Azizi Developments has launched a AED750mn ($204mn) hotel apartments project on the Palm Jumeirah that the company describes as its flagship property.
Azizi Mina Hotel Apartments will offer 120 one¬ bedroom and 58 two ¬bedroom units as well as four luxury penthouses.
Set on a plot area of 120,989 square feet on the crescent part of the man-made island, the G+9 property will be complete in 2018.
Farhad Azizi, CEO of Azizi Developments, said: This takes the value of our current portfolio in the Emirate to AED 7.3bn for a total of 20 projects already under construction.
While we have several interests and projects in many countries around the world, Dubai is a favourite with Azizi Developments, due to its location, great infrastructure, business ¬friendly rules and regulations, easy access to support from investors and a clear legal framework relating to the real estate market.
This is Azizi’s second property of the Palm following the launch earlier this year of Royal Bay Palm Jumeirah, a block of 90 apartments due to be completed in March 2017.