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.