International hotel developer IFA Hotels and Resorts has launched a new residential resort, worth more than Dhs1 billion, on Dubai’s Palm Jumeirah Island.
The project, which is named ‘The 8’, will replicate the style of Miami Beach, the hotel developer said in a statement on Sunday.
Spread across eight-storeys, the mixed-use development will add around 300 units to Palm Jumeirah’s property inventory.
The project comprises two- and three-bedroom apartments, a limited number of penthouses and signature townhouses, the Kuwait-listed hotel developer said.
The resort will also offer a mix of hotel apartments, ranging from one-, two- and three-bedroom units and a presidential suite.
The hotel apartments will be furnished with a collection created by design house Kenzo Maison, the statement said.
The 8 will also offer lifestyle amenities such as water sport rentals, a gym, tennis court, a beachfront restaurant and a children’s area along with a family pool.
Pre-launch registration for the event began in Dubai and Kuwait on March 9 with a booking event scheduled to take place on March 22 at the Fairmont The Palm, the developer said.
“We are confident that now is the time to bring The 8 to market,” said Talal Al-Bahar, chairman & group CEO, IFA Hotels & Resorts.
“We have listened carefully to what our customers are looking for and we have taken the necessary time to ensure the product offering is just right.
“The Palm Jumeirah continues to be a market leader in property value retention and rental yield. Although 45,000 new residential units are scheduled for completion in Dubai by the end of 2015, only four per cent of these are on the island,” said Al-Bahar.
According to a new study by Deloitte, Palm Jumeirah will maintain its position as a key location for luxury property units, driven by demand from rising tourist arrivals to Dubai.
The report, commissioned by UAE-based developer Seven Tides, analyses the current supply and future demand potential for luxury serviced apartments located on Palm Jumeirah.
Property prices in the Palm rose significantly in the fourth quarter of 2013 with villas recording a 67 per cent year-on-year increase, real estate consultant Asteco reported.
Dubai’s house prices have shot up around 22 per cent in the last year with the current rates only 15 per cent short of their 2008 peak. Property prices are forecasted to return to the pre-crisis highs within another 18 months, according to consultant JLL MENA.