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Fairmont Heritage Place, The Palm

ID 6536

Apartment
Bedrooms:
Bathrooms:
Floor area:
Year built:
Contact Owner
Address: Fairmont Heritage Place
The Palm
United Arab Emirates
Sale / Rent: For sale
Status: Available
Price:

€ 110,000

Guide Price

Detailed Description

Apartments (1/10th Share)
From €110,000
Fairmont Heritage Place
Kingdom of Sheba Pricing
For 1/10th shareholding
2 Bed Apartment (View Palm) – from AED 600,000
- euro 110,000 aprox.
3 Bed Apartment (View Sea) – from AED 725,000
- euro 133,550 aprox.
3 Bed Penthouse (View Sea) – from AED 1,005,000
- euro 184,950 aprox.
4 Bed Town House (View Palm) – from AED 1,005,000
- euro 184,950 aprox.
5 Bed Imperial Penthouse (View Palm) – from AED 1,600,000
- euro 294,500 aprox.
Fairmont Heritage Place, Kingdom of Sheba, is Dubai’s first Private Residence Club. Destined to become one of the Middle East’s finest and most exclusive clubs, Fairmont Heritage Place, Kingdom of Sheba offers a private sanctuary of security and privilege.
A Private Residence Club allows discerning vacation home owners to experience the benefits of owning a luxury resort residence at a fraction of the real cost involved. Furthermore, the equity held by fractional owners provides a secure, transferable and potentially appreciating investment in perpetuity.
In addition to the benefits of owning real estate in one of the world’s most desirable locations, a Private Residence Club provides its owners with all of the services and amenities of a five star hotel.
TABLE OF CONTENTS
1. PRODUCT SUMMARY
1.1 RESIDENCES
1.2 USE AND ENJOYMENT
1.3 HERITAGE BENEFITS
2. MANAGEMENT COMPANY – FAIRMONT HOTELS & RESORTS
3. DEVELOPER – IFA HOTELS & RESORTS
4. AWARDS
5. PRIVATE RESIDENCE CLUB CONCEPT
6. LEGAL STRUCTURE & DOCUMENT SUMMARY
7. TERMS OF PURCHASE & PURCHASE PRICE
8. MANAGEMENT AGREEMENT & ANNUAL SERVICE CHARGE
9. QUESTIONS AND ANSWERS
1. PRODUCT SUMMARY
Fairmont Heritage Place, Kingdom of Sheba is located on The Palm Jumeirah. Often referred to as ‘The 8th Wonder of the World’ the man-made island is widely acknowledged as the most astonishing
land reclamation project ever undertaken and as the pinnacle of prestige in Dubai.
Fairmont Heritage Place, Kingdom of Sheba will consist of 53 ultra-luxurious, fully furnished residences within the grounds of the Fairmont Kingdom of Sheba Hotel and Resort. Along with the residences, IFA Hotels & Resorts (“the Developer”) will build a host of leisure and retail facilities to which Owners will have access. Fairmont Heritage Place, Kingdom of Sheba community will be contained in a dedicated parcel of land. Preliminary artist renderings are found on the Property TV website.
Owners at Fairmont Heritage Place, Kingdom of Sheba will hold the key to a world of gracious vacation and leisure living. Each Owner’s rights are evidenced via a 1/10th shareholding in their vacation home of choice. Use of the residences is managed through a reservation process designed to facilitate Owners’ preferences equitably.
To enhance long term stability and success, management of Fairmont Heritage Place, Kingdom of Sheba will be handled by Fairmont Kingdom of Sheba Hotel and Resort ("the Manager"), which will be dedicated to providing the highest standards of service delivery. The Manager will be responsible for providing all Owner services and for specialised management and maintenance of the residences, the community and related amenities. Each of the residence owning companies, in which the Owners are shareholders, will hold freehold title to a residence within Fairmont Heritage Place, Kingdom of Sheba and a proportionate share in the Fairmont Heritage Place, Kingdom of Sheba common property.
Common property will include professionally designed and landscaped gardens and pools, as well as walkways, water features and shaded relaxation areas. The residence owning companies will be represented in the Home Owners’ Association, the role of which is to ensure the property is both aesthetically pleasing and maintained to the highest possible standard.
The Manager provides for the administration and governance of Fairmont Heritage Place, Kingdom of Sheba. The Developer will maintain authority over vital decisions and will guide each Property Owning Company to ensure the continued success of the Fairmont Heritage Place, Kingdom of Sheba community.
Ownership in Fairmont Heritage Place, Kingdom of Sheba represents much more than a superb vacation home and excellent property investment. As a Private Residence Club, it also offers an investment in lifestyle and an assured means of enjoying quality time with family and friends, enhanced by services and facilities of uncompromising luxury.
