Dubai: Dubai’s offshore is going to wear a new sparkle — the city’s first, and only, Bvlgari-branded hotel is to open in the fourth quarter of the year and followed by a select number of apartments and “mansions” shortly thereafter. The location is on the man-made Jumeirah Bay Island being built by Meraas, the master-developer.
Having a hotel and residential element attached to it is now a proven business model, according to a senior official. “Financially this works out faster — with the super-long payback you have with the hotel, residential helps,” said Silvio Ursini, Executive Vice-President.
The six, seven-storey apartment buildings will be clustered around a marina. In total, there will be 165 apartments and eight penthouses plus 15 mansions. Private sales of the residences have started, but the property prices have not been officially announced. The project will also encompass a 50-berth marina and a yacht club. (A show apartment has been readied.) Super-wealthy investors currently have a few choices on what and where they might want to pick up. The Atlantis on the Palm will have its own residential options, and there are other Palm projects — such as those accompanying projects from Seven Tides and SKAI, plus the limited number of premium villas being built by XXII Carat, a Russian developer. Staying with the water theme, Dubai Properties too will have an offering in the form of the “water homes” forming part of Marasi Business Bay. And developers are already active with high-end apartment units claiming closeness to the Water Canal.
The costliest home sold in Dubai during the initial days of this month was for Dh18 million plus, in Burj Khalifa.
Any Bvlgari-attached project comes with a unique brand cachet. This year will also see Bvlgari opening hotels in Beijing and Shanghai, which will be followed by a Moscow presence in 2018-19. “In the 15 years since Bvlgari Hotels was created, we’ve only had three hotels — London, Milan and Bali,” said Ursini. “We have been extremely selective with the cities we want to be a part of.
“And we certainly didn’t want to be a brand associated with launching hundreds of properties.”
According to Ursini, Dubai’s hospitality space is also becoming more accommodative of newer concepts and not beholden to only a skyscraper property will work. “With our future customers, there are the ones who want to experience super-luxury on the sea and not inside the city,” he added. (The hotel component will have 121 rooms, including 21 “villas”.) Interestingly, it was a single firm who did the work on all the Bvlgari projects — Antonio Citterio Patricia Viel & Partners. “There’s a common touch that runs right through the properties, be it the colour palette or some other detail, be it in the skyscrapers we will have in China or the community feel we aspire to in Dubai,” said Ursini. “That’s the way we want to keep it. Managing hotels is a science.”
He added: “There will not be a second Bvlgari property in Dubai … nor do we have any plans for Abu Dhabi.”
As for Jumeirah Bay Island, Meraas is also offering plots that are being sold to private investors. The master-developer has been extremely active with its revenue generation, offering properties as well as plots. The hospitality space has been identified as a major thrust are — apart from Jumeirah Bay Island, Meraas has also been tasked with building the “Dubai Harbour” and the “Lighthouse” a super-tall structure and its immediate environs that include a 1,400-berth marina.
