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Palazzo Versace Resort - latest project at Culture Village
- May 27, 2006, 4:01 pm
Dubai Properties, a member of Dubai Holding, has signed an agreement with Emirates Sunland Group (ESG) to develop the AED 2.56 billion Palazzo Versace Resort located at the Culture Village.
The signing ceremony took place in the presence of Hashim Al Dabal, CEO, Dubai Properties, Soheil Abedain, Joint Managing Director, ESG, and Raza Jafar, Managing Director, Emirates International Holdings (EIH).
The 215-suite Palazzo Versace Resort will be developed on 130,000 square meters of prime land in the Culture Village along Dubai Creek, being developed by Dubai Properties.
Hashim Al Dabal, CEO, Dubai Property said: ‘Dubai Properties’ partnership with ESG is in line with our long-term strategy to develop a diversified portfolio of world-class real estate projects that focus on unique value creation. Culture Village represents a fusion of traditional and contemporary concepts, and Palazzo Versace’s trademark of art and glamour reflect those essentials, while complementing the dynamics of the local environment. It is an ambitious collaboration, but one that is backed by the enthusiasm and passion of two partners with a like-minded commitment to innovation and excellence,’ Al Dabal added.
Conceptualized by the Versace Group and ESG, Palazzo Versace Dubai will include 220 condominiums, restaurants, a spa and 204 luxury villas that will be furnished with an exclusive line of products from the Versace Home Collection. A highlight of the project is an artificial temperature-controlled beach to attract the elite leisure traveller.
Soheil Abedain, Joint Managing Director, ESG said: ‘Palazzo Versace is the evolution of the Versace lifestyle where the expression of the mason’s heritage, design and furnishing flair is translated through every detail of the hotel and condominiums. Combined with Italian architecture, contemporary style and craftsmanship, the concept represents a unique offering to the discerning client.’
The Emirates Sunland Group is a 50:50 joint venture between UAE-based investors Emirates International Holdings and Australian developers,theSunlandGroup.
Raza Jafar, Managing Director, ESG said: ‘The Emirates Sunland Group has been created as a joint venture company to target the regional and international hospitality industry. With the Palazzo Versace Dubai, we shall be offering the ultimate experience in resort vacationing to the sophisticated traveller.’
The Palazzo Versace hotel and condominium resort property in Dubai will be offered to select investors on a freehold basis.
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