By Anitha Lakshminarayan
Burj Pacific sold its lower floor at the time of the announcement of the Phase-I launch last year and the higher floors are ready to be sold after Phase-II launch.
Dubai, UAE: Pacific Ventures, Indian Real Estate Company begin sale of their signature apartments Burj Pacific in downtown, Dubai after a formal launch of Phase-II at Emirates Towers on the 8th and 9th of March.
“We recorded DHS 79 million worth of sales during the pre-launch of Phase-I of Burj Pacific,” says Mr. Miguel Guadalupe, Chief Operating Officer of Pacific Ventures to Emirates Property-what’s your property craving in an Interview.
He added “Within two months the ground floor will be ready; we have approved the contractor and will officially announce the name of our contractor for Burj Pacific after we get the approvals from Rera for our Pacific Village project in Dubai land located along the city of Arabia theme park”.
Real estate in Dubai is moving forward, and the trend is likely to continue this year and apartments dominate the demand in the property market of Dubai; however, there is a slight shift in focus as there is an increase of 20% in the supply of villas this year.
Mr. Guadalupe said “Pacific Ventures earlier projects include: Jumeirah village triangle and Jumeirah village circle which we bought from other developers are partly sold though we don’t advertise about them since they are easy to sell especially studio, and one bedroom move faster in Dubai although high-rises or 22 storey buildings like the Burj Pacific with more than 160 apartments or big communities need attention of how we can make the public aware about new concepts.As a business, we run in a very customer-friendly way and take our consumers to the site, update them about the progress of the project and the marketing team sends them pictures of the development on a regular basis”.
As per Jones Lang La Salle,the property company there is more development towards central as well as in the south of Dubai and Jebel Ali.
Mr.Migeuel also said “ Many of the people working in Downtown, Dubai,plan to move into other areas such as Sport city, Studio city, Jumeirah Village triangle, Arabian Ranches and nearby locations which are also beautiful to live and they take a nice hike,by driving to work” .
Indians top as Property Investors of UAE
“It’s been more of an end-user business this time around and helps us as a more regulated market; the government is more involved and for the end-user, it’s more real now”.
“As everybody knows Indian community is the number one investors in the UAE closely followed by the Pakistani community and Russians are third. Indian community is big in the UK, Ireland and other parts of the world; they buy a property for investing as well as to gift homes for their kids”.
He concluded “we are going to stay residential now while we build quality, good size units and make it affordable which start from 1.3 million for 1 bedroom, 2 bedrooms is 2.4 million depending on the size.1 bedroom size are usually 1000 square feet; 2 bedrooms are 2000 square feet, and 3 bedrooms are close to 3000 square feet and maybe 4 or 5 years later, we might look into mixed-units”.
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