Ishraqah signs deal to sell Hotel in The Onyx

Ishraqah, a real estate development and investment company, recently finalised a deal with Grow Projects to sell The Onyx Hotel, one of the prime projects that is part of its AED 1.8 billion ‘The Onyx’ development on Sheikh Zayed Road, Dubai.

The deal has boosted the sales prospects of the remaining properties of the integrated corporate destination, which includes two commercial towers that have been 85% sold ahead of the completion of The Onyx.

"Ishraqah is pleased to seal the sales contract to Grow based on the solid track record of their group in the hospitality business with its extensive experience in upscale markets in the UK and India. We believe Grow will complement our vision for The Onyx, which is to make it the preferred business destination in Dubai," said Sheikh Sultan Bin Khaled Bin Salim Bin Mahfouz, Board Member of Ishraqah for Development.

Commenting on the business prospects of the hotel facility, the partners of Grow Group of Companies Dambir Chadha & Suneel Sahni said, "We believe this hotel has enormous potential with its excellent location and other value-added features. We are confident that we can attract a lot of business travellers because of its proximity to Greens, Emirates Hills, Emaar Business Park, TECOM, Dubai Internet City and Dubai Media City."

As a result of aggressive marketing efforts and its attractive development concept, The Onyx has achieved tremendous sales record in just three months since its launch last July 2007.

The three main towers of The Onyx - a 25-storey and a 16-storey office tower, and a 14-storey business hotel with 200 rooms and 10 suites - are linked by an interconnected podium area. It also features a modern rooftop terrace, a skylight and complementary landscaping. Other key facilities incorporated in the development are office spaces, dining outlets and retail facilities.

On completion in 2009, the project will also offer investors some of the first freehold corporate opportunity available in the area, which is located next to Emaar Business Park. The Onyx will exemplify an open-design concept with state-of-the-art amenities which include swimming pools, health clubs, beauty spa, oxygen bar, business centres, cigar lounges, day-care centre, high-end retail outlets and fine dining restaurants. The project also features optimum parking ratio, space efficiency and a total of 35 elevators.

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