By Gus Lubin and Leah Goldman www.businessinsider.com
UPDATE: The Palazzo submits this statement:
Emirates Sunland, the developer of Palazzo Versace Dubai would like to advise that the article that appeared in Arabian Business and the subsequent article in Business Insider, contains information that is factually incorrect, misleading, unauthorised and damaging to the project, and its related parties. Palazzo Versace Dubai is now 80% complete. Construction is continuing and has at no point stopped.
As is the nature of the construction industry amendments have been made to the proposed build schedule however, no funding for Palazzo Versace Dubai has been blocked, and the finance syndicate continues to support the project’s delivery.
The article quotes Ms Shapedko, on behalf of Better Homes, as follows “Based on our available information, the Palazzo Versace is heavily behind schedule… What we hear is that project funding is blocked [and] completion dates have been postponed,” Emirates Sunland has afforded Better Homes the opportunity to retract the inaccurate statement provided by Ms Shapedko, and is considering the legal implications and redress available under local UAE laws.
EARLIER: Recently we heard that Palazzo Versace Dubai would open in October, after two years of delays. It sounded for a moment like the Dubai dream was back.
Not so fast.
A local realtor warns that “the Palazzo Versace is heavily behind schedule… What we hear is that project funding is blocked [and] completion dates have been postponed,” according to Arabian Business.
Meanwhile there’s no sign of a recovery in the real estate market, where 40% of homes are vacant, or the stock market, which sits near seven-year lows.
Developer Emirates Sunland Group hasn’t responded to these claims. At least the hotel looks good in these publicity shots.