Azizi Development inaugurated its first serviced apartment project to take place in Dubai.
The project lies in Al Furjan district in Dubai in vicinity to Jebel Ali. The project value is expected to reach around 460 million dirhams.
The whole project will managed by Candace Hotel and Resorts which is registered in UK and UAE.
Dubai contains around 29,000 hotel apartments. 36 percent of these apartments is internationally branded, according to Colliers research firm.
The average occupancy rate of serviced apartments reached 80 percent last year compared to 79 percent in 2015.
It’s worth mentioning that Azizi has a number of hotel apartments projects in the pipeline of 2,000 units. The new projects will be located in Dubai Healthcare City, Palm Jumeirah, and Al Furjan.
The two towers comprise 543 units. According to Farhad Azizi, the chief executive officer of the company, Azizi has sold 80 percent of the apartments in one tower and 25 percent in the other tower.