The Dubai-based developer Enshaa has started handing over 169 apartments in the Residences at Palazzo Versace in Dubai Creek to their buyers.
Enshaa built the serviced apartments alongside the new 217-room Palazzo Versace Hotel as part of a US$626 million development.
The apartments range in size from one to five bedrooms and are housed in two buildings.
The developer’s shareholders include Emirates Investments Group, Majid Al Futtaim Group and Abraaj Capital.
A deal to build the Palazzo Versace complex was first agreed between Emirates Investments Group and the Australian developer Sunland Group in 2004.
In 2005, Emirates International Holdings, a unit of Enshaa, acquired the land to begin development in 2006 with a view to completing it by 2008.
However, there were a series of delays, and Enshaa took control of the project in 2011, aiming to complete it by the end of 2013.
In announcing the start of the handover of the apartments, Raza Jafar, Enshaa’s chief executive, expressed his gratitude to customers.
“I am confident that it [the project] will set new standards of luxury living in the region,” he said.
mfahy@thenational.ae
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