By Andy Sambidge
Nakheel starts handover of Marina Residences, says island work to continue for 5-6 years.
More than 2,000 new residents are set to move on to Palm Jumeirah in Dubai after master developer Nakheel announced it was starting to hand over homes at Marina Residences.
The phased handover of 980 units at the project, located at the tip of the island’s trunk, will continue until early next year, Nakheel said in a statement on Monday.
The company said it would be welcoming more than 2,000 new residents to the island during this handover process.
Marwan Al Qamzi, group managing director, Nakheel Development Projects said: “At Nakheel our focus is on delivering quality communities and the handover of Marina Residences marks another major milestone on Palm Jumeirah.”
The waterfront development features six residential towers containing 980 units, 940 of which are a mix of apartments and penthouses.
The most luxurious penthouses are designed over four floors, providing more than 14,000 sq ft of living space. The development alsol includes 40 townhouses which are located along the marina fronted promenade.
Palm Jumeirah is now home to more than 12,000 residents with work expected to continue on the island over the next 5-6 years.
This is great news, thousands more families arriving in Dubai means a recovery must be under way.
Simon Say Stupid Nigel Please stand up. You gotta understand that These familys are probably staying already in UAE. You need to read the article carefully.
The Palm Residences will NOT be seeing 2,000 new residents anytime soon...for one simple reason...Palm Marina Residences were used as an option for investors with Nakheel 'credits/credit notes'. They consolidated their credit notes into Marina Residences... So, what you will find is either a tremendous amount of units for sale or for lease at handover but very, very few actual 'owners'. Thats good for Dubai renters and potential buyers because rents will fall further and sale prices will become more realistic as the major (reluctant) holders of units start to liquidate their assets to recoup their monies previously tied up in other Nakheel projects...