Dubai-based Omniyat Group has awarded the enabling works contract for its Dh1 billion Langham Place Hotel and Residences in Downtown Dubai.
“The commencement of construction and award of the enabling contract to Dubai-based NSCC is a significant milestone towards our commitment to completing our 2000 keys of luxury hotels and 5-star serviced residences before Dubai hosts Expo 2020,” said Mark Phoenix, Managing Director, Omniyat Group, said.
Mobilization work will begin in one week and will be complete in the first quarter 2017, he added.
Currently, the developer is working on issuing the main construction works package tender and expects to award it by end of 2016.
In order to ensure immediate return on investment, Omniyat has unveiled a guaranteed income programme that offers 20 per cent returns over the first two years of investment.
“The Langham Place Downtown Dubai meets two of the utmost requirements of HNWIs property investors worldwide - owning an ultra-luxury branded development, and being in the heart of the tourist and business centre.
“We are releasing our residential units for sale in Dubai and Doha on May 30th and are confident of a strong pick up from local, regional and international investors who appreciate owning a piece of one of our trophy assets," Phoenix said.
Located in Business Bay, The Langham Place offers panoramic view of Dubai Water Canal and offers easy access to Downtown Dubai, Mohammad Bin Rashid City, World Trade Centre and Dubai International Financial Centre.
The Langham Place hotel will cover an area of 9,028 square metres and have a built up area of 65,025 square metres. The project will include 167 hotel keys whilst the Langham Place Residences will have 239 fully-serviced five-star residences, ranging from deluxe to one, two and three bedroom suites, and duplex penthouses. Unit prices start from Dh1.3 million.
In August 2015, Omniyat and Hong Kong-based Langham Hospitality Group, a world-renowned company with 150 years of heritage in the hospitality sector, signed a deal to create the Langham Place Downtown Dubai.
Omniyat has delivered projects worth Dh4 billion and has a pipeline of a further Dh12 billion in various stages of planning and development. Some of its prominent projects include The Opus by late Dame Zaha Hadid, The Sterling, and ONE at Palm Jumeirah.