The Downtown Burj Dubai area is growing to be one of the most popular addresses in the world, said Damac Properties, the leading private luxury developer.
Damac hailed Emaar’s recent announcement to develop a new hotel in the area, contributing another 200 hotel rooms and 542 serviced apartments by mid-2015.
The Burj area is one of the most desirable locations on earth, and the announcement by Emaar to begin work on a new five-star hotel and serviced apartments in the area will add to the exquisite ambience and style of the location, said Niall McLoughlin, Senior Vice President, Damac Properties.
Emaar, further also announced that the construction will shortly begin on a 63-storey, 340 metre tall ‘The Address The BLVD’ serviced residences and hotel rooms.
The development of a new project further confirms the statement made by the company that Dubai property market is doing well and is back to its original form. The service apartments are likely to have a good market in the coming years. Further, the Damac Suites & Spa managed hotel apartments in the Burj area will be ready for handover early next year, and it is showing a huge uptake, McLoughlin said.
Majority of the developers consider the serviced apartment sector as a major driver of tourism growth in Dubai over the coming years, with the Bank of America Merrill Lynch report predicting that there will be more than 15mn visitor numbers towards the year 2020, from the current eight million.
Damac has numerous projects in the Burj area. The Burjside Boulevard will be completed in the first quarter of 2013.
Further, the clients can handover their property to Damac Suites & Spa, who can manage it on their behalf and generate rental returns. The Burjside Terrace will add to the project list that Damac already owns in the Burj Area, towards completion of 2014.
The guests at any of the properties can avail various concierge services, including booking a private jet, arranging tables at best restaurants and booking nanny services or spa.
International investors are seeking medium to long term investments that are due for construction and can deliver wonderful returns immediately, he added.