UAE developer World of Wonders Real Estate Development (Wow Red) has announced the launch of its novel initiative for investors that will offer them fractional ownership in SLS Dubai Hotel & Residences, a Class A real estate property in Burj Khalifa district, in Dubai.
For the first time in the UAE, fractional ownership is being offered along with guaranteed tax-free net returns of 7% annually for 10 years as well as individual ownership certificates, stated the developer.
A subsidiary of Mapa Group, a leading multinational with four decades of success and over 200 projects across the globe, Wow Red stated that with investments starting at AED460,000 ($125,230), this is a unique opportunity for local and foreigners across the globe to diversify their portfolio and own luxury real estate in a globally recognized brand.
This investment opportunity at SLS Dubai Hotel in Downtown Dubai opens the door for investors to become a part owner by putting down just 25% of the amount. Moreover, you get an Accor Diamond Membership, it added.
Unveiling the grand scheme, CEO Yahya Alkan said: "The fractional ownership investment at SLS Hotel & Residences is a groundbreaking initiative for the region, as we are making luxury real estate investments more accessible to more regional and international investors as a great hassle free investment opportunity for them."
"Our SLS fractional ownership is unique in that, unlike those which offer time-share or traditional joint ownership, this one provides an individual ownership certificate for each fractional owner," he stated.
The best part, he stated, was that these certificates could be re-sold without obtaining NOC from other fraction owners.
"This fractional ownership initiative is a definite not to miss opportunity for investors who prefer other asset classes but would like to add real estate to their portfolio. With this product, SLS Dubai is set to revolutionize property investments in the UAE as a safe and feasible way to invest in the sector, offering a whole new investment asset class," remarked Alkan.
"At a fraction of its cost and low entry price for a luxury asset, such fractional ownership model allows for secured annual returns and potential for higher capital value appreciation, all thanks to the already proven outstanding performance of SLS Dubai," he explained.
"With our innovative and inclusive model of fractional ownership, investors enjoy flexibility, peace of mind, and a vacation home in a world-class luxury development that is in close proximity to the Burj Khalifa – a global icon," he added.
The new SLS Hotel & Residences, strategically located in the city’s buzzing Burj Khalifa District, is one of the tallest hotels and residences in the region.
"Operated by the Accor Group, the 75-storey tower has 254 hotel rooms, 371 residential units and 321 hotel apartments. The development features infinity pools at 75 storeys high, with stunning views of the Burj Khalifa. An opulent sky lobby on the 71st floor offers a deluxe lounge and bar with panoramic views of the glittering Dubai skyline," explained Alkan.
SLS Dubai Hotel & Residences is designed by award-winning architects Aedas and interior designer Paul Bishop, he added.
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