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Three thousand apartments at the Jumeirah Beach Residence were sold in the first week of the opening of bookings, Hashim Al Dabal, the project's chief executive officer, said yesterday.
"The demand for residences exceeded our expectations and we expect that all apartments will be sold out soon, even though we had estimated that the selling would continue till the year-end.
"Though the purchases of full buildings by big investors constituted a major part of the sale, purchases by nationals was also high," added Al Dabal.
On his expectation for the week, he said, "We expect the number of bookings to further increase. We will therefore employ more people at the project's call centre.
"The branches of the four banks handling the financing, HSBC, Dubai Islamic Bank, Citibank and the National Bank of Dubai, are also prepared to handle bookings by a larger number of individuals."
Al Dabal was happy that the Jumeirah Beach Residence got big response in accordance with their studies and plans.
"This shows the importance of niche properties in this very fast developing area of Dubai and assures the success our marketing plans of equally targeting big investors and individuals."
"In the coming days, we will announce details about the percentage of purchases made by individuals and big investors," said Al Dabal.
Prices of flats at the project start from Dh199,000 for a 640 square feet studio apartment to Dh649,000 for a four-bedroom apartment with a 2550 sq.ft. living area.
Besides the choice of bank financing, medium and long term finance is also available from the project management.
Payment of the first installment of 25 per cent of total price, has to be made on December 1 while the remaining installments are to paid on July 1, 2003 and January, 1, 2004.
The last installment is to be paid at the beginning of 2005, the date of possession of the flat.
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