By Courtney Trenwith
IFA Hotels & Resorts puts 20 residences up for sale in Kingdom of Sheba resort on Palm Jumeirah
IFA Hotels & Resorts has re-launched its first apartments and villas at the Balqis Residence project, part of the Kingdom of Sheba resort on the Palm Jumeirah in Dubai, six years after they were initially revealed to the market.
Four villas, six unfurnished apartments, nine furnished apartments and one penthouse are the first to be made available for sale in the development since it was launched in 2007.
Construction was put on hold during the global financial crisis but IFA vice president of client relations Stuart Cassidy said market conditions had since improved.
“The market conditions over the course of the past few years, especially in 2009-12, were not really conducive [for selling new residences] and in terms of off-plan or uncompleted buildings, appetite from investors was extremely low,” he said.
“The market has to get [back] to a point where it really makes sense to start going back to the market and begin building the profile back up.
“We feel it’s the right time to go back to market with our stock.”
Cassidy said the residences were about 80 percent complete and would be ready for handover in 12-16 months.
The villas range between AED20-32m ($5.45-8.7m), while the unfurnished apartments are priced at AED3.8-7m, the furnished start from AED1.5m and the penthouse is subject to offer.
The Balqis Residence is phase one of the Kingdom of Sheba, a mixed-use residential and leisure luxury resort designed with traditional Arab architecture on the crescent of The Palm Jumeirah.
It is the single largest resort that IFA Hotels & Resorts is developing and will include a total of 389 residences including villas, townhouses, penthouses, apartments and fully-furnished suites as well as a 550-room hotel and community facilities.
It was originally due to be completed in 2010.