An aparment in Le Reve Tower sold for AED34.7 Million
19/11/2012
In Dubai Marina, Le Reve, one of the stunning and super-luxury freehold residential towers, has once again become prestigious because of its apartment that was sold for almost AED34.7 million, which had only a reserved-price of AED 9.5 million before. Actually, it was purchased by one high profile investor from Russia after winning the recently-fierce bidding.
In the first place, Le Reve Tower was designed by WS Atkins, a Multinational Engineering, Design, Planning, Project Management, and Consulting Services Company founded by William Atkins himself in 1938. It has a built-up area of 880, 000 square feet as well as it was made up of 80 luxurious penthouse-class apartments in two different styles ranging from 6, 000 square feet to 17, 200 square feet. Then it also comprises of the following amenities and facilities: temperature controlled-pool; fitness centre; children's playground; health club; 24-hour security; and more.
Moreover, it was primarily expected to be completed in the month of August 2006; but due to some reasons, it was rather completely delivered to investors after the aforementioned expected completion-date. Fortunately, all the apartments of the above-mentioned residential tower were totally sold out in 2007, a year before the completion date itself.
However, due to the so-called 'Global Economic Crisis', most of the investors have suddenly failed their financial obligations with their individual purchased properties. As a matter of fact, prior to the onset of such crisis, some of the investors for Le Reve Tower bought full floors for over AED40 million; but now the units with 6, 100 square feet are being sold from AED15 million to AED20 million. On the other hand, full floors are currently sold for at least AED50 million because of the reason that the apartments are fully furnished.
It has just happened during the latest auction period in the Emirate, in which the Indian investor increased the stake to AED20 million. Then, afterwards, the investors from Iran and Russia fought over the priced property. However, the latter has won the said bidding in the end. Furthermore, there were another two properties which were sold during the said property auction. They are as follows: an apartment in South Ridge 1 which is located in Downtown Dubai that was sold for AED3.16 million, higher than its reserved price of AED1.4 million; and an apartment located in Al Arta 2 was also sold for AED1.5 million, higher than its base price of AED1.15 million.
In the first place, Le Reve Tower was designed by WS Atkins, a Multinational Engineering, Design, Planning, Project Management, and Consulting Services Company founded by William Atkins himself in 1938. It has a built-up area of 880, 000 square feet as well as it was made up of 80 luxurious penthouse-class apartments in two different styles ranging from 6, 000 square feet to 17, 200 square feet. Then it also comprises of the following amenities and facilities: temperature controlled-pool; fitness centre; children's playground; health club; 24-hour security; and more.
Moreover, it was primarily expected to be completed in the month of August 2006; but due to some reasons, it was rather completely delivered to investors after the aforementioned expected completion-date. Fortunately, all the apartments of the above-mentioned residential tower were totally sold out in 2007, a year before the completion date itself.
However, due to the so-called 'Global Economic Crisis', most of the investors have suddenly failed their financial obligations with their individual purchased properties. As a matter of fact, prior to the onset of such crisis, some of the investors for Le Reve Tower bought full floors for over AED40 million; but now the units with 6, 100 square feet are being sold from AED15 million to AED20 million. On the other hand, full floors are currently sold for at least AED50 million because of the reason that the apartments are fully furnished.
It has just happened during the latest auction period in the Emirate, in which the Indian investor increased the stake to AED20 million. Then, afterwards, the investors from Iran and Russia fought over the priced property. However, the latter has won the said bidding in the end. Furthermore, there were another two properties which were sold during the said property auction. They are as follows: an apartment in South Ridge 1 which is located in Downtown Dubai that was sold for AED3.16 million, higher than its reserved price of AED1.4 million; and an apartment located in Al Arta 2 was also sold for AED1.5 million, higher than its base price of AED1.15 million.
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