SKAI Holdings, the Dubai-based real estate investment company, said on Wednesday it has secured AED927m ($252.4m) worth of sales for its new hotel project in Jumeirah Village Circle.
SKAI Holdings officially launched the AED1.2bn project in June and has already sold all available hotel rooms and serviced apartments in the 60-storey tower, it said in a statement. The remaining areas such as the food and beverage outlets, meeting rooms, spa and retail will be retained by the developer.
Suites in the SKAI will feature contemporary hotel and hotel apartments for business and leisure travellers to meet the growing demand for Dubai’s upscale hospitality sector and will comprise 234-hotel rooms, 234 one-and-two bedroom apartments and 33 penthouses.
Features include lush green balcony-gardens and 271 sky-high swimming pools, floating bathtubs, floor to ceiling windows and panoramic views.
Construction on the project will start in September and is expected to be ready in 2017. The rate of growth in sales prices of residential units have slowed to 6% in the second quarter, down from 10% in the first, according to consultancy JLL.
But continued demand from investors meant that contracts worth US$ 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.