SKAI Holdings, the Dubai-based real estate investment firm, is set to start the main structural work on its AED3.67bn ($1bn) Viceroy Dubai Palm Jumeirah project, the firm said on Tuesday.
The luxury residential and hospitality project, which has received a positive response from investors since its official launch in May with all available inventory now sold, is on target for completion by 2016.
Kabir Mulchandani, CEO of SKAI Holdings, said: “Today marks a key development in the construction of the Viceroy Dubai Palm Jumeirah.
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"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.”
Yu Tao, president and CEO of China State Construction Engineering Corporation (Middle East), 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."
Viceroy Dubai Palm Jumeirah will offer its investors and guests 479 large rooms and suites and 222 signature Viceroy Residences with views of the Arabian Sea.
The resort has a unique investor model that enables buyers to purchase hotel rooms, which are then leased back in exchange for 40 percent of the room revenue. Based on current market conditions, investors’ annual rate of return is estimated at 12 percent.
The hotel will also include 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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