Dubai: One of Dubai’s master-developers, wasl properties, is going way beyond its mid-market bearings. If that means reaching for the skies and prime waterfront locations, then all the better. In fact, wasl is doing just that.
In recent weeks, it awarded the tender for a flagship tower on Shaikh Zayed Road, and which should be ready by the end of the decade, and confirmed its role in a mega-project that will bear the famed MGM name, which has adorned high-profile properties in Las Vegas and elsewhere. It does not stop there.
The developer will be launching as many as 15 hospitality-themed projects in Dubai. This is quite a step up for wasl, known more for its self-contained, low-rental apartment blocks stretching from Karama to Ghusais.
“We are committed to contributing to filling any gaps, whether in hospitality or residential,” said Hesham Al Qassim, CEO of wasl Asset Management Group. “We identified such a gap with mid-range hotels, where we felt the market was under-supplied.
“Another of wasl’s key objectives is to attract prestigious hotel operators to Dubai — we continued with this strategy on a strong note this year by bringing world-renowned hotels such as MGM, Bellagio and Hyatt Centric to Dubai for the first time. That’s in addition to the city’s second Mandarin Oriental hotel.”
But doesn’t all this mean a major strategy revision? “Our strategy and development priorities haven’t changed — and won’t change,” said Al Qassim. “This reflects our aim to build a hospitality portfolio that ranges from mid-range to luxury.
“We have completed four mid-range hotels, with two more due this year. Others remain under development and due for handover in the next few years.
“We are fully aligned with the government’s plans to attract tourists and make Dubai the world’s favourite destination. This is a major driver behind everything wasl does.”
The developer is working towards a tight schedule — construction of the MGM master-development is set for a December start and completion in four years. Ditto with the construction schedule for the Bellagio property. The wasl Tower on Shaikh Zayed Road is also headed for a Q4-20 completion. The project, for which Arabtec picked up a Dh1.46 billion contract, will feature 148 luxury apartments as well as 257 hotel rooms under the Mandarin Oriental brand.
The developer said the determined push into the high-end will continue. “We also have many other exclusive developments underway that will add significant value, such as wasl 1 and wasl Gate, which together will bring thousands of new residential units onto the market,” said Al Qassim.
“The research we conducted in 2015 for both the hospitality and residential sectors shed light on the gaps that we can help fill. And this continues to inform our ongoing strategy.
“Based on that research, we decided to provide the market with mid-range offerings, and we now have four fully operational hotels in this category, with others on track for timely completion. We also have significant projects in the pipeline that cater to mid-market communities, including one in Warsan that will cater to hospitality staff as the Expo 2020 approaches, as well as developments in Al Ghusais and Ras Al Khor that will be announced soon.
“At the luxury end, there is still high demand in the hospitality sector in Dubai.”
Perfecting a hospitality strategy
With wasl fronting MGM and Bellagio branded hotel projects is in line with Dubai’s master-developers scripting a major push into hospitality. Meraas recently unveiled four brands that will adorn its hospitality projects, while Nakheel has major projects going on at its Ibn Battuta cluster as well as on Deira Islands.
Explaining wasl’s strategy, Hesham Al Qassim, CEO, said: “We are known as a pioneer in the residential segment and established a successful benchmark in this sector. But we apply the same standards to our hospitality portfolio — we partner with only top hotel operators and brands. We already asset manage a large portfolio of hotels, including some of the world’s best operators such as Starwood Hotels and Resorts, Hyatt International and Hilton International.
“We don’t have any plans to create our own hotel management division ... but we will always be committed to catering to market needs.”
