UAE-based Deyaar Development has announced the launch of South Bay, a premium residential, serviced apartment and hotel property to be developed at an estimated cost of Dh1 billion ($272 million) in Dubai.

Located in Business Bay, one of Dubai's most desirable destinations for residents and tourists alike, the 63-storey development will boast a built-up area of more than 1.3 million sq m and offer fantastic views of The Tower at Dubai Creek Harbour and Meydan Racecourse.

The striking design of the South Bay tower focuses on verticality, featuring sleek lines that effortlessly combine design with functionality – something that is echoed throughout the building’s interior, too, said senior Deyaar officials at the launch ceremony held on the sidelines of Cityscape Global.

South Bay will be Deyaar’s first project with three accommodation components: residential, serviced apartment, and hotel units. It will comprise 926 units, from studios through to three bedrooms, of which 448 will be residential, 133 will be serviced apartments, and 345 will be hotel units operated by a multinational hotel brand, they added.

CEO Saeed Al Qatami said: "We're extremely pleased to showcase our newest development, South Bay, here at Cityscape. South Bay will be the perfect addition to our growing portfolio, as a property suitable for anyone looking to live at a prestigious address in the heart of modern Dubai."

"Business Bay is one of the most exciting neighbourhoods to be in today, and South Bay will be in the very centre of the city's leisure and business district," he noted.

According to him, this new project will contribute to Deyaar’s expanding hospitality property portfolio, comprising 478 of the more than 2,000 keys that the company will add to the hospitality sector in Dubai by 2020.

"Residents will enjoy hotel amenities catering to their social, leisure, health and general well-being needs, including a gymnasium, swimming areas, mini golf, and more," explained Al Qatami.

South Bay will put residents within easy reach of popular business and leisure destinations in Dubai; just 8 minutes away from Dubai International Financial Centre (DIFC), 12 minutes away from Dubai Trade Centre, and 5 minutes away from The Dubai Mall and Burj Khalifa, he added.

The official sales launch for South Bay will be announced in the coming months.-TradeArabia News Service