x Abu Dhabi, UAEThursday 27 July 2017

Dh1bn Palm Jumeirah resort aims to bring Miami’s glamour and jet-set lifestyle to Dubai

IFA Hotels and Resorts is to add 300 units to Palm Jumeirah’s west crescent with the project, known as The 8, featuring hotel apartments as well as residential apartments.

IFA's new planned resort on Palm Jumeirah is described as having a 'Miami vibe'. Courtesy IFA
IFA's new planned resort on Palm Jumeirah is described as having a 'Miami vibe'. Courtesy IFA

A Kuwaiti real estate developer is aiming to bring a slice of Miami to Palm Jumeirah.

The Kuwait-listed IFA Hotels and Resorts is releasing a sixth of its off-plan residences for sale on its latest Palm Jumeirah west crescent ­project inspired by the beachfront facilities of the American Gold Coast.

The Dh1 billion, eight-storey mixed-use development will eventually feature 300 units, which include two and three-bedroom apartments, townhouses and penthouses.

These units will have a furniture collection designed by the luxury home furnishing company Kenzo Maison.

The prices start at Dh3 million for two-bedroom apartments, and Dh4.4m for three-bedroom units.

The residential resort is due to be completed by 2016.

Yesterday, IFA released about 50 apartments, most of which are two and three-bedroom units.

The plot is right next to the one earmarked for IFA’s Kingdom of Sheba complex, which will also feature a residential component called the Balqis Residence.

JLL said last month that the current Dubai property market was “smarter” than during the 2008 bubble when prices collapsed.

More cautious investors, better regulations and the phasing of projects in line with demand were among factors cited.

There will also be one, two and three-bedroom hotel apartments besides a presidential suite.

Called The 8, the residential resort will feature water sport rental facilities, a gym, tennis courts, a beachfront restaurant, beach cabanas, barbeque and children’s areas and a family pool. 

“We are building a destination,” said Khaled Esbaitah, the chief executive of IFA Hotels and Resorts.

Pre-launch registration began in Dubai and Kuwait yesterday. A booking event is scheduled at Fairmont The Palm on March 22.

Despite the resumption of a number of projects, the developer says there is investor demand.

“Although 45,000 new residential units are scheduled for completion in Dubai by the end of 2015, only 4 per cent of these are on the island,” said Talal Al Bahar, the chairman and group chief executive of IFA Hotels and Resorts.

The residential market is expected to grow this year, but at a lower rate of growth than last year “as the price increases seen in 2013 are felt to be unsustainable”, according to a Jones Lang LaSalle report last month.

Last month, the master developer Nakheel launched 504 apartments in its Palm Tower, a 50-storey development on the trunk of the Palm.

The southern neighbourhoods of Dubai such as Dubai World Central and areas close to Al Maktoum Airport are expected to experience the most growth, according to Jones Lang LaSalle.

Dubai authorities have adopted a series of measures to combat the risk of overheating in the property market while new rules have also been introduced to limit lending.

In October, the UAE Central Bank ruled that a UAE national borrower could get a loan of up to 80 per cent of the value of a property for homes valued at Dh5 million and below.

That fell to 70 per cent of the value of the home for more expensive properties.

For the second house, they would be eligible for a loan of 65 per cent of the value of the property. Expatriates are allowed to borrow as much as 75 per cent for properties valued under Dh5m, falling to 65 per cent for more expensive homes.

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