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The Downtown Burj Dubai area is fast becoming one of the most desirable addresses in the world, according to the region’s leading private luxury developer.
DAMAC Properties has praised the recent announcement by Emaar Properties to develop a new hotel in the area, delivering a further 200 hotel rooms and 542 serviced apartments by mid-2015.
“The Burj Area is now one of the most desirable locations on earth,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “The announcement by Emaar to start work on another five-star hotel and serviced apartments in the area will only add to the exquisite ambience and style which has grown in stature over the past few years.”
Emaar announced that construction will start shortly on the 63-storey, 340 metre high ‘The Address The BLVD’ serviced residences and hotel rooms.
“The development of a new project further confirms our statements that the Dubai property market is well and truly back. Serviced apartments will be a huge market in the coming years. We are also experiencing an impressive uptake in the DAMAC Suites & Spa managed hotel apartments in the Burj Area which will be completed and ready for handover early next year,” added McLoughlin.
Many developers see the serviced apartment sector as a key driver of Dubai’s tourism growth in the coming years. This will support the tourism growth which a Bank of America Merrill Lynch report predicts will hit 15 million visitors in 2020, up from eight million in 2011.
DAMAC Properties has numerous projects in the Burj Area which will all offer a high-end luxury offering to the market. Burjside Boulevard will complete in the first quarter of 2013, offering a fully managed, and luxury service. Clients can handover their property to DAMAC Suites & Spa who will manage it on their behalf and generate rental returns.
Burjside Terrace will add to the projects DAMAC Properties has in the Burj Area when it completes in 2014.
Guests at any of the properties will be able to take advantage of the bespoke concierge services which include booking a private jet, arranging tables at the best restaurants and even booking nanny services or spa treatments.
“There remains a strong appetite for the very best luxury and service in the Dubai property market,” said McLoughlin. “International investors are looking for a medium to long term investment which is well under construction and can deliver attractive returns immediately.”
DAMAC Properties has completed 36 buildings to date with more than 7,300 units on the market. A further 50 buildings are currently under construction across the region, including in the Kingdom of Saudi Arabia, Jordan, Lebanon, Qatar and Egypt.