|
Dubai: Aristocrat Star Investments, a UK-based real estate, retail and manufacturing conglomerate, launched a Dh5 billion mixed-used development in Dubai.
The Royal Estates community, targeted at the high-end market, is spread over 3.5 million square feet and located in the Dubai Investment Park.
The hospitality aspect of the development will include a Dh180 million hotel and hotel apartments worth Dh400 million.
The company is in talks with Kempinski to have its Shaza Hotels brand manage the five-star hotel, which is expected to have 380 rooms.
The residential district has 34 villas with five bedrooms each, 200 townhouses with four bedrooms each and 810 apartments.
The Gateway Apartments and Park View Apartments are a collection of six-storey, low-rise residential buildings located at the entrance to The Royal Estates residential community.
Osman Valli, chief executive of Aristocrat Star Investment, told Gulf News that 90 per cent of the apartments are either studios or one-bedroom apartments and are priced at Dh1,400 per square foot.
The commercial buildings will offer a combined 852 offices, while the retail aspect of the development will house an 850,000 square foot boutique retail mall.
Construction is set to begin next January, and will be completed in two years, Valli said.
The conglomerate will launch two properties in the coming months. A Dh3 billion project at Al Marjan is planned to be launched in four to six weeks. Another Dh6 billion project, spread out over four million square feet is also in the pipeline for UK-based investors.
|
