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28 February 2024

Dubai's Palazzo Versace hotel, D1 Tower handover by year-end

By Parag Deulgaonkar

Enshaa, a UAE-based developer, will commence handover of the Palazzo Versace Dubai and D1 Tower in Cultural Village by year-end, a senior company executive said.

“The Palazzo Versace hotel and the residential D1 tower, both situated in the Cultural Village of Dubai’s creek side landscape, are due to have their units handed over by end of 2013 as they both currently confirm 90 per cent completion to date,” Colin Seow, Chief Development Officer, Enshaa, told Emirates 24|7.

In the Palazzo Versace hotel, the developer currently has less than 25 per cent condominium available for sale, while in the D1 Tower, a residential development, has recorded sales of over 80 per cent.

Although the UAE Central clarified this week it had not issued any directive to cap mortgages to 50 per cent for expatriates buying for the first time and 40 per cent for the second and subsequent purchase, Enshaa official believed that the regulation would have had only a limited impact on the luxury market.

“Both the Palazzo Versace hotel and the residential D1 Tower sales are based predominantly on cash buyers.”

But have prices shot up as the two towers near completion? Seow stated: “Prices normally reflect market demand and the appetite of investors. We witnessed the market demand increase through 2012, and we have revised our prices to reflect the current market position.”

No details on average prices were shared by Enshaa.

According to real estate agents, average listed prices for apartments in D1 Tower currently range between Dh1,600 and Dh2,100 per square feet, while Palazzo Versace units range between Dh3,300 and Dh3,500 per square feet.

D1 is an 80-floor residential skyscraper and will feature skyrise lounge, private cinema, indoor pool, gymnasium and concierge services.

Palazzo Versace, adjacent to D1, will include 169 private apartments and 217 hotel suites, decorated with furnishings from the Italian designer’s home range.

On the issue of infrastructure development in Cultural Village, Seow said the infrastructure works in the master development, like many master developments, has been challenged by the economic crisis of 2008.

“The Palazzo Versace hotel and D1 Tower projects are keeping pace with the overall building of the infrastructure for this master development project.”

In October 2011, Enshaa took 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.

Major shareholders of the developer are Emirates Investments Group, Majid Al Futtaim Group and Abraaj Capital.