By Andy Sambidge
Master developer says project will include 100 high-end, serviced residences managed by a world-renowned hotel operator
Dubai master developer Nakheel said on Saturday it is launching a new, gated community of 1,000 villas - including 100 high-end, serviced residences managed by a world-renowned hotel operator.
Located in Dubai's Nad Al Sheba district, the development will comprise a total of 900 three to five bedroom villas for lease and a separate resort-style complex of 100 high-end, serviced homes - all with private swimming pools, the developer said in a statement.
Nakheel said it has signed a contract for AED27 million ($7.35 million) with Dubai-based Arif and Bintoak Consulting Architects and Engineers for design and engineering services for the project, which has an estimated construction value of AED2.5 billion.
The construction tender will be released within three months, with a contract awarded by the end of 2014, the company said, adding that the project is due for completion in 2016.
Nakheel chairman Ali Rashid Lootah said: "Nakheel's new residential and resort-style community at Nad Al Sheba will further enhance our growing leasing, hospitality and retail offerings, all of which are key to our long term business strategy.
"Our current residential leasing portfolio of almost 17,000 homes continues to be in huge demand, with almost 100 percent occupancy across the entire range.
"We expect an equally-positive response to our new development announced today."
Spanning 2.5 million square feet, with extensive landscaping and communal park areas, Nakheel's Nad Al Sheba community will also include a club house and retail centre with shops, cafes, a community pool and sports courts.
Nakheel said residents and guests at the 100 serviced villa complex will have exclusive access to an additional range of high-end facilities and services, an onsite health club with spa, wellness centre and lap pool, a restaurant, in-villa private dining and housekeeping and laundry services.
Residents will also enjoy exclusive access to Nakheel's beach facilities on Dubai's Palm Jumeirah, the statement added.
Lootah said: "This exciting new development will appeal to a wide audience, including long term leasing clients and holidaymakers looking for an alternative to Dubai's beach resorts and city hotels. We look forward to the delivery of this new community as we continue to diversify our range of cash-generating assets in line with our future business strategy."
Nakheel's current residential leasing portfolio comprises almost 17,000 units at various Nakheel communities across Dubai including The Gardens, International City, Discovery Gardens and Jebel Ali Village, with more to come at Warsan Village and Nad Al Sheba.
and how about financing the project Mr. Lootah?
What about all the previous "cancelled" projects? Dust swept under the rug...?
Yet a other big announcement by Nakheel!
I am wondering if Mr. Lootah is actually aware of all the unfinished and poor standard of outstanding work that this company has at different project's.
Lots of promises and I am sorry to say no delivery!
Living in JVT for the last 3 years. The landscaping is appalling, the canals are unfinished, no new fencing or gating proper signage and so on.....only promises!
Mr. Lootah when do you intend to finish this jobs and work to restore the image of Nakheel .
JVT Abandoned cars, unfinished park areas, big announcements ref a security gate and bordering gates NO ACTION. There are cars just driving around all day with groups of men in as they have not been checked. Plants dying, man holes full of water left dangerously open. Dear oh dear what an advert for a company.....BUYER BEWARE!!!!!!
Dear me, this sounds like a questionable new project announcement on every level. Dubai simply does not need a new 1,000 villa community for leasing and holiday lets. I read elsewhere on AB of a new real estate consultancy report which says that demand for residential property has fallen considerably in Q2.
Rents are already through the roof and they too need to be brought under control, although perhaps a rent to buy scheme pitched at the middle-income segment, I could understand, but another uber-luxury estate, no! The judgement is sadly awry here, this is neither the time or place.
And as the previous correspondents point out, there is still much to be done to bring previous projects up to scratch and restore the tarnished reputation of what is now a wholly government-owned developer after all.
with the lack of feasibility study (obviously), especially when the tenants with their actual feet on the ground are witnessing the constant Nakheel debacles with each development and the obvious need to, blindly, establish more and more luxury properties with no sign of who would rent them (please stop using the EXPO as a draw for new migrants and drastic increases in rent and property value....since the only migrants that will take up housing will be living in shoddy camps). The next headline should read 1000 senior management figures fired from Nakheel.
Bubble is coming....