By Sara Anabtawi
Address The BLVD will be Emaar's third property in Downtown; mix of hotel rooms and serviced apartments
Dubai’s Emaar Properties, developer of the world’s tallest tower, the Burj Khalifa, plans to build The Address The BLVD hotel and serviced residences in Downtown area, scheduled for completion in early to mid 2015.
Featuring 200 hotel rooms and 542 serviced residences, construction of the five-star hotel will be financed largely through pre-sales of serviced apartments, Arif Amiri, CEO of Emaar Retail, said at a press conference on Sunday.
Properties for sale will include studio, one, two, three and four-bedroom apartments. At 63 storeys and 340m high, the building will be the second tallest structure in the Downtown district, after the Burj Khalifa.
The developer will launch sales of apartments on September 22.
“Overall, Dubai’s property sector is actually progressing really well. We are on the right path to growth,” he said.
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."
"With the Address hotels in Dubai recording average 85 to 90 percent occupancy throughout the year, The Address The BLVD will further compliment the city’s hospitality growth,” he added.
Earlier this year, Emaar launched ‘Panorama at The Views’, another residential project, which sold out its 224 units after one day, and Alma 2 at its Arabian Ranches development.
In July, Dubai’s largest real estate developer, said its profit more than doubled in the second quarter of 2012.
The firm posted a net profit of AED614m (US$167m) for the three-month period ending June 30, up from AED250m in the year-ago quarter.
Revenues at the company increased 3 percent to AED2.1bn.
Just how many hotels can Dubai's tourism economy absorb? To the detriment of business in the Dubai Marina area no doubt, if the hotel is in Downtown.
Good business location, in this instance, but a city-wide oversupply of hotel rooms is not what's required right now, rather a steady recovery, based on the good green economic shoots emerging slowly but surely this year.
Another era of "build and they shall come" is the last thing Dubai needs, because they won't come, at least in the massive numbers needed to justify all the ongoing developments.
the downtown area is great. I live there and love it.
But for residents, just adding yet more buildings without any thought on the road infrastructure is a continuing nightmare.
Already it is near impossible in the evenings to drive legitimately anywhere with so many people just cruising around back and forth.
Please EMAAR stop building up till you have sorted out at the ground level.
There is one road in and out. It is crazy.
Downtown Dubai is a wonderful place to live,shop, and entertain
.emarr has done great job devoloping the area the challenge now is to reach abalance not to over built it.there are already sign of traffic jam particulary on evening ,weekends,and public holiday.
Emarr please don't get too greedy and concentrate on mainatining this jewel .stop over doing and don't be a victim of your success
That's fine, so long on the day of launch the investors can check all terms and conditions of the purchase contract before signing the "booking form" and handing over the cheque.
I want to provide them the manpower. Please tell me whom to i need to connect for the same.
Looking at the picture in this post and thinking of the continuous bogus and non-bogus property developments in this emirate, I am sensing more and more of this emirate's negative energy of greed... as if this emirate wants to 'crack' the sky with its non-stopping developments. Why can't it focus first on fixing the downfalls of its current developments?