First customers moved into their only freehold, hotel operator managed residences in Dubai
The handover of keys to Dubai's first ever freehold residential buildings to be managed by an international hotel operator, The Palm Residence (Al Nabat & Al Haseer), has started by leading mixed-use property developer IFA Hotels & Resorts (IFA HR). The Palm Residence are freehold serviced residences located on the trunk of the iconic Palm Jumeirah island.
Patrick Smith, VP Asset Management IFA HR, stated, "The Palm Residence is the first of our residential developments in Dubai to be delivered to our customers, a key milestone for our company. We are delighted to be partnering with Fairmont Hotels & Resorts, who have been appointed as the managers of the building and will be responsible for providing the highest of standards to our homeowners."
In Dubai, IFA HR have sold over 2,000 residential units and are developing a total of 3,000 keys on The Palm Jumeirah, with a value exceeding over US$ 2.5 billion. Welcoming the first of these homeowners is a momentous occasion for the largest foreign investor on the island.
The 250 units of The Palm Residences are located on a world wonder and one of the globe's most desirable addresses. The average purchase price of a two bedroom sea-facing beach front apartment at launch was between 1.2 million AED (approximately US$ 327,000) and 1.45 million AED (approximately US$ 395,000). However, the value of these apartments at present averages at 3.2 to 3.4 million AED (US$ 872,000 to US$ 926,000) representing an increase in value of over 160%.
With a choice of sea views, these deluxe shoreline apartments will have their own private health club, clubhouse, children's playground, gardens and restaurant complex. In these Fairmont branded residences, owners enjoy a range of concierge services and the option to purchase additional 'a la carte' services that include child-care, housekeeping, grocery shopping and more.
"We greatly value our partnership with IFA Hotels & Resorts," says Philip M. Barnes, Regional Vice President, Middle East, Fairmont Hotels & Resorts, adding "we are delighted with the opportunity to manage their first project on The Palm Jumeirah and look forward to extending our renowned hospitality in such an unrivalled location."
Smith continued, "As the next year and a half will see us handing over more than 1,600 residential units in Dubai, this handover of The Palm Residence to our first customers represents the start of great things to come for our company."
IFA Hotels & Resorts - www.ifahotelsresorts.com
IFA 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, the Indian Ocean region and Africa.
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.
IFA Hotels & Resorts' main operating office is located in Dubai, while it's head office is in Kuwait. The company is run by Chairman and Managing Director Talal Jassim Al-Bahar along with President & COO Werner Burger and VPs in key markets across the globe including Portugal, the United Kingdom, Dubai, Lebanon, Kenya, Zanzibar and South Africa. IFA Hotels & Resorts is a specialist in resort development, and the company enjoys close links to premier hospitality operators such as Fairmont Hotels & Resorts, appointed to manage some of its developments both in South Africa and in Dubai.
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), Istithmar (UAE), United Investments (Portugal), a strategic alliance with RCI (part of the Cendant's Group), Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd. (South Africa), Raimon Land (Thailand) and most recently Ohlthaver & List (Namibia).
IFA Hotels & Resorts aims to link its resorts to new parts of the globe, such as the US, the UK, the Indian Ocean and Eastern Europe. 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 Worldwide Projects:
DUBAI
IFA Hotels & Resorts is the largest investor on The Palm Jumeirah.
The Fairmont Palm Hotel & Resort - A 400 room 5 star hotel on the trunk of The Palm Jumeirah.
The Fairmont Palm Residence - 558 luxury apartments. (www.fairmontpalmresidence.com)
The Palm Residence - Al Nabat and Al Haseer - two shoreline residential buildings on the trunk of The Palm Jumeirah, with 246 apartments.
