50 per cent of Nakheel & IFA 'Golden Mile' project sold in less than 24 hours

Nakheel, developers of The Palm and IFA Hotels & Resorts, a subsidiary of Kuwait-based International Financial Advisors (IFA), have announced that 50 per cent of the 780 exclusive freehold apartments on Golden Mile, Palm, Jumeirah have been sold within less than 24 hours of going on sale at the Arabian Travel Market in Dubai.

United Arab Emirates: Wednesday, May 05 - 2004 at 10:04
PRESS RELEASE

From left to right: Mr Wahid Attalla, Executive Director-Commercial & Operations, Nakheel, Mr Sultan bin Sulayem, Chairman of Nakheel, Mr Jassim Al-Bahar, Chairman of IFA, Mr James Wilson, President and Chief Operating Officer of IFA Hotels & Resorts.

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The Golden Mile - an international shopping and residential destination which covers 60,000 square metres - is a flagship project on the prestigious Palm, Jumeirah, an offshore island being built off the coast of Dubai in the United Arab Emirates.

'This is an unprecedented response for a new project in Dubai and demonstrates quite emphatically how great demand is for properties on what will be one of the world's most sought-after addresses,' said Sultan bin Sulayem, Chairman of Nakheel. 'The purchaser profile is international although there have been significant commitments from Gulf investors.'

The Golden Mile, is a joint venture project between Nakheel and IFA, will feature the apartments in two waterfront buildings. The properties went on sale yesterday at the Arabian Travel Market in Dubai with prices ranging from US $250,000 for a one-bedroom, garden-view unit to US $550,000 for the high-end waterfront three-bedroomed properties.

'The strength of demand has also been activated by the quality and location of the project as well as the new buyer financing package initiated jointly by Nakheel and IFA,' said Jassim Al-Bahar, Chairman & Managing Director, IFA.

'As a 'first' for the Dubai real estate market, this package puts our joint venture clearly in a sector leadership position.'

Under the new financing package, the joint venture will finance the purchase of freehold apartments for buyers over a 10-year period. Buyers now have the option of paying for their apartments in instalments over tow years, as with other projects in Dubai, or repay the joint venture over a three-and-a-half or 10-year period. Buyers have to pay a 30 per cent deposit up-front and make monthly repayments over their designated period.'

'As the only apartments currently available on The Palm, Jumeirah, we anticipated an extremely keen response,' said Wahid Attalla, Executive Director - Commercial & Operations, Nahkeel. 'The response to the Golden Mile properties mirrors the continuous demand for Palm homes and investments experienced since this unique project was initially launched.'

The Golden Mile apartments have been designed to meet the high standards of construction and fittings which have now become a hallmark of IFA Hotels & Resorts' properties. The apartments will have stunning waterside views, iconic architecture, luxurious interior design and access to the beachside Palm Hotel & Resorts. The units come complete with their own large, private patios and superb views.

'IFA, which is now the main investor on The Palm, Jumeirah, has fast become the preferred developer on the Palm because of its full service approach which gives value-added benefits to buyers,' said James Wilson, President & COO, IFA Hotels & Resorts.

Palm Golden Mile buyers benefit from an extensive range of services, including owners' reception and concierge, housekeeping, maintenance, security and excellent maid and childcare services.

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Notes and media contacts

ABOUT NAKHEEL LLC www.nakheel.ae
Nakheel is the uniquely focused property development company behind a variety of new landmark property developments in Dubai. Nakheel's goal is to implement unique, iconic and genuine solutions that have been conceived after detailed planning and research.

Nakheel aims to redefine the concept of property development whether residential, tourist, commercial or retail. It has therefore placed great importance on examining the requirements of the different sectors of the community and developing its visionary projects around these findings.

Nakheel's portfolio currently includes The Palm, The World, Jumeirah Islands, The Gardens, The Gardens Shopping Mall, Jumeirah Lake Towers and International City.

ABOUT IFA HOTELS & RESORTS
IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA), with expanding tourism interests spanning Europe, the Middle East and Africa.

In South Africa, IFA is involved in a joint venture in the existing Zimbali Coastal Resort (www.zimbali.co.za) which covers 3.7 million square metres (370 Hectares) and the expansion of the resort will add a further 3.0 million square metres (300 Hectares). It also recently agreed to purchase one of South Africa's most exclusive hideaway resorts - the Zimbali Lodge - from South African leisure operator Afrisun Kwa-Zulu Natal, which will continue to be managed by Sun International Management Limited. The move is further evidence of IFA's commitment to build and position Zimbali as an exclusive destination for the discerning international traveller.

In the Middle East, IFA Hotels & Resorts is the largest investor in The Palm, Jumeirah, a man-made island offshore Dubai in the United Arab Emirates. These include: The Palm Hotel & Beach Resort with 300 rooms, with its five-star Palm Vacation Club on the island's trunk, a 1,000 room five-star Hotel and Vacation Club on the island's crescent. In addition, the company is behind The Palm Residence, with more than 1,000 apartments in three buildings - Al Nabat, Al Haseer and The Palm Golden Mile.

The Golden Mile development, a joint venture with Nakheel, developers of The Palm, includes a shopping and residential complex which will cost US $300 million and will feature 780 luxury apartments as well as 220 boutique shops and restaurants. The project will overlook a 1.5 kilometre canalside Corniche which will transform it into one of the world's most sought-after Corniche-style shopping destinations.

The depth and strength of IFA places it in the forefront of companies engaged in the development of tourism projects, hotels and resorts in Europe, the Middle East and Africa.

It is the force behind the management of the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort in Portugal; part of Starwood's Luxury Collection, and behind the Zanzibar Beach Hotel and Resort - the largest destination resort on the historic spice island.

IFA Hotels & Resorts aims to link its resorts in The Palm, Jumeirah - Dubai, Zimbali - South Africa, Zanzibar and Portugal with future planned resorts in Lebanon. This will offer tourists in Europe, the Middle East and Africa a unique network linking the company's respective hotels, resorts, timeshare and residence club destinations.

For further information:

Kuwait
IFA Hotels & Resorts PR
Laya
Tel: +965 2403796
Fax: + 965 2407179

Portugal
IFA Hotels & Resorts PR
Teresa Chatillon
Tel: +351-289-500106
Fax: + 351-289-501795

Dubai
IFA Hotels & Resorts PR
Barbara Saunders, MCS/Action
Tel: +9714 390 2960

South Africa
IFA Hotels & Resorts PR
Melanie Robert
Tel: +27-82 3787486

Anne-Birte Stensgaard, Senior News Editor
Wednesday, May 05 - 2004 at 10:04 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

Index : Company News : International Financial Advisors : IFA Hotels & Resorts

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