Monday, May 22, 2017

Schon breaks ground on $871m hotel apartment project

Schon Properties, a leading private developer in Dubai, UAE, and Dubai Civil Engineering (part of Al Hamad Group of Companies), a leading mega projects construction company in the GCC, together broke ground on their joint venture project, iSuites, at Dubai Investments Park.

The largest single-site hotel apartment project, iSuites, is being developed at an investment of Dh3.2 billion ($871 million) with in the Dubai Investments Park premises.

The iSuites Project, which envisages smart modern living of functional and futuristic facilities, will be surrounded by a manmade beach and a lagoon spread over 5 acres.

The groundbreaking announcement comes within a month of the launch of their joint venture development, thus marking the beginning of a journey to deliver 2,550 hotel apartment keys along with 52 restaurants, outdoor cafes and 125,000 sq ft shopping mall ahead of the Dubai Expo 2020 gala event.

According to Schon, the project is well positioned to serve visitors of the Expo 2020 – that will host 25 million people within six months – many of whom will need hotel apartments to stay.

The fully-serviced hotel apartments are targeting millennials, who are interested in urban lifestyle hotel stays, small families coming to Dubai on a short-term corporate assignment or a pure family vacation, said the top UAE developer.

The project's strategic location being next to the world’s largest airport – Al Maktoum International Airport – assures high occupancy rates and secure income for investors, it stated.

Schin said the ground-breaking ceremony will soon be followed by a flurry of construction activities that will see thousands of workers and construction equipment on ground in the next few months.

The company has already completed the piling and shoring works of the project, which will be connected to the Expo 2020 site, Al Maktoum International Airport and other major attractions through the new Dubai Metro line.

Danial H. Schön, the founder and president of Schön Properties, said: "The ground-breaking ceremony within a month of our announcement of the joint venture reflects our strong commitment to expedite completion of the iSuites project prior to Expo 2020 and to contribute to the growth story of the UAE as a private developer."

The branded hotel apartments, he stated, will be managed by international hotel operators to offer greater comfort to visitors.

"Part of the iSuites inventory will be offered to investors that offers a high return on investment. Sales of the iSuites are currently on as investors and buyers could now purchase a hotel suite or a serviced apartment that will be managed by international branded chain hotel operators and offers buyers a higher income of 12-15 per cent," he noted.

Nashat Sahawneh, the chairman of Al Hamad Group of Companies, said: "The ground-breaking ceremony is our first step towards completion of one of the region’s largest single-site development of hotel apartments."

"The move reflects our strong commitment to the project and we are determined to deliver it in time for Expo 2020," he added.-TradeArabia News Service

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