Located on the Boulevard next to The Old Town and The Dubai Mall
Serviced apartments will feature modern amenities
Amlak Finance to offer easy home finance options
Pre-registration on November 24 and 25; launch on November 26
Dubai, UAE; November 23, 2006: Emaar Properties has unveiled the second phase of its serviced apartment project, Burj Dubai Lake Hotel, located on the 3.5 km long boulevard at Downtown Burj Dubai. Amlak Finance is offering easy finance options to own an apartment in the 63-storey complex, scheduled to open late 2008.
Burj Dubai Lake Hotel is a residential cum hospitality component of the AED 73 billion (US$20 billion) Downtown Burj Dubai, which encompasses Burj Dubai, billed to be the world's tallest tower when completed; The Dubai Mall, the world's largest shopping and entertainment destination; and several other residential, leisure and commercial elements.
"The first phase of Burj Dubai Lake Hotel, launched late-2004, was a sell-out success," said Ms Bahiya Kayed, Assistant Director of Sales, Emaar Properties. "The launch of the second phase is in tune with the burgeoning demand for serviced apartments in the region and is an ideal opportunity for investing in the sector. Its central location in Downtown Burj Dubai also makes it a perfect home that has all the conveniences of serviced apartments."
Burj Dubai Lake Hotel is situated next to The Old Town residences and The Dubai Mall. Residents will be provided access to - and the use of - the resident's lounge, swimming pool, gymnasium, children's club, business centre, in-house dining, valet service, prayer room and spa and health club, attached to the hotel, subject to compliance of hotel regulations and payment for added-value services. Three levels of parking will also be shared by the hotel and serviced apartments.
"Amlak Finance is offering 96 per cent financial support to investors and home owners for Burj Dubai Lake Hotel," said Mr Khalid Zainal, Head of Sales and Distribution, Amlak Finance. "Downtown Burj Dubai will be one of the most vibrant destinations in Dubai and being a serviced apartment, investors in Burj Dubai Lake Hotel will have the option of securing high returns that stems from a huge demand for quality accommodation. Demand is expected not only from leisure travellers but also from entrepreneurs and business professionals."
Burj Dubai Lake Hotel has a limited number of fully furnished studio and one-, two-, three- and four-bedroom serviced apartments. "Residents can enjoy great views of the Downtown Burj Dubai development and be part of a bustling downtown lifestyle with several leisure and entertainment options," added Ms Kayed.
Potential investors and home owners can discover the Burj Dubai Lake Hotel living experience by visiting the Downtown Burj Dubai sales centre. Sales staff from Emaar and Amlak will assist in the pre-registration process on November 24 and 25 with the launch set for November 26, 2006. They can also call toll-free number 800-EMAAR or 800-AMLAK for more information.
Emaar's flagship project, Downtown Burj Dubai has commercial, residential, hotel, entertainment, shopping and leisure outlets. Other components include The Old Town, The Old Town Island, Burj Views, Burj Dubai Boulevard, The Residences, The Boulevard Crescents, The Lofts and Loft Towers, 8 Boulevard Walk, South Ridge and Burj Views.
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About Emaar Properties PJSC:
Emaar Properties, the Dubai-based Public Joint Stock Company and one of the world's largest real estate companies, is listed on the Dubai Financial Market and is part of the Dow Jones Arabia Titans Index. The company recently announced that its net profits for the three quarters ended September 30, 2006 reached AED 4.658 billion (US$1.268 billion) - a significant gain of 26 per cent over the same period in 2005 - reflecting the remarkable growth the company has gained since its inception in 1997.
With more than 14,500 homes handed over to customers, Emaar has several major real estate projects under various stages of development in Dubai. An ISO9001:2000 quality certified company, Emaar is marching ahead with the construction of its AED 73 billion (US$20 billion) Downtown Burj Dubai mixed-use development that encompasses Burj Dubai, the world's tallest tower when completed in 2008.
The company has joint ventures and projects across the region covering Saudi Arabia, India, Egypt, Turkey, Morocco, Syria, Jordan, Pakistan, Lebanon and Tunisia. In Saudi Arabia, Emaar is developing the US$26.6 billion (SR 100 billion) King Abdullah Economic City, the single largest private sector project in the Kingdom.
Emaar also entered the US market by acquiring John Laing Homes, the second largest privately held homebuilder in the US for AED 3.856 billion (US$1.050 billion). Emaar joined hands with The Turner Corporation, a leading international building services provider, to form a new entity, Turner International Middle East Ltd (Turner International ME) to jointly tap regional growth opportunities.
In a move that scaled up its core competency in product sales across the international arena, particularly the Western hemisphere, Emaar acquired Hamptons International, the UK-based subsidiary of premier property developer Wheelock Properties (Singapore) Ltd in a deal worth AED 562.45 million (US$153.05 million).
Last year the property developer announced plans to aggressively expand the retail sector with investments of over AED 15 billion (US$4 billion) to develop approximately 150 malls in the larger emerging markets of the Middle East, North Africa (MENA) and the Indian subcontinent. In addition, Emaar has teamed up with Giorgio Armani S.p.A to build and manage 10 Armani hotels and resorts across the world; an Armani hotel will feature in Emaar's flagship Burj Dubai tower.
Emaar's education initiative will involve the establishment of international schools in the MENA region and India, which will offer premium quality education and an integrated curriculum for students ranging from kindergarten to tertiary levels. Emaar's healthcare diversification will see the company invest around AED 18.35 billion (US$5 billion) over the next decade in the MENA and South Asia markets with the construction of hospitals, clinics and medical centres and the investment in the provision of world-class healthcare services.
Emaar has diversified into related business lines to further build value for its shareholders, which includes the Government of Dubai. Emaar owns and manages EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services. Emaar also holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking and is the majority shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
For further information, please contact:
Kelly Home / Nedal Alasaad
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969;
Fax: (+971 4) 335 6080
E-mail: k.home@asdaa.com, n.alasaad@asdaa.com
© Press Release 2006
