Dubai developer launches Dh700 million Marquise Square project in Business Bay

SRG Holding, based in Dubai, has launched a new Dh700 million residential project in Business Bay known as Marquise Square, where 62 per cent of the building’s 384 apartments will be studios.

The company is building the tower between two existing blocks on Burj Khalifa Street and has created a distinct diamond-shaped tower design to offer buyers better views of Burj Khalifa on one of the building’s main elevations and the new Dubai Water Canal on the other. It has appointed Select Property as its exclusive sales agent for the building.

Adam Price, the managing director of Select Property Middle East, said the decision to include so many studio apartments in the tower had been taken “to address the chronic undersupply of studios in the Downtown Dubai and Business Bay area”.

“We feel that this will be very attractive to both investors an lifestyle purchasers,” he said. Given that studios start in price at Dh895,000, he said they would be of particular appeal to investors because they will offer gross rental yields of around 9 per cent, as well as potentially strong capital gains.

SRG Holding is a family-owned company with businesses involved in property development and management, hospitality, wholesale trading and investments.

The company’s chief executive, Fahad Abdulsalam AlRafi, said that it has more than four decades of experience in property and is focused on “core Dubai” areas close to Sheikh Zayed Road. Its most recent development is the Burj Al Salam project fronting Sheikh Zayed Road featuring three towers sharing a common podium that includes a Sheraton Grand hotel. It has also built the Al Salam Tower housing du’s headquarters in Dubai internet City and the Mar­ina Heights building in Dubai Marina.

Mr AlRafi said that the Marquise Square name came from the distinctive design of the building, which has been created by Lebanese architecture firm Erga Progress.

“We designed the building in a diamond shape to maximise the views we get from either side, which is a direct Burj Khalifa view or a Dubai Canal view. At the same time, we made a feature of the external skin of the building in a diamond shape with a glass elevation [each] in different colours.”

Shoring and piling work started on site two months ago and is set to complete on October 15. Following that, Dubai Contracting Company will begin main contracting works with a view to completing the building by November 2018.

“We have a long-term partnership that extends more than 22 years with Dubai Contracting Company. They are pioneers in this industry and the work, in a way, just like SRG does. It’s a family-owned company and [we have] a very close relationship.”

Mr Price said that a soft launch had already been undertaken by Select Property to its existing clients. The UK-based firm, which has been selling properties in Dubai since 2004, has offered units in the building to clients through offices in Dubai, London, Manchester, Singapore and Shanghai and has already sold 67 of the properties for about Dh90m.

In total, the building will contain 237 studio apartments starting in price from Dh895,000, 59 one-bed apartments from Dh1.31m, 70 two-beds from Dh2.2m and 18 three-bed properties from just over Dh3.1m. It will also have 12,000 square feet of ground floor retail, a large pool on its podium level and a gym, saunas, steam rooms, a children’s play area and a prayer room.

mfahy@thenational.ae