IFA to auction freehold office space

Dubai, June 8, 2008

IFA Hotels & Resorts and joint venture partner Nakheel have launched 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 much-sought after 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 president and COO, IFA Hotels & Resorts, Werner 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.

“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 milestone development,” said managing director, Nakheel Joint Ventures, Yousuf Kazim.

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. – TradeArabia News Service

Tags: IFA | Jumeirah | Auction |