Bobyan Tower was launched and built as an office building. In 2013 (before the building was completed), the developer decided to re-launch the building as serviced hotel apartments.
Apr 2014 update:
In Q1 2014, a couple of real estate agencies began selling individual units, half and full floors for prices ranging from AED 1700 - 1800 psf. Payment plans were 40% down and 60% upon handover.
While this price point is higher than the JLT average - it is actually a competitive price point when viewed as a hotel apartment. JLT has limited hotel rooms (Bonnington, Movenpick and Liwa Heights) are the only current supply.
As the area matures as a business district and with continued demand across Dubai for hotel rooms - this project which has excellent frontage on Sheikh Zayed Road - is very viable as a serviced hotel apartment building.
Dec 2014 update: The developer claims that 90% of the building has been sold out. Construction of the project has faced delays. It is now expected to be handed over in Q4 2015. Current buyers of the project would pay a 50% down and 50% on completion. Lookup.ae can report that the developer has signed an agreement with Park Regis to manage the hotel.
Aug 2015 update: It now appears that Bobyan Tower's target delivery date of end of 2015 will not be met. The status of the project remains unclear.
Oct 2015 update: We've received news from the market that Bobyan Tower have begun refunding clients for bookings made in the last couple of years. More to follow.