Salya Developments, the international arm of United Kingdom-based Salya Corporation, said it has sold out its Dh300 million Giovanni Boutique Suites project in Dubai Sports City.
The Giovanni Boutique Suites is a 20-storey tower with 400 furnished apartments, designed by Italian designer Giovanni Batista Ravagnani. The project, which is due for completion and handover in April 2010, was sold within seven weeks of its pre-launch.
"Branded boutique properties are generally exorbitantly priced because the costs associated with them are high," said Rakesh Chandola, Managing Director of Salya Developments.
The company currently has 15 projects under way in Dubai, including The Mermaid Princess Boutique Resort in the island of Brunei, and the Finland World Resort in the island of Finland in The World development.
"We acquired the lands in The World in April. We have invested Dh800 million on just acquiring the land. We anticipate to spend Dh2.4 billion to construct and develop these islands," he said.
The World projects are under planning stage, which will be pre-launched by the developer in October.
"The strengths that differentiate Salya in the marketplace include our extensive industry expertise combined with broad and evolving service offerings. Our expertise in driving real estate developments to offer superior Return on Investment is a testament of the group's utmost commitment to the long-term development of our customers, investors and partners," said Samir Salya, Head of Dubai Operations for Salya Developments.
The company has several other projects planned over the next four years, which include locations such as Dubai Marina, Bawadi, Tecom, Dubailand, Dubai World Central, Abu Dhabi and Ras Al Khaimah.
The group is also investing in Salya Medi City, which will offer healthcare facilities and services in India.