Taj Hotels will manage the property of Dubai-based property developer, ETA Star, on the the Palm Jumeirah Crescent island in Dubai.
The project, expected to be completed by 2009, has been named as Taj Exotica Resort & Spa and the Grandeur Residences. ETA will invest $330 million for building the property.
A management contract agreement has been signed between both the parties. Taj will manage the hotel for 10 years after its commissioning in 2009.
Modelled on the archetypal palaces of Rajasthan, the Grandeur Residences will have 200 freehold, fully-furnished one, two and three-bedroom apartments, including ten beach-front villas. The prices range from $520,000 for a one-bedroom apartment to $3.5 million for four-bedroom palatial villa.
"The launch of this prestigious project is in keeping with the group's strategy to expand in the key gateway cities of the world. Our strategic presence in luxury residences through Taj Wellington in Mumbai and 51 Buckingham Gate in London, will now be further enhanced with the Grandeur Residences in Dubai," said Raymond Bickson, managing director & chief executive officer, Indian Hotels Company.
"We will be mainly marketing the property for Indians, and ETA Star will be participating in the Property 2006 exhibition to be held at the Bandra-Kurla Complex grounds from April 6 to 9," said Abid A Junaid, executive director, ETA.
ETA is also planning to participate in property development projects in Indian cities such as Bangalore, Mumbai, Hyderabad and Pune.
"We have already invested about $200 million in property development activities in India. We intend to invest a similar sum in another couple of years. We are developing properties in Mumbai, Bangalore, Pune and Hyderabad. We have entered the pre-qualified bidding stage of the mass rapid transport system under the Hyderabad Metro Project," said Abid.