| 22 Jun 2008 |
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AED 300 million in freehold offices and residences sold yesterday on Palm Jumeirah by IFA Hotels & Resorts and Nakheel
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Dubai- Freehold office space and residential penthouses on Palm Jumeirah went under the hammer yesterday at an auction managed by IFA Hotels & ResortsIFA Hotels & Resorts
and joint venture partner NakheelNakheel. The sale of approximately AED 300 million at The Palm Golden Mile marks the first availability of freehold office space at one of the world's most prestigious new addresses. Investors secured office space in four out of ten buildings on The Palm Golden Mile site, where the highest selling price on the smaller lots reached AED 7,250 per square foot. Approximately 15 percent of the total amount of office and retail space in the ten buildings was sold, which was the only available space offered during the auction.
"The success of the inaugural commercial property auction for The Palm Golden Mile has now created a benchmark for the value of office space in this premium location," said Werner Burger, President and COO, IFA Hotels & ResortsIFA Hotels & Resorts.
"As a place to conduct business as well as an investment, office space on the Palm Jumeirah has been demonstrated as a 'must have' for both international and regional brands. Some corporate offices are still being negotiated; we foresee multinationals setting up their corporate headquarters and acquiring full buildings in The Palm Golden Mile," added Burger.
A capacity crowd of Middle East-based and international bidders competed aggressively at auction to secure the commercial and residential offerings on The Palm Golden Mile, located on the western portion of the Palm Jumeirah trunk.
"The appetite shown yesterday by investors for commercial property within The Palm Golden Mile bodes extremely well for future offerings from both NakheelNakheel and IFA Hotels & ResortsIFA Hotels & Resorts. We anticipate that these buildings will be the premier business addresses within Dubai," stated Yousuf Kazim, Managing Director, NakheelNakheel Joint Ventures.
The Palm Golden Mile will encompass a mix of commercial space, residences and a retail area with vibrant shops, restaurant and cafes, creating some of the finest real estate offerings in one of the world's premier resorts. The internationally known Trump International Hotel & Tower is also centrally located at the heart of The Palm Golden Mile.
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About IFA Hotels & Resorts
IFA Hotels & ResortsIFA Hotels & Resorts is a leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Far East, Africa, the Indian Ocean Region and North America.
' activity in resort development began in the mid 80s with the acquisition and development of Pine Cliffs Resort in the Algarve, Portugal, through United Investments Portugal, which is part of the IFA Consortium.The grandeur of Pine Cliffs provided the ideal environment for investment in the real estate sector as well as residential homes and resort living, and thus the consortium's link with the hospitality sector developed. Today, IFA Hotels & ResortsIFA Hotels & Resorts sets the international benchmark for the development of world class integrated real estate development.
A specialist in resort development, IFA Hotels & ResortsIFA Hotels & Resorts enjoys close links to premier hospitality operators such as Fairmont Hotels & Resorts, M?venpick Hotels & Resorts, Kempinski Hotels, Sheraton Hotels & Resorts and Sun International, appointed to manage developments around the world.
IFA Hotels & ResortsIFA Hotels & Resorts listed on the Kuwait Stock Exchange in January 2006, with a market capitalisation of over US$ 1 billion. The company also listed on the South African JSE Limited (Johannesburg Stock Exchange) during 2006 with plans to list on other major exchanges in the future. In January 2007, the company invested in listed Thai developer Raimon Land.
Globally, IFA Hotels & ResortsIFA Hotels & Resorts has entered into strategic alliances and joint venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), NakheelNakheel (UAE), United Investments Portugal, YOTEL (UK), a strategic alliance with RCI (part of the Cendant's Group), Tongaat Hulett Developments (South Africa), Boschendal Ltd (South Africa), Raimon Land (Thailand), Ohlthaver & List (Namibia), Indian Ocean Resorts (Seychelles)and most recently Related (United States).
IFA Hotels & ResortsIFA Hotels & Resorts currently has projects in Dubai, Lebanon, the United Kingdom, the Netherlands, Portugal, France, South Africa, Kenya, Zanzibar, Namibia, Seychelles, Thailand, Caribbean and New York, with plans to link its resorts to new parts of the globe. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
IFA Hotels & ResortsIFA Hotels & Resorts' programme of brand acquisition and developer partnerships will continue into the future, illustrated by the ever growing strength of its product range: lifestyle membership clubs, vacation clubs, fractional ownership, hotel ownership, residences, yacht ownership clubs and jet ownership clubs.
This unique product range enables IFA Hotels & ResortsIFA Hotels & Resorts to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe. Website: www.ifahotelsresorts.com
About Nakheel
NakheelNakheel is one of the world's largest privately held real estate developers, and a key player in realizing the vision of Dubai for the 21st century: creating a world class destination for living, business and tourism.
NakheelNakheel is developing an iconic portfolio of innovative landmark projects in Dubai, and now in key markets around the globe, across a range of sectors - residential, commercial, hotels, retail, and leisure. NakheelNakheel's projects are conservatively estimated to be worth US$80 billion. Upon completion NakheelNakheel's waterfront projects will have added more than 1000km of shoreline to Dubai's coastline.
NakheelNakheel's Dubai portfolio currently includes The Palm Jumeirah, The Palm Jebel Ali, The Palm Deira, The World, Waterfront, The Universe, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City, and Dragon Mart.
NakheelNakheel is a key entity within Dubai World. Dubai World is one of the world's largest holding companies and supervises a portfolio of businesses and projects for the Dubai government across five continents and more than 100 countries. www.nakheelmediacentre.com
For more information please contact:
Four Communications
Tel: +971 55 985 3375/3377
Email: nakheel@fourcommunications.com
Aaron Richardson,
Media Relations Manager
Nakheel
Tel:+971 4 368 6946
Tel: +971 (0)50 553 8201
Email: aaron.richardson@nakheel.com
© Press Release 2008
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