Nakheel says 95% of villas at Dubai's Al Furjan handed over

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Indebted Dubai real estate developer Nakheel said that more than 95 percent of villas at its Al Furjan residential project had been handed over to purchasers.

The Dubai government-owned firm, famous for building the emirate's Palm Jumeirah and The World islands developments, said in a statement on Wednesday that the remaining 61 units at Al Furjan would be delivered by May this year.

It said that landscaping work for more than 30 park areas and walkways at Al Furjan, located close to other Nakheel developments Ibn Battuta Mall and Discovery Gardens, had also concluded.

The project consists of a total of 819 residential units, half made up of terraced houses with the rest comprising three, five and six bedroom detached villas.

"All 819 homes have a garden with low-level fencing, bringing an air of openness and a sense of communal outdoor living to the Al Furjan community," commented Nakheel chairman Ali Rashid Lootah.

"We are proud to have delivered this unique as the latest addition to our portfolio of completed projects," he added.

Nakheel is also currently building a 8,700 sqm community centre to service the project, which will include tenants such as Geant, Burger King and Bin Sina Pharmacy.

Last month, Nakheel said that it had repaid an additional AED206m (US$56m) to creditors as part of its debt restructuring.

The property firm, which was badly impacted by Dubai's real estate crash in 2008-2009, said the funds were due to be repaid at the end of February in accordance with Nakheel's restructuring commitments. Nakheel said the sum brought the total amount it had paid back to lenders since its 2011 restructuring to AED923m.

Nakheel was one of the high-profile corporate casualties during Dubai’s debt crisis, which saw house prices in the emirate decline by over 60 percent. The developer agreed a US$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 a AED8bn (US$2.17bn) loan due in 2015.

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