Kuwait-based developer IFA Hotels & Resorts has launched a new mixed-use resort worth more than AED1bn ($272m) on Dubai’s Palm Jumeirah.

The eight-storey building, known as ‘The 8’, will offer 300 two- and three-bedroom apartments, townhouses and penthouses, as well as hotel apartments.

Designed to replicate the style of Miami Beach in the US, the development will also offer resort-style facilities such as water-sport rentals, a beachfront restaurant and tennis courts.

“We are confident that now is the time to bring The 8 to market,” says Talal al-Bahar, chairman and group CEO of IFA Hotels & Resorts.

Several new hotel schemes have been launched on the Palm Jumeirah over the past year. Earlier this month, contractors submitted bids for the deal to build the W Hotel & Residences on the crescent of the Palm. The project involves building three six-storey buildings on a 90,000-square-metre plot of land on the Palm Jumeirahcrescent, next to the Kempinski hotel development. 

Construction work started last year on another new hotel development on the Palm. In December, Beijing-based China State Construction Engineering Corporation started work on the Viceroy Dubai Palm Jumeirah, for the local Skai Holdings.

The resort, which offers 479 rooms and suites and 222 residences, has a unique investor model that enables buyers to purchase hotel rooms, which are then leased back in exchange for 40 per cent of the room revenue.