SKAI Holdings kicks off work on US$1bn Viceroy Dubai Palm Jumeirah
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SKAI Holdings has begun the main structural work on its AED3.67bn (US$1bn) Viceroy Dubai Palm Jumeirah project. The project will be a combination of luxury residential and hospitality and all available inventory has now been sold.
“Following months of hard work, we are now starting to see the structure take form. We are delighted with the response from the market,” said Kabir Mulchandani, CEO of SKAI Holdings.
Viceroy Dubai Palm Jumeirah will offer its investors and guests 479 rooms and suites and 222 signature Viceroy Residences. The resort has a unique investor model that enables buyers to purchase hotel rooms, which are then leased back in exchange for 40% of the room revenue. Based on current market conditions, investors’ annual rate of return is estimated at 12%.
“Now that the enabling and piling works are nearing completion, we can push ahead with the main structural work, which puts us on target to complete by 2016,” said Yu Tao, President and CEO of China State Construction Engineering Corporation (Middle East) (L.L.C).
Other facilities at the Viceroy Dubai Palm Jumeirah will include dining venues and a modern spa. A beach club and a 100 metre-long pool will also be complemented by children’s clubs, entertainment and sporting activities.
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