UAE-based property developer ETA Star has begun selling apartments from its luxury hotel and residential complex located at Palm Jumeirah Crescent in Dubai. The $330-million high-end property is under a 10-year management contract with the Taj Group.
The hotel would be a Taj Exotica and Spa; the apartments will be called The Grandeur Residences. When completed in the first quarter of 2009, the luxury hotel would be the first to open on the artificial island, at times called the eighth wonder of the world.
"We are aiming to be the best luxury hotel in Dubai," said Mr Raymond Bickson, Managing Director, Indian Hotels Company Ltd, at a press briefing here today.
While the complex is set for commissioning only by 2009, Mr Bickson said that at current rates, the luxury rooms at the 5-star hotel should retail at no less than $300-$500.
The Jiva Spa proposed alongside would be the biggest in West Asia.
The 200 freehold luxury apartments, ranging from one-bedroom to beachfront villas, have sale prices spanning $520,000 to $3.5 million. Since the middle of last month, close to 50 apartments have found interested takers.
The Taj Exotica and Spa, located in the same complex, would service the residences as well.
The whole property would be owned and developed by ETA Star. For Grandeur Residences, the developer has a variety of options, including outright sale with furnishing and outright sale with lease back to ETA Star for a minimum of five years, making the property an investment option.
According to Mr Abid A. Junaid, Executive Director, ETA Star, the company plans to invest over $200 million in India for property development in the year ahead. It has already spent $100-200 million.
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