Luxury Palm homes project sees 'zero defaults'

Kempinski Hotel Residences chief says handover of all 244 units expected by April.
Luxury Palm homes project sees 'zero defaults'
SALES SUCCESS: Emerald Palace Group said on Wednesday that it had seen zero defaults in its Kempinski Hotel Residences project.
By Andy Sambidge
Wed 17 Mar 2010 10:55 AM

Emerald Palace Group said on Wednesday that none of its customers had defaulted on payments for units at its Kempinski Hotel Residences Palm Jumeirah project in Dubai.

Company chiefs said the zero defaults were a "reflection of our customers' confidence in the project, in Palm Jumeirah and in the long term potential of Dubai".

The comments came as the company delivered its 100th unit to owners of the luxury development, on which work began in 2007, consists of 244 units, including a mix of high-end suites, residences, penthouses and royal villas and a 500-metre private beach.

Handovers to customers began in January and are expected to be completed by April, the company added in a statement.

James Wilson, managing director of Emerald Palace Group, said: "We have forged ahead towards completion of our project, with an unwavering focus on quality. 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."

He also said that the project had seen "very few" units being sold on by the original investor.

Marwan Al Qamzi, group managing director of Nakheel, the Palm Jumeirah master developer, added: "We are delighted to see the progress made by Emerald Palace Group, as the first foreign-owned developer to start delivering residences on Palm Jumeirah."

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