Enshaa, Sharjah-based property developer, has taken over full ownership of Palazzo Versace Dubai and the D1 residential tower from Sunland Group in exchange for complete ownership in Palazzo Versace Gold Coast.
Sunland Group, in a regulatory filing with Australian Securities Exchange, said that it will transfer to Enshaa Group all of its interests and obligation in the Dubai JV projects, including 51 per cent interest in Palazzo Versace Dubai and 50 per cent interest in the D1 residential tower in Dubai through its subsidiary Sunland International.
Enshaa, through its subsidiary Emirates Investment Group Australia, will transfer all of its interests and obligations in the Australian joint venture, including 49 per cent of Palazzo Versace Gold Coast hotel and management operations.
Sunland will also transfer its 50 per cent interest in Dubai administration vehicle Emirates Sunland Group to Enshaa, which includes project management, construction and development, and sales and marketing.
“Considering under the agreement is by way of a ‘swap’ of the legal and financial interests in the entities… there is no corresponding cash amount required to settle the transaction,” the company said.
According to Enshaa website, the Palazzo Versace Dubai Resort and Condominiums will be located within Culture Village on the Dubai Creek. The residential wings of Ala Destra and Ala Sinistra will offer 169 luxury condominiums ranging from one to six bedrooms with access to the hotel's services. The hotel will comprise a day spa, restaurants and 217 hotel suites furnished with an exclusive line of products from the Versace Home Collection.
D1 is an 80-storey tower also located in Culture Village and will offer residents' facilities such as a Skyrise lounge, private cinema, indoor pool, gymnasium and concierge services.