FINANCIAL NEWS

Emaar puts luxury LA’s Beverly West apartments for sale

27 Oct 2012

(MENAFN) Emaar Properties in Los Angeles, a unit of Dubai’s top developer Emaar Properties, has put apartments worth up to USD22 million for sale in a new luxury residential tower in the city, Los Angeles Times reported.

The newspaper said that the condominium tower has opened near the Los Angeles Country Club after originally being bought prior to the global financial crisis.

Emaar bought the 22-storey Beverly West tower at Wilshire Boulevard for USD65 million in 2007 while it was under construction by a previous developer, it added.

The newspaper said that Mohamed Alabbar, chairman of Emaar, kept the property off the market until earlier this year.

The newspaper cited Dario De Luca, president of the company’s Los Angeles unit, as saying that one of the Beverly West’s 35 units was sold in March for USD5 million with prices for the remaining units range from USD1.5-USD22.4 million.

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