Dubai developer's chairman announces plan to build 1,000 villas in emirate to rent out
Dubai developer Nakheel is reportedly planning to build 1,000 villas in the emirate to rent out as it looks to boost recurring income.
Construction is expected to start before the end of the year on the new villas, chairman Ali Rashed Lootah said in an interview with Bloomberg.
Last week, Nakheel said it is also set to put extra emphasis on its hospitality projects as it looks to move further away from a focus on property sales, with plans for an additional 2,900 rooms over the next three years.
The additional rooms will come from projected investments of AED4bn ($1.1bn) over the next three years, the developer said at a press conference.
In April, Nakheel reported a 28 percent increase in first-quarter net profit.
The government-owned company made a net profit of AED629m in the first three months of the year, up from AED491 million in the corresponding period of 2013.