Auction for Golden Mile offices

IFA Hotels & Resorts and joint venture partner Nakheel yesterday announced the launch of the first office space on The Palm Jumeirah at The Palm Golden Mile. The freehold offices will be sold by private auction in Dubai.

The property sale will offer bidders an opportunity to buy the only freehold office space available on The Palm Jumeirah to date, in addition to a selection of boutique offices and residential penthouse apartments on the Palm Golden Mile development.

"As the first opportunity for investors to snap up freehold office space on the Palm Jumeirah, we anticipate robust interest from property investors, multinationals and some of the

Middle East's leading brands, which want a landmark business address in Dubai's most iconic location," said Werner Burger, President and COO of IFA Hotels & Resorts.

"We experienced an incredible demand for our Palm Golden Mile residential properties launched in 2004 and are forecasting even stronger interest in our office product," added Burger. The Palm Golden Mile, located on the western portion of the Palm Jumeirah trunk, is a joint venture initiative between IFA Hotels & Resorts and Nakheel, encompassing a mix of residential, retail and commercial space. The Palm Golden Mile is comprised of 10 buildings overlooking both sea and park views.

Yousuf Kazim, Managing Director, Nakheel Joint Ventures said: "The Palm Jumeirah has already established itself as a world-class residential destination, with tourism, leisure, and retail components soon to follow. This is the first commercial space to go under the hammer on the Palm Jumeirah and will seek to only enhance the island's expansive offerings. We are thrilled to have teamed up with IFA Hotels & Resorts again in this development."

The residential component of the development, managed by Fairmont Hotels & Resorts, consists of approximately 860 units, which include one, two and three-bedroom apartments and penthouses.

Over the next three to four years, Nakheel will transform Palm Jumeirah into one of the world's premier resorts with an average of 25,000 hotel guests and 20,000 visitors a day. There will be more than 30 five star hotels on Palm Jumeirah including Atlantis, The Palm, which opens in September of this year. The development also features marinas and a purpose built theatre for Cirque du Soleil. The QE2 will also be located off the island.

Palm Jumeirah will be fully-connected by a monorail system giving access to the numerous shopping destinations, restaurants, cafés, hotels and residential and commercial space, including the Trump International Hotel & Tower.

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