Sky View in Downtown is picked up by European fund in mega-deal
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A European fund has bought the Sky View tower in Downtown Dubai for Dh750 million plus from Emaar, further confirming increased buyer activity in UAE’s commercial real estate assets. The Sky View also features an Address hotel as well as residential apartments with prices from Dh1.5 million. Above, Lobby Burj view.Image Credit: Supplied
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This is also one of the biggest deals in the UAE’s property space in recent months, suggesting that buyers are on the lookout for fairly valued real estate deals. Property prices for commercial and residential assets have reset significantly over the last two years, and more so after the pandemic struck. Luxhabitat Sotheby’s International realty advised on the transaction. Above, hotel lobby.Image Credit: Supplied
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It is believed that the Address will remain the operator of the hotel component at Sky View. There are 169 hotel rooms and 551 apartments along with a floating sky bridge and 70-metre Infinity pool. The construction side of things was completed in December 2019. Above, Infinity pool.Image Credit: Supplied
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While one-bedroom units are from Dh1.5 million, a five-bedroom penthouse at Sky View carries a tag of Dh11 million. The Downtown Dubai had done fairly well in generating buyer interest through the second-half of last year. Above, Junior suite.Image Credit: Supplied
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Property values remain under pressure but didn’t see the kind of declines some other locations experienced during the period. Above, the restaurant at the Address Sky View.Image Credit: Supplied
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The restaurant dining at the Address Sky View. “European funds are looking at Dubai’s Triple A hospitality assets since prices, yields and visitors are all aligned for an investor,” said an industry source.Image Credit: Supplied
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“Nearly one billion dirhams from two deals is proof that buyer interest in UAE property is still very much there,” said an industry source. “What’s significant about the Sky View deal is that an overseas fund bought in. That’s a major shot of confidence.” Above, meeting room.Image Credit: Supplied
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With the Sky View deal now done and dusted, Dubai’s property market is getting some of that action as well. Above, fitness gym.Image Credit: Supplied
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