Dubai-based property developer SRG has launched a new apartment complex in the Burj Khalifa Distict claimed to address the area’s shortage of studios.
The 383-unit Marquise Square development, in partnership with real estate investor Select Property, will provide 237 studios across its 29 floors. A further 59 one-bedroom, 70 two-bedroom and 18 three-bedroom units will also be available.
“There’s a surprising undersupply of studio apartments in the area due to the huge strains placed on developers to provide sufficient car parking spaces. Marquise Square has been designed to address this undersupply by offering residents large studio apartments with dedicated parking spaces for each unit along with many other amenities,” said Adam Price, managing director of Select Property Middle East.
Other facilities will include a swimming pool, gym, children’s play area, prayer room, sauna, steam room, restaurant and retail space and 24-hour concierge service.
The property is due to be completed in Q4 2018.
SRG, which is owned by the second generation of the Abdulsalam AlRafi family, is also behind the Sheraton Grand Hotel and Burj Al Salam Towers.
The developer claims the Downtown area, where the project is located, has seen land values increase 60 to 100 per cent in the last five years and capital growth of 35 to 50 per cent is expected in in the buildup to Expo 2020.
Dubai Contracting Company has been selected to build the tower, which will feature apartment sizes ranging from 474 to 2,323 square feet with prices starting from Dhs895,000 ($243,686).
Downtown Dubai has been one of the more resilient areas of the emirate’s property market so far this year, but across the market declines of 5 per cent for apartments and 7 per cent for villas are expected, according to Cluttons.