Always on the hunt for emerging markets, Ernesto Preatoni bet on Dubai.
For now buying a tower, the Dubai star which is a 48 floor building valued at 100 million euro, is just the start as there are already other operations underway. The emirate’s real estate market was amongst the first to feel the pinch in 2009. The country has stopped a step back from the brink in 2010 thanks to the rescue by Abu Dhabi. After the bursting of the speculative bubble, which has cut prices 50%, the real estate market has presented signs of depression for a long time.
“Today, however, the crisis seems to be behind us. On the contrary, in 2012, the brick grows”says Preatoni.
“Foreigners have begun to buy and housing prices regained some lost ground which amounted to 15 billion in total sales last year”. Hence the decision to invest on the part of the Italian entrepreneur. The Dubai star, dubbed Domina Towers is located in the Jumeirah Lake Towers, a large district built along the edges of artificial lakes in the heart of the city. Soon he went to the rescue of a bankrupt company. The construction of the tower began in 2006 by the German ACI, but because of the market collapse, the complete project had failed. The skyscraper was then purchased by Preatoni Real Estate Developments, which will focus on the business development of the UAE. Once completed, the Domina Tower will have 48 floors with 600 units, divided between commercial storefronts, offices and apartments. The work will be completed by the Preatoni Real Estate Developments in April 2015. Considering a current value in the area of € 2000 per squaremeter, the total value of the Domina Tower will be about 100million. Currently, 80% of the units are sold on the card and paid in varying degrees. For those who want to get out of their investment, then it can be liquidated. Preatoni estimated that only 20% of customers will not confirm investment and therefore leaving only about a hundred units. But as mentioned,Preatoni arrived in Dubai to stay and already has plans to build a sales network site which will be managed by his son Eugenio Preatoni
Pay only 50% now and the rest ON A PAYMENT PLAN over the construction progress on an Escrow Account. The building is 75% done already and completion is targeted to be after 18 months, we have 1 bedrooms and 2 bedrooms. The units have the Oqood ready. edithmakena@gmail.com or +971557162933.
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| MR. PREATONI AT THE DOMINA SITE |
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| AMAZING JLT VIEWS |
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| LAKE VIEWS AND JUST NEXT TO THE METRO |
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| AMAZING EMIRATES LIVING VIEWS |
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| DOMINA TOWER PROGRESS |
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| INTERIOR FINISHING ALREADY UNDERWAY |
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| AMAZING VIEWS |
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