Schön Properties, one of Dubai's top private developers, and Dubai Civil Engineering - part of Al Hamad Group of Companies - a leading mega projects construction company in the GCC, held a ground-breaking ceremony for the iSuites Project on site in Dubai Investments Park, within a month of the announcement of their joint venture development.
Danial Schön, Founder and President of Schön Properties, spoke on the occasion, "The ground-breaking ceremony within a month of our announcement of the joint venture reflects our strong commitment to expedite completion of the iSuites project prior to EXPO 2020 and to contribute to the growth story of the UAE as a private developer. We owe a lot to this great city of Dubai and the United Arab Emirates, and we are grateful to the vision of His Highness Sheikh Mohamed Bin Rashid Al Maktoum for making such a venture possible."
The main contractor, Dubai Civil Engineering broke ground on the project officially to complete 2,550 hotel apartment suites, 52 restaurants, outdoor cafes and 125,000 ft² shopping mall. This is all surrounded by a man-made beach and a lagoon spread over 5 acres - to be completed ahead of the EXPO 2020.
The iSuites project is well positioned to serve visitors of the EXPO 2020 - that will host 25 million people within six months - many of whom will need hotel apartments to stay. The ground-breaking ceremony will be followed by a flurry of construction activities that will see thousands of workers and construction equipment on ground in the next few months.
The ground-breaking comes after the completion of piling and shoring works of the project, which will be connected to the Expo 2020 site, Al Maktoum International Airport and other major attractions through the new Dubai Metro line.
The branded hotel apartments will be managed by international hotel operators to offer greater comfort to visitors. Part of the iSuites inventory will be offered to investors that offers a high return on investment. Sales of the iSuites are currently on as investors and buyers could now purchase a hotel suite or a serviced apartment that will be managed by international branded chain hotel operators and offers buyers a higher income of 12-15%.