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Schon Properties is the latest developer to join the hospitality bandwagon by launching the Mena's largest single-site hotel apartment project in Dubai Investment Park - close to the World Expo 2020 site.
The iSuites, a Dh3.2 billion development near Dubai South - home to the 140-square kilometre future city that hosts Al Maktoum International Airport and Expo 2020 site, will be comprising of 2,550 luxurious hotel apartments in 21 mid-rise buildings and first handing over of unit is expected by second quarter of 2019.
"The construction on mega development has already been initiated as shoring, excavation and piling works are done and five per cent completion percentage has been achieved. The main construction work is expected to start by January 2017," Noorul Asif, chief operating officer of Schon Properties, told Khaleej Times on Tuesday.
iSuites envisages smart modern living of functional and futuristic facilities. The full-serviced hotel apartments are targeting millennials interested in urban lifestyle hotel stays, small families coming to Dubai on a short- term corporate assignment or a pure family vacation.
The iSuites will be well connected to new Dubai Metro line that links Al Maktoum International to the rest of the emirates. The branded hotel apartments will be managed by international hotel operators to be announced later.
"We are launching iSuites - a home-grown urban hospitality concept from the UAE targeting millennials - on the eve of the UAE national day, as the country moves forward to realise the government's Vision 2020," Asif said.
"The project is slated for completion in the second quarter of 2020 - well ahead of Dubai Expo 2020 in October. We expect all the 2,550 units will be delivered by June 2020," he added.
The iSuites features over 52 restaurants and cafes boasting outdoor areas overlooking the Crystal Lagoon as part of a master-planned development. It includes a 125,000 square feet retail promenade called the Laguna Centrale Mall featuring urban themed cafes dedicated for entrepreneurs, kids play area's and nanny services available for all guests. Banks, retail, spa's, supermarkets, pharmacies, healthcare facilities, and shopping will also be part of the mall.
"iSuites is the commencement of Schon's restructuring plan and change of development direction, fully focusing on hospitality ventures going forward," Asif said.
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