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Thu 15 Sep 2011 02:55 PM

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Dubai's Nakheel to start work on Central Park in Oct

The 1 million sq ft green area on Palm Jumeirah will include jogging track and playgrounds

Dubai's Nakheel to start work on Central Park in Oct
Palm Jumeirah
Dubai's Nakheel to start work on Central Park in Oct
Nakheel
Dubai's Nakheel to start work on Central Park in Oct
PRELIMINARY TALKS: Nakheel is in preliminary talks with Nasdaq Dubai to list Islamic bonds. (Getty Images)
Dubai's Nakheel to start work on Central Park in Oct
Villas on the Palm Jumeirah

Dubai’s Nakheel announced on Thursday construction work on the Central Park green space on Palm Jumeirah will start in October.

Located between the Shoreline Apartments and Golden Mile developments, the Central Park will be approximately 1.4km long and will measure around 1 million square feet in total area.

Infrastructure works will start in October and will include a three-kilometre loop jogging path, playgrounds for children and seating areas. Other amenities will also include a wadi and other water features and a number of landscaped promenade areas.

“The Central Park at the heart of the Palm Jumeirah will open to residents and public shortly,” Nakheel said in a statement.

“We are delighted to proclaim the opening of the Central Park on the iconic palm. The Palm Jumeirah Central Park will become a major spot to its residents and public visitors,” said Ali Rashid Lootah, chairman of Nakheel.

One of the most high profile master developers in Dubai, Nakheel last month issued the first tranche of an AED4.8bn ($1.31bn) Islamic bond as part of a complex debt restructuring process.

As part of its five-year debt restructuring programme announced in August, the firm offered creditors repayment of 40 percent cash and the remaining 60 percent in the form of an Islamic bond, or sukuk, at a profit rate of 10 percent.

Nakheel said it was restructuring some AED59bn of liabilities, including AED32bn to Dubai government, AED19bn to trade creditors and AED8bn to banks.

The firm’s chairman said it would deliver 7,982 homes in nine developments across Dubai in the 15 months ending Dec 2012, in projects including Jumeirah Islands, Al Furjan as well as Badrah and Veneto in the Waterfront project.

Nakheel, which was previously the property arm of Dubai World, is now be controlled by the Dubai government along with another debt-ridden property firm Limitless, which is restructuring a $1.2bn loan.

 

 

 

 

Red Snappa 8 years ago

That's a socially responsible step in the right direction making the Palm Jumeirah a more established place to live, producing the people sustainability aspects like the parks, social clubs, beach clubs etc can only add value to quality of life of its customers. That latter being Nakheel's raison d'etre of course as a master community developer.

However, might I raise two old chestnuts, charging Palm residents and owners for access to beach clubs which are effectively community and social centres is not a sensitive move.

Also could Nakheel please move forward with infrastructure at Jumeirah Golf Estates, they say that work is progressing but regular checks revealed little happening. Another pleasant living environment going to waste without the final touches.