The UAE-based developer Sweid & Sweid has partnered with hospitality brand Banyan Tree to develop the first Banyan Tree Residences in the Middle East, according to a statement.
The AED 600 million ($163m) project is set for completion in Q3 2019 and construction commenced at the start of 2017, according to a press statement.
It will be located on a large island site where DMCC, the Montgomerie Golf Course, The Emirates Golf Course and Emirates Hills intersect on Al Telal Street.
The 32-storey tower will comprise of 244 units and include one, two, three and four-bedroom apartments, duplex apartments with private outdoor gardens, and three full-floor penthouses.
The project “has already garnered considerable commitments from notable private investors,” the statement said. The official launch of sales is planned for early 2018.
Mr. Maher Sweid, Managing Partner of Sweid & Sweid, commented: “With over 2 years in design and development, we are excited to finally announce this landmark project and our partnership with Banyan Tree. In line with our corporate philosophy underpinned by the commitment to delivery, construction commenced far ahead of the public sales launch, which will give assurance to buyers about the timely delivery of the project. Interested buyers can go online and register to be the first to be invited to the launch of the sales center.”