- Ground-breaking marks the beginning of a journey to deliver 2,550 hotel apartment keys, to be managed by international hotel operators
- With a development value exceeding Dh3.2 billion, this is the largest single-site hotel apartment project in the Middle East and North Africa
- The joint venture to fast-track the development of the massive project by October 2020 – before the start of the World Expo 2020
- 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.