Kempinski Residences Palm Jumeirah
Encyclopedia
The Kempinski Residences, Palm Jumeirah
are the first residences to open on the crescent of Palm Jumeirah in Dubai
. The project was originally due to open in 2009, however has been delayed due to the economic down turn. The property originally began construction in 2006 and since then has rumoured to have sold at the highest prices in Dubai
The operating company of the Residences is Kempinski Hotels of Germany. It will be the 3rd property of Kempinski in the United Arab Emirates
, however it will be the first property on the beach in Dubai
.
The 202 properties sold to date included 190 residences sold at an average price of $2.3 million, with penthouse apartments selling for an average of $6 million and the royal villas reaching an average of $10 million
In March 2010 it was claimed that Luxury Palm homes project saw 'zero defaults' in their development, which was sold pre-crisis and continued development during the recession. More than 240 residential units were sold as part of the US$500 million (Dh1.83 billion) project at the peak of Dubai’s property boom between 2007 and 2008, when a beach-front villa on Nakheel’s Palm Jumeirah could fetch about Dh16m.
Palm Jumeirah
The Palm Jumeirah is an artificial archipelago created using land reclamation by Nakheel, a company owned by the Dubai government in United Arab Emirates. It is one of three islands called the Palm Islands which extend into the Persian Gulf, increasing Dubai’s shoreline by a total of...
are the first residences to open on the crescent of Palm Jumeirah in Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
. The project was originally due to open in 2009, however has been delayed due to the economic down turn. The property originally began construction in 2006 and since then has rumoured to have sold at the highest prices in Dubai
The operating company of the Residences is Kempinski Hotels of Germany. It will be the 3rd property of Kempinski in the United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
, however it will be the first property on the beach in Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
.
The 202 properties sold to date included 190 residences sold at an average price of $2.3 million, with penthouse apartments selling for an average of $6 million and the royal villas reaching an average of $10 million
"The Residences have been one of the most successful projects in the UAE, with the some of the highest prices achieved for property on Palm Jumeirah"
In March 2010 it was claimed that Luxury Palm homes project saw 'zero defaults' in their development, which was sold pre-crisis and continued development during the recession. More than 240 residential units were sold as part of the US$500 million (Dh1.83 billion) project at the peak of Dubai’s property boom between 2007 and 2008, when a beach-front villa on Nakheel’s Palm Jumeirah could fetch about Dh16m.
Delay
Ulrich Eckhardt, Vice President of Kempinski announced the delay of the Hotel until 2012, stating he wanted to restrategise after the completion of Atlantis.See also
- Palm JumeirahPalm JumeirahThe Palm Jumeirah is an artificial archipelago created using land reclamation by Nakheel, a company owned by the Dubai government in United Arab Emirates. It is one of three islands called the Palm Islands which extend into the Persian Gulf, increasing Dubai’s shoreline by a total of...
- Nakheel
- List of development projects in Dubai
- KempinskiKempinskiKempinski Hotels S.A. is a luxury hotel group. Kempinski Hotels, the trading name for Kempinski Hotels S.A., is an independent Swiss delisted S.A., which is involved in a number of luxury hotel and hospitality related businesses, including conference, catering and hotel supplies.Kempinski Hotels...