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Arabianbusiness: Dubai’s Azizi enters hospitality sector with $125m project

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Azizi Developments has announced its entry into Dubai’s hospitality sector with the launch of Candace, its first serviced residences project.

The developer said in a statement that the AED460 million ($125.2 million) project will feature two towers called Candace Aster and Candace Acacia at Dubai’s upcoming Al Furjan community, where Azizi Developments is the biggest private firm with many projects at different stages of construction.

To be run and managed by Candace Hotel and Resorts, the high-end serviced residences will be delivered by third quarter of 2017. Construction work has already begun, the statement said.

It added that future projects worth AED1.8 billion are planned for Healthcare City, Palm Island and Al Furjan.

The group said it plans to launch more than 2,000 units of serviced residences by December.

Commenting on the launch, Farhad Azizi, CEO and vice chairman, Azizi Developments, said: “The AED460 million Candace project marks Azizi Developments entry into the Dubai hospitality market.

“We feel that this is the best of time to invest in long- and short-term service residential projects for a number of reasons. At Candace, we are forecasting 10 to 12 percent return on investment, without factoring property appreciation.”

Candace Aster will feature 227 luxury apartments with 160 studio apartments, 58 one-bedroom and 9 two-bedrooms while Candace Acacia will feature 316 units with 236 studio apartments and 80 one-bedrooms. Prices for a studio starts at AED433,000.

The facilities also include landscaped gardens, gymnasium, swimming pool, kids’ pool, Spa, restaurants, café and prayer rooms, room service, laundry and valet parking.

Source :arabianbusiness

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