Dubai: Dubai’s offshore is going to wear a new sparkle — the city’s first, and only, Bvlgari-branded hotel is to open in the fourth quarter of the year and followed by a select number of apartments and “mansions” shortly thereafter.
The location is on the man-made Jumeirah Bay Island being built by Meraas, the master-developer.
Having a hotel and residential element attached to it is now a proven business model, according to a senior official. “Financially this works out faster — with the super-long payback you have with the hotel, residential helps,” said Silvio Ursini, Executive Vice-President.
The six, seven-storey apartment buildings will be clustered around a marina. In total, there will be 165 apartments and eight penthouses plus 15 mansions. Private sales of the residences have started, but the property prices have not been officially announced. The project will also encompass a 50-berth marina and a yacht club. (A show apartment has been readied.) Super-wealthy investors currently have a few choices on what and where they might want to pick up. More info