Dubai's Nakheel announces first sales launch in 2014

Developer says plots on sale at Jumeirah Village Circle for residential, hotel, commercial plans

Dubai developer Nakheel on Tuesday announced its first launch of 2014 - a range of mixed-use plots at Jumeirah Village Circle.

Plot areas start at 14,000 square feet and can be used for residential, hotel or commercial development, the company said in a statement.

It added that prices start at AED10 million, with payment plans available for investors.

Nakheel's ever-growing, 900 hectare Jumeirah Village community will provide accommodation for more than 300,000 people when complete.

Nakheel said it has completed all infrastructure at Jumeirah Village Circle and, last year, completed the construction of 615 villas, with work on an additional 90 Nakheel villas underway.

The company also recently opened two new parks at the community, with another 11 on the way, the statement added.

In addition, more than 70 buildings by third party developers are completed and occupied at Jumeirah Village Circle, with dozens of design applications for more projects under review.

A Nakheel spokesman said: "Jumeirah Village Circle is a family community which will feature sports fields, schools, shops, hospitals and mosques spread between abundant green parks and landscaped areas. Our launch today is an ideal opportunity for serious investors who want to be part of this increasingly-popular development."

Nakheel said earlier this month that it plans to repay up to AED4 billion ($1.1 billion) of bank debt due in 2015 this year.

Nakheel, known as the builder of a palm tree-shaped island off the coast of Dubai, was taken over by the government as part of a AED56.9 billion rescue plan completed in 2011, following the bursting of a real estate bubble in the emirate in 2009.

However, the property market rebounded in 2013, with prices up around 22 percent versus 2012. In the crash, they had plummeted more than 50 percent from their 2008 peak.

Nakheel's profit jumped in recent quarters on the back of the local real estate recovery - its nine-month net profit was 58 percent higher year-on-year, it said in October.

* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.

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Posted by: Syed

We cannot trust in investment in Dubai because we invest in property more than 5 year ago and still we not received our single penny from developer. I will request do, not invest in Dubai.

Posted by: philip

The company also recently opened two new parks at the community. Some one please point it out to me!!!!!

Posted by: David William

Why don't they first complete what they promised to deliver to purchasers on projects such as Discovery Gardens before starting new ones? Oh yes, 'we've got your money so we don't need to do anything more' - the mission statement of Nakheel.

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