IFA Hotels & Resorts, a wholly owned subsidiary of Kuwait’s International Financial Advisors has launched the first branded freehold residence on The Palm, Jumeirah in Dubai. The Fairmont Palm Residence will consist of 558 luxury apartments, townhouses and penthouses, and is the latest project in IFA’s US $1 billion investment in The Palm, Jumeirah.
IFA will invest US $250 million in The Fairmont Palm Residence and jointly with Kingdom Hotel Investments and Fairmont, US $200 million in The Fairmont Palm Hotel & Resort, making the total investment US $450 million in IFA’s Fairmont Hotel & Resort project.
The move builds on IFA’s strategic alliance with Kingdom Hotel Investments (KHI) and Fairmont Hotels & Resorts Inc., one of North America’s largest luxury hotel groups, forged last year for the development of a 400-room deluxe hotel and resort on The Palm, Jumeirah Dubai.
“This is another positive development of this alliance which will bring the very highest hospitality standards to the freehold property sector. It is also a clear signal to investors that IFA intends to maintain its superior quality offering by partnering some of the biggest and most respected names in the business.
While this alliance is clearly translating into business results for Dubai, we are also exploring opportunities with Fairmont Hotels & Resorts for other resort projects in the region, in line with our mission to deliver an outstanding international network of tourism and real estate opportunities to global investors,” said Jassim M. Al-Bahar, Chairman and Managing Director, IFA.
“Beyond further strengthening the global Fairmont brand and its presence in the region, this additional venture with IFA also sets the standard for future similar projects in the area,” said John Johnston, Executive Vice President Europe, Africa & Middle East, Fairmont Hotels & Resorts.
The Fairmont Palm Residence will have 558 spacious luxury apartments ranging from one, two, three or four bedrooms as well as townhouses and penthouses, which will go on sale at the Arabian Travel Market 2005 (ATM) running from May 3-6 at the Dubai International Convention Centre.
“The apartment sizes will be among Dubai’s biggest. For example a large luxury three bedroom apartment overlooking the sea will be 4000 square feet (400 square metres), about 30% bigger than the average size of similar properties,” explained Werner Burger, Vice President, Sales & Marketing, IFA Hotels & Resorts.
The Fairmont Palm Residence prices start from US$500,000 for a one-bedroom, US $700,000 for two-bedrooms, US$800,000 for three-bedrooms and US$ 1.2 million for a four-bedroom apartment. Townhouses, which come with a private swimming pool and garden as well as direct access to basement parking, are priced at US $1.5 million and above. Penthouses, which will also have private swimming pools, start at US $1.3 million with spectacular ocean views on the top two levels. These prices reflect the highest quality used in building the apartments as well as the services provided by Fairmont Hotels & Resorts and the unique location of The Fairmont Palm Residence in The Palm, Jumeirah.
“We anticipate strong demand for this property, with the townhouses and penthouses expected to be oversubscribed due to their unique features,” added Burger.
The Fairmont Palm Residence will feature a complete array of top facilities including a members-only health club, gymnasium and swimming pools, as well as extensive children’s play area and diverse selection of restaurants and cafes. Investors in this world-class residence will also enjoy concierge and housekeeping services plus childcare facilities, as well as other comparable services offered at The Fairmont Palm Hotel & Resort, the five-star property adjacent to the residence.
This new residence concept comes with a unique rental administration system managed by Fairmont Hotels & Resorts allowing investors to rent out properties either furnished or unfurnished. The furnished options offer medium-to-long term leases or short-term rentals where the owner receives return based on occupancies.
“The short-term furnished option will be beneficial for overseas investors as it allows them to use the property when it isn’t rented out, “explained Burger. “This can produce significant returns for investors with demand for short-term accommodation in Dubai increasingly on the rise.”
The Fairmont Palm Residence is a further commitment to IFA’s already substantial investment in Dubai’s fast growing real estate sector. The company together with Nakheel is behind the US$ 400 million world-class Golden Mile residential and retail destination, which covers 60,000 square metres of the island with luxury apartments, townhouses and upscale retail units. IFA is also developing the US $100 million, 40-story Laguna Tower in Nakheel’s Jumeirah Lakes.
The company is the force behind the management of the Sheraton Algarve Hotel and Pine Cliffs Resort in Portugal, South Africa’s exclusive Zimbali Coastal Resort and the Zanzibar Beach Hotel and Resort on the historic Tanzanian spice island.