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Schon, Al Hamad Group announce JV on $870m project

Schon Properties and Al Hamad Group have announced a joint venture to develop the $870m iSuites

Representational image only.
Representational image only.

Schon Properties and Al Hamad Group have announced a joint venture to develop the $870m iSuites, which will see the development of 2,550 hotel apartments at Dubai Investment Park.

Comprising 21 buildings in total, the development will include 2,550 hotel suites, 52 restaurants and outdoor cafes, and a 11,600sqm shopping mall, all of which will be surrounded by a manmade beach and lagoon.

Al Hamad Group will be responsible for construction via their contracting arm, Dubai Civil Engineering.

iSuites is being jointly developed by both companies and will be managed by Schon Properties.

  

The project, located near the Expo site, is set to be completed by 2020.

Nashat Sahawneh, Chairman of Al Hamad Contracting, said: “We are delighted to partner with Schon to create a unique hospitality landmark catering to the Al Maktoum Airport and Expo 2020 sites, the highest expected tourist growth area in Dubai.

“We are proud to be part of this massive development and see a great potential in this partnership.”

Al Hamad Group is investing equity to finance the construction of the project and acquire a substantial stake in the project while Schon Properties will retain a substantial number of units for recurring income with some inventory to be offered to select investors for sale.

Bank, retail, spas, supermarkets, pharmacies, healthcare facilities, and shopping will be available at the Laguna Centrale Mall to give full service to all guests for the hotel development.

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Construction Week - Issue 749
Sep 15, 2019