Zabeel Investments has said that its first project the Dh2.1 billion ($571.7 million) Tiara Residence, will be ready in December 2007.

Tiara Residence is a luxurious private gated community located off the main trunk of the Palm Jumeirah – which also houses the Anantara Resort & Spa, one of Asia’s fastest growing luxury resort brands.
The development set in tropical gardens with its own beach and private promenade comprises seven luxury apartment towers and the Anantara Hotel and Resort & Spa, one of Asia’s world-class resorts and spas.
Tiara Residence will consist of seven 15-level buildings plus a penthouse level. The buildings include luxurious and spacious one, two and three bedroom apartments ranging from 1,200 to 2,250 sq ft. There will be 238 one bedroom, 210 two-bedroom, 182 three-bedroom apartments and 14 penthouses. The development will have basement level parking for 1,300 cars.
The Anantara Resort Palm Jumeirah is a 244-room hotel that will be complemented by 132 furnished and serviced apartments. The Anantara Spa is the focal point of the resort and will provide a full range of eastern and western treatments and therapies.
Under the scheme clients buying an apartment at Tiara Residence have the opportunity to lease out their apartments exclusively through Asteco Property Management and generate a yearly return that is equivalent to 10 per cent of the original price of the property for a period of three years.