Dubai's Emaar to build new five-star hotel

Dubai’s Emaar Properties, developer of the world’s tallest tower, the Burj Khalifa, plans to build The Address The BLVD hotel and serviced residences in Downtown area, scheduled for completion in early to mid 2015.

Featuring 200 hotel rooms and 542 serviced residences, construction of the five-star hotel will be financed largely through pre-sales of serviced apartments, Arif Amiri, CEO of Emaar Retail, said at a press conference on Sunday.

Properties for sale will include studio, one, two, three and four-bedroom apartments. At 63 storeys and 340m high, the building will be the second tallest structure in the Downtown district, after the Burj Khalifa.

The developer will launch sales of apartments on September 22.

“Overall, Dubai’s property sector is actually progressing really well. We are on the right path to growth,” he said.

Ahmad Al Matrooshi, managing director, Emaar Properties, said: “The launch of The Address The BLVD is a strong reiteration of the positive growth trends in Dubai’s real estate sector, led by the significant increase achieved in tourism, hospitality, retail and foreign trade."

"With the Address hotels in Dubai recording average 85 to 90 percent occupancy throughout the year, The Address The BLVD will further compliment the city’s hospitality growth,” he added.

Earlier this year, Emaar launched ‘Panorama at The Views’, another residential project, which sold out its 224 units after one day, and Alma 2 at its Arabian Ranches development.

In July, Dubai’s largest real estate developer, said its profit more than doubled in the second quarter of 2012.

The firm posted a net profit of AED614m (US$167m) for the three-month period ending June 30, up from AED250m in the year-ago quarter.
Revenues at the company increased 3 percent to AED2.1bn.