Towers are slated for completion in 2020, prices start at Dh1,700 psf

After a span of 10 years, Emaar Properties, Dubai-based developer, is launching a luxury residential project in Dubai Marina.

“The VIP launch of 52 | 42, comprising two towers of 52 and 42 storeys, respectively, took place on Saturday, which is their first project in Dubai Marina after 10 years,” real estate agents attending the launch told Emirates 24|7.

“The project is expected to be completed in 2020. Units have been priced at Dh1,700 per square feet (psf),” the agents informed.

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The highlight of the project is that it will be located at the entrance to Dh6-billion Bluewaters Island, a new tourist attraction in making that houses ‘Dubai Eye’ – the world’s largest Ferris Wheel.

The payment plan, according to the agents, is as follows: 10 per cent on purchase date; 10 per cent in September 30; 10 per cent each in February and August 2017; 10 per cent each in May and December 2018; 10 per cent each in June and November 2019, and 20 per cent on completion in September 2020.

It was in September 2006 that Emaar had launched Delphine – the sixth and final tower ‑ in its Marina Promenade project in Dubai Marina, the largest of its kind waterfront developments in the region with a total development area of 50 million square feet. The tower was home to 68 two- and three-bedroom apartments with views of the Dubai Marina Yacht Club.

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In April 2016, the company launched the Dh3.67-billion The Tower in Dubai Creek Harbour, a 6 square kilometer master development, which it said will be a “notch higher” than 828-metre Burj Khalifa, the world’s tallest tower.

“We are keeping the height quiet at this stage… probably we announce when we open up the tower. It will be notch taller than Burj Khalifa,” company Chairman Mohamed Alabbar said.

He said that year 2016 had been better for them than 2015, saying, “If you ask me about Emaar’s numbers, I don’t see any pull back.”

The developer has even approved payment of 15 per cent, or Dh1 billion as dividend for 2015 at the annual general meeting.

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