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.