The Dubai Opera District in Downtown Dubai is set to witness a new project, with Emaar Properties cashing in on its popular The Address brand.
The Dubai bourse-listed developer is planning to launch The Address Residence Dubai Opera on December 12, 2015.
According to agents, the project, located close to Burj Khalifa, the world’s tallest tower, and Burj Lake, will consist of 65-storey residential tower and a 55-storey hotel/serviced apartment tower.
Each of the towers will have gross floor space of nearly 590,000 square feet.
The design of the towers is inspired by the seafaring history of the Middle East, with the terrace apartments offering views of Burj Khalifa, the Opera District and the Dubai Fountain.
The company has not disclosed launch prices, but agents have started to approach clientele for bookings.
"The planned completion date is July 2020," agents said.
Early report in May 2015 that the developer had launched Forte, its second tower in the Opera District after Opera Grand, with units commanding prices of as high as Dh2,700 per square feet.
Dubai Opera, the centrepiece of the Opera District, is set for completion in March 2016 and will be as iconic in appearance as the world-famous Sydney Opera House, according to Emaar.
As for Dubai Opera, the Arabian dhow has been the inspiration behind its architecture.
The 2,000-seat, multi-format performing arts venue in the emirate will have the ability to transform into three modes; from a theatre to a concert hall and into a “flat floor” form, becoming a banquet of event hall.
Emaar reported a 16 per cent increase in its nine-month 2015 net profits of Dh3.048 billion, compared to Dh2.622 billion during the same period in 2014.
Revenues for period stood at Dh9.849 billion, up 25 per cent over the same period last year at Dh7.888 billion.
Demand for the launches in Dubai, especially from end-use investors, has been strong with total sales during the first nine months of year at Dh7.513 billion while sales in international markets during the same period were valued at Dh3.929 billion, the developer has said.
In August 2015, Lookup.ae, a local real estate portal, said a total of 120 new projects have been launched in Dubai in the past 24 months, with investors being drawn to the off-plan market due to attractive prices and payment plans.
Content courtesy : emirates247