Schon Properties has announced that it has sold out i3, the first phase of its $871.2m (AED3.2bn) iSuites development, a hospitality project being built at Dubai Investment Park.
A complex comprising three mid-rise buildings, i3 is located close to the Expo 2020 Dubai site. It consists of 292 high-end fully furnished hotel apartments with a total built-up area spanning more than 20,438m2.
Close to 30% of i3's buyers are from the sub-Saharan and the Far East regions, while investors from the Middle East and the Indian continent made up the rest, the UAE-based real estate developer revealed in a statement.
Commenting on international investors’ interest in the project, Danial Schon, president of Schon Properties, said: "Dubai is a global tourist destination, with infrastructure and attractions that are second to none.
"With the relentless ambition it’s known for, under the guidance of our wise rulers, and associated growth potential, the savvy investor is seeking to participate in this success story."
Noorul Asif, the company’s chief operating officer, added: "Although individual investment in hotel apartments by retail investors is a novel phenomenon, we are pleased to say that we have sold out i3 – the first phase of iSuites, within a short period of time.
"Positioning iSuites at four stars addresses a gap in the market today.
"Tourists, especially families, are looking for properties in convenient locations, with superior amenities at affordable prices. iSuites delivers and investors recognise that. With i3 sold out, investors are actively registering ahead of our next launch."
A 21-building, 2B+G+8 project, iSuites features 2,550 hotel apartments, 52 restaurants and cafes, and an 11,613m2 shopping mall called the Laguna Centrale Mall.