EMAAR Properties announces move into serviced apartment sector

The company has joined forces with The Ascott Group, the largest international serviced residence operator in Europe and Asia Pacific.

A memorandum of understanding (MOU) was signed yesterday by AJ Jaganathan, CEO, EMAAR Properties and Eugene Lai, CEO of The Ascott Group.

Commenting on EMAAR's choice of service provider, AJ Jaganathan said: "The Ascott Group is a leading international company with global representation spanning Europe, Southeast Asia, North Asia and Australasia. With their 19-year industry track record, they have the right mix of experience to service our developments to the highest possible standards."

Ninety six apartments in the Al Majara Towers in Dubai Marina and approximately 150 apartments in The Residence at the Burj Dubai Development will be serviced upon completion, starting in November 2004 and the fourth quarter of 2005 respectively.

Al Majara Towers is a five building residence comprised of high rise waterfront apartment towers which overlook the largest bay of water at EMAAR's master planned Dubai Marina development. Amenities at Al Majara will include a 15,000 square foot super resort spa & fitness club, Hollywood style movie theatre, business centre, lounge facilities, guest suites, elegant landscaped courtyards, reflecting pools and private secured gardens, underground parking, spacious entrance lobby and 24-hour concierge and security.

Ascott will also service a prestigious tower at the Burj Dubai Development on Sheikh Zayed Road, which is expected to open in the fourth quarter 2005. The Residence will be part of EMAAR Properties' most ambitious project to date - the Burj Dubai - slated to be the world's tallest skyscraper; and Dubai Mall, the world's largest retail complex at nine million square feet, when completed in 2006.

Commenting on their first venture in the UAE, Eugene Lai said: "Dubai is expanding rapidly and we believe that the demand for serviced apartments will rise exponentially over the next few years. Dubai's free trade zones, which host more than 3,000 companies, including multinationals, will expand further with the opening of Dubai International Financial Centre next year.

"Large projects being developed such as the Dubai Internet and Media Cities, Dubai Health Care City, The Dubai Mall and Dubailand theme park will further increase business activity levels in the country. Dubai's proposed growth in annual visitor numbers from three million to 15 million by 2010, and increased airport capacity from 20 million to 60 million passengers by 2012, all point towards strong demand in serviced apartments," he continued.

Lai added that hotel-based serviced residences in Dubai already enjoy good occupancy rates due to a healthy demand from regional travelers, local expatriates and the increasing number of multinational companies with regional offices in the city.