The Palm Golden Mile development - A joint venture project with Istithmar. A project featuring 860 luxury apartments, 19,500 sq. metres of office space and 22,000 sq. metres of retail space comprising boutique shops and restaurants, all stretching along 7.8 hectors of park land. (www.thepalmgoldenmile.com)
Kingdom of Sheba - A 1,000 key destination on the Crescent of The Palm Jumeirah (adjacent to Atlantis) comprising residences (Balqis Residence), a Hotel (Fairmont Kingdom of Sheba), Vacation Club (Fairmont Vacation Club, Kingdom of Sheba), Private Residence Club (Fairmont Heritage Place, Kingdom of Sheba) and a souq (retail plaza) - all to be managed by Fairmont Hotels & Resorts. (www.kingdomofsheba.com)
Laguna Tower - A 40 storey mixed-use tower located in the Jumeirah Lake Towers, next to the Dubai Marina, comprising residential apartments and a hotel-residence managed by M?venpick Hotels & Resorts, the Movenpick Hotel & Residence Laguna Tower Dubai, in addition to retail and restaurants along the waterfront. (www.lagunatower.com)
LEBANON
Alabadiyah Hills - A luxurious mountainside retreat in Bhamdoun, overlooking Beirut. This 7.5 hectare project will consist of high-end residential villas, townhouses and apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels. (www.abadiyahhills.com)
Four Seasons Hotel Beirut - IFA Hotels & Resorts is also a shareholder in this upcoming development.
PORTUGAL
IFA Hotels & Resorts is the force behind the super-premium Sheraton Algarve Hotel (www.luxurycollection.com) and Pine Cliffs Resort (www.pinecliffs.com), part of Starwood's Luxury Collection.
SOUTH AFRICA
Zimbali Coastal Resort & Zimbali Lakes Resort - IFA Hotels & Resorts owns a 50% share in the luxurious resort, a 700 hectare prime residential and resort estate located on the north coast of KwaZulu-Natal. (www.zimbali.co.za)
Zimbali Lodge - IFA Hotels & Resorts owns the exclusive Zimbali Lodge, managed by Sun International Limited. (www.zimbalilodge.co.za)
The Fairmont Zimbali - A new 154 hotel key resort, with a unique portfolio of freehold properties including 57 apartments, 17 ultra luxury villas, 20 golf chalets and 10 villas incorporated into a Fairmont Heritage Place Private Residence Club, all to be managed by Fairmont Hotels & Resorts. (www.fairmontzimbali.com)
Boschendal Limited - A mixed- use resort development at an historic Cape Estate. (www.boschendal.com)
KENYA
Lonrho Hotels - IFA Hotels & Resorts is a shareholder in five Lonrho Hotels in Kenya (www.lonrhohotels.com)
ZANZIBAR
M?venpick Resort & Spa - Zanzibar- Located on the historic Tanzanian spice island, with joint venture partner Kingdom Hotel Investments, the new resort will be re-opened in the last quarter of 2006 and will be managed by M?venpick Hotels & Resorts. (www.zanzibarbeachresort.com)
NAMIBIA
IFA Hotels & Resorts formed a joint venture with Ohlthaver & List and introduced Kempinski Hotels to operate all four of the joint venture hotel properties within the Namib Sun Portfolio: The Strand Hotel, King's Den Lodge, Mokuti Lodge and a fourth hotel to be developed in Windhoek. (www.ohlthaverlist.com)
UNITED KINGDOM
YOTEL - IFA Hotels & Resorts is the majority investor in the two YOTEL hotels in Heathrow and Gatwick. (www.yotel.com)
THAILAND
IFA Hotels & Resorts owns approximately 24.9% of listed Thai real estate developer, Raimon Land. The Raimon Land portfolio includes: The Lofts Sathorn, The Lakes, The Legend Saladaeng, Northshore (Pattaya), Kata Gardens (Phuket), The Heights (Phuket), Northpoint (Pattaya), The Lofts Yannakart (Bangkok) and The River (Bangkok). (www.raimonland.com)
Investment and Hospitality products:
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:
IFA - Hotels & Resorts
IFA - Lifestyle Membership Clubs
IFA - Vacation Ownership
IFA - Fractional Ownership
IFA - Hotel Ownership
IFA Residences
IFA Properties
IFA Yacht Ownership
IFA Jet Ownership
IFA - Travel & Tourism
This unique product range enables IFA Hotels & Resorts to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.
-Ends-
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Orient Planet PR & Marketing Communications
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Dubai,
UAE
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Press Release 2008
