Property launch frustrates investors

Hundreds queued only to discover the developer was releasing just 10 of an expected 46 townhouses.

People queueing for the sales launch of the Town Square property townhouses and apartments. Duncan Chard for The National

DUBAI // Hundreds of people who had queued through the night for the launch of a new property development left in frustration just a couple of hours after the official launch.

An estimated 500 people waited for more than 13 hours outside the Town Square sales office on Mohammed bin Rashid Boulevard in Downtown Dubai for the 7am launch yesterday.

Most had been eager to snap up large three-bedroom villas at the new community near Arabian Ranches with prices starting from Dh1 million.

“We had someone in line overnight and I got here at about 8am,” said Zaid Qatrabi, an Iraqi businessman who had his eye on a townhouse.

“We’ve just been told that they are only releasing 10 townhouses today, which is very disappointing because they initially said 46 would be going on the market.”

He had a budget of about Dh1 million and was hoping to snag a deal, but was not optimistic.

“Let’s see how it goes,” he said. “The aim was to buy the property as a family home and the project looked like a good one to invest in.”

Mr Qatrabi, like many others on site, was drawn by the relatively low starting price.

According to the developer, Nshama, prices for three-bedroom units started at just under Dh1m. Prices for a three-bedroom apartment were similar, with a two-bedroom apartment going for Dh703,988 and a one-bedroom for Dh503,988.

But as the doors opened, many of those present said they felt misled.

“First they said it was 60 then 46 and then today 10,” said Anant Rastogi, a real-estate agent who had people waiting since 5.30pm on Friday. “There were probably 500 people in line then and it was chaotic.”

His clients wanted to buy a three-bedroom villa but by 8.30am news had filtered through that they had all been sold.

“We haven’t been given any information and are finding out from people who are coming out,” Mr Rastogi said. “The only things now available are the apartments ... being in the queue for most people has been a complete waste of time.

“There are people inside, including my client, trying to see if they can get a villa, but I’m not that hopeful.”

Of the apartments, studios and one-bedrooms were proving the most popular, he said.

“We had people waiting here since midnight last night and it’s all been for nothing,” said another agent. “The vast majority of people have been here for the villas and then the developer decides that they will only put a handful of them on the market. They have not only wasted my time but also my client’s.”

By 9am most people had left the line, leaving only security guards to man railings set up for the crowd the night before.

The Town Square development is at the junction of Al Qudra Road and Emirates Road near the Dubai Polo and Equestrian Club and is expected to be completed in 2017.

Nshama said: “We have received overwhelming response for the Town Square sales today. We will continue to launch townhouses and apartments in the coming period.”