Stuart Cassidy,
vice president of customer service at IFA Hotels & Resorts.
TALKS AROUND THE SITUATION IN THE REAL ESTATE MARKET DO NOT STOP FOR ANY DAY. SOMEONE GIVES SHARPLY NEGATIVE ASSESSMENTS, OTHER, OTHERWISE, TUNED POSITIVE AND EVEN VERY. WHAT IS REALLY HAPPENING WITH THE BIGGEST PROJECTS? HOW MUCH ARE EACH OTHER DEVELOPERS AND INVESTORS? FOR RESPONSES, WE APPEALED TO A MARKET EXPERT, STUDENT OF CASSIDI, VICE PRESIDENT FOR WORK WITH CLIENTS OF IFA HOTELS & RESORTS COMPANY.
Stewart, despite the general situation in the real estate market, IFA Hotels & Resorts continues to fulfill its promises and successfully puts into operation some of the previously announced real estate properties. What, in your opinion, are the main reasons for this - customer loyalty, reasonable market calculations made at the very beginning, or something else?
One of the key factors of our success lies in the fact that IFA H&R minimally uses lending to complete its transactions, has a healthy registry of its own assets, whose capitalization is approximately US $ 1.3 billion. In a market where the bulk of developers are connected by huge loan commitments, not having a credit burden - this is one of the ways to successfully complete the initiated projects. In general, the success of IFA H&R is based on our long-term strategy for the development of multifunctional integrated projects located in the best and fastest growing markets. Multifunctional development projects allow us to expand our real estate portfolio and provide an opportunity for a flexible response to market changes, which, of course, have affected us, if we talk about the last two years. Of course, you should not think that IFA H&R easily began each of its projects. We faced many obstacles, but we are confident that our experience, coupled with the location and quality of the proposed facilities, led us to the successful completion of many of them. As a representative of the company, I am obliged to express gratitude to all our customers who supported us and our projects at all stages of their construction.
Could you elaborate on the recently completed housing project - Residences, Palm Jumeirah? Who became its tenants? How many apartments are already occupied? Can you evaluate how successful this new building is?
The Residences, Palm Jumeirah project offers one of the best coastal accommodation options, and this certainly makes it very successful. Residences, Palm Jumeirah is strategically located on the western side of the trunk of The Palm Jumeirah, and consists of two residential buildings offering 562 apartments with one, two and three bedrooms, as well as townhouses and penthouses with high-quality finishes and equipment.
Homeowners in the complex can enjoy all the comforts of a 5-star hotel - from swimming pools, beach bungalows, concierge services, sports and fitness facilities, to personalized services, including housekeeping and shopping. Both buildings are guarded around the clock and maintained in good condition, and upon completion of all work, the houses will be surrounded by landscaped gardens and impressive waterfalls.
Homeowners will also have the opportunity to shop at nearby stores, which will soon open at Golden Mile, Palm Jumeirah.
The Residences project will host people of various nationalities, including wealthy UAE citizens. A large number of our residents are immigrants from Russia and the CIS countries, and we will be pleased to hear their opinion on the quality of housing in our new project after the move.
In the past few years, many developers have encountered difficulties of various kinds and have not been in a hurry to announce new projects or talk about what is happening on construction sites. However, to our knowledge, IFA H&R is completing another of its Balqis Suites, part of the Kingdom of Sheba mega-development. Please tell us more about him?
Located in the Kingdom of Sheba project on the crescent moon surrounding The Palm Jumeirah, Balqis Suites is a fully furnished serviced apartment managed by a hotel operator. Each suite at Balqis Suite, sold as a freehold, has a spacious living space, furnished with high-quality furniture and luxurious equipment, has excellent finishes and is surrounded by outdoor areas with lush green gardens, access to the sea and the beach. The apartments at Balqis Suites have different layouts, which range from studios to three-bedroom apartments. All apartments offer breathtaking views of the Persian Gulf and the line of Dubai's skyscrapers.
