Park Lane consists of office space and a hotel / hotel serviced apartments to be managed by Park Regis (a member of the Stay Well Group). Building structure is ready and internal works ongoing. Hotel expected to be in operation Q2 of 2017.
Overview & Breakdown
Park Lane was originally launched by KM Properties in 2007; however, the project was put on hold following the 2008 financial crisis. The project was revived in 2013 / 2014 through the Dubai Land Department Tanmia Initiative. The building's construction (as of Jan 2016) is in an advanced stage and completion is scheduled for Q1 or Q2 2016.
- Floors 1 - 22 are office space. Executive Office space is available on the 31st and 32nd floor.
- Hotel apartments are from the 23rd - 30th floor
- There are a total of 234 hotel apartments, studios and 1 bedrooms only.
- Park Regis, a member of Staywell Hospitality has been appointed as the hotel operator.
- Each floor in the hotel component consists of 26 units (24 studios and 2 one bedrooms). The studios range in size from 304 - 507 sq. ft. while the 1 bedrooms have built up areas of 763 sq. ft.
Are there any financing provisions?
The developer is offering a very flexible payment-plan. Till completion 30% of the purchase price is due. 30% is payable on completion and then 40% is payable over 2 years following handover. However, upon completion, the owner of the unit can approach any bank in Dubai to obtain a finance.
Can I rent my unit out myself?
You have to sign a management agreement. 10% rental return is guaranteed for the first 2 years.
After the first 2 years, all units will be in a rental pool meaning that revenues will be shared based on the size of the units; distribution by management company will be done on a per sq. ft. basis.
Benefits for owners
- 14 nights free stay annually
- 1st year recreational membership free
- No services charges
- No maintenance fees
- 15% discount on F&B outlets (even if you're not staying at the hotel)
10% on booking
50% on signing of SPA
Remaining 40% payable after hotel is operational (expected Q3 of 2016)
5% after 3 months of completion
5% after 6 months of completion
5% after 9 months of completion
5% after 12 months of completion
5% after 15 months of completion
5% after 18 months of completion
5% after 21 months of completion
5% after 24 months of completion
Dubai Land Classification Details:
Land Number: 88
Project Number: 20
RERA Permit No : 15128
Brokerage Firm: Taktical Realty Group LLC