Nakheel sells $15m Dubai villa plots in 2 hours

LA B Sunday, 16 December 2012 9:37 AM - UAE

Why are the old projects that are on hold not being revived and completed? Only new projects announced to show all is fine. I hope that the money gained from these sales will also be used to complete old projects that were looked up to during boom times

Distraught Resident Friday, 14 December 2012 12:23 AM - Canada

It is so sad, Nakheel is destroying our beautiful Jumeirah Islands, they completed the villas 7 years ago n delayed the delivery of Mansions 'forced construction' for 3 years, destroying our quite atmosphere then, now this new sale, out of the box, never ever known to the residents is a big blow.
It is worth to note that after 7 years, yet they could not fix the security gates.

Andy Thursday, 13 December 2012 9:46 AM - USA

Key words here are "SAYS" lol.. In courts this is described as Heresay.

Red Snappa Thursday, 13 December 2012 9:45 AM - Ireland

Fifteen million dollars, could hardly be construed as a major indication of recovery. It pales into insignificance compared witha restructured debt of US$ 16.1 billion along with the hundreds of millions Nakheel will have to shell out on the construction contract relative to 400 Legacy Villas recently resurrected.

In fact, I would question whether a previously financially burned contractor would be prepared to take the latter development on, given the deferred payment risk analysis. As an aside, whatever happened to the Government guarantee, through the Land Department, known as Tayseer qualified projects, do Legacy Villas fall under this umbrella, or has that scheme been abandoned, reached its financial boundaries etc, etc?

Anyway, these incoming amounts from land sales are frighteningly small, including the US$ 114 million received for a plot on the Palm Jumeirah in the not too distant past, when compared to the combination of ongoing operating costs and financial liabilities.

RBH Thursday, 13 December 2012 9:44 AM - Lebanon

I would like to know who were the buyers. Were they Nakheel or Dubai World executives?! Hehehehe...

Paolo C Wednesday, 12 December 2012 8:47 PM - Italy

We sell in 2 hours and we deliver in 10 years. We are unique.

RBH Thursday, 13 December 2012 9:44 AM - Lebanon

Well said.

RaOne Thursday, 13 December 2012 9:41 AM - UAE

very apt :)

Patrick Holm Wednesday, 12 December 2012 7:26 PM - England

This company Nakheel have got some nerve. I have been waiting on my villa in Jum Park for 5 years with out a hint of compensation from Nakheel while paying interest on my mortgage. They should be forced to deliver what they promised all them years ago, before announcing further developments! Nice to hear that Nakheel is now back in profit again hardly a surprise considering how much money they have taken from us customers (without delivering).

celticmonkey Thursday, 13 December 2012 9:42 AM - Ireland

100% agree. Whilst I dont have any Nakheel property it is a disgrace how so many investors like yourself are put on the back burner and have been treated with such disregard. I dont know why Nakheel even bother asking investors to sign contracts, Nakheel just penalise the investor if they are late with any payment (yet Nakheel dont even give discount if they deliver years late!) yani yani

Navin Wednesday, 12 December 2012 6:26 PM - UAE

This is great news for Dubai, however much i detest Nakheel it is in everybody's interest that Nakheel unclog its revenue stream to be able to refinance its debt and pay its creditors! Just hope that somebody keeps a tight leash on them this time around.

Abandoned Wednesday, 12 December 2012 6:26 PM - United Kingdom

At an average plot size of about 8,000 sqft going at an upside of AED 513 per sqft (probably an average price of about AED 450 per sqft), they would have sold just about 15 plots in those 2 hours. I really don't see what the fuss is all about. Jumeirah Islands is a very popular, established, in fact flourishing, villa community. Fifteen plots in JI could have easily sold at similiar prices even two years ago. Try selling plots of land for commercial development in areas like Downtown Jebel Ali or Silicon Oasis today. What's happening to prices in Business Bay and JLT? What about 'affordable' housing communities like Discovery Gardens and Intl. City?