Thursday, June 18, 2009

ETA announces hand-over of Liberty House units

Liberty house Dubai
ETA Star Property Developers has begun hand-over of its Dh.700mn Liberty House units in the Dubai International Financial Center (DIFC).

The L-shaped building has 140 offices, 124 studios, 68 single bedroom and 28 double bedroom apartments. The studios are worth over Dh.1million, which the single bedroom apartments are worth about Dh.1.6mn.

The residential units have been furnished as a 'goodwill' gesture, due to the delay of three months, said Vijay Chugh, Senior General Manager - Projects, ETA Star.

Although there has been a slight adjustment in prices, DIFC continues to be one of the most stable areas in Dubai, in terms of rental rates and prices. There is also the 'retail tunnel' being developed here, which is likely to connect The Gate at DIFC to a leading city mall. All the buildings in the DIFC area will be directly linked to the tunnel.

The Executive Director of ETA Star, Abid Junaid, mentioned that about Dh.1.5bn worth of company projects would be delivered this year.

ETA is going ahead with all its launched projects. Business sentiment is getting more positive and is reflected in terms of increase in transaction volumes, he said.

Currently the prices are bottoming out, and towards the last quarter of this year, a recovery is expected in terms of prices and volume. Increase in prices and volume, would be inter-dependent on each other, he added.

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