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Ifa Hotels and Resorts (Ifa HR) has announced a new mixed-use resort development - The 8 - that will add 300 units to the Palm Jumeirah's limited inventory. The project will feature two- and three-bedroom apartments, signature town houses and penthouses.
The resort project will be built at a cost of Dh1 billion. It will also offer a mix of one-, two- and three-bedroom hotel apartments and a palatial presidential suite. The hotel apartments will be furnished with a bespoke collection created by design house Kenzo Maison.
"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," said Talal Al Bahar, Chairman and Group CEO of Ifa Hotels and Resorts. "We 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."
Inspired by Miami Beach in the US, The 8 offers resort-style facilities including extensive water sports rentals, a gym, tennis courts, a signature beachfront restaurant, beach cabanas, barbecue and event areas, as well as a dedicated children's area and family pool.
It will also feature floor-to-ceiling windows and large balconies that maximize the development's panoramic views of the marina skyline. The interiors are adorned with modern, high-quality finishes, including marble floors and European kitchens.
"When owners walk into The 8, we want it to feel as much like a modern art gallery as it does an apartment," said Khaled Esbaitah, CEO of Ifa Hotels and Resorts.
"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."
For comprehensive updates on Dubai Palm Jumeirah market trends, please click here.
Source: Staff Report, Property Weekly