The Palm Golden Mile Customer Update

Firstly, IFA Hotels & Resorts wish to take this opportunity to wish all our clients a very happy New Year and we extend our warm wishes to both you and your family. Now that life has returned to normal after the holidays and festivities, we are pleased to provide a project update following up from our newsletter issued September 2006.

As you will no doubt be aware, there a number of amazing real estate developments under construction in Dubai however properties on The Palm Jumeirah are most certainly considered the most prestigious in the UAE and desirable world wide. International investors and home owners are encouraged by the steady rise in property prices which have increased considerably since 2002 when property first became available to foreign investors. The market is still highly competitive compared with similar properties available in other European destinations and prices are set to continue rising throughout the foreseeable future.

Mortgages are available to prospective purchasers and it’s advisable to shop around as the market is quite competitive. Currently, local mortgage rates vary between 8 % and 8.5% and institutions will normally lend 65% to non-residents and 90% to residents.

The Palm Jumeirah is on track to welcome some of its first residents during the first quarter 2007 and the development has units ranging from one bedroom apartments to seven bedroom signature villas complete with private beach. In total, it is reported there will be 1,500 villas and 2,500 apartments in conjunction with several hotels, retail outlets, a monorail and a marina. The development is taking shape at a phenomenal pace and the sheer size and scale of The Palm Jumeirah is quite simply breathtaking.

In reference to the Palm Golden Mile construction progress, you will recall that all necessary building permits and approvals were received and work continues to progress at pace. The Palm Golden Mile 2 structure so far complete: the two basement areas, double volume retail area, office floor and first floor of the apartment level for buildings 8,9 and 10 and in buildings 1 to 7 the structure is complete and the retail area is being built. Installations for utilities, gas water and electricity, are complete and further services connection will be aligned with construction. The town houses and retail area structures are complete and key project milestones are regularly being achieved as per schedule. At the mezzanine floor, the health club pool structure is in place and work continues on the health club construction. The monorail track is being assembled and supporting concrete girders are being erected which will hold the monorail track and train. The tunnel to crescent is nearing completion and can only be considered as one of the most remarkable engineering accomplishments in Dubai. Basement level 3 is in progress for the six buildings on Golden Mile 1.

Construction Statistics:

• 2,300 piles up to 1,200mm diameter to a depth of 14 metres piling works installed
•  450,000 cubic metres of soil excavated to form the underground basement car parking areas
• We have blinded an area of 60,000 square metres with concrete
• Currently 2,000 men working on site to increase to circa 5,000 over the coming months
• Work on site continues 24 hours a day 7 days a week
• 100,000 m3 of concrete poured in foundations and structural works
• 3,500 m2 block work complete
• Electrical and mechanical services installations in progress

Having visited the Palm Golden Mile during the second week in January, I can confirm building on site is truly amazing. The advanced construction since my last visit in December is incredible. I remain confident you would also be inspired were you standing on the Palm Golden Mile mezzanine floor looking at the pool, available retail space, and townhouse structures whilst absorbing the Shoreline apartment’s skyline – history in the making! You will be pleased to know that the Master Developer has introduced two pools and two health clubs for the Palm Golden Mile 1 & 2 at no additional cost to you. Having carried out several site inspections, we felt that to enhance the overall resident occupation experience, the inclusion of the Health Clubs, treatment rooms and pool, was a fantastic compliment to this superb development. Membership will be available to residents to ensure exclusivity and beach club membership will be available for any of the several beach clubs located on The Palm Jumeirah. IFA Hotels & Resorts will also be relocating to the Palm Golden Mile once complete and this is also a very exciting for us.