Residential units on Jumeirah Bay Island to go on sale soon, Bulgari and Meraas executives say
The Bulgari Residences, to be developed by the two companies on Jumeirah Bay Island, will comprise of 165 apartments, eight penthouses and 15 mansions, all of which will go on sale within the next couple of days, Bulgari and Meraas executives said.
The project will be the residential component of the Bulgari Resort and Residences Dubai.
The launch of the residences follows the announcement of a luxury hotel last May in which Bulgari agreed to venture into Dubai’s hospitality market in partnership with Meraas.
The apartments at Bulgari Residences, housed within six free standing buildings, will range from one to four bedrooms, while the mansions will range from three to six bedrooms. The resort and residences are slated for completion in Q1 2017.
“The UAE, and more particularly Dubai, have proven to be exceptionally attractive for major luxury brands to set up and showcase themselves to the region’s potential customer base,” said Cherif Hosny, chief hospitality officer at Meraas.
Meraas, which announced plans in January to roll out 10 midmarket hotels with Emaar under the Rove brand, does not just plan to cater to the premium segment. However, there is still a strong demand for luxury in Dubai’s hospitality market, Hosny said. “We are targeting for this project the niche market. We have to diversify what we’re doing. We’re not doing all luxury of course, but you also need to have luxury, and Dubai is a branded city.”
The resort will be operated by the Ritz Carlton Hotel Company, which in 2001 inked a deal with Bulgari to operate the Italian brand’s hotels, said Silvio Ursini, executive vice president at Bulgari.
The brand currently does not have plans to open more hotels in the Middle East, Ursini said, adding, however, that the company expects to announce one in Europe soon.
Commenting on the jewellry-maker’s foray into the hospitality market, Ursini noted it was a “way of differentiating our brand from other brands and introducing to people our lifestyle vision.”
“Hotels are not a business venture for Bulgari. We’re not in the business of doing a hundred hotels.”
The 101-room resort in Dubai will be the fifth Bulgari Hotels and Resorts property in the world. The project will be financed entirely by Meraas, executives said, declining to say how much the project is worth.
Aside from the Dubai property, Bulgari currently has hotels in London, Milan and Bali, with two more scheduled to open in Shanghai and Beijing in 2017.