Kempinski launches serviced homes in Business Bay

dubai - Prices of units start from below Dh1 million and go up to Dh11.5 million for penthouses

When the CEO of a real estate brokerage acquires a full floor in a tower he is promoting, it speaks volumes about his confidence in the project and the developer's track record.

The person in question is Brian Etemad, CEO of Tamleek Real Estate. The firm is responsible for the sales and marketing of 800 apartments at the newly-launched Kempinski Residences in Business Bay. The project is being developed by Gemstone, the real estate arm of Saudi Arabia's Al Rajhi Holding Group.

For those interested in getting a look and feel of the property, Tamleek has opened show apartments for viewings in The Regal Tower in Business Bay.

This is the second Kempinski-branded residences in Dubai, with the first property located on the Palm Jumeirah.

The project includes studios, or suites as Tamleek executives call them, spanning 650 sq ft and go all the way up to five-bedroom penthouses. The prices start from below Dh100,000 and go up to Dh11.5 million, at Dh2,100 per square foot. The project is slated for completion in 2019.
"The price is bound to appreciate to Dh6,000 per sq ft by then," forecasts Etemad.

Around 90 per cent of the units will offer unobstructed views of the Burj Khalifa. They come fully furnished and facilities include three restaurants, coffee shop, five swimming pools, one of the biggest gyms and spas in Dubai and valet parking.

Touting the investment credentials of the project, the Tamleek CEO says Kempinski Residences will offer a return on investment of nine per cent at the least. Owners can hand over their unit to a rental pool to be operated and managed by Tamleek and Kempinski. This will come at no extra charge.

With the developer being fully funded, Tamleek claims there will be no shortage of funds for construction, with piling already starting on site.

A few units have already been sold. "We don't need to do road shows since Kempinski-branded units sell on their own. We are mainly targeting investors from the GCC, led by Saudi Arabia, India, Pakistan and China. Chinese interest has been very strong, especially from VIPs in China, Macau and Hong Kong. Brexit is also helping us," informs Etemad.

Dismissing reports of a slowdown in Dubai property sales, the Tamleek CEO says the city is now attracting European investors as well. "Demand is growing in Dubai. So, the supply has to catch up. There will be an influx of individuals to Dubai. The city should build more, but only high-quality projects. By the end of the year, everyone who wasn't bullish about Dubai will think twice of doubting its status as a global hub," Etemad concludes.

- deepthi@khaleejtimes.com