IFA Hotels & Resorts has unveiled a AED 1 billion 'Miami-inspired' mixed-use development on the Palm Jumeirah's West Crescent in Dubai.
The eight-storey project entitled 'The 8' is set to contain 300 two- and three-bedroom apartments, signature townhouses and a limited number of penthouses. The resort will also offer a mix of hotel apartments, ranging from one-, two- and three-bedroom units to a presidential suite furnished with a bespoke collection by design house Kenzo Maison
Talal Al-Bahar, chairman & group CEO of IFA Hotels & Resorts stated: “The Palm Jumeirah continues to be a market leader in property value retention and rental yield. Although 45,000 new residential units are scheduled for completion in Dubai by the end of 2015, only 4% of these are on the island. IFA Hotels & Resorts made a commitment long ago to be a significant contributor to the development of the Palm, and we are certain that The 8 will be a beautiful and modern addition.
“We are confident that now is the time to bring The 8 to market. We have listened carefully to what our customers are looking for and we have taken the necessary time to ensure the product offering is just right. It has been meticulously planned and we are extremely happy with the result,” he added.
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According to IFA, 'The' is inspired by the fashion, glamour and jet-set lifestyle of Miami Beach and offers resort-style facilities including water-sport rentals, a gym, tennis courts, a signature beachfront restaurant, beach cabanas, barbeque and event areas, as well as a dedicated children’s area and family pool.
Khaled Esbaitah, CEO of IFA Hotels & Resorts added: “When owners walk into The 8, we want it to feel as much like a modern art gallery as it does an apartment. We are building a destination. We are creating a distinguished address that those with a love of fine materials and aesthetically pleasing design will want to call home. In fact, we are the first and only development in Dubai to be working with Kenzo Maison. It is a very exciting project because we know we are bringing something very special to Dubai.”
Pre-launch registration for the development began in Dubai and Kuwait on 9 March, with a booking event scheduled to take place at Fairmont The Palm on 22 March from 10am to 4pm.
Listed on the Kuwait Stock Exchange, IFA Hotels & Resorts (IFA HR) has a market capitalization of approximately US$1billion. The company's main shareholder is Kuwait-based International Financial Advisors.
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