Dubai, May 31, 2009: Owners of Golden Mile, Palm Jumeirah started receiving the keys to their residential units earlier this month from joint venture partners Nakheel and IFA Hotels & Resorts (IFA HR).
Located on the trunk of Palm Jumeirah, Golden Mile comprises 10 buildings housing a total of 860 residential units, just minutes from the beach. The development will also host the first freehold offices on Palm Jumeirah as well as an extensive retail area. The residential component offers one, two and three bedroom apartments, townhouses and penthouses with sea and park views. All residences are managed by the neighbouring Fairmont Palm Jumeirah hotel, which is set to open next year.
Werner Burger, President and COO of IFA HR, said: "This is a very special project. Golden Mile, Palm Jumeirah will be the first mixed-use project on the trunk of the island with residences, freehold offices and shopping promenades, offering an active and vibrant ambiance for residents and visitors alike. We have been working closely with our joint venture partner Nakheel to ensure the delivery of an excellent product with quality finishes; we hope our customers feel welcome in their new homes and enjoy the high quality services available within the development."
Yousuf Kazim, Managing Director, Nakheel Joint Ventures, commented: "Palm Jumeirah is truly a prestigious address and offers an aspirational lifestyle and environment. A great community feel is now forming with more projects being handed over and more residents moving in. We are committed to the handover of properties in all of our ongoing developments and look forward to welcoming the new wave of residents to Palm Jumeirah."
Residents in Golden Mile, Palm Jumeirah will enjoy superior services and facilities, from traditional concierge services to additional 'a la carte' services that can be purchased, including housekeeping, grocery shopping and more; all provided by the Fairmont Palm Jumeirah hotel. The buildings benefit from 24-hour security and maintenance services, as well as a variety of pools and health clubs planned to open in the near future. As well as having chic cafes and upscale boutiques within Golden Mile, residents can also enjoy a range of luxury retail and leisure facilities at their doorstep.
Philip M. Barnes, Regional Vice President, Middle East, Fairmont Hotels & Resorts, said: "We hope residents of Golden Mile, Palm Jumeirah thoroughly enjoy the range of services and 'a la carte' offerings available to them. We are proud to be part of this exciting project, the second residential project we manage on Palm Jumeirah."
IFA HR recently introduced a leasing programme allowing Golden Mile, Palm Jumeirah owners to either occupy their apartments or lease them through IFA HR, similar to the one implemented in the existing Palm Residence (Shoreline Apartment Buildings Al Nabat & Al Haseer). The introduction of this leasing programme has already proved to be very popular, helping owners achieve high rental yields and secure a return on their investment.
"Apartments in The Palm Residence command a high premium, with all units available for leasing currently occupied. Residents and tenants realise the quality of life given the 'a la carte' services available to them through our hospitality partners, and the superior lifestyle once leisure outlets are operational in their neighbourhood. We have just opened our first restaurant, Gusto, at the Al Shalal Beach Club and look forward to offering residents and visitors additional leisure facilities in the near future," added Burger.
Golden Mile, Palm Jumeirah is the second residential development IFA HR hands over in Dubai, following The Palm Residence which was handed over during January 2008. This year, IFA HR is on schedule to complete two more major residential developments in Dubai - the five star Fairmont Residences, Palm Jumeirah and the Laguna Tower located in the Jumeirah Lakes Towers district.
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CORPORATE PROFILE - IFA HOTELS & RESORTS
www.ifahotelsresorts.com
IFA Hotels & Resorts is a leader in real estate development, specialising in premier integrated and mixed-use hotel and tourism resort projects throughout the Middle East, Europe, Africa, the Indian Ocean region, Asia and North America.
IFA Hotels & Resorts' 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 & Resorts sets the international benchmark for the development of world class integrated real estate development.
A specialist in resort development, IFA Hotels & Resorts enjoys close links to premier hospitality operators such as Fairmont Hotels & Resorts, Mövenpick Hotels & Resorts, Kempinski Hotels and Sheraton Hotels & Resorts, appointed to manage properties around the world.
IFA 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 & Resorts has entered into strategic alliances and joint venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (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 & Resorts' current portfolio consists of 40 projects in total, of which 23 are hotels, with a total of 17,000 keys. Assets under management are valued at US$ 10 billion.
The company is present in 14 markets across 4 continents: Kuwait, Dubai, Lebanon, the United Kingdom, the Netherlands, Portugal, France, South Africa, 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 & Resorts' programme of brand acquisition and developer partnerships will continue into the future, illustrated by the ever growing strength of its product range: residences, hotels, resorts, hotel ownership, fractional ownership, vacation clubs, lifestyle membership clubs, yacht ownership clubs and jet ownership clubs.
This unique product range enables IFA Hotels & Resorts to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.
About Nakheel
Nakheel is one of the world's largest privately held real estate developers, and a key player in realising the vision of Dubai for the 21st century: creating a world class destination for living, business and tourism.
Nakheel 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. Nakheel's projects are conservatively estimated to be worth US$80 billion. Upon completion Nakheel's waterfront projects will have added more than 1,000km of shoreline to Dubai's coastline.
Nakheel's Dubai portfolio currently includes Palm Jumeirah, Palm Jebel Ali, 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.
Nakheel 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.
Further information can be found at www.nakheelmediacentre.com
Annika Vaughan
Public Relations Manager
IFA Hotels & Resorts
Boutique Office 6
Knowledge Village, Dubai Media City
P.O.Box 502164, Dubai; UAE
T: + 971 4 391 2022 (ext. 2647)
M: +971 50 708 2889
F: + 971 4 360 4481
E: annika.vaughan@ifahotelsresorts.com
www.ifahotelsresorts.com
For more information please contact:
Margaret Flanagan or Becki Willis at Four Communications
Email: Nakheel@fourcommunications.com
tel: +971 55 985 3378 / +971 55 980 1125
Ivana Saveska,
Corporate Affairs Manager at Nakheel
Email: ivana.saveska@nakheel.com
tel. +971 50 105 0446
© Press Release 2009