Fairmont Heritage Place, Kingdom of Sheba is destined to become the most exclusive club in the Middle East, providing Owners with special privileges and reciprocal use with other Fairmont Heritage
Place communities and Fairmont Hotels & Resorts in some of the world’s most desirable destinations.
Amenities and Services:
· Valet parking Dedicated underground parking
· Beach, swimming pool and gardens 24-hour room service
· Pre-arrival concierge services The Owners’ Lounge
· Airport limousine transfer*
· State-of-the-art exercise room
· Valet parking
· Owners’ meeting/conference room
· 24-hour concierge on site Discreet daily housekeeping
· Personal grocery items stocked prior to arrival Access to all resort facilities at Fairmont Kingdom of Sheba*
· Personal chefs and waiters to cater for you at your residence*
· Secure, air conditioned storage to keep your personal belongings
· Access to The Kids’ Club at Fairmont Kingdom of Sheba*
· 24-hour security
*Provided at additional charge
Master site plan and renderings (upon its sole discretion, the Developer reserves the right to revise such plans from time to time during the period of construction.)
Kingdom of Sheba – The Palm Jumeirah, Dubai
The Kingdom of Sheba is pictured here in its entirety. Fairmont Heritage Place, Kingdom of Sheba can be found in the centre of the circle.
1.1. RESIDENCES
Located in an exclusive enclave on the sweeping crescent that embraces The Palm Jumeirah, all residences are generously scaled, beautifully furnished and appointed, and boast expansive windows bathing the rooms in light. The entrance to every residence offers a direct line of vision to the outdoors, creating an instant sense
of space and grandeur. All bedrooms have large en suite bathrooms. Glorious views are presented at every turn and the surrounding gardens are lush and elegantly landscaped.
Residence sizes range from a spacious two-bedroom apartment at 160 square meters to a five-bedroom penthouse at 563 square meters. While the penthouses have palatial pool terraces, the townhouses offer enclosed gardens, each with its own private pool.
At Fairmont Heritage Place, Kingdom of Sheba you arrive at your residence via a dedicated driveway to the lobby and reception. This overlooks the outdoor terrace, the cascading landscape and the oversized free-flowing swimming pool that borders the private beach. You are then greeted by name and your car is valet parked, while a porter takes your luggage to your home. Upon entering the comfortable lobby and reception dedicated staff will be ready to assist you to your residence.
Facilities:
Fairmont Heritage Place, Kingdom of Sheba is a self-contained, gated community within Fairmont Kingdom of Sheba’s 150,000 square meters.
The Arabian Gulf laps gently onto the white sand beaches, where sun loungers lie beneath giant umbrellas and professional staff cater to your every whim. Winding paths lined by verdant gardens and glittering ponds weave throughout Fairmont Heritage Place, leading to all that the Kingdom of Sheba has to offer. You’ll find a wealth of activities for children, not least the fabulous Kids’ Club located within the resort. All the excitement and delights of The Palm Jumeirah are just moments away and water sports facilities abound. The Palm Jumeirah is like no other place in the world.
Dozens of fine restaurants are within easy reach including the wide choice offered at Fairmont Kingdom of Sheba. Bars, nightclubs, cafés and a variety of shopping opportunities – Dubai style – mean some may never make it to the mainland; but, for those who do, the best of this ever-growing; wonderfully cosmopolitan city awaits them on shore. Fairmont Heritage Place, Kingdom of Sheba is the ideal vantage point for exploring the mainland, while remaining in a secluded bastion of luxury and indulgence.
1.2. USE AND ENJOYMENT
Note: The information in this section is fully described in the Terms Use document, which forms part of the Sales & Use Agreement.
Below is an outline of its key points:
Fairmont Heritage Place, Kingdom of Sheba consists of luxuriously furnished residences within the private grounds of Kingdom of Sheba as described in the previous sections titled ‘The Product Summary’ and ‘The Residences’. Because each owner may only pre-book up to 28 days per year, only 80% of the time available will be
allocated to planned ‘Home’ and ‘Club’ Reservations (detailed below). This leaves ample availability for last minute ‘Heritage Time’ reservations and flexibility in the reservation schedule. Each shareholder will be entitled to 28 days of use per calendar year, plus virtually unlimited Heritage Time, which is accessed on a space available basis.
Home Reservations: Owners are guaranteed 14 days use annually of their own residence. ‘Home’ Reservations may also be exchanged for time at another Fairmont Heritage Place or at other Fairmont Hotels & Resorts properties, subject to availability.
Club Reservations: A further 14 days are guaranteed annually within an Owner’s own residence or a similar one at Fairmont Heritage Place, Kingdom of Sheba.
