19 September 2005

DUBAI -- IFA Hotels & Resorts, a subsidiary of the Kuwait-based International Financial Advisors Company with expanding tourism ventures spanning Europe, the Middle East, the Indian Ocean and Africa, is exhibiting its portfolio of prestigious projects at Cityscape.

Among the major projects that IFA Hotels & Resorts is showcasing are The Fairmont Palm Residence, Laguna Tower, The Palm Golden Mile and The Palm Residence.

The IFA Hotels & Resorts stand covers an area of 90 sq metres and also feature a 4.5 metre by 1.5 metre long model of the trunk of The Palm Jumeriah, which is proving to be a major attraction at the event as visitors have a better understanding of IFA's projects on The Palm Jumeirah.

Speaking at the conference, Patrick Smith, Vice-President, Asset Management for IFA Hotels & Resorts, said: "Dubai is seeing a clear trend of traditional developers moving away from single asset class projects to multi-asset developments."

"Developers are becoming more sophisticated in their investment strategies by utilising the different income potential of varying asset classes within a project, such as a mix of hotels, residential and timeshare projects to yield the maximum value from the development," he added.

"The boom in residential sales has urged hoteliers to venture into the property arena and property developers are seeing hotels as added value in terms of property sales," he observed.

"As the market becomes more competitive, Dubai is seeing traditional developers venturing into mixed-use developments to help mitigate the risk of a single asset class project." However, Smith warned that "inexperienced developers who do not fully understand the complexity of developing an integrated project can actually end up making less profit, and in turn confuse purchasers in terms of product offering, as they lose focus on the core characteristics of each component of the development."

IFA Hotels & Resorts has spent the last decade developing world-class integrated resorts originally starting with the super deluxe Sheraton Algarve in Portugal.

"Cityscape is one of the most important exhibitions targeting the real estate sector of the region," said Kit James, Director of Sales, IFA Hotels & Resorts.

"The show has grown tremendously over the years, both in popularity and scope. It presents an excellent opportunity for us to promote our range of projects to an international audience," he said.

"We look forward to making the most of the numerous networking possibilities at the show and we are certain that visitors to our stand will be overwhelmed by the quality of our projects," he added.

The Fairmont Palm Residence is the first branded freehold residence on The Palm Jumeriah, comprising 558 luxury apartments, townhouses and penthouses. The development features a complete array of top facilities including a members-only health club, gymnasium and swimming pools, as well as extensive children's play area and diverse selection of restaurants and cafes.

BY A STAFF REPORTER

© Khaleej Times 2005