DUBAI, UAE, May 23, 2017 /PRNewswire/ --
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.
Danial 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 main contractor, Dubai Civil Engineering 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 man-made beach and a lagoon spread over 5 acres - to be completed ahead of the EXPO 2020.
The iSuites 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.
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.
About Schon Properties:
Schon Properties, one of the top private real estate developers in the UAE, has an 8 million square feet development portfolio valued at Dh7 billion. The company has over 3,000 customers and as of October 2016 has successfully delivered over 1.6 million square feet of developments till date. Schon was the first company in Dubai to launch affordable housing targeting midmarket buyers, and the first company to introduce a post-handover payment plan.
Danial Schon, President of Schon Properties: "Schon's 2020 Vision entails focusing on sustainable income models via hospitality investments next to EXPO 2020. As a corporate policy, the company intends to retain its assets for sustainable income, as opposed to conventional methods of sales used by other developers. With a staff of over 400 and being vertically integrated, the company strives itself on corporate governance and best practices worldwide".
iSuites is a 21 building project (2B+G+8), comprising 2,550 luxurious hotel apartments, 52 restaurants and cafes, and 125,000 square feet shopping mall called the Laguna Centrale Mall. The project aims to serve the shortage of 4-star hotel rooms close to the EXPO 2020, Al Maktoum International Airport, and Dubai Parks and Resorts. iSuites' total constructible area is upwards of 2.6 million square feet.
Interior is designed by one of the top architects - Swiss Design Bureau, based in Geneva. The FF&E includes all smart technology aimed for millennials and the building entails a green, environmentally-friendly design, saving on utility consumption charges. Construction works commenced on October 2016 and first deliveries are expected by Q2 2019. The full project completion date is set for Q2 2020.
About Dubai Civil Engineering:
Since its establishment in 1985, Dubai Civil Engineering has become a multinational mega projects building contractor specialised in Design, Execution and Maintenance of Structural, Special Construction, Steel Rebar Processing, Finishing, Electro Mechanical, Interior Decoration, External and other related works for both Conventional and Turnkey projects in the United Arab Emirates and Overseas Branches.
SOURCE Schon Properties and Al Hamad Group of Companies