Select Property Sells Majority of Residences at West Avenue in Dubai Marina
- Jul 05, 2013
Just five months after launching the project, Select Property has sold more than 90 percent of the units at West Avenue, the first new residential tower in Dubai Marina since 2008.
Developed by Select Group, the approximately $109 million high-rise will feature 270 one- and two-bedroom apartments starting at $187,000, as well as four luxury penthouses valued at more than $1.8 million.
Upon completion in 2014, the Manhattan-style luxury development will also offer a wide range of amenities, including an outdoor temperature-controlled swimming pool, fitness center, Jacuzzi, 24 hour security and 24 hour maintenance and supervision.
Located at the center of Dubai Marina, the West Avenue residences will provide easy access to the area’s top destinations such as Dubai Marina Mall, Jumeirah Beach and Dubai Marina Yacht Club.
The success of the project is an indicator of the resurgence of Dubai’s property market following the financial downturn, the UK-based property investment company announced.
Dubai’s improving supporting infrastructure including shops, transport systems, and restaurants, along with the introduction of new buying and building regulations, which are meant to protect investors, landlords and tenants, have also helped stabilize the region’s property market.
“Before the crash in 2008 many investors were buying in Dubai simply on the strength of the ‘Dubai brand’. Now there is an established infrastructure and very obvious property hotspots such as the Marina. It’s really encouraging that so many of the buyers are end-users who are intending on living at the development as this will boost the burgeoning communities,” said Mark Stott, Select Property’s CEO said in a statement. The market is much more stable than it was five years ago as the new regulations mean that only ‘real’ buyers can invest in the Emirate and subsequently it is in a much more sustainable position.”