CSCEC Middle East (L.L.C) Awarded Viceroy Hotel Project
CSCEC Middle East (L.L.C) has been officially awarded the Main Contract Package of the Viceroy Hotel Project located on Palm Jumeirah by ZAYA Real Estate Development. After a half year negotiation, CSCEC Middle East (L.L.C) and Skai Holding Ltd (the major investor of this project) mutually signed the Shareholders Agreement to form the Special Purpose Vehicle “Assas Investments Ltd”, and started to develop the unique luxury hotel jointly.
The Viceroy Hotel project is located at the centre pathway of the Palm Jumeirah with a site area of 28,400 square meters. The mixed-use development, includes a five-star Luxury hotel “Viceroy” with 481 guest rooms and suites, 2 hotel apartments with 211 residential units and 10 villas with the total BUA of 173,965 square meters. The project is planned to be constructed in 36 months. The anticipated construction completion is in the middle of 2016 while the Hotel is scheduled to be in full operation by the end of 2016.
The market response is overwhelmingly positive since its initial announcement of the project, and all the apartments and 90% of the hotel rooms have been sold out. With the involvement of CSCEC Middle East (L.L.C) in the investment, the unique development also attracted the interests from a number of Chinese financial institutes to provide the project financing.
The implementation of the Viceroy Hotel project is the first investment in a development project in the Middle East and marks a significant milestone in our growth in the region. It is a major breakthrough for CSCE to diversify our business from general contracting into an alternative business model. The U.A.E Real Estate market has also become the fourth overseas market in which CSCEC has invested on properties investment, after that of US, UK and Singapore.
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