Ishraqah sells Onyx Hotel to Grow
Dubai, October 17, 2007
Ishraqah, a pioneering real estate development, has finalised a deal with Grow Projects Ltd to sell The Onyx Hotel, one of the prime projects of its Dh1.8 billion ‘The Onyx’ development on Sheikh Zayed Road.
Present at the signing ceremony were Sheikh Sultan bin Khaled bin Salim bin Mahfouz, board member of Ishraqah; Hesham El Far, CEO of Ishraqah; Dambir Chadha and Suneel Sahni, co-owners of Grow Group of Companies.
The deal has boosted the sales prospects of the remaining properties of the integrated corporate destination, which includes two commercial towers that have been 85 per cent sold ahead of the completion of The Onyx.
"Ishraqah is pleased to seal the sales contract to Grow based on the solid track record of their group in the hospitality business with its extensive experience in upscale markets in the UK and India. We believe GROW will complement our vision for The Onyx, which is to make it the preferred business destination in Dubai," said Sheikh Sultan.
Commenting on the business prospects of the hotel facility, Chadha and Sahni said: "We believe this hotel has enormous potential with its excellent location and other value-added features. We are confident that we can attract a lot of business travellers because of its proximity to Greens, Emirates Hills, Emaar Business Park, Tecom, Dubai Internet City and Dubai Media City."
As a result of aggressive marketing efforts and its hugely attractive development concept, The Onyx has achieved tremendous sales record in just three months of its launch last July 2007. A further boost in sales performance is expected with Ishraqah's participation at Cityscape Dubai 2007, the largest business-to-business real estate investment and development event in the world.
"The Onyx's integrated environment and innovative concept will definitely be a big draw during Cityscape. The project has a lot more exciting features to offer and I am sure many prospective investors are looking forward to check them out at the exhibition. We are just as eager to showcase the world-class amenities and unique qualities of this modern corporate community," said Hesham El Far, CEO of Ishraqah for development
The three main towers of The Onyx – a 25-storey and a 16-storey office tower, and a 14-storey business hotel with 200 rooms and 10 suites – are linked by an interconnected podium area. It also features a modern rooftop terrace, a skylight and complementary landscaping. Other key facilities incorporated in the development are office spaces, dining outlets and retail facilities.
On completion in 2009, the project will also offer investors the first freehold corporate opportunity available in the area, which is located next to Emaar Business Park. The Onyx will exemplify an open-design concept with state-of-the-art amenities which include swimming pools, health clubs, beauty spa, oxygen bar, business centres, cigar lounges, day-care centre, high-end retail outlets and fine dining restaurants. The project also features optimum parking ratio, space efficiency and a total of 35 elevators.
GROW Projects Ltd. is an affiliate of GROW Group of Companies, which lists among its prominent projects in Dubai an island on Nakheel’s ‘The World’ project to develop a themed island resort under a world-renowned brand name.
Ishraqah is a premier owner, seller, developer and investor of real estate throughout the Middle East and is currently involved in developments in the UAE, Saudi Arabia, Morocco, Egypt and Pakistan. The Saudi-owned company has recently announced that it intends to invest Dh6 billion within the next two years in real estate projects throughout the region. –TradeArabia News Service