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Mon 26 Aug 2013 03:10 PM

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Nakheel completes Al Furjan residential project

Dubai developer says handover of more than 800 homes completed; retail centre to follow

Nakheel completes Al Furjan residential project
Nakheel banners

Dubai developer Nakheel said on Monday that it has now fully completed construction and handovers at its Al Furjan community.

The company added in a statement that it also plans to build a neighbourhood retail centre there soon.

Nakheel said it has completed construction of all 819 homes as well as all landscaping work in the community, which comprises terraced homes and detached villas built in clusters and connected by 32 communal park areas and walkways that make up a quarter of the master plan.

Al Furjan, the latest project in Nakheel's residential portfolio, will also soon have its own community centre offering shops, cafes and a place to meet and socialise.

Construction timelines will be announced shortly, the company said in the statement.

A Nakheel spokesman said: "The completion of Al Furjan is a major milestone for Nakheel, and highlights our commitment to delivering to investors.

"All 819 homes are completed and handed over to customers. We are on track to hand over 3,000 units across several of our communities in 2013. Al Furjan's community centre will complement two other neighbourhood malls under construction and due to open in early 2014 at Jumeirah Park and Discovery Gardens communities."

Last month, Nakheel said it made a first-half net profit of AED1.2bn ($327m), up 57 percent on the same period last year.

Revenues for the first half of the year stood at AED4.23bn, up 36 percent, the company said in a statement.

It added that the results "demonstrate the continuing growth and strengthening of the real estate market in Dubai and the return of investor confidence and trust".

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