Dubai Hands Over New Residences
Now that the Kempinski Hotel Residences at Palm Jumeirah in Dubai have been completed, the luxurious homes are being given away to the residents. This adds to the excess of ultra luxurious apartments in this region of the emirates.
Ukrainian property developer, Emerald Palace, based in Dubai, will ensure that all the residential apartments are handed over before the month ends. However, the opening of the 250 room Emerald Palace Kempinski is delayed by 24 months.
From 2007 to 2008, when the real estate industry at Dubai was at its peak, the company managed to sell over 240 units which accounted for a part of the $500 million USD. While innumerable projects hit roadblocks due to recession, Emerald Palace Group’s Managing Director, James Wilson, said that there was no instance of defaulters among their customers.
The Kempinski Rental Program, a great move by the company, can be credited to being of great help. According to this program, if an investor uses his property only for a few weeks each year, he can get into a contract with the company to find tenants for his property when it is not in use. While Kempinski will get 25% of the total cost, the remaining 75% would go to the investors. This helped in keeping the number of defaulters to a minimum. Mr. Wilson mentioned that over 90% of the investors who bought their property opted for this program.
As per Mr. Wilson, the hotel was ready and the fit outs will start once the handing over process is complete.
