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Mon 7 Sep 2015 03:38 PM

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Dubai’s SKAI plans third $272m hotel project near Expo2020 site

Palm Jumeirah developer is looking at concepts for the new project in Jumeirah Village Circle

Dubai’s SKAI plans third $272m hotel project near Expo2020 site
Kabir Mulchandani, Group CEO of SKAI Holding.

Dubai real estate firm SKAI Holding is currently in the initial planning stages for its third hospitality project in the city, it’s CEO and co-founder has confirmed.

“We have two or three concepts so I can’t comment [whether we've] decided on one or the other and the costs. It will be hospitality,” Kabir Mulchandani, Group CEO of SKAI Holding said in an interview with Arabian Business.

The project is reportedly set to be valued at around AED1bn ($272 million) and located in Jumeirah Village Circle (JVC), close to the Expo2020 site.

This month, SKAI secured $300 million in new funding from a range of local and international lenders, including some of the biggest banks in the world, in order to fund development of the new project.

The syndicated finance package will be a dual Islamic and conventional facility and is backed by seven financial institutions, including Abu Dhabi Islamic Bank, Invest Bank and Arab African International Bank and four Chinese banks.

The Asian lenders will include Industrial and Commercial Bank of China, the world’s largest lender by assets and market capitalisation, Agricultural Bank of China, Bank of China and China Minsheng Banking Corp, China’s largest privately-owned bank.

“This transaction received AED2.2 billion ($585 million) in subscriptions, representing an overwhelming interest from some of the world’s foremost financial institutions. The syndication also demonstrates a firm commitment to Dubai’s growing hospitality sector,” Mulchandani added.

SKAI already a project in JVC, the $345 million Viceroy Dubai Jumeirah Village, and in April is announced the hotel development would be upgraded to a five-star luxury property.

Construction on the 60-storey tower is already underway with the hotel scheduled for operation in 2018.

It will feature 247-hotel rooms and suites as well as 221 one-and-two bedroom apartments and 33 four-bedroom apartments with private pools.

SKAI’s flagship project is the Viceroy Dubai Palm Jumeirah, which is 75 percent complete and six months ahead of schedule. The 17-storey hotel and residential project is set to open in December 2016, will offer guests 477 spacious rooms and suites and 222 signature Viceroy Residences.

For the full interview with Kabir Mulchandani click here.

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