IFA Hotels & Resorts & Nakheel to host property auction of freehold office space on Palm Jumeirah
IFA Hotels & Resorts and joint venture partner Nakheel announced today the launch of the first office space on the Palm Jumeirah at The Palm Golden Mile.
- United Arab Emirates: Saturday, June 07 - 2008 at 12:53
- PRESS RELEASE
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The freehold offices will be sold by private auction in Dubai.
The property sale will offer bidders an opportunity to buy the only freehold office space available on the Palm Jumeirah to date, in addition to a selection of boutique offices and residential penthouse apartments on the much-sought after Palm Golden Mile development.
'As the first opportunity for investors to snap up freehold office space on the Palm Jumeirah, we anticipate robust interest from property investors, multinationals and some of the Middle East's leading brands which want a landmark business address in Dubai's most iconic location,'
said Werner Burger, President and COO, IFA Hotels & Resorts.
'We experienced an incredible demand for our Palm Golden Mile residential properties launched in 2004 and are forecasting even stronger interest in our office product,' added Burger.
The Palm Golden Mile, located on the western portion of the Palm Jumeirah trunk, is a joint venture initiative between IFA Hotels & Resorts and Nakheel, encompassing a mix of residential, retail and commercial space. The Palm Golden Mile is comprised of 10 buildings overlooking both sea and park views.
Yousuf Kazim, Managing Director, Nakheel Joint Ventures said, 'The Palm Jumeirah has already established itself as a world class residential destination, with tourism, leisure, and retail components soon to follow. This is the first commercial space to go under the hammer on the Palm Jumeirah and will seek to only enhance the island's expansive offerings. We are thrilled to have teamed up with IFA Hotels & Resorts again in this milestone development.'
The residential component of the development, managed by Fairmont Hotels & Resorts, consists of approximately 860 units, which include one, two and three-bedroom apartments and penthouses.
Over the next three to four years, Nakheel will transform Palm Jumeirah into one of the world's premier resorts with an average of 25,000 hotel guests and 20,000 visitors a day. There will be more than 30 five star hotels on Palm Jumeirah including Atlantis, The Palm which opens in September of this year. The development also features marinas and a purpose built theatre for Cirque du Soleil. The soon to be renovated QE2 will also be located off the island.
Palm Jumeirah will be fully-connected by a first-rate monorail system giving access to the numerous high-end shopping destinations, restaurants, cafes, hotels and residential and commercial space, including the Trump International Hotel & Tower, centrally located at the heart of The Palm Golden Mile.
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About IFA Hotels & Resorts
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, Africa, the Indian Ocean Region 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, Sheraton Hotels & Resorts and Sun International, appointed to manage developments around the world.
IFA Hotels & Resorts listed on the Kuwait Stock Exchange in January 2006, with a market capitalisation of over $1bn. 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 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, and 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: lifestyle membership clubs, vacation clubs, fractional ownership, hotel ownership, residences, 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 realizing 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 $80bn. Upon completion Nakheel's waterfront projects will have added more than 1000km of shoreline to Dubai's coastline.
Nakheel'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.
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
For more information please contact:
Four Communications
Tel: +971 55 985 3375/3377
OR
Nakheel
Aaron Richardson, Media Relations Manager on +971 4 368 6946 / +971 (0)50 553 8201
Posted by Anne-Birte Stensgaard, Senior News EditorSaturday, June 07 - 2008 at 12:53 UAE local time (GMT+4)
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