Dubai: Emaar Properties will build the sixth addition to its The Address Hotels — The Address The BLVD, a five star premium hotel and serviced residences, the property developer announced Sunday.
Featuring 200 hotel rooms and 542 serviced residences, and billed to be another sterling addition to Dubai’s skyline, the 63-storey hotel is 340 metres high, and will be the second tallest building in Downtown Dubai, next to the Burj Khalifa, the world’s tallest building.
Work on the project will commence shortly and is scheduled for completion in early to mid 2015.
Arif Amiri, chief executive of Emaar Retail, told reporters:, “The launching of this project is underlining the positive growth of Dubai’s property sector and the robust gains recorded by the city’s tourism and hospitality sectors.”
Amiri refused to reveal the value or the cost of the hotel referring that it will be inclusive with the total value of Emaar Downtown projects which worth $20 billion (Dh73 billion).
Moreover, he remarked that the financing of this project has been managed through the pre-selling of the serviced apartments.
“There is a very strong appetite of investors from GCC, Middle East, India, China and Europe which we would like to capture,” he 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,” Amiri added.
Pointing to the robust tourism growth, he said that 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 per cent in guest arrivals and over 22 per cent in the number of guest nights in the first quarter of the year.
“Address occupancy has recorded by 90 per cent while Emaar’s retail and hosbitality sector represent 41 per cent of Emaar’s total revenues in 2011.”
As well as Emaar properties sales grew five times in 2011 comparing to the previous years, he said.
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 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.