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Dubai: The Trump Organisation, one of the world's leading property developers and headed by US tycoon Donald J. Trump, on Sunday launched the sale of five penthouses in the $800 million Trump Soho Hotel in New York, exclusively in the UAE.
Although the hotel itself has been launched already in New York, the five penthouses have been kept secret in order to introduce them to the UAE market.
Dubai is a "strategic enclave" in the global real estate industry, according to officials speaking at the launch.
The 46-storey Trump hotel condominium will be the first of its kind in downtown Manhattan when it is completed in July 2009. Trump Soho will reach a height of 480 feet and has a built-up area of 386,000 square feet. Construction is already completed up to the 42nd storey.
"Traditionally, we have seen people from the Middle East interested in real estate markets, mainly European, such as Milan, Paris and London. No real estate portfolio is complete without investing in real estate in Manhattan," said Rodrigo Nino, president of global real estate firm and sales organisation of Trump Soho, Prodigy International.
Being built a cost of around $800 million, the Trump Soho will comprise of 400 hotel condominium units, including 141 deluxe suites, 253 studios, five penthouses and one presidential suite.
The units will be sold from around $4 million to $12 million, except for the penthouses which will achieve prices up to $15 million. Units will range in size from 422 square feet to 905 square feet.
Price
Nino said as the average price for real estate in Manhattan is around $1,400 per square foot, and the average price of a unit being $1.7 million, real estate in the area is "solid".
The Trump Soho Hotel Condominium will "spearhead the movement of real estate companies investing in Manhattan", said Nino
Donald Trump Jr, executive vice president of the Trump Organisation, said via satellite link, "The Trump Organisation has amazing support from people in the Middle East and Dubai. The Trump brand is perfect for the Dubai real estate buyer."
According to Nino, over 50 per cent of units have been sold.
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