Nakheel sells Palm hotel plots for $190.5m

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."

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 ?

All comments are subject to approval before appearing

Further reading

Features & Analysis
The waiting game: Abu Dhabi's property market

The waiting game: Abu Dhabi's property market

It is rare for an emerging market capital city to experience...

Is Gulf developers' love of London set to cost them a lot more?

Is Gulf developers' love of London set to cost them a lot more?

Controversial changes to property planning legislation in the...

Making a splash: Qatar's Al Bandary Real Estate

Making a splash: Qatar's Al Bandary Real Estate

It may not be a household name but Al Bandary Real Estate’s new...

Most Popular
Most Discussed