Heritage Time Reservations: Additionally, Owners have virtually unlimited use of any remaining availability at Fairmont Heritage Place, Kingdom of Sheba throughout the year, subject to booking no more than 60 days in advance and to an equitable distribution of premium weekend time and public holidays. No more than one
weekend booking may be held by an Owner at any given time.
Each Owner will reserve use of their residence by means of a rotating priority reservation system. This method of reservation has been designed for ease of use and will enhance opportunity for preferred dates and short notice getaways.
With secure air conditioned locker storage for Owners' personal effects such as favorite photos and sports equipment, a family's special items will always be available to add a personal touch to their home, providing a truly welcoming feeling during every stay at Fairmont Heritage Place, Kingdom of Sheba.
Dedicated onsite concierge and daily housekeeping services are provided, with an optional turndown service each evening to add a luxurious touch to the conclusion of your day.
1.3. HERITAGE BENEFITS
Note: The information in this section is fully described in the Heritage Benefits Terms and Conditions document which forms part of the Sales & Use Agreement. Fairmont Heritage Place, Kingdom of Sheba is a Fairmont-branded community and as such affords Owners an array of Heritage Benefits.
a) Privileges at Selected Fairmont Hotels & Resorts
Owners enjoy the Reciprocal Use Programme whereby they may exchange their occupancy rights to stay at selected Fairmont Hotels & Resorts around the world.
b) Discounts at Select Fairmont Hotels & Resorts
When booked directly through the Owner Services department and subject to availability, Owners and their immediate family will enjoy a discount of up to 20% from the lowest published rate at selected Fairmont hotels. Additionally, Owners will receive an upgrade at no charge to the best available guestroom or suite, other than the presidential suite, for the duration of Member's reservation.
c) Reciprocal Use Privileges at other Fairmont Heritage Place Locations
Owners enjoy the Reciprocal Use Programme whereby they may exchange their occupancy rights to stay at other Heritage Place communities.
d) Kingdom of Sheba Hotel Amenity Use Privileges
Hotel Access for Owners: All common areas of the Hotel are available to Owners while in residence at the Fairmont Heritage Place, Kingdom of Sheba.
Hotel Rooms and Suite Access for Owners’ Guests:
When booked directly by the Owner through the Owners Services department and subject to availability, Owners’ guests will enjoy a discount of up to a 10% from the lowest published rate at selected Fairmont hotels.
Spa at the Kingdom of Sheba Hotel:
Subject to availability, Owners will have access to the Spa with a 10%discount from the prevailing rate for any treatment.
Dining Access:
At all restaurants taking reservations at the Kingdom of Sheba, Owners will be guaranteed reservations and preferred seating if reservations are made through the Owner Services Department a minimum of 48 hours prior to the time of dining.
e) President's Circle.
As an Owner at Fairmont Heritage Place you automatically gain entry into the ultra-exclusive, by invitation only, Fairmont President’s Circle. This gilt-edged membership grants you preferential treatment and prices, together with the ultimate in benefits and services at Fairmont’s legendary hotels and resorts across the Middle East, Europe, America, Canada and Mexico. Upon check-in at Fairmont Hotels, President’s Circle members will be upgraded to the best available room or suite, except the Presidential suite, without additional cost.
f) Fairmont Heritage Place, Kingdom of Sheba Services
Transportation Services:
A chauffeured transport service to and from the airport and throughout the local area will be coordinated and provided by a limousine or executive car service at preferred rates arranged through the concierge.
Personal Shopping Access:
Owners can order groceries with a minimum of 48 hours advance notice to the concierge. The cost for these purchases plus a modest service fee will be billed to Owner’s account.
Nanny Service Access:
Members may request the services of a nanny with a minimum of 48 hours advance notice to assist with household, childcare or related duties. Members will be billed accordingly for this service.
2. MANAGEMENT COMPANY – FAIRMONT HOTELS & RESORTS
With the philosophy that expectations exist to be met and exceeded, Fairmont Hotels & Resorts is undisputedly one of the finest hotel operators in the world and will manage every component of Fairmont Heritage Place, Kingdom of Sheba though the Fairmont Kingdom of Sheba hotel and resort.
Fairmont Hotels & Resorts has 45 distinctive hotels in eight countries including The Fairmont San Francisco, The Fairmont Banff Springs in Canada’s Rocky Mountains and London’s famous Savoy. Fabled castles, secluded lodges, storied meeting places and modern retreats make for some of the world’s most celebrated addresses. Each promises an unrivalled travel experience that will be remembered long after any visit.
Fairmont Hotels & Resorts is the largest luxury hotel group in North America and has a worldwide reputation for accommodation excellence. With the spirit of every location captured, guests are ensured an authentic and special stay. Fairmont Hotels & Resorts’ locales, architecture, ambience and service are simply in a class of their own.
