The Palazzo Versace hotel in Dubai has cut the price of its apartments by half, but there has been no skimping on the fittings.
A high number of defaults has meant several properties in the Dh2 billion (US$544.4 million) development coming back on to the market at a discount, but all the 169 private homes and 213 hotel rooms will still come with furniture and accessories, right down to the $120 drinking glasses, designed by Versace, the Italian designer.
Eighty per cent of the residences were sold before the financial downturn, with buyers from the UK, Russia and around the region among those who jumped at the offer. But many did not follow through with payments, said Soheil Abedian, the managing director of Emirates Sunland Group, the company behind the project.
"More than 50 per cent of [the apartments sold] have not performed," said Mr Abedian, adding that he was in the process of cancelling about 40 contracts through the Real Estate Regulatory Agency. "When these processes are completed … we are allowed to sell [them]."
Partly because of these financial problems, construction of the luxurious development on Dubai Creek has slowed and it is still about 12 to 14 months away from completion, having started building in 2007. The main structure of the building is almost finished.
When the apartments first came on the market, prices started at Dh17.7m. Now, a two-bedroom apartment in the Versace property can be had for Dh8.5m, Mr Abedian said. The average price is now Dh4,500 per square foot.
Seven apartments in the Palazzo Versace were sold last year.
"The market is there," said Mr Abedian. "The apartments are selling, but still there is a doubt in off-plan products."
The company has switched from property sales to equity and bank loans to finance completion.
"You cannot defy the laws of gravity and you have to adjust with the market," said Chiheb ben Mahmoud, the senior vice president at Jones Lang LaSalle Hotels Middle East and Africa. He said similar properties worldwide had been "adversely affected by negative market conditions".
Mr Mahmoud said it was an established trend among operators in the luxury properties market, including Four Seasons and Ritz-Carlton, to have private residences incorporated into a hotel. The Armani hotel in the Burj Khalifa also uses this model.
The Palazzo Versace hotel is part of the wider Dubai Properties' development, Culture Village, which has been delayed. Mr Abedian said he was confident, however, that Dubai Properties would soon install basic infrastructure, such as electricity and water.
The Dubai hotel is the second Versace property after the launch of Palazzo Versace Gold Coast in Australia in 2000.
The Dubai hotel is expecting to charge rates in line with luxury properties in the emirate such as the Armani hotel and Mina A'Salam.
rbundhun@thenational.ae
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The drill
Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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4.35pm: Tilal Al Khalediah
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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Ferrari
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Brief scores:
Toss: Sindhis, elected to field first
Kerala Knights 103-7 (10 ov)
Parnell 59 not out; Tambe 5-15
Sindhis 104-1 (7.4 ov)
Watson 50 not out, Devcich 49
Super heroes
Iron Man
Reduced risk of dementia
Alcohol consumption could be an issue
Hulk
Cardiac disease, stroke and dementia from high heart rate
Spider-Man
Agility reduces risk of falls
Increased risk of obesity and mental health issues
Black Panther
Vegetarian diet reduces obesity
Unknown risks of potion drinking
Black Widow
Childhood traumas increase risk of mental illnesses
Thor
He's a god
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
