Work on Viceroy Palm commences

Skai Holdings, the Dubai-based real estate investment firm, is set to begin the main structural work on its Dh3.67bn ($1 billion) Viceroy Dubai Palm Jumeirah project, the firm said on Tuesday.

The luxury residential and hospitality project has received an overwhelming response from investors since its official launch in May, with all available inventory now sold.

“Today marks a key development in the construction of the Viceroy Dubai Palm Jumeirah. Following months of hard work, we are now starting to see the structure take form. We are delighted with the response from the market and are pleased to be able to show our investors that the project is progressing smoothly and ahead of target,” said Kabir Mulchandani, CEO of Skai Holdings.

“Dubai’s successful Expo 2020 bid will have a hugely positive effect on the emirate’s real estate sector. The exhibition is expected to draw in 25 million visitors and create 270,000 new jobs. The influx of people will not only benefit the city’s property market, but every other sector including retail, hospitality, tourism and even industry,” he added.

“We are pleased to announce this key milestone in the construction of this ambitious project. 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).

Viceroy Dubai Palm Jumeirah will offer its investors and guests 479 large rooms and suites and 222 signature Viceroy Residences with breathtaking views of the Arabian Sea. The property’s attractive location, situated at the base of The Palm Jumeirah archipelago, is easily accessible from mainland Dubai.  The ideal location is just 15 minutes from the city’s downtown centre, and is close to major tourist and business attractions such as the Dubai Marina and Dubai Media City.

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%.

Viceroy Dubai Palm Jumeirah will feature services and amenities created especially for the diverse group of business and leisure guests expected to frequent the hotel and residences.  The hotel will also include spectacular dining venues hosted by world-class chefs 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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