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IFA Hotels & Resorts and Nakheel
Hand Over Keys to Residential Buyers
of the Golden Mile, Palm Jumeirah

Middle East and North Africa Business Report, Amman, JordanMcClatchy-Tribune Regional News

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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To see more of the Middle East and North Africa Business Report or to subscribe to the newspaper, go to http://www.menareport.com/.

Copyright (c) 2009, Middle East and North Africa Business Report, Amman, Jordan

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