FIRST and Foremost, the latest hospitality brand to be launched in the UAE, has been given its first contract by Oceana Suites on the Palm Jumeirah. The three-way agreement also involves Seven Tides, the owner of the new development, and Oceana resort property management company Asteco.
The residence rental programme – the first operational scheme in the region – has all the advantages of timeshare and fractional ownership plans in that investors can use their property when convenient but have it professionally managed for the remainder of the year, recouping average estimated returns of eight per cent or more annually.
“This innovative idea is perfect for investors looking to maximise the full potential of their asset and with furnishings, insurance and warranties taken care of, owners can relax safe in the knowledge that no nasty surprises await them at the end of the tenancy,” said Ian Hollingdale, head of project for Asteco.
Oceana Suites is a 644-apartment development located on the trunk of the iconic Palm Jumeirah, featuring a private infinity pool, lazy river and beach, waterside promenade and jogging track, landscaped recreation areas and a gymnasium. A five-star hotel operated by Mövenpick will be opened within the complex next year.