|Construction work on the Balqis Residence project, phase 1 of the Kingdom of Sheba resort on the Palm Jumeirah in Dubai, reported 80% completion progress, seven years after it was first introduced to the market. |
The project was put on hold during the global financial crisis of 2008, but the developer, IFA Hotels and Resorts, re-launched the project last year in light of improved market conditions.
Project completion is due by the end of 2015, and it now features four villas, one penthouse, three apartments and 12 suites. Handover is expected by early next year.
The villas range between $5.45m and $8.7m (AED20m-32m), while the unfurnished apartments are priced between $1.03m and $1.9m (AED3.8m-7m). Furnished apartments start from $408,368 (AED1.5m), and the penthouse is subject to offer.
“Internal fit-out is well advanced in most areas of the building, and we have around 1,000 people working on the completion of the residential buildings," Khaled Saeed Esbaitah, CEO (Middle East) for IFA Hotels and Resorts told Construction Week.
"The site should see significant aesthetical differences in the third quarter of 2015 as landscaping and planting work takes place. Phase 2 and 3 of the project are in the review stages and will be announced at a later stage," Esbaitah added.