Dubai to built student housing community in DIAC by 2020
Plans to build The Myriad Dubai, an urban styled student housing community in the heart of the Dubai International Academic City (DIAC) have been announced today.
With construction expected to commence shortly, it is anticipated that the largest purpose-built, professionally managed student housing property in the UAE on a single plot will be completed by 2020.
Host to an array of lifestyle features and services, the property will be located within walking distance from the majority of universities in DIAC and will boast over 1,820 multi-sized, fully-furnished rooms, all of which will include en-suite bathrooms, WiFi and offer access to kitchens and common lounges on each floor. There will be several types of accommodation including a large room of 19sqm and a standard room of 15sqm.
A designated study lounge area will facilitate a productive learning environment for students while sports facilities including a gym, swimming pools, squash court, basketball and outdoor jogging track will give students access to an array of fitness activities. Additionally, restaurants, cafes, gaming rooms, an outdoor amphitheatre and convenience shopping options along with dedicated parking will form integral parts of the development and offer students a holistic, communal living experience.
The contemporary urban styled residential community which will be approximately 58,000sqm, has also been designed to offer dedicated segregated spaces for young women and men and will incorporate security systems and procedures to ensure the safety of its residents.
Mohammad Abdullah, Managing Director of Dubai Knowledge Park and Dubai International Academic City, said: "Dubai has rapidly transformed as a leading higher education destination in the region, attracting thousands of transnational students yearly. Student accommodation is a critical factor for these students, given that it will be their home for the next three to four years. The Myriad Dubai, located in Dubai International Academic City, is being uniquely designed to create a holistic environment complete with a range of facilities for the needs of our students, as well as our universities that require student accommodation. Our partnership with Strategic Housing Group will help us provide a home away from home for the many students who travel to Dubai for higher education."
A key highlight for student residents of the community is the unique opportunity to get part-time jobs and internships. Formulated in accordance with the regulatory requirements set by the authorities in Dubai and in coordination with universities, this student work initiative will help develop the work experience of both local and international students.
The Myriad Dubai project is sponsored by FIM Partners, a Dubai-based emerging and frontier markets investment management specialist regulated by the DFSA, managing in excess of USD 1.8 billion on behalf of institutional investors.
Fares Bou Atme, Vice President of Real Estate at FIM Partners, commented: "We are believers in this very exciting project, given its strategic location in the heart of DIAC and the clear shortage of purpose-built student housing in a consistently expanding higher education market in Dubai. Globally, student housing as an asset class, has historically had a low correlation to other traditional real estate asset classes and has proven to be an effective diversifying addition to a real estate portfolio."
The Myriad Dubai is designed to emulate a student communal lifestyle feel of some of the largest universities in America whilst providing affordable living rates and ensuring comfort, safety, and a fun community experience.
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