UAE: Buroj Property Development plans to develop 10 serviced apartments projects across Dubai by the end of 2015.
The first four of the serviced apartment towers, comprising more
than 450 units, will be International City (IC), Dubai World
Central (DWC) and Jumeirah Village Circle (JVC).
Ismail Ahmed, chief executive officer of Buroj Property Development, said: "We are investing Dh700 million in four serviced apartment projects this year and we plan to add another six similar projects across Dubai by 2015. We believe there is a lot of opportunity in this sector as the number of tourists expected to visit are set to rise till and post-2020."
"There is high demand for serviced apartments not merely in DWC, IC and JVC communities, but all across Dubai. We see a great opportunity, particularly in the mid-range category, thanks to the incentives announced by the Dubai government, and the growth to be driven by the Expo 2020."
"We will start construction early next year as we want to complete these towers by end-2017. We have enough liquidity to allow us to finance all our projects, we will not be borrowing from financial institutions," added Ahmed.