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35pc of Empire Tower sold

DUBAI — Despite a 12 per cent increase in its property prices, Empire International Investments, the real-estate division of Empire Group, has sold 160 units or 35 per cent of its Empire Tower project in Abu Dhabi in 12 weeks.

"Sales have been extremely brisk as more investors were now aware of the huge potential of the Abu Dhabi market," said Linda Loughnane, managing director of LLJ Property, the project's sales and marketing agent.

She said that 2007 had been a "very strong" year as Abu Dhabi revealed its "well thoughtout plans" for the development of the emirate over the next two decades. She stressed that property buyers recognise such a positive move.

Empire quoted data from the Abu Dhabi Chamber of Commerce as saying that spending on residential and commercial property projects in Abu Dhabi now exceeds Dh1.2 trillion.

It said that real estate sales have steadily increased over the past 12 months.

"This is good new for those who are investing in the market now, as they will be able to see significant growth in their investments in the early months," Empire said in a statement. Empire Tower is the company's first project in Abu Dhabi, according to the company's chairman, Haytham Al Tajir. "We recognised early on that the plans for Abu Dhabi made it an interesting proposition for us developers," he said.