Kuwait’s IFA Hotels & Resorts, the largest foreign investor in Dubai’s Palm Jumeirah, on Sunday launched an AED1bn ($270m) mixed-use luxury development on the manmade peninsula.
‘The 8’, as it is known, will feature 300 two and three-bedroom apartments, townhouses and penthouses, as well as hotel apartments.
The Miami Beach-inspired development, which also includes a number of other resort-style facilities, did not come with a completion date.
“The Palm Jumeirah continues to be a market leader in property value retention and rental yield,” said IFA chairman and CEO Talal Al Bahar.
IFA said that of the 45,000 new residential units in the pipeline in Dubai between now and 2015, only 4 percent were located on the Palm.
Dubai’s property market rebounded last year following 2008-2009’s crash, with market watcher JLL reporting an average 22 percent rise in the price of residential units in 2013.
The consultancy said in its latest annual report that price increases would continue at a slightly slower pace this year and the market remained about 15 percent below 2008 levels but would return to those heights by the last quarter of 2014 or early 2015.