3. THE DEVELOPER – IFA HOTELS & RESORTS
IFA Hotels & Resorts is an acknowledged leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, Africa and Asia. The largest investor on The Palm Jumeirah, with more than 3,800 units, IFA Hotels & Resorts is the developer of The Kingdom of Sheba.
IFA Hotels & Resorts is listed on the Kuwait Stock Exchange, with a market capitalisation of over US$ 1 billion, while the company’s South African arm, IFA Hotels & Resorts Limited, is listed on the JSE Limited (Johannesburg Stock Exchange).
Globally, IFA Hotels & Resorts has entered into joint venture partnerships with leading companies such as Kingdom Hotel Investments (Saudi Arabia), Nakheel (UAE), Istithmar (UAE), United Investments Portugal (Portugal), and most recently Ohlthaver & List (Namibia). The company has also entered into strategic alliances with several globally recognised companies including RCI (USA), Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd. (South Africa) and Raimon Land (Thailand). Consequently, IFA Hotels & Resorts offers investors and tourists’ alike access to world-class facilities through a network of hotels, residential resorts,
vacation and Residence Club destinations.
Without exception, the IFA Hotels & Resorts portfolio is managed by some of the world’s foremost luxury hotel operators. Whether our clients want a sound property investment, a beautiful residence or the vacation of a lifetime, IFA Hotels & Resorts guarantees living à la carte in dream locations.
4. AWARDS
Fairmont Hotels & Resorts
With the opening of the landmark Fairmont San Francisco and New York's The Plaza in 1907, Fairmont was born. Over the years, hundreds of awards have been bestowed upon the company. More recently, however, Fairmont was awarded the 2006 Global Tourism Business Award, presented by the World Travel & Tourism Council (WTCC).The award recognises and promotes the world's leading examples of best practice in responsible tourism development.
IFA Hotels & Resorts
IFA Hotels & Resorts is the force behind the multiple-award winning Pine Cliffs Resort – Sheraton Algarve – in Portugal and the Zimbali Coastal Resort in South Africa. Pine Cliffs has been awarded Best Resort in Portugal for three consecutive years: 2004, 2005 and 2006, by the World Travel Awards.
Zimbali Coastal Resort achieved the highest accolades available within the global real estate industry by winning four coveted awards at the annual International Property Awards in London in November 2006. Best Development - Best Golf Development - Best Property Marketing (South Africa), and Best International Property Marketing.
5. PRIVATE RESIDENCE CLUB CONCEPT
Fractional Ownership and the Private Residence Club concept are amongst the fastest growing sectors of the tourism, real estate and hospitality industries worldwide, with the number of identified resorts offering these products worldwide increasing by 39% in 2006 to 249. Annual sales volume in that same year increased to
$1.65 billion. (Source: 8th Annual Fractional Interest Report by Northcourse Advisory Services.)
Research shows that up-scale fractional developments appeal to those in a high income bracket who enjoy the exclusivity of ownership in a private club with luxurious appointments and high service standards. Astute individuals, though in a position to purchase a second home or vacation home, appreciate the value of paying only for what they can take full advantage of, without the stress and maintenance overheads of whole ownership.
However, it is important to understand exactly what constitutes a Private Residence Club and what ingredients are essential to its success.
· A top-tier resort location
· Superior finishes and furnishings
· Exceptional architecture
· A wide range of leisure facilities, onsite restaurants and a health spa
· Personalised services on par with those of an exclusive resort including concierge service, daily housekeeping, personal shopping and stocking of the residence, hotel room service etc.
· Developer credibility
· Management company credibility. An excellent team in place with experience in providing five star service and the infrastructure to support it.
BUY ONLY WHAT YOU WILL USE
Fractional Ownership is gaining an increasingly high profile as some of the biggest names in entertainment, sport and business recognise its value. Many high-net-worth individuals have concluded that owning very expensive but rarely used assets is a waste of money. They are buying an eighth of a private jet, 60 days of
driving a top-of-the-range Ferrari, three weeks’ vacation – spread between a villa in Tuscany and a ski chalet in Aspen – or an interest in a luxury yacht. Fractional Ownership offers variety together with the solidarity of an equity investment.
BRAND SUPPORT
An important endorsement of the Private Residence Club concept is that several of the world’s leading hotel groups including the Ritz Carlton, Marriott, Hyatt, Four Seasons and, of course, Fairmont have all launched very successful investment opportunities.
TREMENDOUS APPEAL TO THE AFFLUENT
In the real estate sector in particular, up-market fractional interest resorts have enjoyed steady, robust growth since their introduction in the late 1990s. In 1996, there were only six global–standard projects in this category, but by the end of 2006 there were 225, proof positive of their popularity and immense appeal to
wealthy people who are able to couple leisure and investment.
