(MENAFN - Arab News) Damac Properties, one of the Middle East's largest real estate developers, is introducing the first luxury serviced hotel apartments in Dubai World Central, or DWC, to be completed in advance of Dubai's hosting World Expo 2020.
Launched for sales on Sunday morning, with a starting price of Dh 610,000, Tenora is a 10-storey, 270-unit tower in the heart of the DWC site and will be completed in the second quarter of 2015 to serve Al Maktoum International airport and professionals working to build the adjacent Expo 2020 site.
Construction is already well-advanced and Tenora is strategically-placed in DWC Residential City and close to the world's largest airport, Al Maktoum International, offering a vibrant atmosphere in a prime location, which is set to grow exponentially in the next seven years.
The government, quoting a report by consultancy firm Oxford Economics has estimated Expo 2020 will attract 25 million visitors over the six months and create around 277,000 jobs. Over the next seven years, Dubai and the UAE is set to benefit from an estimated 6.9 billion (Dh25.3 billion) in infrastructure projects. It forecasts a boost to gross domestic product of more than 38 billion (Dh140 billion), equivalent to around 44 per cent of the 2012 total.
"Tenora is designed specifically to support the influx of people to the DWC area - not only during the exhibition itself, but also the many thousands of people who will be working on the project in the lead up to the event," said Niall McLoughlin, senior vice-president of Damac Properties.