Emirates Palace Group Completing Kempinski Hotel Residences Palm Jumeirah

Emirates Palace Group Completing Kempinski Hotel Residences Palm Jumeirah

Vacation News » Vacation & Leisure Real Estate Edition | By Alma Kadragic | March 22, 2010 2:00 PM ET

(DUBAI, UAE) -- Emerald Palace Group recently delivered the 100th unit at Kempinski Hotel Residences Palm Jumeirah and should soon be the first foreign owned developer to complete a residential project at Dubai's iconic series of man-made islands developed by Nakheel.

Work began in 2007 on 244 units, a mix of suites, residences, penthouses, and royal villas.  The final group of residents will receive their keys by April 2010. At a time when some buyers ran away from their commitments, that wasn't the case here.

James Wilson, Managing Director of Emerald Palace Group, said, " 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."

Marwan Al Qamzi, Group Managing Director of Nakheel PJSC, said, "We have sought to create a truly outstanding destination, with more than 70 kilometers 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 to 1,300 square meters, all with terraces or balconies.  Units include two-four bedroom suites and residences, penthouses, including the largest penthouse available in Dubai, and so-called royal villas with private pools and gardens.

Hotel residences come fully furnished with what is said to be the latest in home technology and 24-hour room service, concierge, and housekeeping.  According to Wilson, "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 [$954] to 5,000 Dirhams [$1362] per square foot."

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