The AED2.3 billion ($626 million) Palazzo Versace Dubai project is well under way, although plans for a refrigerated beach have been cancelled due to concerns about environmental effects. The developer for the project, Emirates Sunland group, said 80% of the units were sold before the global financial crisis. Managing Director Soheil Abedian said financing has already been secured through a syndicate of banks
Palazzo Versace Dubai, which overlooks the waters of Dubai Creek, has 169 private residences starting at AED17.7 million, 217 hotel suites, and is fitted out with furniture designed by Versace. It is the second Versace hotel – the first was launched in Australia in 2000. Abedian said sales of the units had slowed a bit, and they have been more lenient about receiving payments during the financial crisis. He said “We are looking at them on a case by case basis.”
