Developer expects $1bn Trump Tower in Dubai to sell out by end of summer
The $1 billion development was launched in April by Dar Global, the international property arm of Saudi Arabia's Dar Al Arkan, in partnership with the Trump Organisation, the sprawling conglomerate of the family of US President Donald Trump.
The project, which is being built near Downtown Dubai on Sheikh Zayed Road, is expected to be completed in five years.
The development features more than 500 homes, with two penthouses costing Dh75 million ($20.4 million) each and three to four-bedroom apartments priced between Dh4 million and Dh5 million. It also has a Trump-branded hotel and a clubhouse.
'Sales have been strong, [there has been] very good reception for the brand, for the mix and the location,' Ziad El Chaar, Dar Global's chief executive, told The National in an interview. He did not say how many units have been sold so far.
'We have approximately 40 nationalities who are investing in the project including people from India, Pakistan, the UK, some investors from Arab countries such as Saudi Arabia, Lebanon, Iraq, Kuwait, Oman and from Eastern Europe, Turkey, Romania and Russia," he added.
Dubai's residential sector continues to perform strongly, with the emirate recording 17,504 transactions in May, a 15.1 per cent month-on-month increase, while total sales value for the month surged to Dh54.48 billion, up 18 per cent on the previous month, according to Betterhomes.
Average price per square foot also climbed 4.5 per cent on a monthly basis to Dh1,808 in May, data shows.
Strong economic growth combined with government measures such as residency permits for retired and remote workers, and an expansion of 10-year golden visa programme has helped boost the property market in the emirate.
"Prices are going up because there are a lot of clear fundamentals in the market," Mr El Chaar said. "You have economic demand, you have economic attraction. You have a lot of facilitation on golden visas. These days, you have a big increase in traffic at the airport, which means people are not just speculating online, they are here, they are in the market.
"At the same time, we have a lot of people who are flying from high tax areas, coming to domicile in the UAE, plus you also have new activities happening that are bringing more people to the country, especially with the gaming [resort] opening in Ras Al Khaimah."
Partnership with Trump Organisation to continue
Dar Global, with a property portfolio worth $10 billion in the UAE, Oman, Saudi Arabia, the UK and Spain, plans to continue building new projects in partnership with the Trump Organisation, which is managed by Mr Trump's sons, Donald Jr and Eric Trump.
'We have announced seven projects in two years [with the Trump Organisation] and this successful collaboration will continue,' Mr El Chaar said.
Dar Global is currently building two new projects in Oman, a hotel and a residential development, as well as a Trump tower in Jeddah, the Trump International Hotel and Tower in Dubai and a new project in Doha that was unveiled last month.
The company has also committed to building two new residential projects in Riyadh with the Trump Organisation and is expected to finalise another in the Saudi capital by the end of the year.
Abu Dhabi expansion
Dar Global is "aggressively pursuing" entering the Abu Dhabi market. "We are in continuous discussions with a lot of parties in Abu Dhabi to find the right project," Mr El Chaar said.
"We are very much interested to launch in Abu Dhabi because we believe the market has now enough attractants to bring in the investors from outside, and some within Abu Dhabi, and we would like to put our flag in the market."
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