Emerald Palace Group, the residential and tourism project developer, today passed the milestone of 100 units delivered to owners at its Kempinski Hotel Residences Palm Jumeirah project in Dubai.
The project, on which work began in 2007, consists of 244 units, including a mix of high-end suites, residences, penthouses and royal villas. Handovers to customers began in January and are expected to be completed by April 2010.
This means Emerald Palace Group will be the first foreign-owned development company to complete a residential project on Palm Jumeirah.
James Wilson, managing director of Emerald Palace Group, said:
"We have forged ahead towards completion of our project, with an unwavering focus on quality. The results are clear to see and the customers who have received their hotel residences so far have been absolutely delighted.
"Through the life of the project, we have had zero defaults, a reflection of our customers' confidence in the project, in Palm Jumeirah and in the long term potential of Dubai. As we hand over the residences, we are seeing that confidence being realised.
“The Palm Jumeirah is fast-becoming one of the leading resort destinations in the Middle East, with Atlantis open and other hotels nearing completion. Our customers are delighted with the location, in the heart of a world-class destination. Credit goes to Nakheel for delivering that destination.”
Marwan Al Qamzi, Group Managing Director of Nakheel PJSC, said:
"We are delighted to see the progress made by Emerald Palace Group, as the first foreign-owned developer to start delivering residences on Palm Jumeirah.
"The company was one of the first to recognise and appreciate the vision for Palm Jumeirah. We have sought to create a truly outstanding destination, with more than 70 kilometres of pristine new beaches, fantastic resorts and outstanding homes.
“Emerald Palace Group is playing an important role in helping us to deliver that vision."
The Kempinski Palm Jumeirah Residences range in size from 165 square metres to 1,300 square metres, all including spacious terraces or balconies. The developments consists of a mix of 2-, 3- or 4-bedroom suites and residences, a selection of stunning penthouses, including the largest penthouse available in Dubai, and townhouse-style royal villas with their own private pools and gardens.
All hotel residences come fully furnished and offer the latest in home technology. Residence owners can access 24-hour room service, concierge and housekeeping services.
Community facilities include a fitness suite and day spa, temperature controlled swimming pools, beautiful and spacious landscaped gardens and a 500-metre private beach. There will be a variety of restaurants and retail outlets serving the Residences.
James Wilson added:
"Our customer base represents sophisticated investors from around the world. We have spared no expense in ensuring we deliver the absolutely highest quality product on the market.
“This has been a major factor behind the very few units being resold at Kempinski Palm Jumeirah Residences. Owners see the long term return that will be delivered from this project. Even in the current short term real estate environment, our values remain in the order of 3,500 Dirhams to 5,000 Dirhams per square foot.”
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