November 24, 2009
Dubai Condo Hotel Market Making a Rebound
Reintroducing The Cube in Dubai Sports City
Hello. Joel Greene here from Condo Hotel Center.
When the global real estate market collapsed, Dubai, an area that was experiencing tremendous growth and construction of epic proportion, probably felt it more than most other regions. Even though it was the number one emerging market in the world at that time, many projects were put on hold indefinitely.
Additionally, many projects were scrapped altogether, including the much anticipated Trump Tower at the Palm Jumeirah, Dubai. In late 2007, the Trump was expected to bring as much excitement as a grand slam in the bottom of the ninth inning.
This Property Alert, however, is a positive story about one beautifully designed and very popular condo hotel property that made lemonade when the market was doling out lemons.
The Cube will be an ultra-modern condo hotel overlooking Dubai Sports City.
Rolling with the Punches
We first introduced The Cube in 2006. It came on the market at a time when all inventory in Dubai was selling at rocket-launch speed. Then the worldwide economic crisis hit. And while still selling, The Cube was not immune to this slowdown.
While they could have sat back with a wait-and-see attitude, the developers of The Cube decided to be proactive. They reinvented the property in a most creative way.
Although competing properties were reducing the number of units they would develop, The Cube developers added more units, increasing its numbers from 561 to 572. Then, they added a new component to the property to give it a competitive edge, a state-of-the-art medical spa unlike anything in the world. I’ll give you more details on the spa in a minute, but first let me remind you about the Cube’s location, so you’ll understand their decision.
Dubai Sports City will feature state-of-the-art stadiums and world-class sports academies.
Dubai Sports City
A $4 billion master-planned community currently under construction, Dubai Sports City will have everything any major, metropolitan area should have including schools, medical facilities, emergency services, restaurants, cafes, entertainment venues, shops, community centers, mosques and a multitude of other facilities and services.
But Dubai Sports City also has a unique focus that no other community has. When complete in a few years, it will be the world's first purpose-built integrated athletics and sports venue. Covering a vast area of some 50 million square feet, it is situated within the enormous Dubailand project, the most prestigious development in Dubai.
When completed, Dubai Sports City will feature four state-of-the-art stadiums:
- 10,000 seat multi-purpose indoor arena
- 30,000 capacity cricket stadium
- 60,000 capacity multi-purpose outdoor complex
- 10,000 spectator hockey stadium
In addition, it comprises an 18-hole golf course, designed by Ernie Els that was opened in 2008, the Manchester United Soccer School and the David Lloyd Tennis Academy.
Dubai Sports City will be the home for the most thrilling sports events taking place all year round, many of which will be broadcast to the entire world, helping to continually focus attention on this exciting locale.
Dubailand will encompass 70 square miles of attractions and entertainment venues.
Reinventing Itself
The Cube is located in the very center of Dubai Sports City. Recognizing that it will attract high-profile sports personalities, coaches, professional athletes and VIP guests from all over the world, the developers of The Cube embraced the opportunity to become an even more health and sports-oriented niche property.
The Cube is adding a medical spa to their facility that will be second to none. This state-of-the-art medical spa will be equipped with a low-oxygen system that can simulate high altitude environments of up to 12,000 feet above sea level.
Recent medical research has proven that therapies conducted under low oxygen conditions get results that could not have been achieved with traditional methods, and they do so in much shorter time.
A large team of doctors, specialists, therapists, instructors and industry professionals will be on hand to ensure that the guests are taken care of and get the most out of the therapies to enhance performance levels and strengthen their bodies. Owners of a unit at The Cube will be entitled to stay 30 days per year in their home and enjoy all treatments, including medical and health management programs for free.
The addition of the medical spa to the property will attract athletes and health-conscious individuals alike. With the unique purpose of catering to the needs of health-oriented guests, The Cube will set itself apart from the competition.
Condo Hotel Unit Features
Just as Dubai Sports City offers a center of excellence for sporting events worldwide, The Cube will offer a residence of unsurpassed quality too. From the architectural design, building specifications, quality of materials used, high-end fixtures and fittings to its management operator, The Cube will offer a five-star experience second to none.
The Cube is being developed by a consortium of well-respected German companies.
You’ll find quality finishes of the highest possible standards run throughout, including use of marble and bright natural stone in the condo hotel units. All units will be fitted with high-quality furnishings including kitchen appliances and equipment. They’ll also include a large balcony allowing for open-style living al fresco with unparalleled views of the lakes, park and stadium.
The individual condo hotel units will be delivered decorator designed and fully furnished.
The Cube Amenities
Among the features found at The Cube will be the following:
- Lobby lounge, café and restaurant
- Garden health club with state-of-the-art cardio-vascular and weight-training equipment
- Pool deck, outdoor Jacuzzis, sauna and steam room, wellness bar and fitness center
- Fully-equipped business center with state-of-the-art conference and meeting rooms
- Book and newspaper shop
- Underground four-level parking garage for 729 cars
- All of the services you would expect from a five-star hotel including concierge, round-the-clock security, valet, housekeeping, reception and more, with some extra special services you might not expect, like a pillow menu, baby sitting and secretarial support
The Cube’s contemporary interior design will coordinate with the unique architecture of the building.
Timing Is Everything
The Cube is currently under construction, with the project expected to be complete in the second half of 2011.
The timing of The Cube’s arrival is ideal. Gulf News has just reported that global visitor numbers are up 4% for the year, occupancy rates remain strong, and Dubai’s growth will continue with a host of new projects in 2010.
There is little doubt that Dubai's tourism and travel numbers will continue to increase. Following the opening of Dubai Mall, one of the world's largest shopping centers, and the launch of the Dubai Metro, the emirate is gearing for the launch of Meydan, one of the world's biggest purpose-built horse-racing destinations.
Additionally, the year ahead will bring the world's tallest building, the opening of several sports facilities and the opening of the Al Maktoum International Airport. Planned as the world's largest passenger and cargo hub, the airport will be 10 times larger than Dubai International Airport and Dubai Cargo Village combined.
The Cube, far side of lake center right, will have a cutting-edge design to stand out in the Sports City landscape.
Types of Units and Pricing
The Cube consists of 24 stories, featuring a total of 572 condo hotel units sold fully furnished. A variety of sizes is available:
- Studio units, 668-726 sq. ft., from $520,000
- Executive studio units, 802–1,373 sq. ft., from $615,000
- Two bedroom units, 1,192-1,638 sq. ft., from $897,000
More Information Available on the Cube
So there you have it, an update on what was and still is an incredible property; only now it has more to offer. The Cube’s developers’ philosophy is: “Wealth is nothing without health!”
With that concept in mind, they have put together a winning project that will be managed and operated as a five-star hotel, offering individual owners the opportunity to not only invest in real estate, but to invest in something even more valuable: their health.
If you are interested in receiving more information on The Cube, please request our detailed data sheet. You’ll need to provide your name and contact information per the developer’s requirements.
Request the data sheet for The Cube, Dubai Sports City.
As always, thank you for your interest in the properties we showcase at Condo Hotel Center. If there’s anything I can do to assist you in finding your perfect vacation home, I hope you’ll give me a call.
Happy Thanksgiving!
Joel Greene
Licensed Real Estate Broker
Condo Hotel Center
12700 Biscayne Blvd., Suite 301
N. Miami, FL 33181
Ph: (954) 450-1929
Joel@CondoHotelCenter.com
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