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Azizi launches serviced residences in Dubai

Azizi launches serviced residences in Dubai

April 2016

Azizi Developments marks its entry into Dubai’s booming hospitality sector with the launch of its first serviced residences project, Candace, at Al Furjan. The AED 460 million project includes two towers by the name of Candace Aster and Candace Acacia at Dubai’s upcoming Al Furjan community.

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.

Future projects worth AED 1.8 billion are planned for Healthcare City, Palm Island and Al Furjan. The group plans to launch over 2000 units of serviced residences by Dec 2016.

Commenting on the launch, Farhad Azizi, CEO and Vice Chairman, Azizi Developments, said: “The AED 460-million worth 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. To begin with, the Dubai government has great plans to double the number of tourists from 10 million to 20 million over a period of close to 10 years. This alone opens up a host of investment opportunities, particularly in hospitality sector where, coupled with the positive expectations from Expo 2020, property buyers can look forward to exceptional returns. At Candace, for example, we are forecasting 10 to 12 percent return on investment, without factoring property appreciation.”

Both Candace Aster and Candace Acacia will be high‐end serviced residential apartment buildings with hotel facilities. Candace Aster features 227 luxurious apartments with 160 studio apartments, 58 one-bedroom and 9 two-bedrooms whereas Candace Acacia feature total 316 units with 236 Studio apartments and 80 one-bedrooms. Sizes range between 440 sqft  to 1,380 sqft for the apartments, while price for a studio starts at AED 433,000; 1 bedroom apartments range between AED 800,000 to 1 million and the 2-bedroom apartments are available for approx AED 1.2 million.

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