A real estate investment company in Dubai has sold off all its units off-plan at its four-star hotel in Jumeirah Village Circle.
SKAI Holdings reported sales worth Dh927 million for its Dh1.2 billion Suites in the SKAI. It has 234 hotel rooms, 234 one- and two-bedroom serviced apartments, and 33 penthouses in the 60-storey tower.
Construction on the project will start in September and is expected to be ready in 2017. The one-bedroom apartments start at Dh2.03 million, while the two-bedroom ones are going for Dh3.46 million. The four-bedroom penthouses start at Dh7.67 million.
The rate of growth in sales prices of residential units have slowed in Dubai to six per cent in the second quarter, down from 10 per cent in the first, according to consultancy JLL.
But continued demand from investors meant that contracts worth US$ 5.4 billion have been awarded in the first six months.
“Certain developments located near hospitality demand generators may have interest from off-plan purchasers, because they offer a different investment risk and return,” said Gaurav Shivpuri, the head of capital markets for the Middle East and North Africa region at JLL.
Unlike the pre-crisis years, the investors are also better protected this time.
Dubai’s Real Estate Regulatory Agency requires developers to have paid fully for the land and have 20 per cent of construction costs in an escrow account before off-plan sales begin. It also does not allow developers to take profits out of the project that limits the risk of development default if the off-plan sales do not occur at the anticipated speed, Mr Shivpuri said.
At the end of June, the current supply of residential units in Dubai were 372,000 units. The second half of the year has a pipeline of 15,000 units while 17,000 units are in line for next year.
SKAI Holdings, which launched the project in June, would own the five food and beverage outlets, meeting rooms, spa and 17,000 square feet retail space in the development.
Aimed at travelers, the units at the project will feature over half a million square feet of indoor vegetation to maintain the temperatures, green balcony gardens, and 271 swimming pools.
The main contractor for the project is China State Construction Engineering, while Atkins is the lead consultant and architect. Tokyo-based Nao Taniyama and Associates will design the interiors and Australia’s Topo Design Studio will do the landscaping.
“SKAI Holdings sees a great deal of potential for upscale four-star concepts, which is one of the hospitality industry’s most resilient sectors,” said Kabir Mulchandani, the group chief executive of Skai Holdings, in a statement.
Its 117 one-bedroom hotel apartments will come with an outdoor sky garden while the 117 two-bedroom apartments will include an 18-square-foot swimming pool and floor-to-ceiling windows with cascading water.
ssahoo@thenational.ae
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
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UAE currency: the story behind the money in your pockets
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
Mrs%20Chatterjee%20Vs%20Norway
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'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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Killing of Qassem Suleimani
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Mohammed bin Zayed Majlis
COMPANY%20PROFILE
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8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
Inside%20Out%202
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COMPANY%20PROFILE
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MATCH INFO
Al Jazira 3 (O Abdulrahman 43', Kenno 82', Mabkhout 90 4')
Al Ain 1 (Laba 39')
Red cards: Bandar Al Ahbabi (Al Ain)
IF YOU GO
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info
Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.
'Moonshot'
Director: Chris Winterbauer
Stars: Lana Condor and Cole Sprouse
Rating: 3/5
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
COMPANY%20PROFILE%20
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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