Dubai: Prices announced as units within world’s largest residential building go on sale

From buying an entire floor to owning a whole building, demand for Dubai’s residential projects is peaking, literally.

Al Habtoor Group’s newly-launched tower — said to be the world’s largest residential building — is seeing “massive interest” from buyers and investors. Mohammed Khalaf Al Habtoor, vice-chairman and CEO of Al Habtoor, told Khaleej Times on Monday that some of them wanted to buy the entire tower.

The Dubai-based group announced that units within the 82-storey Al Habtoor Tower on Sheikh Zayed Road are now on sale. The developer, however, refused to disclose the height of the world’s largest residential tower.

Located in Al Habtoor City, the freehold project has seen interest from local and international buyers from China, the UK, the US, India, GCC and other countries.

Housing 1,619 apartments and 22 sky villas, the iconic tower will be an addition to Dubai’s famed skyline. Prices for a one-bedroom start from Dh2.1 million, 2BHK from Dh3.5 million, and 3BHK from Dh4.7 million, while sky villas still need to be priced.

Reflecting on the demand for Dubai properties, Mohammed Al Habtoor said there was interest from some individual investors to buy the entire Dh3.7-billion tower.

“We had people who wanted to buy it all, (but) we said no,” added Al Habtoor.

According to Thomas Murdoch, deputy general manager, Al Habtoor Group, the interest in owning units within the tower is “running into extraordinary numbers”.

“Funds have also shown interest in buying units in the tower,” said Murdoch.

Echoing Al Habtoor’s comments, he said multiple investors offered to buy the entire tower.

“This strong interest reflects strong demand for Al Habtoor Group’s brand and maturity of Dubai’s residential property market,” he said. “Demand for Dubai’s property market is flying [off the shelves], and it will continue, as we can see with the number of new project launches,” he said.

Murdoch said the tower would be a vertical city within Al Habtoor City. “There will be numerous retail and dining options, with multiple swimming pools on various levels, full-service spa, quiet spaces, kids’ areas, libraries and network rooms, among others,” he said.

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