A wide selection of five-star amenities, including several swimming pools, large indoor parking lots, access to a private beach club, a large gym and meeting and meeting facilities, is offered to all residents who can also enjoy a range of shops, restaurants and cafes located here. In principle, all the amenities and services are similar to those that you are offered when staying in a five-star hotel, including maid and concierge services, a gardener and dry cleaning services, a car wash and minor car repairs.
What is the difference between IFA Hotels & Resorts and IFA Properties? Is the second company the "daughter" of the first? What was the main goal of creating IFA Properties?
You are right, IFA Properties is a subsidiary of the international real estate developer IFA Hotels & Resorts. IFA Properties is an effective IFA H&R sales and property management team in Dubai. We specialize in providing assistance to clients who wish to purchase, sell, rent or rent property on Palm Jumeirah Island or other IFA H&R projects. To this end, we have assembled a team of professionals involved in marketing real estate clients through various channels, including an extensive network of professional sub-agents. The activity of IFA Properties allows customers to save time and nerves associated with meetings with numerous real estate agents in order to complete a particular transaction.
Why, in your opinion, is now the time to buy property in Dubai? What would you advise buyers before they sign a real estate purchase and sale agreement?
Dubai's real estate market is becoming more mature, which is a significant advantage for all long-term real estate investments. We have seen real battles for quality, both in the commissioning of facilities and in matters of property management. Market prices have gradually stabilized, and those buyers who have invested their money for the medium or long term will soon see that their investments generate income. Our advice to all buyers is to deal with developers whose projects are designed for the long term, and also make it a rule to pay attention to the location of the object! This is an old and very important rule for buying property! Given the large number of cases of speculation with real estate, it would be useful to learn more about the project management company before signing the contract of sale.
We know that IFA H&R is one of the largest developers of Palm Jumeirah, however, the company is building many international projects and real estate in other areas of Dubai. When can we expect the completion of the Laguna Tower project in the JLT area and other new buildings?
The 2010 fiscal year was one of the most active for the company due to the completion of construction and commissioning of many facilities. We completed more than 70% of our projects in Dubai and South Africa, commissioned the largest project in Thailand, and opened the new Four Seasons Hotel Beirut in the Lebanese capital, with IFA H&R and Kingdom Hotel Investments (KHI) as the largest shareholders. This is more than clear evidence that all these milestones in the history of the company have been noted precisely in the last 12 months. The high-rise building of The Laguna Tower, where the Movenpick Hotel & Residence Jumeirah Lakes Towers will be located, is planned to be completed next year. However, we are going to send invitations to the owners of housing in this tower at the end of November this year so that they can come and look at their future apartments. This is only the first step towards the commissioning of the entire facility, which we plan to complete in early 2011.
What were the most difficult questions you received from IFA H&R clients during the global financial crisis?
The most difficult thing was to explain to our customers in Dubai the rules for issuing UAE resident visas and their relationship with the purchase of real estate, as they are constantly changing, and for many this is not clear. Most of the remaining issues, of course, related to the general state of the economy and its impact on the process of completion and delivery of projects on time. And of course, after the euphoria that reigned in the speculative market, stabilization of the economy will be a great relief for everyone.
How can you evaluate the achievements of IFA H&R today, and what are your forecasts and plans for the near future?
In 2009 and 2010, the bulk of the company's projects moved from the construction stage to the completion and commissioning phase, which added to our portfolio real estate worth more than US $ 1 billion, including two five-star hotels and five luxury residential projects, accommodating, in total, more 1200 housing units. It is important to note that this has significantly reduced the number of construction sites of the company, since more than 70% of the facilities in South Africa and Palm Jumeirah have already been completed, and we expect the company to continue growing in 2011. As it enters the new fiscal year, IFA H&R will continue to focus its efforts on completing all launched projects around the world and, as a result, entering the operational phase of its activities.
Strategically, IFA H&R will concentrate on reducing the number of responsibilities and on the general planning of the company's land bank in order to begin construction of new facilities as soon as the market situation recovers.