FORMAL VERSUS INFORMAL SHARED OWNERSHIP
Buying property with friends, relatives or business partners is not a new concept and has been commonplace since second residences or vacation residences became fashionable in the 1960s. While sharing costs of an underutilised asset makes financial sense, informal private shared ownership has many drawbacks. Friendships have floundered over arguments about nearly everything to do with a shared property, from décor and maintenance to conflicts about how long each person gets to use the property and when. The result is that many people have avoided sharing a house and even the really wealthy question the expenditure involved of buying a vacation property outright.
Today, three major realities are driving the move to formalise shared ownership in vacation properties.
· Well thought out and executed ownership documents have created simple and equitable use plans that make fractional ownership virtually hassle free.
· Property in desirable locations, where prime land is scarce, is increasingly expensive. Prices for second residences are out-pacing increases in discretionary income for the great majority of people, some from a purely financial aspect and others because it seems irrational to own what they do not use.
· Private Residence Clubs are at the top end of the fractional ownership market, offering luxury and quality that holds its own against resort accommodation anywhere in the world. It demands the combination of prime locations, exceptional architecture, stunning design and the highest level of services and amenities to deliver a definitively five star product.
A
10 owners will hold equity shares in the individual Company that will have title to their residence at Fairmont Heritage Place, Kingdom of Sheba
B
The developer through owners of non-equity shares will maintain control of management decisions of the company to ensure the ongoing success of the Kingdom of Sheba development.
C
The Property Owning Company will be known collectively as Fairmont Heritage Place, Kingdom of Sheba.
D
Fairmont Heritage Place, Kingdom of Sheba appoints Fairmont kingdom of Sheba to provide management services and an array of benefits to the owners.
6. LEGAL STRUCTURE & DOCUMENTS
The following documents will be handed over during the purchase process and are available for review on request:
1. Sale and Use Agreement
This is a binding sales agreement and contains important elements including your rights and responsibilities relating to the purchase of shares of the Property Owning Company in which you will be a shareholder
The documents include the following annexure:
a. Conditions of Sale: Details the conditions upon which the Developer agrees to sell shares of the Property Owning Company.
b. Plan & Floor Plate
c. Site Plan: Preliminary master site plan, residence plan and artist renderings.
d. Purchaser Protection: Following international best practice and in accordance with current draft legislation in the Emirate of Dubai, the developer has implemented a number of measures to protect your funds during Fairmont Heritage Place, Kingdom of Sheba’s development.
e. Explanation Annual Costs: Details your rights and obligations in terms of the annual service charge and an estimate as to what these charges will be and what they will cover.
f. Club Rules: Similar to an exclusive country club, this document sets forth the rules governing conduct of Owners, occupancy of the residences and use of all Fairmont Heritage Place, Kingdom of Sheba residences, amenities and facilities.
g. Terms of Use and Enjoyment: This document governs the reservation of the residences. The Manager has taken special effort to assure access by Owners to the residence of their choice and has designed procedures which combine simplicity, equity and flexibility for the year-round benefit and enjoyment of the Owners.
h. Summary of Heritage Benefits: This document describes the services and preferred access to the range of amenities available at Fairmont Kingdom of Sheba hotel and resort and other Fairmont Hotels & Resorts worldwide.
i. Copy of Residence Contract of Sale: This agreement shows that the residence has been sold to the Property Owning Company of which you become a shareholder.
j. Articles of Association of the Property Owning Company: The Articles of Association provides the duties, rights and responsibilities of the Developer, the Manager and the individual Owners.
7. PURCHASE PRICE
The purchase price varies according to the residence in which a member buys a share or shares. Prices are subject to change:
Fairmont Heritage Place, Kingdom of Sheba Pricing
For 1/10th shareholding
2 Bed Apartment (View Palm) – from AED 600,000
- euro 110,000 aprox.
3 Bed Apartment (View Sea) – from AED 725,000
- euro 133,550 aprox.
3 Bed Penthouse (View Sea) – from AED 1,005,000
- euro 184,950 aprox.
4 Bed Town House (View Palm) – from AED 1,005,000
- euro 184,950 aprox.
5 Bed Imperial Penthouse (View Palm) – from AED 1,600,000
- euro 294,500 aprox.
rtment - AED 5500
*Note. Prices are subject to change at any time without notice.
TERMS OF SALE
a. 10% initial deposit is payable on signature of the purchase agreement.
b. 80% is paid in four scheduled payments of 20% during the construction period.
c. 10% is payable on completion and handover of the residences and the subsequent share transfer to the buyer.
PROTECTION OF PURCHASERS’ FUNDS
Purchasers will be provided with several types of security on their investment.
