40-storey residence comes with unique rental administration
IFA Hotels & Resorts, a wholly owned subsidiary of Kuwait's International Financial Advisors and the main investor on The Palm, Jumeirah, will launch its $100 million residential Laguna Tower in Nakheel's Jumeirah Lakes at the Property Investment Show, which runs at the Dubai World Trade Centre from February 1-3.
The 40-storey Laguna Tower, which will be operated on IFA's behalf by a five-star hospitality provider, will house a mix of luxury one, two and three bedroomed apartments and penthouses as well as promenade level shops, restaurants and offices. The sale of apartments, at US $200,000 for the one-bedroom, US $320,000 for the two-bedroom and US $400,000 for the three-bedroom, begin immediately with penthouse sales due for release later in the year.
"Investment in this flagship tower is another gesture of our confidence in both Dubai and Nakheel, which is behind some of the most innovative projects in the emirate," said James Wilson, President and Chief Operating Officer, IFA Hotels & Resorts.
"And as a further show of confidence in the Dubai real estate market, we have created a special investor package for our existing client base."
Laguna Tower construction will start in August this year and is due for completion by the third quarter of 2007.
"We anticipate strong apartment sales due to a three-tier rental administration programme for investors," added Wilson.
Under the programme, to be provided by the hospitality operator, Laguna Tower investors can rent apartments either furnished or unfurnished. The unfurnished option comes with a long term rental. The two furnished options offer medium-to-long term leases or short term rentals where the owner receives returns based on occupancies.
"The short-term furnished option also delivers substantial flexibility to owners, allowing them to use the property when it isn't rented out," explained Wilson. "This can produce significant returns for investors with demand for short-term accommodation in Dubai increasingly on the rise."
IFA has appointed award-winning, US-based RNL architects to design the Laguna Tower. RNL is the name behind some of the world's leading residential projects including those in California's Hamilton Cove and Heritage Village, Singapore's Duchess Condominiums and Kuala Lumpur's City Centre.
The waterfront Laguna Tower will have a fully-equipped amenities deck complete with two swimming pools - a leisure pool, which will be part of the recreational club and a lap pool, which will be in a state-of-the-art private gymnasium and health club open to membership.
Apart from rental administration, investors will also benefit from IFA's inclusive post-purchase offering which includes apartment servicing, maid and child care facilities, concierge and butler services as well as secure underground parking for 440 vehicles. The apartments will also be equipped with high speed internet access with special 'future technology-ready' features as well as cable TV, telephones and security systems.
"Owners and their tenants will receive a service on a par with most five-star offerings, which is now a hallmark of IFA," added Wilson.
The Laguna Tower is a further boost to IFA's already substantial investment in Dubai's rapidly developing real estate and hospitality market. The company has invested US $800 million in The Palm, Jumeirah - the largest private investment in the island to date - where it is creating, in partnership with Palm developer, Nakheel, the prestigious Golden Mile residential and shopping destination.
"With Laguna Tower sales, we will be looking to repeat the outstanding success we achieved with the Golden Mile when more than 780 freehold apartments were sold within just 48 hours of the offer opening," said Wilson.
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ABOUT IFA HOTELS & RESORTS - www.ifahotelsresorts.com
IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA), with expanding tourism interests spanning Europe, the Middle East, the Indian Ocean and Africa.
The depth and strength of IFA places it in the forefront of companies engaged in the development of tourism projects, hotels and resorts in Europe, the Middle East, the Indian Ocean and Africa.
In the Middle East, IFA Hotels & Resorts is the largest investor in The Palm, Jumeirah, a man-made island offshore Dubai in the United Arab Emirates. Its portfolio includes: The Fairmont Palm Hotel & Beach Resort with 300 rooms and the five-star Fairmont Palm Vacation Club on the island's trunk; and the 1,000 room five-star Palm Hotel and Vacation Club on the island's crescent. IFA Hotels & Resorts is also behind The Palm Residence and Palm Golden Mile with more than 1,000 apartments.
The Golden Mile development, a joint venture with Nakheel, developers of The Palm, includes a shopping and residential complex which will cost US$ 300 million; featuring around more than 800 luxury apartments as well as 220 boutique shops and restaurants, the project will overlook a 1.5 kilometre canalside Corniche which will transform it into one of the world's most sought-after waterfront shopping destinations.
Continuing its investment in the Middle East, IFA Hotels & Resorts has acquired 7.5 hectares of land in the Al Abadiyah Hills, overlooking Beirut, Lebanon, where it plans to develop a hotel and vacation club resort.
In South Africa, IFA is involved in a joint venture in the existing Zimbali Coastal Resort (www.zimbali.co.za). Zimbali is a 370 hectare (925 acre) tropical coastal residential and resort estate located on the North Coast of KwaZulu-Natal (South Africa), 25 km north of Umhlanga Rocks and bordering on the south of the popular holiday destination of Ballito. Zimbali consists of two distinct but uniquely complementary residential and resort estates - the Zimbali Coastal Forest Estate and the Zimbali Golf Course Estate.
IFA Hotels & Resorts recently purchased one of South Africa's most exclusive hideaway resorts - the Zimbali Lodge which will be managed by Sun International Limited. The move is further evidence of IFA's commitment to build and position Zimbali as an exclusive destination for the discerning international traveller.
IFA Hotels & Resorts is the force behind the management of the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort in Portugal; part of Starwood's Luxury Collection; and the Zanzibar Beach Hotel and Resort on the historic Tanzanian spice island.
Recently, IFA Hotels & Resorts forged an exclusive marketing association with FDP Savills, one of the world's leading real estate and property consultants to exclusively market all of FDPSavills' residential properties in the Middle East. In return FDPSavills markets IFA Hotels & Resorts' Middle Eastern properties in the UK and Ireland. This agreement is a diversification for IFA Hotels & Resorts into additional markets, not just as developers but internationally as residential consultants in primary and secondary markets.
IFA Hotels & Resorts aims to link its resorts in The Palm, Jumeirah - Dubai, Zimbali - South Africa, Zanzibar and Portugal with planned resorts in Lebanon and Mauritius. This will offer tourists in Europe, the Middle East and Africa a unique network across the company's respective hotels, resorts, timeshare and residence club destinations.
For further information:
IFA Hotels & Resorts PR
Barbara Saunders, MCS/Action FZ LLC
Tel: +9714 390 2961
Barbara.s@actionprgroup.com
© Press Release 2005
