470 hotel rooms and 219 residential apartments and villas sold so far
RELATED ARTICLES: CSCECME announces $1bn investment into SKAI’s Viceroy project | Nakheel awards $28mn construction contract to UEC | Nakheel floats tender for mall and hotel complex Dubai-based real estate investment firm SKAI Holdings has secured sales worth $653.4 million since the launch of its $999.2 million Viceroy Dubai Palm Jumeirah project, it has announced. SKAI Holdings officially launched the project with hotel operator Viceroy Hotels and Resorts in May, and has sold 470 hotel rooms and apartments and 219 residential apartments and villas so far. These account for 98% of the total available units, with remaining areas such as the food and beverage outlets, meeting rooms, banquet hall and the spa to be retained by the developer. Work on the development is currently underway with 100% of the shoring excavation work complete and and the piling and foundation works set to start this month, said the release. The resort has a unique investor model that allows buyers to purchase hotel rooms, which are then leased back in exchange for 40% of the room revenue, and current market conditions estimate investors will earn an annual return rate of 12%. “Investors have been extremely keen to purchase property in this exciting new project, which we believe will become one of the region’s most sought-after resorts. Buyers have been particularly interested in purchasing the hotel rooms, which is a unique business model here in the UAE,” said Kabir Mulchandani, CEO of SKAI Holdings. “Dubai has always been a safe haven for regional investment but in light of the recent political unrest in the region, the emirate has seen a rise in the number of investors looking to purchase property,” he added. In June, SKAI Holdings announced that its main contractor, China State Construction Engineering Corporation (Middle East) (LLC) (CSCECME), would invest in the project, forming a special purpose vehicle, ASSAS, together with SKAI Holdings. Situated at the base of The Palm Jumeirah archipelago, the Viceroy Dubai Palm Jumeirah will offer its investors and guests 481 large rooms and suites and 221 signature Viceroy Residences, and is located 15 minutes from the city’s downtown centre around tourist and business attractions such as the Dubai Marina and Dubai Media City.