(MENAFN) Dubai's top developer Emaar Properties disclosed plans to build a new five-star hotel in Downtown area, Arabian Business reported.
The Address The BLVD hotel, scheduled for completion in early to mid 2015, will feature 200 hotel rooms and 542 serviced residences.
Properties for sale will include studio, one, two, three and four-bedroom apartments.
Emaar Retail CEO Arif Amiri said the company will fund the construction mainly through pre-sales of serviced apartments. Sales of apartments will be launched on September 22.
In July, Emaar Properties said its second-quarter profit more than doubled to USD167 million, up from USD68 million a year ago. Revenues grew 3 percent to USD571.6 million.