S3L and Tonino Lamborghini Come together to launch a tower in Sports City

[Kaur]

S3L and Tonino Lamborghini together are launching a luxury residential tower in sports city tomorrow.

They are launching their at 3,000 AED per sq ft and claim that you will be able to sell at 3,500 AED per sq ft in a few days time..and in 6 months they expect the property to be at 6,000AED per sq ft....To me it seems a bit unreal would really like to know your thoughts....

Most properties in Sports city are selling at much lower prices so what do you think of this ....

Thanks

Manmeet

 

[Roshan]

S3L and Tonino Lamborghini together are launching a luxury residential tower in sports city tomorrow.

They are launching their at 3,000 AED per sq ft and claim that you will be able to sell at 3,500 AED per sq ft in a few days time..and in 6 months they expect the property to be at 6,000AED per sq ft....To me it seems a bit unreal would really like to know your thoughts....

Most properties in Sports city are selling at much lower prices so what do you think of this ....

Thanks

Manmeet

It's more of hype than reality. I would not touch it.

Generally the rich tread in places like waterfront, Golf course or Iconic locations. They would not mind paying an hefty amount for a property which has exclusivity and away from the hustle & Bustle. For eg, Emirates Hills, you have only the rich staying. They wouldn't want to be amongst commoners.

Likewise in DSC they wouldn't want to stay in a building which is surrounded by common people, this is what I feel, could be wrong.

Regards

Roshan

 

[kk1974]

The thing is that a building like that is quite good for flipping - its the brand name that will sell it. But I agree with Roshan, the question is whether there will be an end user for both long term or short term rent at these prices.

But then, its hard to say. If the tower is really appealing, and there are all the attractive facilities in place, who knows, maybe it will work out.

Nonetheless, its more risky then buying somewhere on the waterfront or within some exclusive community.

 

[uaerealdeal]

I agree with the fact that if they are launching at 3000/sqft then there is too much of air, but hey we all were astounded to see armani residence in burj being launched at 10000/sqft when the prices of burj itself was aroung 4000/sqft in resale market.

The price can only be justified if it has some excellent add-ons/amenities to the same, plus I think Lamborghini name carries their own goodwill and value, so assuming everything in the tower will be as cutting edge as their brand value would be at stake here.

But also one fact as roshan and kk1974 mentioned that this would not be a exclusive kind of area where the who's who of the society would be dropping in, that would be possible in Meydan Area where, the most horseracing is the theme which is the sport of the high and mighty.

Regarding Dubai Sports City I think the fair pricing is around 1200/sqft which within a year can be seen going at 1600/sqft-1700/sqft for projects being completed, I know Canal Residences are offering from 1400-1500 from now itself but the location for that is really good. On as conservative average price i think 1200/sqft still hold good. what do you guys think...

Regards,

UAEREALDEAL