Fairmont The Palm Penthouses Target Second Homers

Repeat visitors to Dubai seeking a ‘home away from home’ can now buy into 10 residences at Fairmont Heritage Place on Palm Jumeirah under the fractional ownership model.

The 10 units, located on the uppermost Penthouse levels of the Fairmont The Palm, comprise one-bedroom units measuring 144sqm and two-bedroom units averaging 223sqm.

Investors can buy a one-thirteenth equity share in each unit (or more if they choose), which provides a minimum 21 days’ access annually, and more when they are not in use. Prices range between $150,000-265,000 (Dhs550,0000-973,000) and owners must retain ownership for a minimum three years before they have the option of selling.

Alongside access to a range of airport services, such as transfers, valet parking and housekeeping, and lobby level lounge, investors automatically enrol into Fairmont President’s Club, where they will receive 20 per cent off Fairmont rack rates, upgrades to best available suite, personalised services and access to invitation-only events.

Talal Al-Bahar, chairman and group CEO, IFA Hotels & Resorts, said it is an ownership option for holidaymakers and executives that frequent the UAE and looking for an “ultra-exclusive address” to call home. “We are so convinced of its appeal that we are developing a new business unit within the company that aims to create a global network of vacation real estate products.”

Joe Sita, CEO of IFA Hotel Investments, which asset manages the property, said such perks, as well as having your fridge stocked with your favourite foods, your belongings set out, access to room service and housekeeping, “are what makes this product so appealing”.

Exchange privileges also extend to select Fairmont, Raffles and Swissotel resorts globally.