest’ ambience, and is a perfect complement to the vibrant lifestyle choices offered by Downtown Burj Dubai. The newest neighborhood in the city has already come to life with residential communities at The Residences and The Old Town, and with the opening of Souk Al Bahar, a shopping mall with a delectable array of dining outlets and cafes – all in an Arabesque environment."More on Burj Park Dubai Announced
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