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New Burj Khalifa tower project launched to tackle studio shortage

Developer SRG and property investment firm Select Property have announced the launch of sales in its Marquise Square development which aims to address a shortage of studio apartments in Dubai’s Burj Khalifa district.

The project is scheduled for completion in the fourth quarter of 2018, a statement said.

The development will house a total of 384 units including 237 studios, 59 one-bedroom, 70 two-bedroom and 18 three-bedroom apartments, with prices starting from AED895,000 ($243,500).

The 29-storey scheme, named Marquise to reflect the building’s diamond shape and façade design, will comprise of a range of immaculately finished studios, one-bedroom, two-bedroom and three-bedroom apartments.

Facilities also include a swimming pool, gym, children’s play area, prayer room, sauna and steam room, restaurant and retail space, and a 24-hour concierge.  

"The Burj Khalifa district has seen 60-100 percent increase in land values over the past five years and the nearby construction of the Dubai Water Canal will turn this part of Dubai into a Manhattan-style island, further boosting property values," the statement said.

The development is being crafted by developer SRG, the company behind the Sheraton Grand Hotel and the 56 floor Burj Al Salam Towers, and have also delivered a large portfolio of projects across Dubai and London.

Adam Price, managing director of Select Property Middle East, said: “We pride ourselves on finding the most sought after investment locations and partnering with the best developers in the Middle East and so we are thrilled to be working with SRG on this project.

“There’s a surprising undersupply of studio apartments in the area due to the huge strains placed on developers to provide sufficient car parking spaces. Marquise Square has been designed to address this undersupply by offering residents large studio apartments with dedicated parking spaces for each unit along with many other amenities.”

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