Nakheel, developers of The Palm and IFA Hotels & Resorts, a subsidiary of Kuwait-based International Financial Advisors (IFA), have launched a revolutionary financing package for buyers of freehold apartments on the prestigious Palm, Jumeirah.

"This is a first for the Dubai real estate market," said Sultan Ahmed Bin Sulayem, Chairman of Nakheel. "The partnership between IFA and Nakheel is successful because both companies believe in taking a pro-active, leadership stance in product development.

"We as developers will now finance the purchase of freehold apartments for buyers over a 10-year period. This means that when buyers purchase an apartment they have the option either to pay us for the apartment in instalments over two years, as with all other developments in Dubai, or repay us over a three-and-a-half or 10-year period.

"Buyers will pay 30 percent up-front and repay the balance in monthly repayments over the designated period. We are making property buying easier."

Meanwhile, Nakheel & IFA Joint Venture has unveiled the pricing structure for its 780 exclusive Golden Mile apartments in two waterfront buildings on The Palm, Jumeirah.

Prices start at US $250,000 for a one-bedroom, garden-view apartment and range from US $275,000 and US $330,000 for two bedroomed, garden-view apartments, to US $385,000 for a waterfront, two bedroomed unit, and US $490,000 and US $550,000 for waterfront three-bedroomed properties.

The Golden Mile apartments will have stunning waterside views, iconic architecture, luxurious interior design and access to the beachside Palm Hotel & Resort. The apartments come complete with their own large, private patios and superb views.

"Currently the Golden Mile apartments are the only first sale properties for sale on The Palm, Jumeirah," said Wahid Attalla, Executive Director-Commercial & Operations, Nakheel.

"Demand for properties has been intense and emanated from all over the world. IFA's success in selling out apartments on its Al Nabat and Al Haseer twin towers in a matter of months is testimony to demand for properties at one of the world's most sought-after addresses."

IFA Hotels & Resorts believes the quality of its properties, its full-service, value-added programme and the innovative financing package with Nakheel fully differentiates it in the competitive Dubai market place.

"Home-ownership is a relatively new concept in Dubai and we aim to make it as simple and affordable as possible while providing a quality product and service which will provide additional investment incentive," said James Wilson, President and Chief Operating Office, IFA Hotels & Resorts.

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

"As a quality, international destination, Dubai and most particularly The Palm, will attract investors who are looking for the best." said Jassim M. Al-Bahar, Chairman & Managing Director, IFA.

"We intend to continue to innovate our full service offering to ensure we stay ahead of the market and attain leadership in a rapidly developing industry."

The flagship Golden Mile - an international shopping and residential destination - will cover 60,000 square metres - one whole side of The Palm, Jumeirah's trunk and will include a 1.5 kilometre waterside Corniche. Being developed at a cost of US $300 million it comprises the apartments and 220 upscale boutique shops and restaurants.

"The Palm Golden Mile offers buyers a unique living environment as well as an outstanding investment," said Al-Bahar.