Gulf investors targeted in $1.2bn cruise ship sale

LUXURY SHIP: An artist's impression of the Magellan and its retractable marina.

Gulf-based investors are being targeted to take a stake in one of the most luxurious and largest residential cruise ships in the world.

Residential Cruise Line, the operator of the $1.2 billion Magellan, is holding an exclusive sales event in the emirate in December to tempt takers for 210 residential units on the ship.

Magellan will be constructed in France and is expected to be ready by 2011. The ship will dock in more than 300 ports in 150 countries, company bosses said.

As on other residential ships, passengers will own their cabins outright and can hop on-and-off as they like. Residential also is selling time-shares on the vessels.

The least expensive residences on the ship are two 624-square-foot cabins that come with a single bedroom and bathroom and cost $2.82 million. But prices quickly jump to more than $4 million for the smallest two-bedroom condominiums (1,130 square feet).

The ship's most luxurious digs, two $18 million Portofino penthouses, come with four bedrooms, five bathrooms and measure in at more than 4,300 square feet.

Randall B. Jackson, CEO, Residential Cruise Line, said: “The $1.2 billion Magellan features world-class amenities, such as a tennis court, retractable marina, putting green, four fine dining restaurant, an observatory, all-weather heliport, Aqua Spa, gourmet marketplace, live satellite broadcast theatre, Broadway-style theatre, two pools and more. The residential units all feature premium finishes and spectacular ocean views.”

Magellan, once operational will be staffed with a 500 multi-national hospitality crew and will be managed by a leading five Star hospitality management company, in order to provide the upmost luxurious services for its residents.

Khalid Miftah, director of development in Dubai Maritime City, added: “It is a great opportunity to have this unique project in Dubai, the world’s most vibrant city. It’s truly an extension of Dubai’s vision.

"From the global exposure, this project is expected to bring many business opportunities along with it, and will help position Dubai as a significant maritime hub in the region and globally.”

Magellan was designed by the internationally acclaimed Norwegian firm, Petter Yran and Bjørn Storbraaten.

It will be built by Aker Yards, France, one of the largest and most renowned shipbuilders in the world.

The 15-decker luxury liner once completed will be 860 feet long and 106 feet wide and will weigh 76,000 tones. It will have 210 private residences, including 16 ultra luxurious penthouses.

An invitation only sales launch is to be held in Burj Al Arab on December 15 and is due to be attended by prominent figures from the Middle East and worldwide.

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