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    Look: This Dubai hotel tower gets a Dh750m+ bill

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    Sunday, January 17, 2021
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    Look: This Dubai hotel tower gets a Dh750m+ bill

    Sky View in Downtown is picked up by European fund in mega-deal


    Published:  January 04, 2021 12:22 Manoj Nair, Business Editor and Devadasan K P, Picture Editor

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    HOT 1-1609748294734
    A European fund has bought the Sky View tower in Downtown Dubai for Dh750 million plus from Emaar, further confirming increased buyer activity in UAE’s commercial real estate assets. The Sky View also features an Address hotel as well as residential apartments with prices from Dh1.5 million. Above, Lobby Burj view. Image Credit: Supplied
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    HOT 2 TEASER-1609748297336
    This is also one of the biggest deals in the UAE’s property space in recent months, suggesting that buyers are on the lookout for fairly valued real estate deals. Property prices for commercial and residential assets have reset significantly over the last two years, and more so after the pandemic struck. Luxhabitat Sotheby’s International realty advised on the transaction. Above, hotel lobby. Image Credit: Supplied
    3 of 12
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    It is believed that the Address will remain the operator of the hotel component at Sky View. There are 169 hotel rooms and 551 apartments along with a floating sky bridge and 70-metre Infinity pool. The construction side of things was completed in December 2019. Above, Infinity pool. Image Credit: Supplied
    4 of 12
    HOT 4-1609748301364
    While one-bedroom units are from Dh1.5 million, a five-bedroom penthouse at Sky View carries a tag of Dh11 million. The Downtown Dubai had done fairly well in generating buyer interest through the second-half of last year. Above, Junior suite. Image Credit: Supplied
    5 of 12
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    Property values remain under pressure but didn’t see the kind of declines some other locations experienced during the period. Above, the restaurant at the Address Sky View. Image Credit: Supplied
    6 of 12
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    The restaurant dining at the Address Sky View. “European funds are looking at Dubai’s Triple A hospitality assets since prices, yields and visitors are all aligned for an investor,” said an industry source. Image Credit: Supplied
    7 of 12
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    “Nearly one billion dirhams from two deals is proof that buyer interest in UAE property is still very much there,” said an industry source. “What’s significant about the Sky View deal is that an overseas fund bought in. That’s a major shot of confidence.” Above, meeting room. Image Credit: Supplied
    8 of 12
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    With the Sky View deal now done and dusted, Dubai’s property market is getting some of that action as well. Above, fitness gym. Image Credit: Supplied
    9 of 12
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    The spa treatment room. Image Credit: Supplied
    10 of 12
    HOTEL LOBBY POOL BURJ VIEW - ADDRESS SKY VIEW-1609748315917
    Hotel lobby pool Burj view. Image Credit: Supplied
    11 of 12
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    Kids club. Image Credit: Supplied
    12 of 12
    HOT 9-1609748310999
    Junior suite bathroom. Image Credit: Supplied

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