Luxury real estate developer DAMAC Properties is to deliver the first homes within the Dubai’s flagship project, Dubai South, within the next six months.
The 145 sq km city, which includes the Al Maktoum International Airport and the site for the World Expo 2020, has been re-branded as a new urban and economic centre focussed on creativity and empowerment.
NAIA Tenora will be the first luxury serviced hotel apartments to be opened on the site when construction is completed. The 10-storey, 270 unit tower in the heart of Dubai South will support the tens of thousands of professionals working to build the Expo 2020 site, and it is ideally located for the city’s future growth.
“Dubai South is the real pearl in the expansion plans for Dubai and NAIA Tenora will sit right at the heart of this exciting project,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “This serviced living concept will provide everything you would expect from a five star hotel, with access and convenience alongside luxury living.”
The government, quoting a report by consultancy firm Oxford Economics, has estimated Expo 2020 will attract 25 million visitors over the six months and create around 277,000 jobs. Over the coming years, Dubai and the UAE is set to benefit from an estimated US$6.9 billion (AED25.3 billion) in infrastructure projects. It forecasts a boost to gross domestic product of more than US$38 billion (AED140 billion), equivalent to around 44 percent of the 2012 total.
In addition to the fully-furnished units, with concierge, restaurants, stat-of-the-art gymnasium and a children’s play area, units within NAIA Tenora can also be added to a rental pool, offering a fully managed solution for investors looking to tap into Dubai’s booming tourism and hospitality market.
“Owners at NAIA Tenora can benefit from all of the luxurious services and live in the unit themselves, or they can opt to rent it out through our unique rental pool system and we will look after sourcing tenants, collecting rent and managing the unit on their behalf – a perfect, stress-free solution to capitalise on the growth in Dubai South.”
All of the block work and plaster work has been completed at NAIA Tenora, with the tiling and external finishes close to completion.
In addition to NAIA Tenora, DAMAC Properties is developing a second serviced living project in Dubai South, NAIA Celestia, which will be ready in 2017.
Already home to the Al Maktoum International Airport and World Expo 2020, Dubai South is now building economic zones to empower business and entrepreneurship, as well as residential villages to provide an unrivalled quality of life.