The shareholder will benefit from a Non-Disturbance Agreement (“NDA”) signed between the Developer and its financiers ensuring that, in the unlikely event the financiers foreclose on the development, any subsequent purchaser of the development will adhere to the fractional unit configuration. The NDA will be
registered over the title of the fractional units as a caveat warning any potential purchaser of the development that each unit will be subject to the fractional unit scheme.
Upon completion of the development, purchasers will hold equity in a Property Owning Company that has a registered freehold interest over the fractional unit. Any increase in market value for the unit will be reflected in the value of the equity that the shareholder has. Along with a share in the freehold unit, the shareholder will have inalienable rights under the Property Owning Company’s Articles of Association and, best of all, will have the right to occupy a piece of luxury real estate.
Finally, the shareholders will have a personal company guarantee from IFA Hotels & Resorts K.S.C.C, a company listed the Kuwait Stock Exchange with a market capitalisation in excess of US$1 billion, that that the undertakings of the Developer in terms of the purchase and use agreement are met.
8. MANAGEMENT
Fairmont Kingdom of Sheba hotel and resort will professionally manage and operate Fairmont Heritage Place, Kingdom of Sheba for and on behalf of the Owners.
ANNUAL SERVICE CHARGE
Owners pay an Annual Service Charge, which covers the cost related to the professional management and operation of Fairmont Heritage Place, Kingdom of Sheba and for the Heritage Benefits Programme provided by Fairmont Hotels & Resorts.
The costs related to the management and operation of Fairmont Heritage Place, Kingdom of Sheba are budgeted in advance on an annual basis, independently audited and approved by the Home Owners Association, before being fairly and equitably distributed amongst the Owners.
Maintaining a luxury residence to the high standards that Owners expect can be expensive, but the advantage of fractional ownership is that each owner pays only a fraction of the cost.
Housekeeping and maintenance services will be of the highest standard. The residences will be presented in pristine condition at all times.
The Annual Service Charge will be calculated to meet a planned programme of maintenance and refurbishment of the residences to match the initial high standards throughout the lifetime of every Owner’s investment.
These Annual Service Charges are each Owner’s pro-rata portion of the funds required to cover the costs, which include, but are not limited to: the ongoing administration of Fairmont Heritage Place, Kingdom of Sheba, the reservation and customer service system, satellite TV and high-speed Internet costs, staff salaries, supplies, maintenance, gardening, cleaning, housekeeping, laundry, legal, accounting, auditing, fuel, utilities, insurance, a reserve fund for the replacement and refurbishing of the facilities on a regular cycle to maintain the standards, and other costs associated with operating Fairmont Heritage Place, Kingdom of Sheba.
The Annual Service Charge is estimated to be approximately 3% of the value of the fraction purchased.
9. FREQUENTLY ASKED QUESTIONS
1. What is Fairmont Heritage Place, Kingdom of Sheba?
It is a Private Residence Club that offers luxurious, residences on the Crescent of The Palm Jumeirah, the finest resort location that Dubai has to offer. It is a Private Residence Club modeled on international best practices and it extends an offering that is unique
in its combination of location, luxury residences, superior amenities, unrivalled privileges and the personalised, world-class service delivered by Fairmont.
2. What is a Private Residence Club?
Private Residence Clubs are the top tier of Fractional Ownership.
Private Residence Clubs provide outstanding value and convenience to their owners. They are located in premier resort destinations, on prime sites. They feature extraordinary architecture and design, and provide the highest levels of service and amenities. A standard is met which compares favorably with virtually any luxury resort accommodation anywhere in the world. A Private Residence Club provides security of ownership, ease and flexibility of use with genuine five star services and amenities.
3. Why was the concept developed?
Primarily, the concept was developed to combine the benefits of
second home ownership with the amenities and services available from a world-class luxury hotel. Secondly, it makes sound financial sense. According to current studies, the average second home owner uses their property only 17 days per year. The Private Residence Club offers an attractive, problem-free way to optimise
your vacation time.
4. What are the advantages of Private Residence Club ownership?
· Owning a luxury residence at a fraction of the cost of whole ownership, while enjoying award winning design, furnishings and premier locations.
· Enjoying services equivalent to a five star hotel that are not usually available to second home owners.
· Having the use of an extensive range of amenities to enjoy your leisure time.
· The ability to invite family, friends and clients to enjoy your Club
· Knowing that your property is professionally managed, avoiding the maintenance hassles and concerns typically associated with second residences
· Minimising your financial investment through Fractional Ownership
· Opening up travel options to other premier destinations.
· The option to own vacation residences in more than one location without tying up large amounts of capital in a single home.
5. Who are Private Residence Clubs really for?
A Private Residence Club is ideal if you want the benefits of traditional ownership of an impressive second home, complete with personalised services and located in a very exclusive community, but cannot justify the investment because of limited use.
