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The closer to the Expo 2020, the more actively local developers start to literally get closer to the site of the future exhibition. A new iSuites project consisting of 2700 serviced apartments was presented by a local developer Shon Properties at the joint of hospitality and residential real estate sectors.
The main feature of this complex is that all serviced apartments are intended to be close to a home stay. What does it mean? It means that while offering all the usual hotel services, iSuites project will allow guests to feel at home, like in the traditional residential community. 21 low-rise buildings located within one site will surround a 125,000 square feet promenade called the Laguna Centrale Mall. Here residents will have an opportunity to walk around, relax in the traditional urban cafés and enjoy all the necessary infrastructure services, including a bank, a supermarket, a pharmacy, healthcare facilities, shops, kids play area’s and even nanny services. Not all hotels can boast having these advantages.
“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,” said Noorul Asif, chief operating officer of Schon Properties.
iSuites apartment block, as seen from its naming, appeals to the title of a certain famous gadget brand extremely popular among millennials, thus the complex itself will also be targeted primarily at young professionals, small families coming to Dubai on a short-term corporate assignment or a family vacation.
“Dubai, which has 100,000 hotel rooms and hotel apartments, will need 40,000 new hotel rooms and hotel apartments within less than 46 months, as the clock is ticking for Expo 2020 – the largest exposition to take place in the history of the Middle East – that the city of Dubai will proudly host,” Noorul Asif has also pointed out. However, all this property will be used long after the exhibition. As imexre.com has previously reported, the bigger part of serviced apartments and after the exhibition ends.
By the way, some far-sighted investors can also make money on such projects: Shon Properties will retain only a third of all iSuites units, while offering a limited number of units to the public to purchase.
