UAE-based Gemstone Real Estate Development (Gemstone) and Tamleek Real Estate Company have announced that Phase One of the Kempinski Residences Business Bay development, the five-star luxury serviced residences in Business Bay, has been sold out and are now starting sales for Phase Two of the development.

Featuring luxuriously furnished, fully serviced residences with spectacular views of many of Dubai’s iconic landmarks, the project is expected to be complete in the fourth quarter of 2019.

Kempinski Residences Business Bay is setting new benchmarks in high-end lifestyle, convenience, quality of life and return on investment.

Gemstone CEO Federico Tauber said: "We are delighted with the response to Phase One of Kempinski Residences Business Bay and anticipate similar investor and end-user response to Phase Two. Located in the heart of Dubai’s growing luxury real estate market, this development offers a unique opportunity with easy access to major attractions and amenities."

Due to its unique design and orientation, the Kempinski Residences Business Bay has a majority of its apartment units boasting unobstructed views of Downtown Dubai, the Dubai Water Canal, and iconic landmarks such as Burj Khalifa, Dubai Design District and Meydan, he stated.

Headquartered in Dubai, Gemstone is the property development arm of Al Rajhi Holding Group, one of Saudi Arabia’s leading business houses with interests in real estate, building materials, contracting, infrastructure and industry.

Dr Brian Etemad, the chief executive of Tamleek Real Estate, said: "Kempinski Residences Business Bay delivers many enhanced lifestyle offerings, such as easy access to the Dubai Water Canal, premium restaurants and entertainment. With the immediately ready-to-visit model homes, our valued clients get a realistic look and feel of these spacious luxury residences that appeal to all senses of the investors."

Tamleek is a luxury property brokerage and investment advisory firm with an exclusive portfolio of properties globally.

"In Phase Two, investors will be able to choose from a wide range of stylish residence layouts, with three themed interiors, ensuring this freehold property appeals to a diverse range of tastes and desires. In addition, every home is equipped with European-branded kitchens and appliances, home automation and security, and premium quality furnishings," he added.

The key amenities in Kempinski Residences Business Bay include five pools, three food and beverage (F&B) outlets, a state-of-the-art fitness centre, a luxury spa, squash court, exclusive members club and a kids adventure land. Concierge and hotel services with 24/7 valet parking will be available to all guests and residents.-TradeArabia News Service