Dubai: Emaar Properties PJSC, the global property developer of iconic real estate assets, will build the sixth addition to The Address Hotels, The Address The BLVD, a five-star premium hotel and serviced residences, Emaar announced today.
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 Burj Khalifa, the world’s tallest building. The property will feature 200 hotel rooms and 542 serviced residences,
which includes studios and one, two, three and four-bedroom serviced residences. Work on the project will commence shortly while the completion date is scheduled in early to mid 2015.
Arif Amiri, chief executive of Emaar Retail, told media: “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 give the value or the cost of the hotel referring that it will be inclusive with the total value of Emaar Downtown projects which are worth $20 billion.
Moreover, he remarked that the finance of this project has been managed through the pre-sales 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.