Dubai’s SKAI completes 30% of Viceroy Dubai Palm Jumeirah

China State Construction Engineering Corporation
(Middle East) (L.L.C) (CSCEC ME), the project’s main contractor and a key
investor, has now begun structural works on level 14 of the 16-storey building.
Work has also commenced on the fit out and mechanical electrical and plumbing
(MEP) works.

Yu Tao president and CEO of CSCEC ME said: “This is
a landmark project for the China State team in the Middle East. With almost a
third of the construction completed on Viceroy Palm Jumeirah we are on schedule
to open to guests in 2016.”

Viceroy Palm Jumeirah will include 479 spacious
rooms and suites, with 222 signature Viceroy Residences. The beachside property
will host ten restaurants, as well as a gourmet market and bakery. In addition,
the hotel will also have a spa, indoor fitness facilities and three outdoor
swimming pools.

Established in 2011, SKAI Holding’s success with the
Palm Jumeirah development spurred interest in SKAI’s second project in Jumeirah
Village Circle and helped it secure AED927 million ($252.4 million) worth of
sales.

Officially launched in June, the AED1.2 billion
project has already sold all available hotel rooms and serviced apartments in
the 60-storey tower. The remaining areas such as the food and beverage outlets,
meeting rooms, spa and retail will be retained by the developer.

However, Kabir Mulchandani, Group CEO of SKAI
Holdings, told Arabian Business in September he is confident in the potential
for further growth in the hotel and residences market and plans to invest
further over the next six months.

“In the last two years, as a result of the growth
SKAI Holdings has enjoyed, I have been advised to diversify. I have travelled
the globe and compared to Dubai diversifying into another market feels like
di-worse-ifying. We have invested $1.6 billion here and are planning to add at
least $600 million more in the next six months, which is putting our money
where our mouth is,” he said.