Central Dubai areas, such as Downtown Dubai, Dubai Marina and the area dominated by the world’s tallest building Burj Khalifa, are mainly built up with all premium property. And for this class of property small apartments’ area is not a leading characteristic, for HNWIs are usually not inclined to save on square meters. Because of this market imbalance in the Burj Khalifa area the experts have discovered, there is a clear lack of studio apartments, while the demand for these units is, nevertheless, rather high, for many reasons.
Therefore, SRG developer decided to take this niche at the Dubai property market through building a new complex with studio apartments taking the bigger part of the inside floor area. However, of the 348 apartments in the new 29-storey complex named Marquis Square, there also will be 59 one-bedroom apartments, 70 two-bedroom apartments, and even 18 three-bedroom apartments. But the rest of the building is expected to host 237 studio apartments.
“The undersupply of studio apartments in the area is also present due to the huge strains placed on developers to provide sufficient car parking spaces. Marquise Square has been designed to address this undersupply by offering residents large studio apartments with dedicated parking spaces for each unit along with many other amenities,” SRG developer said in its statement.
In order to match the diamond shape of the Marquis Square building and its florid facade, studio apartments will be decorated in style of classic luxury and fully furnished by well-known designers. And, of course, the complex will have all usual amenities like a swimming pool, a gym, children’s play area, a prayer room, sauna and steam rooms, a restaurant and retail space, as well as and a 24-hour concierge.
Starting price for studios in Marquis Square complex amounts to AED 895,000 (USD 243,500).
"The Burj Khalifa district has seen 60-100 percent increase in land values over the past five years and the nearby construction of the Dubai Water Canal will turn this part of Dubai into a Manhattan-style island, further boosting property values," the developer also added.