Omniyat starts work on $272m Dubai hotel project
Omniyat Group is currently working on issuing the main construction works package tender and expects to award it by the end of 2016
Omniyat Group has awarded the enabling works contract for its $272m (AED1bn) Langham Place Hotel and Residences in Downtown Dubai.
The real estate developer is currently working on issuing the main construction works package tender and expects to award it by the end of 2016.
Mark Phoenix, managing director, Omniyat Group, said: "The commencement of construction and award of the enabling contract to Dubai-based NSCC is a significant milestone towards our commitment to completing our 2000 keys of Uber-luxury hotels and 50star serviced residences before Dubai hosts expo 2020.
"As a well-established curator of the world's greatest designers and hospitality brands it gives me great pleasure to see the Langham Place moving forward to take a special place within our $4bn development portfolio.
"Mobilisation work will begin in one week and will be complete in the first quarter of 2017.
The Langham Place hotel, located in Business Bay, will cover an area of 9,028m and have a built up area of 65,025m.
The project will include 167 hotel keys whilst the Langham Place Residences will have 239 fully-servied five-star residences, ranging from deluxe to one, two and three-bedroom suites and duplex penthouses.
Residents will have access to a range of amenities including a swimming pool, gym, spa, children's facilities, food and beverage outlets, retail shops, business centre, housekeeping, and room service.
Additionally, to ensure investors get immediate return on their investment - Omniyat Group has unveiled a guaranteed income programme that offers 20% returns over the first two years of investment.