Coral International, Cape Town Strikes First Fractional Deal in Middle East
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Coral International, Cape Town Strikes First Fractional Deal in Middle East
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Category: Middle East - Industry economy
- Hotel projects
This is a press release selected by our editorial committee and published online for free on 2008-05-14
Vacation ownerships are becoming increasing popular in the Middle East. H.E. Sheikh Faisal bin Sultan Al Qassimi set a trend of sorts by becoming the first buyer from the region to clinch a deal for a top-end fractional at Coral International, Cape Town.
Making the significant announcement Hamza Farooqui, CEO, Cii Holdings, said, ‘We are extremely honoured to have H.E. Sheikh Faisal bin Sultan Al Qassimi as our first owner from the Middle East. Only a privileged few will be able to own the ultra-luxurious fractionals. Our idea is to develop an exclusive vacation club from the Middle East comprising of Royalty, top-notch business men and dignitaries.’
Coral International, Cape Town is a gorgeous 5-star located in the heart of the magical city, 20 minutes drive from Cape Town International Airport. The hotel’s signature address makes it perfect for business and leisure.
‘Vacation ownership (VO) is a major engine of growth for many of the world’s biggest hotel groups. In fact, it is one of the hottest trends to hit luxury hotels worldwide. It’s a sector that is growing rapidly and has been extremely resilient to the market moods. We are offering 15 plush suites as fractionals at Coral International, Cape Town.’
The unique “fractionals” come with an exclusive ownership programme, providing exceptional services and amenities that sophisticated consumers expect. There are seven typical floors and each floor has a suite. The remaining suites are located at the Penthouse level.
Outlining some of key advantages Hamza said, ‘Cape Town has recently emerged as a favoured holiday destination. Earlier last month, Emirates Airlines launched its flight from Dubai to Cape Town bringing it closer to the Gulf. In terms of the prices, the suites are extremely attractive. Buyers have to put only 20 % down payment. The rest can be paid on completion. Owners will get a title deed along with a deeded fractional interest in the property that can be resold.
The prices for the units range from USD 610,000 to USD 750,000. Construction of the project commenced in mid 2007. Michel Noblet, Managing Director, HMH – Hospitality Management Holdings, said, ‘The hotel will be ready by the end of 2009 – just in time for the FIFA World Cup starting in June 2010.’
Dramatically located at the foot of Table Mountain, Cape Town, is considered one of the world’s most beautiful cities. Vibrant night life, spectacular sights and amazing outdoors make it a dream destination. It is a city that never sleeps with beaches to rival Sydney and a climate to match the Mediterranean.
Hamza stressed, ‘The ideal hotel to experience its treasures is the magnificent Coral International, Cape Town. Imaginative mix of oriental design elements with contemporary comforts gives the hotel a unique look and feel. We invite you to be our partner in this extraordinary project.’
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