Emaar gives investors 5 minutes to strike deal... take it or leave it

Emaar Properties, Dubai-based developer, completely sold The Address The BVLD in Downtown Dubai in a couple of hours on Saturday, but buyers were told that transfer of the unit will not be allowed until 30 per cent of the purchase price is paid.

An investor, who had a token number 38, was given another token 166 when his turn came on Saturday with the sales executive just giving him five minutes to decide on whether he wanted to buy a studio apartment facing Sheikh Zayed Road or not.

“When I went in at around 12.45 pm, I was told that all the one-, two- and three-beds had been sold,” the investor, who was planning to buy a two-bed apartment, told Emirates 24|7.

“They first explained the payment plan and then gave me five minutes to make my decision. I decided not to buy as I didn't want a studio."

According to the investor, the booking amount was 10 per cent with the purchaser having to pay 10 per cent every six months. Only after the payment of 30 per cent will Emaar allow the buyer to transfer the unit in the secondary market.