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The developers are the first to begin construction at a new location in Al Furjan
Named Roy Mediterranean and Montrell, the luxury residences comprise 271 and 222 units respectively; divided into studios and 1BHK
Close proximity to Expo 2020 and other business and tourism hubs
Rising demand in serviced residences, Dubai boasts of the largest serviced apartment supply in the MENA region with 230 properties.
Dubai, UAE: Azizi Developments, the biggest private developer in Al Furjan, has awarded a contract worth AED200 million to Dubai-based Keilani Construction Company L.L.C. to construct two new serviced residences in the area. The high-end serviced residences - named Roy-Mediterranean and Montrell - will comprise studios and one-bedroom apartments, each standing 9 storeys tall, including the ground level and two parking levels.
The AED510 million worth projects, which are already under construction, will be delivered by the end of 2017.
Facing the Dubai Investment Park roundabout, Roy-Mediterranean spans over 285,367 sqft, and features 271 units including 224 studios and 47 one bedroom apartments. Montrell, on the other hand, is being constructed on an entirely new location on the other side of the road, away from the front line. This is the first construction to have begun on the location, adding value to the particular site in Al Furjan. The project comprises 222 units, divided into 168 studios and 54 one-bedroom residences, and spreads over 246,243 sqft.
Both the serviced residences boasts of world-class luxury, offering all the amenities of a hotel, but flavoured with a homely environment. Facilities include laundry and valet parking, room service, landscaped gardens, restaurants, café, gymnasium, swimming pool, kids' pool, SPA, and prayer rooms. All the apartments will be fully furnished at the time of delivery.
The serviced residences will be just 15-minute drive to the new Al Maktoum International Airport and 10-minute drive to Expo 2020, besides at a convenient distance from Jebel Ali, Dubai Investment Park and Industrial City. Tourism hotspots, such as Burj Khalifa, Dubai Marina, Palm Island and Ibn Batuta Mall will also be situated at a short driving distance.
Expressing his pleasure at the tie-up with KCC, Farhad Azizi, CEO and Vice Chairman of Azizi Developments said: "We as developers like to think out of the box, and our departure from traditional real-estate practices is one of our biggest appeal. In this, project, for instance, most of the construction is concentrated in one area of Al Furjan. But we are the first developers to begin development on the other side of the road and hopefully others would follow suit. The location is also in close proximity with the under construction Al Furjan Pavilion West Community Centre which adds to the value.
"Over a few short years, Azizi Developments has earned a reputation as a solution provider and a smart developer. We just don't build buildings, we take into account all the needs and wants of our clients and cater to them. For example, the projects in Al Furjan are just a short drive away from Jebel Ali Freezone. This makes it an ideal arrangement for people who cover long distances daily to reach their workplaces in Jebel Ali. We are offering them apartments that are closer to their workplace, boast of world-class facilities and amenities, luxury, style and convenience and give value for their money, and can also serve as company accommodation. And we are doing all this within a specific timeframe with no waiting list attached," added Farhad Azizi.
With Expo 2020 as the biggest driver, UAE is witnessing an exponential growth across a wide range of sectors, including hospitality, tourism, trade, shipping and real estate. According to Knight Frank, the global property agency and consultancy, the event is expected to attract around 17.5 million overseas visitors during the six months of the show. Increasing visitor traffic flow in the country has already ensured a rising demand for accommodation and serviced residences have become particularly popular due to the convenience they offer in terms of logistics, maintenance and comfort. As per an October 2015 report by Colliers International, Dubai boasts of the largest serviced apartment supply in the MENA region at approximately 230 properties.
Moreover, concerted efforts by UAE government has resulted in an increasing rise in tourist, and according to the 2015 statistics by Department of Tourism and Commerce Marketing, Dubai hosted around 14.2 million visitors, a rise of 7.5 per cent from 2014. The emirates aims to receive 20 million visitors by 2020.
Besides Al Furjan, where Azizi Developments is the biggest private-developer with 24 plots and counting, the company also owns an ongoing project in Palm Jumeirah, Royal Bay Residence. The company, which is owned by the chairman Mirwais Azizi, owner of two large commercial banks, has witnessed around US $217m (AED800m) worth of sales in 2015 for its projects in Dubai. Azizi is expected to deliver 8 projects at Al Furjan - Azizi Feirouz, Azizi Yasamine, Azizi Liatris, Azizi Orchid, Azizi Iris, Azizi Daisy, Azizi Tulip and Azizi Freesia during 2016.
Future projects worth AED 1.8 billion are also planned for Healthcare City, Palm Island and Al Furjan. The group plans to launch over 2000 units of serviced residences by December 2016.
AZIZI GROUP:
Since its foundation in 1989, Azizi Group has been pushing the boundaries to become one of the world's influential players in the global business landscape. Today, the Dubai-based Group is a successful conglomerate with an efficiently-managed portfolio and a significant international presence.
Azizi Group embraces sectors as diverse as banking & finance, oil, gas & mining, tourism & hospitality, real estate investment and development. It has consolidated its position in the Middle East and expanded its presence to Central Asia, Eastern and Central Europe. The Group is also actively involved in philanthropic work through its organization, Azizi Foundation, working closely with vulnerable communities to facilitate their empowerment and implement sustainable change.
AZIZI DEVELOPMENTS:
Azizi Developments, a subsidiary of Azizi Group, is an international real estate developer with a solid reputation, experience and financial strength to execute projects of varying complexity. It owns and manages a private portfolio of high-quality properties, combining contemporary architecture with clients' requirements and expectations. Each residential project adds value to the communities in which they are located.
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© Press Release 2016
