Burjside Boulevardby Elizabeth Broomhall on Feb 5, 2011
Damac's first serviced-apartment development continues the luxury trend in Downtown, Dubai's iconic neighbourhood.
Just when we all thought the construction of luxury residential towers in Dubai was temporarily off the cards, well-known developer Damac goes and launches yet another high-end development in one of the most expensive areas of the city.
Uninhibited by a massive oversupply of residential and commercial property and with confidence in its strong customer base, the developer was first in line to purchase the Burjside plot.
In truth, Burjside Boulevard is not your usual high-rise office/residential block, or even a typical Damac project. On the contrary, it is the developer’s first serviced-apartment tower, which actually came about due to a demand from its own customer base.
“The serviced-apartment sector is a sector where we had demand from our customers,” says Damac VP Niall McLoughlin. “Serviced apartments are a different offering from residential. We found a great site, which gave us an opportunity to bring the new product to the market.”
Other developers are likely to agree. Apart from the convenient location, halfway between old and new Dubai, Burjside Boulevard will certainly offer a sense of luxury to its high-end tenants.
“We were very quick off the mark to purchase this land, as it was a cracking site in a premium location, right next to the Dubai Mall and the Burj Khalifa. One thing that all of our developments have in common is a prime time location, and that is why we chose to develop this project here.”
But premium or not, the question still remains, why a developer such as Damac would continue to focus on Dubai when it remains extremely oversupplied with residential space. “Every project in Dubai has been affected by the downturn in one way or another, but there continues to be demand for premium apartments in premium locations.
“One thing that is really important is that Dubai is still, and has been for a long time, a centre of this region, the place where multinational firms want to be. And it will remain so.
The infrastructure is prepared for the future, and Dubai is a great place. The fact that prices are coming down and it is becoming cheaper to live here just makes it an ever greater place.”
Upon completion, the project itself will offer 39 residential floors (or typical floors), three mechanical floors, a lobby or ground floor, a leisure floor (at the top of the podiums), five floors of car parks and a basement.
Thus, with as many as 49 floors above ground level and 351 apartments, the building will reach a height of 168.4m and have a total built-up area of 63,754m2.
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