6. Is a Private Residence Club the same as Fractional Ownership?
The Private Residence Club product is positioned at the top end of the Fractional Ownership category. You will want to check that the property you are considering measures up to specific criteria to be regarded as a Private Residence Club.
7. Is ownership in a Private Residence Club the same as owning real estate?
You enjoy all the rights and privileges of owning real estate through holding shares in an independent Property Owning Company that has freehold ownership to your residence. This means you can sell your share at any time at any price, bequeath your share to your heirs, allow friends to use it, invite guests to share it with you and, of course, enjoy it yourself.
8. Is a Private Residence Club the same as timeshare?
The only way in which this luxury product can be deemed similar to timeshare is that ‘time’ is the factor used to split up usage and ownership of the property. In every other way, it is fundamentally superior and different. Most owners think of Fractional Ownership, and in particular Private Residence Clubs, as being more like traditional whole ownership without traditional whole ownership expenses.
9. What fractions is Fairmont Heritage Place, Kingdom of Sheba planning to offer?
Fairmont Heritage Place, Kingdom of Sheba is offering a 1/10th interest in each home.
10. Who controls Fairmont Heritage Place, Kingdom of Sheba and its policies? Fairmont Heritage Place, Kingdom of Sheba is controlled through a Home Owner’s Association that is managed by Fairmont Hotels & Resorts.
11. Who created Fairmont Heritage Place?
The Fairmont Heritage Place business model was created by
Fairmont Hotels & Resorts as an enhancement to its portfolio and adheres in all respects to standards set by the finest Private Residence Clubs in the world. Fairmont Heritage Place, Kingdom of Sheba is the latest addition.
12. Who will design and build the units?
The project is under the control of the Developer, IFA Hotels &
Resorts, the largest investor on The Palm Jumeirah and an acknowledged leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, Asia and Africa. Without exception, IFA Hotels & Resorts’ portfolio of properties are managed by the world’s foremost luxury hotel operators.
13. Are Owners allowed to make changes to the residences or their interiors?
No. The success of the Private Residence Club concept depends on maintaining professionally designed and delivered residences.
This is achieved through appointing award-winning architects and interior designers and allowing them to deliver their very best work.
14. Will the residences be maintained and refurbished to five star quality?
Yes. The residences and club facilities of Fairmont Heritage Place, Kingdom of Sheba will be unequivocally maintained to the luxury, five star standards initially set. The reserves to achieve this are built into the Annual Service Charges.
15. How often can Owners stay at a Fairmont Heritage Place, Kingdom of Sheba home?
Owners can stay as often as they choose, subject to availability.
16. How does the Use Plan work? Owners select and pre-reserve use at the Club on a simple and equitable rotating priority basis.
Please refer to the Private Residence Club and Use Plan section within this document for more details.
17. Do all Owners have equal access and equal privileges at all times?
Yes. All our Owners are privileged and no one is permitted to monopolies holidays or other high-demand dates at the expense of other Owners.
18. How can I be sure that I will get the time I want?
By understanding the reservation policies and processes that have been designed to be fair and equitable, and by ensuring that you avail yourself of them. A Fairmont Heritage Place reservation coordinator will always be available to assist you in ensuring the best possible dates.
19. Are Owners of Fairmont Heritage Place, Kingdom of Sheba able to exchange with any other clubs?
Yes. Owners of Fairmont Heritage Place may exchange some of the time they own at Kingdom of Sheba to visit other sensational Heritage Place locations. They may also stay at Fairmont Hotels & Resorts around the world by exchanging their ‘home’ weeks. Through their automatic membership to The Fairmont President’s
Circle, Heritage Place Owners are also entitled to the best available upgrades and many other privileges at Fairmont Hotels & Resorts throughout the year.
20. Can Fairmont Heritage Place, Kingdom of Sheba Owners reserve more than one residence in the
same period?
Yes, because Owners are not restricted to a particular residence this is possible subject to availability and the reservation policies.
21. Do Fairmont Heritage Place, Kingdom of Sheba Owners always stay in the same home?
Not necessarily. Each of the residences is appointed to exactly the same level of luxury and Owners are not restricted to one in particular. However, they will always occupy a residence of equal or similar size to that in which they have ownership.
22. Can my unaccompanied guests be sent to vacation at Fairmont Heritage Place, Kingdom of
Sheba? Yes. With Owners giving appropriate notice of arrival, guests may stay unaccompanied during any of an Owner’s reserved visits. Guests will have all the benefits of ownership during their stay.
23. Will there be more Fairmont Heritage Place destinations? Yes. Fairmont Heritage Place is expanding its portfolio. Owners are kept informed as Fairmont Heritage Place creates more sensational destination opportunities.
24. Is storage space available?
Owners can store personal items such as sporting equipment, leisure wear, books and favorite photographs year round, providing a safe and convenient alternative to packing.
