Emaar Properties, developer of the world’s tallest tower, has announced plans to build a new luxurious hotel in Downtown Dubai, the latest addition to it’s Address Hotels & Resorts stable.
The Address The BLVD will consist of a 200 room, five-star hotel covering the first 15 floors, while the rest of the building will be occupied by 542 serviced apartments.
Construction of the new building, which will fill one of the last remaining gaps in Downtown Dubai’s skyline, will begin later this year and is expected to be completed mid-2015.
Arif Amiri, chief executive officer of Emaar Retail, said: “The hotel we’re launching today represents an opportunity to capture the interest we’re seeing from Dubai, Middle East, the Indian subcontinent, China and Europe. It is in a central location of Downtown Dubai, in very close proximity to Dubai Mall.
“This will be the third launch from Emaar this year and across all our launches we are seeing growing customer interest. We had an overwhelming response to the previous two launches this year.”
The announcement is Emaar’s first major hotel project since the property crash in 2009 and further solidifies the belief of many in the real estate industry that Dubai’s property sector is looking healthy once again.
Amiri would not comment on the cost of the project but said it would be financed mainly through pre-sales of the apartments.
“We won’t need help from banks or the bonds market. The financing is very secure,” said Amiri.
“I truly believe that the real estate market in Dubai is on the path of robust growth,” he added.
Costs of the apartments, which will range from one to four bedrooms, will be announced as they go on sale on September 22. The building will measure 340 metres high with 63 stories.
The prime location of The Address The BLVD will offer views of the Burj Khalifa and its fountains and will have its own direct access to Dubai Mall.
Emaar has already launched its Panorama at the Views development this year and Alma 2 at the Arabian Ranches residential complex.
Amiri commented Emaar’s sales for the first half of 2012 were five times more than the same period last year.