More good news for Dubai: Emaar Properties, developer of the world’s tallest tower, the Burj Khalifa (pictured), is reportedly planning to build The Address The BLVD hotel and serviced residences in downtown area, Hotelier Middle East is reporting. The project is scheduled for completion in early to mid-2015.
With 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 stories high, the building will be the second tallest structure in the Downtown district, after the Burj Khalifa.
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 $167 million for the three-month period ending June 30, up from $68 million in the same quarter last year.