Home Property Dubai Oasis plans four serviced apartment projects in Sports City

Dubai Oasis plans four serviced apartment projects in Sports City

Dubai: Dubai Oasis, a Dubai based real estate developer, yesterday announced that it will invest up to Dh1 billion in developing four serviced apartment projects in Dubai Sports City. The first of these, Oasis Tower-1 which is part residential and part serviced apartment - opened for sale a few months ago, and is almost completely sold out, the company said in a statement. Dubai Oasis also announced that construction on Oasis Tower one has already commenced, and it expects to handover the project on schedule in Q4 2008. Oasis Tower two, the company's second planned project in DSC, will be launched this month and will be an exclusively serviced apartment development. The company is in the process of acquiring two other serviced apartment projects which will be launched next year. Dr Elahi, CEO of Dubai Oasis, said that globally the serviced apartment sector was growing at a phenomenal rate of 40 per cent per annum as against 10 per cent for the hotel sector. "With Dubai aggressively positioning itself as a key business leisure destination, the hospitality sector in Dubai needs to gear itself to accommodate the burgeoning demand for good quality and affordable accommodation. Going forward we will focus exclusively on serviced apartment developments, which appeal to clients requiring fully serviced and quality residences in strategic locations. We are confident that our serviced apartment proposition, which will combine personalised home-style hospitality, with luxurious hotel amenities, will appeal to a cross-section of audiences," he added. Hamid Ashtarani, vice-president for sales and marketing, said the strategic location of Oasis Tower-1 on the cusp of the arterial water channel of Dubai Sports City and the large man-made lake was one of its strongest selling propositions. The Oasis Tower-1 is 18 storeys tall with 232 units containing a variety of facilities that include a signature rooftop gymnasium and swimming pool along with commercial and food and beverage facilities. "The foundation works are being carried out, and full-scale construction is expected to commence in a couple of months. We aim to deliver the project on schedule," he said.

 

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