Private developer, Omniyat is set to build the construction project which worth Dh1 billion in Business Bay in Dubai within the next 12 months.
The developer is in discussions to bring in a different hotel operator to the city following the transaction it announced with Langham Hospitality Group. The ME by Melia hotel, divulged in 2013 and designed by architect Zaha Hadid, is also soon to finish at The Opus building in 2017.
The Dh1 billion Langham Place introduction carries the total value of Omniyat’s file up to US$4.4 billion.
This encloses a number of projects under expansion, together with Anwa at Dubai Maritime City, The Sterling apartment block at Business Bay, and the One at Palm Jumeirah.
Meanwhile, Omniyat was in the final phases of facilitating works at One at Palm Jumeirah, where the firm just recorded Dubai’s most expensive apartment which is an eight-bed property with 12 parking spaces for Dh180 million.
Tendering for the project’s main contractor has been finished and an agreement will be given within the next 30 days, allowing for the project to be finished by the end of 2017.
In a different place, work is already in progress at Anwa, an expansion of 220 apartments and five town houses in Dubai Maritime City. It is also set for conclusion in 2017.
A contract for a main contractor for The Sterling, which will have 139 homes and a retail unit in two G+25 towers, is due to be awarded by the end of the year. They are satisfied and delighted with the investment in Business Bay.
It was reported that the international market for hotel investments is flourishing; contracts in the first half of the year escalated 55% to a record of $42 billion from the year-earlier time. The market had been urged by an affluence of foreign investment.
The biggest single transaction was the $2 billion purchase of a 64% share in the London-based Maybourne Hotel Group that involves The Berkeley and The Connaught hotels. It was acquired by Qatar’s Constellation Hotels Group.
Follow me at twitter : https://twitter.com/AdgecoGroup