New Emaar project \'sold out after one day\'

Dubai’s Emaar Properties’ newest residential project, ‘Panorama at The Views’, completely sold out its 224 units after they went on sale on Saturday, the developer has claimed. “The sell-out response to Panorama at The Views is a clear testament to investor confidence in Emaar’s project delivery credentials and the positive growth being recorded by Dubai’s property sector this year,” said Ahmad Al Matrooshi, managing director of Emaar Properties. “We remain committed to the hand-over of the project as per schedule in the first quarter of 2015,” he added. The development marks the first of several lifestyle communities that are being planned by Emaar in Dubai, including the Dubai Modern Art Museum and Opera House District in Downtown Dubai. Emaar has set up an Escrow account for the project, allowing 20 percent of the construction value to be deposited as a bank guarantee. All sales proceeds will be deposited in the account, which will only be used for construction purposes, allowing investors to make the payments based on development milestones. From Arabina Business