Nakheel sells Palm hotel plots for $190.5m

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai developer Nakheel said on Monday it has sold two hotel plots on Palm Jumeirah's crescent for a combined value of almost AED700m ($190.5m).

A plot to the west of Atlantis was sold to a GCC investor for AED556m, while an Emirati investor purchased a plot on the eastern crescent for AED139m, Nakheel said in a statement.

A Nakheel spokesman said: "Land in prime real estate locations - such as Palm Jumeirah - is clearly in big demand, and these latest deals further highlight the trust and confidence that investors have in Dubai, and in Nakheel.

"The Palm's crescent is filling up fast with luxury resorts, hotels and residences; these two newly-sold plots will bring yet more attractions to this world famous island, which already plays a pivotal role in the UAE's tourism sector."

Nakheel said it continues to enhance and improve facilities on Palm Jumeirah and is currently constructing a number of residential projects on the island.

Work on the Nakheel Mall and Hotel and The Pointe is slated to begin this year, it said, adding that Palm Jumeirah is also home to the UAE's first indigenous park - a 1.1 million sq ft communal garden - opened by Nakheel last year.

The spokesman added: "Palm Jumeirah is already among the most sought-after areas in Dubai, and is unmatched in terms of location, and comparative value in terms of service fees.

"We expect that demand to increase further as more and more attractions come on stream."

Related:
Topics
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Barastiboy

Congratulations Nakheel ! Any news on the commencement of 'Club Vista Mare' on the East side of the Palm ?

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew