Emaar to start work on new Address in Downtown Dubai
Underlining the positive growth of Dubai’s property sector and the robust gains recorded by the city’s tourism and hospitality sectors, Emaar Properties has launched a new hotel and serviced residences in its flagship mega-development Downtown Dubai.
The Address The BLVD, a five-star premium hotel and serviced residences, is the sixth addition to The Address Hotels and Resorts portfolio of Emaar Hospitality Group in Dubai.
Featuring 200 hotel rooms and 542 serviced residences, and billed to be sterling addition to Dubai’s skyline, the 63-storey hotel is 340 m high, and will be the second tallest building in Downtown Dubai, next to Burj Khalifa, the world’s tallest building.
Work on the project, which features studios, and one, two, three and four-bedroom serviced residences, will commence shortly and is scheduled for completion in early to mid-2015.
Ahmad Al Matrooshi, managing director, Emaar Properties, said: 'The launch of The Address The BLVD is a strong reiteration of the positive growth trends in Dubai’s real estate sector, led by the significant increase achieved in tourism, hospitality, retail and foreign trade. It also highlights Emaar’s commitment to provide long-term value for our stakeholders by creating premium real estate assets in Dubai and to strengthen our recurring revenues through our investments in the hospitality sector. With the Address hotels in Dubai recording average 85 to 90 per cent occupancy throughout the year, The Address The BLVD will further complement the city’s hospitality sector growth.'
Arif Amiri, chief executive officer, Emaar Retail and Head of Sales, Emaar Properties, explained: '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.'
The Address The BLVD serviced residences will offer its residents unprecedented views of The Dubai 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.