Dubai's Nakheel says villas worth $520m sold

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Dubai real estate firm Nakheel said it sold out villas launched at its Jumeirah Park and Jumeirah Village Circle developments, notching up combined sales of AED1.9bn ($520m).

The firm, which grabbed headlines during Dubai’s boom years for building manmade islands, said the majority of buyers of 417 properties were end users, as opposed to speculators. Nakheel did not specify when the villas had been sold, although the vast majority were at Jumeirah Park.

The Legacy Villas at Jumeirah Park, as they are known, are currently under construction and due for completion in Q4 2014, the company said.

Government-owned Nakheel, one of the hardest hit by the emirate’s 2008-2009 property collapse, agreed a $16bn debt restructuring deal in 2011 and was forced to scale back its plans.

The firm is reportedly currently in talks with lenders to extend an AED8bn ($2.17bn) loan due in 2015.

In the company’s most recent financial quarter, the Dubai government-owned firm reported a profit of AED491m ($133.4m) in the quarter compared to a profit of AED362m in the corresponding period in 2012.

Revenue for the first quarter was AED2.2bn, up 62 percent from a year earlier.

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