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Sat 29 Nov 2014 10:01 AM

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wasl, Hyatt tie up for Dubai Creek mixed use project

Creek Heights to feature luxury apartments, hotel and conference centre at prime Dubai Creek location

wasl, Hyatt tie up for Dubai Creek mixed use project
A general view of Dubai Creek. (Getty Images)

wasl Asset Management Group has announced the launch of a new development that sees it entering Dubai's freehold real estate sector for the first time.

Creek Heights comprises of three components including a fully furnished branded freehold luxury apartment building named Hyatt Regency Creek Heights Residences.

The second component is a hotel named Hyatt Regency Dubai Creek Heights and the third component is the Hyatt Regency Dubai Creek Heights Conference centre.

Situated at a prime location on the Dubai Creek, it is the first of its kind in the city where buyers can purchase property that is ready and owners will be able to take possession immediately, the developer said in a statement.

"Hyatt Regency Creek Heights marks wasl Group's first venture into Dubai's freehold market and we are confident of its success as an attraction for investors and buyers who wish to move into ready apartments," said Hesham Abdullah Al Qassim, CEO of wasl Asset Management Group.

"Dubai's real estate sector is based on solid foundations thanks to the pre-emptive legislation launched by our government to ensure that the market offers a high level of transparency and credibility," he added.

Hyatt Regency Creek Heights Residences is a 43-floor residential tower comprising 405 luxury units from studios to four-bedroom loft apartments.

The five-star Hyatt Regency Dubai Creek Heights Hotel features 443 rooms and facilities that include four restaurants, two lounges, a spa, three gyms, one of which is female only, two pools.

A total of 1,117 parking spaces are available and each freehold unit will be allocated a specified parking bay.

The entire project covers a total land area of 180,000 square feet and a built up area of 2.2 million sq ft.

Al Qassim added: "As wasl is a semi-governmental organisation, we feel a great responsibility in supporting Dubai's vision and development, especially when it comes to promoting the city's image before the world.

"Our entry into the Dubai freehold property sector represents a milestone on this journey. We intend to continue on the same path and utilise land in strategic locations throughout the emirate, enabling us to undertake more projects in this sector and ensure the diversity of our portfolio in the freehold market in the coming years."

Hyatt Regency Creek Heights Residences and Hyatt Regency Dubai is the latest residential and hospitality development from wasl's long-term partnership with Hyatt.

Peter Fulton, Group president Europe, Africa, Middle East and Southwest Asia, Hyatt Hotels and Resorts, said: "We have great confidence in any project that wasl launches as we have a long-standing relationship with the company that has resulted in extremely successful ventures, such as Grand Hyatt Dubai, Park Hyatt Dubai, Hyatt Regency Dubai and Hyatt Place Dubai/Al Rigga.

"We are delighted to be partnering once again with wasl and look forward to making this unique and multi-faceted project a great success."

Sales of Hyatt Regency Creek Heights Residences will commence on December 15.

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