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Off-plan units at Suites hotel sold out

07.08.2014
Off-plan units at Suites hotel sold out
All units at the Suites in SKAI, located at Jumeirah Village Circle, have been sold out. The four-star hotel boasts one- and two-bedroom serviced apartments as well as four-bedroom penthouses. A real estate company has reported sales of AED927 million in its units off-plan at its four-star hotel in Jumeirah Village Circle, The National newspaper reported.
SKAI Holdings has seen units sold out for its AED1.2 billion Suites in the Skai, consisting of 234 hotel rooms, 234 one- and two-bedroom serviced apartments and 33 penthouses in the 60-storey tower.
Construction on the project will start in September and is expected to be ready in 2017. The one-bedroom apartments start at AED2.03 million, while the two-bedroom ones are going for AED3.46 million. The four-bedroom penthouses start at AED7.67 million.
The rate of growth in sales prices of residential units have slowed in Dubai to 6% in the second quarter, down from 10% in the first, according to consultancy JLL. But continued demand from investors meant that contracts worth US$ 5.4 billion have been awarded in the first six months.
“Certain developments located near hospitality demand generators may have interest from off-plan purchasers, because they offer a different investment risk and return,” said Gaurav Shivpuri, the head of capital markets for the Middle East and North Africa region at JLL.

Latest Availability
RENT
125,000 / year
Ref.No: OF1209
Office
1,655 ft2
76 AED/ft2
RENT
58,500 / year
Ref.No: OF662
Office
1,300 ft2
45 AED/ft2
SALE
6,800,000
Ref.No: AP1113
3BR Apt
3,003 ft2
2,264 AED/ft2
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management