IFA Hotels and Resorts has begun the handover of keys to Dubai’s first freehold residential buildings to be managed by an international hotel operator, the company said yesterday. The Palm Residence contains freehold serviced residences on the trunk of The Palm Jumeirah.
Patrick Smith (pictured above, right), VP Asset Management IFA HR, said: “The Palm Residence is the first of our residential developments in Dubai to be delivered to our customers, a key milestone for our company. We are delighted to be partnering with Fairmont Hotels & Resorts, who have been appointed as the managers of the building and will be responsible for providing the highest of standards to our homeowners.”
In Dubai, IFA HR has sold more than 2,000 residential units and are developing 3,000 keys on The Palm Jumeirah, with a value exceeding $2.5 billion.
The average purchase price of a two-bedroom sea-facing beachfront apartment at launch was between Dh1.2 million and Dh1.45 million. Their value today averages Dh3.3 million, the company said, an increase of more than 160 per cent.
Philip M Barnes, Regional Vice President, Middle East, Fairmont Hotels & Resorts, said: “We are delighted with the opportunity to manage this project on The Palm Jumeirah and look forward to extending our renowned hospitality in such an unrivalled location.”
Smith said: “This handover of The Palm Residence to our first customers represents the start of great things to come for our company.”
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