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A new hospitality project by Dubai developer Skai to be completed by February-March next year.
It is going to be the second project of that kind in Jumeirah Village launched recently by Skai and backed by several financial institutions.
Chinese company China State Construction Engineering Corp. is likely to be a key investor and contractor for the project.
“The connectivity that Jumeirah Village to Dubai South [the new name for Dubai World Central] will have is tremendous. Kabir Mulchandani, Group CEO at Skai said.
“In that context, going upscale at Jumeirah Village is the right thing to do, as I see it. We already own the land for the second project and it will again be built around a high-end hospitality offering.”
On Tuesday last week, Skai confirmed that seven main investors, including Abu Dhabi Islamic Bank, announced its intention to provide USD 300 million for the project.
Meanwhile, another luxury hospitality flagship project by Skai has reached 75% completion. It is a Viceroy Dubai Palm Jumeirah hotel and serviced apartments residential project. This USD 201 million facility will have 477 rooms and 200 serviced apartments and is due for the 2016 second half completion. “We are actually six months ahead of schedule on the Palm — in this business it’s all about on-site management,” said Mulchandani. “There are 4,200 labourers on site — when complete, this is going to be a very high-end property.”
