Azizi Developments is opening its first serviced apartment project in Dubai.
The Dh460 million Candace Aster project is located in Al Furjan district of Dubai, close to Jebel Ali.
The residences are expected to be ready by the third quarter of next year. They will be operated by Candace Hotel and Resorts, which is registered in the UK and the UAE, and in which Azizi is an investor.
There are more than 29,000 hotel apartments and serviced apartments in Dubai, and only 36 per cent of the supply is internationally branded, according to the research firm Colliers International.
The average occupancy at serviced apartments was about 80 per last year, up from 79 per cent in the previous year. The average daily rate last year was about Dh430, down from Dh459.
“Because of a high number of unbranded properties in Dubai, standardisation is lacking within serviced apartments, as opposed to hotels in the city,” said Filippo Sona, the head of hotels for the Middle East and North Africa region at Colliers.
The developer has also lined up serviced apartment projects worth Dh1.8 billion in Dubai Healthcare City, the Palm Jumeirah and more in Al Furjan. The group plans to launch more than 2,000 serviced apartments in these areas by the end of this year, which will be managed by Candace.
“The number of tourists coming to Dubai has been increasing drastically and hotels are pretty occupied,” said Farhad Azizi, the chief executive and vice chairman of Azizi Developments.
Azizi also plans to enter the holiday home segment.
Most of the investors at Candace at Al Furjan include those from the Arabian Gulf region, India and Pakistan, with 70 per cent of them cash buyers, he said.
At Candace at Al Furjan, the company is expecting a 10 to 12 per cent return on investment from next year. The serviced apartments will be positioned in the “superior” category, which is between the standard and deluxe categories in the serviced apartments segment.
Users and investors can rent out their property or avail services of Candace Hotel and Resorts to manage it for them.
Azizi has sold 80 per cent of the residences at one of the two towers in the project, and 25 per cent in the other, according to Mr Azizi. The two towers have 543 units.
The studios at Candace start at Dh433,000 and the prices can go up to Dh1.2m for a two-bedroom apartment.
Azizi expects to deliver eight other residential projects at Al Furjan this year.
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Where to buy
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
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Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
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Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Power: 181hp
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5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m
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Install an air filter in your home.
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Shower or bath after being outside.
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Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
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Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
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Sectors: Internet, e-commerce
Investments: Grants/private funding
