Dubai-based property developer SKAI Holdings announced that it has completed just over 30 per cent of construction on its $1 billion Viceroy Dubai Palm Jumeirah development.
The project’s investor and main contractor, China State Construction Engineering Corporation (CSCEC ME), has now begun structural works on level 14 of the 16-storey building, SKAI said in a statement.
Work has also started on the fit out and mechanical electrical and plumbing works.
The residential and hospitality project is on track to open as planned in 2016, the company stated.
Located at the base of Palm Jumeirah, the new development will include 477 rooms and suites and 222 signature Viceroy Residences. It will feature dining venues hosted by top chefs, a spa, a beach club, a 100 metre-long pool, children’s clubs, entertainment and sporting activities.
Yu Tao, president and CEO of CSCEC ME said: “This is a landmark project for the China State team in the Middle East. With almost a third of the construction completed on Viceroy Palm Jumeirah we are on schedule to open to guests in 2016.
“Dubai’s tourism and hospitality sector continues to perform well, and with a clear vision and dynamic strategy led by government and fully supported by the private sector, we expect continued and sustainable growth over the mid and long term.”
Nabil Akiki, CEO of Real Estate Development at SKAI Holdings Limited added: “We have worked very closely with China State Construction & Engineering Company and with our operators Viceroy to create a hotel and residence that is both luxurious in its feel and practical in its concept.”
Launched in May last year, the project began construction in December 2013, and secured Dhs737.6 million ($201 million) of financing in January 2014, ensuring the project is fully funded.
The financing agreement was arranged by the Industrial and Commercial Bank of China (ICBC), China’s largest bank, marking its first project financing deal for a hospitality project in the Middle East.