Dubai developer sees high demand from investors for residential project which flooded in Sept
Developer Nakheel has said it attracted investments of AED790m ($215m) on Thursday as it released more than 500 plots at its Al Furjan residential community in Dubai.
Five hundred residential plots were snapped up by investors, many of whom queued since Wednesday morning to secure their land, Nakheel said in a statement.
A Nakheel spokesman said: "Just as we expected, this land drew a lot of attention, with 500 of the 509 available plots booked. The level of interest seen today underscores the fact that Al Furjan is one of the most convenient, sought-after locations in Dubai."
The plots, located between Sheikh Zayed Road and Sheikh Mohammed Bin Zayed Road, close to Ibn Battuta Mall, ranged from 4,800 to 13,000 sq feet.
Last month, Nakheel launched 400 new homes for sales at Al Furjan, adding to the 800 villas and townhouses that already occupy the growing community.
A new retail centre at Al Furjan is also due to open in early 2014.
Al Furjan suffered extensive flooding in September caused by unspecified issues with a “community irrigation system”.
Arabian Business previously published photos that appeared to show a large part of one of Al Furjan’s communal areas flooded by putrid water, which residents claimed had been there since April this year.
Residents told Arabian Business that Nakheel has provided no explanation and ignored repeated requests to fix the problem.
* 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.