January 2008

The handover of keys to Dubai�s first ever freehold residential buildings to be managed by an international hotel operator, The Palm Residence (Al Nabat & Al Haseer), has started by leading mixed-use property developer IFA Hotels & Resorts (IFA HR). The Palm Residence are freehold serviced residences located on the trunk of the iconic Palm Jumeirah island.

Patrick Smith, VP Asset Management IFA HR, stated, "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.�

In Dubai, IFA HR have sold over 2,000 residential units and are developing a total of 3,000 keys on The Palm Jumeirah, with a value exceeding over US$ 2.5 billion. Welcoming the first of these homeowners is a momentous occasion for the largest foreign investor on the island.

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 1.2 million AED (approximately US$ 327,000) and 1.45 million AED (approximately US$ 395,000). However, the value of these apartments at present averages at 3.2 to 3.4 million AED (US$ 872,000 to US$ 926,000) representing an increase in value of over 160%.

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, adding "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.�

Smith continued, "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."