IFA Hotels & Resorts (IFA HR) has given keys of the first-ever freehold residential buildings on the Palm Jumeirah to its customers.

The Palm Residence are freehold serviced residences located on the trunk of the iconic Palm Jumeirah island, the mixed-use property developer said in a statement.

“The Palm Residence is the first of our residential developments in Dubai to be delivered to our customers, a key milestone for our company. We are delighted to be partnering with Fairmont Hotels & Resorts, who have been appointed as the managers of the building and will be responsible for providing the highest of standards to our homeowners,” said IFA HR Vice-President for Asset Management Patrick Smith.

In Dubai, IFA HR have sold more than 2,000 residential units and are developing a total of 3,000 keys on The Palm Jumeirah, with a value exceeding over $ 2.5 billion.

The 250 units of The Palm Residences are located on a world wonder and one of the globe’s most desirable addresses. The average purchase price of a two bedroom sea-facing beach front apartment at launch was between Dh1.2 million ($327,000) and Dh1.45 million ($ 395,000).

However, the value of these apartments at present averages at Dh3.2 to 3.4 million ($ 872,000 to $926,000) representing an increase in value of over 160 per cent.

With a choice of sea views, these deluxe shoreline apartments will have their own private health club, clubhouse, children’s playground, gardens and restaurant complex.  In these Fairmont branded residences, owners enjoy a range of concierge services and the option to purchase additional ‘a la carte’ services that include child-care, housekeeping, grocery shopping and more.

“We greatly value our partnership with IFA Hotels & Resorts,” says Philip M. Barnes, Regional Vice-President, Middle East, Fairmont Hotels & Resorts.

“We are delighted with the opportunity to manage their first project on The Palm Jumeirah and look forward to extending our renowned hospitality in such an unrivalled location,” he said.

 “As the next year and a half will see us handing over more than 1,600 residential units in Dubai, this handover of The Palm Residence to our first customers represents the start of great things to come for our company,” said Smith. – TradeArabia News Service