GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Real Estate and Retail

 
  Share
  1. Ground-breaking marks the beginning of a journey to deliver 2,550 hotel apartment keys, to be managed by international hotel operators
  2. With a development value exceeding Dh3.2 billion, this is the largest single-site hotel apartment project in the Middle East and North Africa
  3. The joint venture to fast-track the development of the massive project by October 2020 – before the start of the World Expo 2020  
  4. Al Hamad Group of Companies and Schon Properties to acquire substantial stake in the new property with equity investment to fast-track the development   

Dubai, UAE, May 23, 2017:  Schön Properties, one of Dubai's top private developers, and Dubai Civil Engineering – part of Al Hamad Group of Companies – a leading mega projects construction company in the GCC, held a ground-breaking ceremony for the iSuites Project on site in Dubai Investments Park, within a month of the announcement of their joint venture development.  

The main contractor, Dubai Civil Engineering (part of Al Hamad Group of Companies), broke ground on the project officially to complete 2,550 hotel apartment suites, 52 restaurants, outdoor cafes and 125,000 square feet shopping mall. This is all surrounded by a manmade beach and a lagoon spread over 5 acres – to be completed ahead of the EXPO 2020.

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 ground-breaking ceremony will 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 ground-breaking comes after the completion of 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, Founder and President of Schön Properties, spoke on the occasion, “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. We owe a lot to this great city of Dubai and the United Arab Emirates, and we are grateful to the vision of His Highness Sheikh Mohamed Bin Rashid Al Maktoum for making such a venture possible.”

The branded hotel apartments 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 percent.

Nashat Sahawneh, Chairman of Al Hamad Group of Companies, says, “The ground-breaking ceremony is our first step towards completing one of the region's largest single-site development of hotel apartments and we are pleased to be part of it. The move reflects our strong commitment to the project and we are determined to deliver it in time for EXPO 2020. We take great pride to be part of a great vision set by our UAE rulers in the construction and development industry.”

Al Hamad Group of Companies brings more than three decades of experience in constructing mega projects across the MENA region. The company is based in the UAE with operational footprint across the GCC. The company has grown to become a group of large diversified businesses with more than 20 subsidiaries active in Construction, Industrial, Real Estate, Quarrying, Renewable Energy and Trading Sectors.   

iSuites envisages smart modern living of functional and futuristic facilities. 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. iSuites strategic location being next to the world's largest airport – Al Maktoum International Airport – assures high occupancy rates and secure income for investors. 

Schön Properties, one of the top private real estate developers in the UAE, has an 8 million square feet development portfolio valued at Dh7 billion. A vertically integrated company with over 400 staff, Schön has successfully delivered over 1.6 million square feet of developments to more than 3,000 customers (till October 2016). Schön was the first company in Dubai to launch affordable housing targeting mid-market buyers, and the first company to introduce a post-handover payment plan. 

Schön's Vision 2020 focuses on sustainable income models via hospitality investments next to EXPO 2020, shifting focus from sales to retaining assets for sustainable income.



Posted by : GoDubai Editorial Team
Viewed 6600 times
Posted on : Tuesday, May 23, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Ericsson and Landmark to Build Intelligent IoT Microgrid
Next Story : Dubai's hardware and tools trade valued at AED5.07 billion in 2016 – Dubai Customs
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Timeless Ties
COLAB - Dry Shampoo
ORANGE & BERGAMOT Awaken the Cult Icon New Additions
FOREO delivers the ultimate festival survival kit for a glow-on-the-go.
Samsung launches Exciting Smartphone Trade-In Program with Galaxy S9 or S9+
Enhance skin radiance, smoothness and brightness in just 14 days, with the new J...
The Perfect Gift Mark
Summertime Beauty Picks at Glambeaute.com
New XE 300 Sport Edition Wins Gripping Ice Race
Get Vibrant and lively hair with Rahua's new Color Full Range
Dubai Sports Council Pavilion a big hit at Bangkok SportAccord
Dubai-based Al Kasir Group launches three Crypto assets backed by diamonds
du to Offer New 9.7-inch iPad With Apple Pencil Support
Filorga Mesotherapist Derma Roller
A Royal Ramadan Experience by Master Chef Mama in Pullman Dubai Creek City Centre
Skyline University College Economics Day 2018: One Step towards Tomorrow
Penny Scallan Design Launches in the Middle East
New Blow Out Bar and Make-Up Studio SWISH by Immaclife Opens in Abu Dhabi in Apr...
Rolling Cones, a new luxury ice cream concept, launches at the Hyatt Regency Dub...
MINI at Auto China Beijing 2018
The new BMW M2 Competition
Mumzworld Announce Recruitment Drive To Empower Women in the Middle East
Pandora Shine Discover A New Way to Shine
Abu Dhabi Ship Building Company Launches Two 64-Meter Landing Ships for the Kuwa...
Sheikh Sultan bin Ahmed Al Qasimi Leads Sharjah Contingent to Kuwait Arab Media Forum
Toshiba Releases New, Powerful Surveillance and Video Streaming Internal Consume...
Genesis G70 Luxury Sedan Arrives in Middle East
Stylish Nursing wear at Mums and Bumps
Exclusive, Limited‐Edition, Swiss‐Made Cryptocurrency Watches
10 Kg gold for 100 winners at Malabar Gold & Diamonds
Olivia Burton Marble Florals - Embrace these styles for a new artistic way to wo...
Gifts for Ramadan at Hour Choice
Understanding what women want Balmain reveals the Madrigal Mini II
Airport Show Attracts Influential Aviation Leaders for Global Airport Leaders Fo...
Adamavi - Elegant, Timeles S, and Reliable
Pandora Spring Embrace Nature's Beauty
Mido Ramadan Watch Collection
April Marks Autism Awareness Month at Nursery Chain
Tommy Fleetwood joins OMEGA's line-up of golfing greats
Ashridge to help Saudi leaders explore and implement strategies for growth
In Its 100th Year, Panasonic Bullish On ME Growth
Village Street Sale at The Outlet Village offers designer outfits at great prices
The Beautiful Britain 2018
Ras Al Khaimah (RAK) Ruler Delivers Keynote Opening Speech to 14th Arabian Hotel...
Get ready for an exciting Ramadan at Danat Al Ain Resort
Tamouh unveils unique art piece dedicated to the late Sheikh Zayed at Cityscape ...
Mido Multifort Datometer Limited Edition - A piece of history on your wrist
'Global Automotive Aftermarket Manufacturers Gear Up for Robust Business Growth ...
du LaLiga HPC U16 Crowned UAE FA Academy League Champions and City FC Win U14 ...
Mint Middle East to Collaborate with Interac in UAE