Emaar to build new premium hotel
Dubai, September 16, 2012
Emaar Properties, a global property developer of iconic real estate assets, has launched a new hotel and serviced residences project in its flagship Downtown Dubai development.
The Address The BLVD, a five-star premium hotel and serviced residences, is the sixth addition to The Address Hotels + Resorts portfolio of Emaar Hospitality Group in Dubai.
The project, the developer’s first major hotel project since the Dubai’s property crisis erupted in 2009, underlines the recent positive growth of Dubai’s property sector and the robust gains recorded by the city’s tourism and hospitality sectors, a statement said.
Featuring 200 hotel rooms and 542 serviced residences, and billed to be another sterling addition to Dubai’s skyline, the 63-storey hotel will be 340m tall, and will be the second tallest building in Downtown Dubai, next to Burj Khalifa, the world’s tallest building, it said.
Work on the project, which features studios, and 1, 2, 3 and 4-bedroom serviced residences, will commence shortly and is scheduled for completion in early to mid 2015. Emaar will launch sales of the studio, 1, 2 and 3-bedroom serviced residences on September 22, at Emaar Sales Centre, Emaar Square – Building 3, in Downtown Dubai, the statement said.
Ahmad Al Matrooshi, managing director, Emaar Properties, said: “The launch of The Address The BLVD is a strong reiteration of the positive growth trends in Dubai’s real estate sector, led by the significant increase achieved in tourism, hospitality, retail and foreign trade. It also highlights Emaar’s commitment to provide long-term value for our stakeholders by creating premium real estate assets in Dubai and to strengthen our recurring revenues through our investments in the hospitality sector. With the Address hotels in Dubai recording average 85 to 90 percent occupancy throughout the year, The Address The BLVD will further complement the city’s hospitality sector growth.”
This year, Dubai has already recorded historic growth in passenger arrivals with the Dubai International Airports welcoming over 27.9 million people in the first six months. The hospitality sector, simultaneously, has witnessed an impressive growth of nine percent in guest arrivals and over 22 percent in the number of guest nights in the first quarter of the year.
Arif Amiri, chief executive officer, Emaar Retail and Head of Sales, Emaar Properties, said: “The sale of serviced residences in The Address The BLVD builds on the success of Emaar’s project launches earlier this year. With the new project, investors have the opportunity to become part of Downtown Dubai, one of the city’s most sought-after lifestyle destinations, described as ‘The Centre of Now.’ In addition to the option of staying or renting out, they can also benefit from Emaar’s rental programme.”
The Address The BLVD serviced residences offer unprecedented views of The Dubai Fountain, the world’s tallest performing fountain, and Burj Khalifa. It will also provide direct access to The Dubai Mall, the world’s largest shopping and entertainment destination, through a new air-conditioned bridge link, in addition to easy access to The Dubai Mall/Burj Khalifa metro station.
The prime location of The Address The BLVD on Emaar Boulevard, with a range of leisure and F&B choices, offers residents an enviable address in chic Downtown Dubai. Residents will also be in convenient proximity to Dubai’s major business hubs such as Emaar Square and Dubai International Financial Centre.
Customers can choose from elegant studios and one, two, and three-bedroom residences at the sale, the statement said.
The hotel marks Emaar's third project this year after it launched the 'Panorama at the Views' high-rise development, consisting of over 200 luxury apartments, and Alma 2 in the Arabian Ranches residential complex.
"Our sales in the first half of this year were five times more than the same period last year," he said.
Emaar reported in July that its second-quarter profits had more than doubled. Revenue from apartment sales for the six months ending June 30 was 975.5 million dirhams compared to 640.5 million dirhams a year-ago. - TradeArabia News Service and Reuters