SKAI secures $252m in sales for luxury Dubai hotel
SKAI Holdings, the Dubai-based real estate investment company, said on Wednesday it has secured AED927m ($252.4m) worth of sales for its new hotel project in Jumeirah Village Circle.
SKAI Holdings officially launched the AED1.2bn project in June and has already sold all available hotel rooms and serviced apartments in the 60-storey tower, it said in a statement.
The remaining areas such as the food and beverage outlets, meeting rooms, spa and retail will be retained by the developer.
Suites in the SKAI will feature contemporary hotel and hotel apartments for business and leisure travellers to meet the growing demand for Dubai’s upscale hospitality sector and will comprise 234-hotel rooms, 234 one-and-two bedroom apartments and 33 penthouses.
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Features include lush green balcony-gardens and 271 sky-high swimming pools, floating bathtubs, floor to ceiling windows and panoramic views.
Construction on Suites in the SKAI will begin in September with operations due to commence in 2017, the company said, adding that China State Construction Engineering Corporation (Middle East) has been appointed the main contractor.
Kabir Mulchandani, Group CEO of Skai Holdings Limited, said: “Dubai is one of the most exciting markets for hospitality and real estate globally. The city is expecting 20 million visitors by 2020 and this together with its growing population and strong economic outlook will see the sector continue to flourish.
"SKAI Holdings sees a great deal of potential for upscale four-star concepts, which is one of the hospitality industry’s most resilient sectors.
“Suites in the SKAI will cater to the growing number of business and leisure tourists that are looking for value for money as well as comfort and convenience in a luxurious setting. SKAI Holdings’ strategy is to build high quality hotels in several key locations in Dubai that will cater to the growing demand for tourism in the emirate,” he added.
Five-star hotel rooms account for around two thirds (64 percent) of Dubai’s total hotel inventory, significantly above that of other key cities around the world such as London (32 percent) and Singapore (33 percent), according to STR Global.
The 117 one-bedroom hotel apartments will come complete with an outdoor sky garden and jacuzzi while the 117 two-bedroom apartments include an 18 sq ft sky swimming pool.
The hotel will also house 33 state-of-the-art penthouses, boasting 225ft of frontage, the largest of any apartment in town, the company said.
Suites in the SKAI will also include five dining venues hosted by world-class chefs, including an all-day dining concept, a lobby café, pool bar and grill, sports bar and a rooftop Chinese restaurant, it added.
Other amenities include paddle tennis, gymnasium, fitness centre with outdoor yoga terrace and swimming pool, sauna and steam room and boutique spa.
The tower will also include 17,000 sq ft of retail space, a five-level podium car park, meeting facilities, kids club and a putting green.