The real estate market in Dubai may be still be in bumpy territory, but for the super-rich, the recession probably regarded as an unfortunate event that happened to someone else. Earlier this month, Arabian Business revealed that apartment sellers in the Burj Khalifa Armani Residences have listed a number of two-bedroom units with asking prices of AED30m ($8.1m) each.
Tameer Holding Investment on Sunday said the world's tallest residential tower will be completed in December. The property developer said its Princess Tower project in Dubai was on schedule and the superstructure of the project was now complete. The tower will rise to 414m (1,358ft) and will be second only in height to the Burj Khalifa.
Missoni Kuwait is the latest in a growing list of Gulf hotels designed by top Italian fashion labels. The first Armani hotel opened in Dubai in 2010 and will be followed by the launch of the Palazzo Versace hotel later this year. Elisabetta Gucci, the great-granddaughter of the founder of the fashion label, last year said Dubai would be the setting for the first of up to 40 Gucci branded hotels.
Apartment sellers in the Armani Residences have listed a number of two bed room units for AED30m ($8.1m) each. Several units were put on sale in the past week, and the prices equate to AED13,500 ($3675) per square foot – nearly 20% higher than during the peak of the property boom in Dubai.
Armani-branded residences in the Burj Khalifa are comparatively holding their sale value, despite other apartments in the world’s tallest tower seeing price declines of more than 70 percent, real estate brokers have said. Average sale prices for the tower’s 144 luxury Armani Residences are valued at AED4-5,000 per square foot; at their minimum, almost double the AED2,800 per sq ft commanded by the remainder of the skyscraper’s 900 apartments, said Catherine Clarke, head of residential valuations at real estate consultancy firm Colliers International.
Italian design house Armani Group has denied it is planning to open a third branded hotel in Russia, under a joint venture deal with Dubai’s Emaar Properties. The design company, which launched its first branded hotel in Dubai’s Burj Khalifa in April last year, spoke out after press reports claimed it had signed a $150m deal to open a property in the Russian resort of Stavropol.
Emaar Properties said on Saturday it had set up a new team of senior managers and consultants to develop a five-year action plan. The Dubai-based developer of the Burj Khalifa, the world's tallest tower, said the team would "develop and roll-out a five-year corporate strategic action plan for long-term value creation".
The much-anticipated Armani Hotel Dubai will miss its scheduled opening date for a second time, Arabian Business has learned. The luxury hotel, housed in Dubai’s Burj Khalifa, was scheduled to open on March 18 but the launch ceremony has now been pushed back to April 22, a source confirmed.
In terms of acquisitions, Sweid said these might be "further down the line now that we're consolidating all the business that we have". In terms of its work on the Burj Khalifa, Sweid said the full value of the contract had been paid in full and on time by Emaar, although the firm was pursuing a claim against Samsung, the primary contractor on the tower, as work took longer than expected.
Last month's gala launch of the Burj Khalifa in Downtown Dubai was a fitting tribute to the skill and professionalism of the assembled event production specialists, lead by Dubai-based outfit Prisme International and French fireworks contractor Groupe F. While it's hard not to imagine the scale of the launch event had the 828 metre tower opened at the height of Dubai's boom years (think Atlantis times 10), the fireworks presentation itself differed little to initial designs drawn up by Groupe F's artistic director and CEO Christophe Berthonneau more than two years ago.