Dubai: In what is becoming more frequent in the local construction space, Al Hamad Group has taken up equity in the developer Schon Properties’ hotel apartment complex in Dubai Investments Park. The former, who will be the main contractor through its subsidiary Dubai Civil Engineering, is investing equity to finance the construction and acquire a stake in the 2,550-unit development, called “iSuites”.
Schon Properties will retain a substantial number of units for recurring income, while some inventory is offered to investors for sale. The complex includes 21 buildings and feature a 125,000 square feet mall. Schon claims a development tag of Dh3 billion plus.
Delivery is expected before the opening of Expo 2020 in the fourth quarter of 2020. The hotel apartments will be managed by an operator. Sales of the iSuites are currently on.
According to Nashat Sahawneh, Chairman of Al Hamad Contracting, “We are delighted to partner with Schon to create a unique hospitality landmark catering to the Al Maktoum Airport and Expo 2020 sites, the highest expected tourist growth area in Dubai. Our 45 years’ expertise with building some of the tallest towers in world and iconic projects will prove integral to delivering a landmark project in this crucial location.”
