IFA achieves $100m sales in H1

Having achieved a profit of $108 million (Dh396.68m) for the financial year ending June 30, 2009, IFA Hotels & Resorts attained sales worth more than $100m in the first half of the year through its global network across the Middle East, Europe, Africa and Asia, the Kuwait-based company said yesterday.

However, it did not divulge the sales figures for the same period in 2008. When asked about the factors supporting the first-half sales in 2009, IFA Hotels & Resorts' spokesperson told Emirates Business: "These positive results are driven by successful businesses across all our markets, led by strategies that have promptly responded to fast-changing market climate."

Piaras Moriarty, Vice-President Client Management with IFA Hotels & Resorts in the Middle East, added that sales, especially in IFA's first private residence club in South Africa, Fairmont Heritage Place Zimbali, have been increasing due to a "proactive targeted marketing strategy and a superior product".

"This is an achievement given the global downturn in the real estate sector. These positive results are driven by successful businesses across all our markets, led by strategies that have promptly responded to fast-changing market climate," Werner Burger, President and Chief Operating Officer of IFA Hotels & Resorts, said in a statement.

Furthermore, the company, which develops and sells a wide range of investment and lifestyle products to a large international client base, including shared ownership products, said it is currently gearing up to launch a new global shared ownership product, the IFA Vacation Club. Its current portfolio includes the Pine Cliffs Vacation Club (Portugal), Fairmont Heritage Place (in both South Africa and Dubai) and the IFA Yacht Ownership Club (based in the UAE, Thailand and France).

IFA Hotels & Resorts also recently said it plans to study additional acquisitions and expansion plans in key regions despite the challenging economic conditions. The company has of late been increasing stakes into its existing global partner firms. Earlier this month, it acquired an additional 14.92 per cent stake in Raimon Land, a Bangkok-based luxury condominium and real estate development company, increasing its ownership in Raimon Land to 41.07 per cent.

The move was preceded by the company's acquisition just a month earlier of an additional 5.25 per cent stake in Boschendal South Africa, strengthening its interests in South Africa, thereby increasing its stake to 37.33 per cent.

Meanwhile, IFA said in a statement that construction work on all IFA Hotels & Resorts' ongoing projects is making firm progress with many projects scheduled for handover this year in Dubai, Lebanon, Thailand and South Africa.

"Here in the Middle East, our sales team has been very busy with the leasing of the Golden Mile project, which was handed over in May this year. Also, prices of IFA's properties have been gradually increasing during the past six months. In Dubai, towards the end of June, the price of a two-bedroom apartment in the Golden Mile on The Palm Jumeirah increased by approximately 14 per cent compared to the start of the year," the company's spokesperson told this newspaper.

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