Kempinski Residences at Palm Jumeirah ready for handover

Luxury units at Palm Jumeirah are ready for handover within next month. The Kempinski Residences, developed by Emerald Palace, comprises 260 private residences, townhouses and penthouses, including 20 grand villas set within the hotel’s landscaped grounds.

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.

James Wilson, the managing director of Emerald Palace Group and a former chief executive of Nakheel, said there had been “zero” defaults among customers, whose homes were now valued at between Dh3,500 and Dh5,000 per square foot.

This was partly due to the Kempinski Rental Programme, in which investors who intend to use their properties for only a few weeks a year can rent them through Kempinski for the rest of the year while taking 75 per cent of the profit. Mr Wilson said about 90 per cent of buyers had opted for the rental scheme.

“That’s our success, it’s all end-users. The only type of speculation, and that’s the wrong word to use, is that they get a return on investment”, he said.

The National

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