IFA Hotels & Resorts (IFA HR), an international mixed-use hotel and resort developer, has announced the launch of its Dh1 billion ($272 million) Miami-inspired residences project on Palm Jumeirah.

With this move, IFA HR, the largest foreign investor at Palm Jumeirah, is adding yet another impressive residential resort to its island portfolio, said a top official.

"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 4 per cent of these are on the island," remarked Talal Al-Bahar, the chairman & group CEO, IFA Hotels & Resorts.

"IFA Hotels & Resorts made a commitment long ago to be a significant contributor to the development of the Palm, and we are certain that The 8 will be a beautiful and modern addition," he stated.

At eight-storeys, the mixed-use development will add an additional 300 units to the Palm Jumeirah’s limited inventory. The units comprise two- and three-bedroom apartments, signature townhouses and a limited number of penthouses.

The resort will also offer a stunning mix of hotel apartments, ranging from one-, two- and three-bedrooms to a palatial presidential suite. The hotel apartments will be furnished with a bespoke collection created by design house Kenzo Maison, he stated.

Ultra-sleek and modern, “The 8” is inspired by the fashion, glamour and jet-set lifestyle of Miami Beach. Transporting the Miami Beach vibe to Dubai, The 8 is more than just a residence, offering resort-style facilities including extensive water-sport rentals, a gym, tennis courts, a signature beachfront restaurant, beach cabanas, barbeque and event areas, as well as a dedicated children’s area and family pool, said Al Bahar.
 
According to him, the 8 sets out to combine the best of Western design and Eastern comforts. Floor to ceiling windows and large balconies maximize the development’s panoramic views; with one-side facing the stunning Marina skyline and the other a seemingly endless view of the Gulf.

Motivated by the world’s leading fashion houses, the interiors are sleek and sophisticated, adorned with modern, high-quality finishes including marble floors and European kitchens, he noted.

CEO Khaled Esbaitah said: "When owners walk into The 8, we want it to feel as much like a modern art gallery as it does an apartment. We are building a destination. We are creating a distinguished address that those with a love of fine materials and aesthetically pleasing design will want to call home."

"In fact, we are the first and only development in Dubai to be working with Kenzo Maison. It is a very exciting project because we know we are bringing something very special to Dubai," he added.

Pre-launch registration for the development began in Dubai and Kuwait today (March 9), with a booking event scheduled to take place at Fairmont The Palm on March 22.

“We are confident that now is the time to bring The 8 to market. 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. It has been meticulously planned and we are extremely happy with the result,” said Al Bahar.-TradeArabia News Service