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Abu Dhabi: Abu Dhabi-based private real estate investment and development company, Eagle Hills, unveiled its first development in the UAE on Tuesday.
It would be involved in the construction of a new project in Fujairah in partnership with The Address Hotels and Resorts, the company announced at Abu Dhabi Cityscape on Tuesday.
The project comprises The Address Fujairah Resort and Spa hotel, and The Address Residences Fujairah Resort and Spa, the latter spanning four residential buildings that include 105 two-bedroom units, 60 three-bedroom units, 12 four-bedroom units, and ten villas that include five beach villas and five garden villas.
The company did not, however, divulge the investment details for the project, but said in a statement that the construction on it is slated to be completed in 2019.
Calling it a “good investment opportunity” for the company, Mohammed Al Ridha, its Senior Development Manager, stated: “Fujairah is one of the fastest growing emirates in the UAE. The hospitality sector is growing and it is a good opportunity for us. We are expecting good demand.”
The company is not focusing on any other project in the UAE at the moment, he added.
Eagle Hills, of which Emaar Properties Chairman, Mohammad Al Abbar, is the board member, has in the past launched large-scale projects in Bahrain, Jordan, Serbia, Morocco and Nigeria. Emaar Hospitality Group owns The Address Hotels and Resorts.
“The development will contribute significantly to Fujairah’s tourism sector, supporting the concerted efforts by the government to establish the emirate as a leisure destination,” stated Chris Newman, Corporate Director of Operations.