Just a few days after we put the spotlight on the investment opportunities in the hotel apartments sector in Dubai, Emaar Properties has launched its offering.
‘The Address The BLVD’ is described as a five-star premium hotel and serviced residences featuring 200 hotel rooms and 542 serviced apartments. ‘The Address the BLVD’ will overlook the Dubai fountain, Burj Khalifa and The Dubai Mall.
The hotel is expected to be completed in early to mid 2015 the developer announced, with sales of the studio, one, two and three-bedroom serviced residences launching on 22 September.
The 63-storey hotel will be 340 metres high and will become the second tallest building in the area.
Speaking at the launch, Arif Amiri, Chief Executive of Emaar Retail, said: “The launching of this project is underlining the positive growth of Dubai’s property sector and the robust gains recorded by the city’s tourism and hospitality sectors.”
The announcement falls a couple of weeks before the region’s largest property and real estate exhibition of the year, Cityscape Global, which takes place from 2-4 October 2012 at the Dubai International Exhibition and Conference Centre.
It is expected that other developers will confirm their serviced/hotel apartments products at the show, with many towers already well under construction in the Burj Area and likely to handover their serviced apartment offering to the market early in 2013.
This means that the five-star luxury serviced apartment offering will have been on the market in the same area for more than two years before ‘The Address The BLVD’ will handover to clients.
There is certainly a gap in the Dubai market for serviced apartments with Dubai Tourism stating there were just 200 properties offering this product in the Emirate.
Serviced apartments allow investors to either live in the property themselves, or pass it onto a management company who will rent it out as part of a pooled programme. Owners can choose to live in the property for certain times of the year and rent it out for the remainder making the sector a flexible and lucrative option for investors.