25. Do Fairmont Heritage Place, Kingdom of Sheba Owners have guest privileges?
Yes, when Owners and/or their guests are in residence, the guests are most welcome to take advantage of all the benefits of ownership.
Services and Amenities:
26. Are the residences maintained on a daily basis as they would be in a five star hotel?
Yes. The Residences at Fairmont Heritage Place, Kingdom of Sheba are managed and maintained to the same level of service as the Fairmont Kingdom of Sheba hotel and resort.
27. What membership privileges are extended to an Owner during their stay?
Owners have full access to all the Club’s facilities while in residence. When not in residence, owners may have access to the facilities by
way of a special beach club membership that will be available to owners at a special rate.
Financial and Legal:
28. Can a share in Fairmont Heritage Place, Kingdom of Sheba be resold?
Yes. The shares in the Property Owning Company may be freely traded.
29. Can more than one family or individual jointly own a single fractional interest at Fairmont Heritage
Place, Kingdom of Sheba?
Yes. The mechanism for this is determined entirely by the buyer and has to be set up independent of the Private Residence Club. Fairmont Heritage Place, Kingdom of Sheba will have one registered shareholder entity (a trust for example), or whatever entity the buyer chooses to put in place.
30. Can a corporate entity be an Owner at Fairmont Heritage Place, Kingdom of Sheba?
Yes.
31. Do Fairmont Heritage Place Owners pay annual maintenance fees?
Yes. Owners pay an Annual Management Fee, which pays for the professional management and operation of Fairmont Heritage Place,
Kingdom of Sheba and its affiliation to the additional benefits programme provided by Fairmont Hotels & Resorts. These annual fees are each Owner’s pro-rata portion of the funds required to cover operating costs including, but not limited to: the ongoing administration of the Club, the reservation and customer service
system, satellite TV and high-speed Internet costs, staff salaries, supplies, maintenance, gardening, cleaning, housekeeping, laundry, legal, accounting, fuel, utilities, insurance, a reserve fund for the replacement and refurbishing of the facilities on a regular cycle to maintain the standards, and other costs associated with operating the membership programme and Private Residence Club at Fairmont Heritage Place, Kingdom of Sheba.
32. When will annual maintenance fees increase?
Fees will be reviewed annually and increased in accordance with inflation if necessary, with effect from the first year of ownership and will be pro-rated for the period of ownership.
33. How will any increases in the annual levies be managed? The Board of Directors will have the authority to approve annual fees within the norm of market related rates, barring extraneous circumstances.
34. When do I start paying annual maintenance fees?
The Annual Management Fee is payable from the time that your residence becomes available for occupation.
35. What happens when an Owner does not pay their annual maintenance fees?
The Private Residence Club will continue to function and operate without any impact from any defaults. The management team will institute agreed actions to recover the fees from the Owner. Owners in default of their maintenance fees will not have access to the Club.
36. Can I rent out my time when I am not using it?
Yes. The management company, Fairmont Kingdom of Sheba hotel and resort, will assist owners with the rental of up to two of their pre-reserved weeks per year. Based on demand for rental time in the future, the Manager may elect to allow owners to rent more than two weeks per year. Owners will receive the income from their rented weeks minus Management fees and costs.
37. What do Owners pay when visiting Fairmont Heritage Place, Kingdom of Sheba?
While in residence, owners pay only for expenses they incur when using the amenities at Fairmont Kingdom of Sheba hotel and
resort at preferential rates. If not in residence, owners may be asked to pay an access fee.
38. What are the sizes and specifications of the residences? Five-bedroom penthouses range from 385 to 563 square meters, four-bedroom townhouses from 399 to 483 square meters, three-bedroom townhouses starting at 208 square meters and two-bedroom apartments starting from 160 square meters. Fairmont
Heritage Place, Kingdom of Sheba Penthouses have palatial pool terraces of 150 square meters, while townhouses offer enclosed garden and pool areas of 125 square meters, and the apartments are graciously proportioned with balconies. All the residences are designed, decorated and fitted to international five star standards.
39. What is the estimated completion date by the developers?
The residences will become available from late 2010.
40. How is ownership at Fairmont Heritage Place, Kingdom of Sheba evidenced?
Once shares are transferred and registered, a share certificate is issued.
41. What is the legal structure of Fairmont Heritage Place, Kingdom of Sheba?
The Owners will hold shares in an individual Property Owning Company that owns their residence at Fairmont Heritage Place,
Kingdom of Sheba. Each of the residences will be owned by an individual Property Owning Company and said company will issue only 10 participating shares. The residences will be known collectively as the Kingdom of Sheba Private Residence Club.
42. Do I need to use conveyancing attorneys?
Since it is a share transaction, it does not have any conveyancing requirements. The only cost involved will be the cost of transferring the share.

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