Nakheel, developers of The Palm and IFA Hotels & Resorts, a subsidiary of Kuwait-based International Financial Advisors (IFA), have announced that 50% of the 780 exclusive freehold apartments on Golden Mile, Palm, Jumeirah have been sold within less than 24 hours of going on sale at the Arabian Travel Market in Dubai.

The Golden Mile - an international shopping and residential destination which covers 60,000 square metres - is a flagship project on the prestigious Palm, Jumeirah, an offshore island being built off the coast of Dubai in the United Arab Emirates.

"This is an unprecedented response for a new project in Dubai and demonstrates quite emphatically how great demand is for properties on what will be one of the world's most sought-after addresses," said Sultan bin Sulayem, Chairman of Nakheel. "The purchaser profile is international although there have been significant commitments from Gulf investors."

The Golden Mile, is a joint venture project between Nakheel and IFA, will feature the apartments in two waterfront buildings. The properties went on sale yesterday at the Arabian Travel Market in Dubai with prices ranging from US $250,000 for a one-bedroom, garden-view unit to US $550,000 for the high-end waterfront three-bedroomed properties.

"The strength of demand has also been activated by the quality and location of the project as well as the new buyer financing package initiated jointly by Nakheel and IFA," said Jassim Al-Bahar, Chairman & Managing Director, IFA.

"As a 'first' for the Dubai real estate market, this package puts our joint venture clearly in a sector leadership position."

Under the new financing package, the joint venture will finance the purchase of freehold apartments for buyers over a 10-year period. Buyers now have the option of paying for their apartments in instalments over tow years, as with other projects in Dubai, or repay the joint venture over a three-and-a-half or 10-year period. Buyers have to pay a 30 per cent deposit up-front and make monthly repayments over their designated period."

"As the only apartments currently available on The Palm, Jumeirah, we anticipated an extremely keen response," said Wahid Attalla, Executive Director - Commercial & Operations, Nahkeel. "The response to the Golden Mile properties mirrors the continuous demand for Palm homes and investments experienced since this unique project was initially launched."

The Golden Mile apartments have been designed to meet the high standards of construction and fittings which have now become a hallmark of IFA Hotels & Resorts' properties. The apartments will have stunning waterside views, iconic architecture, luxurious interior design and access to the beachside Palm Hotel & Resorts. The units come complete with their own large, private patios and superb views.

"IFA, which is now the main investor on The Palm, Jumeirah, has fast become the preferred developer on the Palm because of its full service approach which gives value-added benefits to buyers," said James Wilson, President & COO, IFA Hotels & Resorts.

Palm Golden Mile buyers benefit from an extensive range of services, including owners' reception and concierge, housekeeping, maintenance, security and excellent maid and childcare services.