Emaar Turkey, the wholly-owned subsidiary of Emaar Properties, on Friday marked the global launch in Dubai of The Address Residence Istanbul, a premium collection of five-star serviced residences, which are part of the Emaar Square integrated community, at the Emaar Pavilion in Downtown Dubai.
This marks the first full-fledged hotel and serviced residence project of The Address Hotels + Resorts, the flagship hotel brand of Emaar, in an international market. The 197 residences are fully furnished and are part of the luxury collection of serviced apartments that will appeal to investors in the U.A.E. and across the GCC region. Investors can also opt for the rental pool agreement.
Overlooking the Marmara Sea, Princess Islands and Bosphorus Strait, the serviced residences are located on levels 12 to 29 of The Address Istanbul, a 49-storey architectural marvel that is in the heart of Emaar Square, the mixed-use project by Emaar. The hotel rooms and suites are located in the first nine levels in addition to a range of restaurants, a spa, pools and health club.
The Address Istanbul is crowned by a stylish restaurant that opens to scenic views and is in close proximity to the largest of its kind shopping mall development being developed as part of Emaar Square.
Ahmad Matrooshi, managing director of Emaar Properties, said: "The global launch of The Address Residence Istanbul in Dubai highlights the strong interest among U.A.E. investors in Turkey's property sector led by the bilateral trade relations and strong tourism growth. Turkey is today the most preferred European holiday destination for U.A.E. residents according to reports, which makes the premium serviced residences desirable as second homes or long-term investments. With the project, we are also highlighting the competencies of The Address Hotels + Resorts in Turkey, the first international market for the hotel brand.”
Ozan Balaban, chief executive officer of Emaar Turkey, added: "Investors in The Address Residence Istanbul will become part of the iconic Address Istanbul hotel, which is defined by its marvellous architecture and superior lifestyle amenities. The value proposition that the serviced residences offers is unmatched, as investors become part of the thriving Emaar Square community with a strong business hub, one of the largest malls, a range of leisure attractions and all lifestyle amenities in close proximity. Additionally, investors have the opportunity to offer their homes to the rental pool system of The Address Hotels + Resorts thus assuring sustained long-term returns. Our promise is to deliver a legendary lifestyle in a legendary city.”
Designed by Foster + Partners with interiors by HBA, The Address Residence Istanbul is built to the highest quality standards that are synonymous with Emaar. The elegant interiors and high-quality finishes are designed to appeal to truly discerning clients.
Homeowners at The Address Residence Istanbul can enjoy a wide array of amenities including concierge and reception services, an advanced fitness centre, spa, pool, cafes and underground parking and storage. All homes also reflect the environment-friendly development approach of Emaar Square, with materials, electrical and mechanical instalments chosen in line with the Leadership in Energy & Environmental Design criteria developed by the US Green Building Council.
Emaar Turkey had unveiled The Address Residences Emaar Square, Istanbul, also managed by The Address Hotels + Resorts, last year. A mid-rise development, the exclusive serviced residence project has only 73 homes, which received strong investor response during its GCC launch.
Located in the heart of the city and on the main arteries and link roads, Emaar Square is the second integrated development by Emaar in Turkey. The first project, Tuscan Valley houses has been handed over and is now a thriving community that also features the Tuscan Shopping Arcade and the prestigious Dolce Vita Club.
In all, Emaar Square will comprise over 1,000 luxury homes and 40,000 sqm of office space, accommodating around 5,000 professionals and The Emaar Square Shopping Mall, one of the largest shopping malls in the country. A trophy asset, the world-class retail destination with a total rentable space of over 150,000 sqm, will feature high-end brands. It will also have a number of leisure attractions including entertainment centres, an ice rink, a 2,400-seat mega movie theatre complex and underwater zoo, taking inspiration from Emaar's flagship retail asset, The Dubai Mall.
Source: Khaleej Times