By Andy Sambidge
Dubai developer says to build 84 townhouses, park; construction set to start in Q4
Dubai developer Nakheel has launched plans for townhouses and a waterfront recreational area at its Jumeirah Islands project.
The company announced it is to build a total of 84 townhouses and a 608,000 sq ft waterfront recreational area, with construction set to start by the end of this year.
It added in a statement that 40 percent of the four bedroom townhouses at Jumeirah Islands have already been sold, with a sales value of AED140m.
Prices range from AED3.95-4.86m, depending on plot size, location and view, Nakheel said. The gated community also includes a large swimming pool, it added.
Nakheel also announced plans for Jumeirah Islands Park which it said will provide a "new leisure, dining and shopping hub for Jumeirah Islands and surrounding areas".
The project comprises communal parkland and a community centre featuring 10 retail outlets including a supermarket, four food and beverage outlets, a fitness centre, sports courts, jogging track and ample parking.
Construction of the park, recreation centre and townhouses will begin in Q4 of 2013, with a two-year timeline, Nakheel said.
In April, the indebted developerreported a 36 percent rise in first-quarter net profit, boosted by delivery of long-delayed units to customers.
The state-owned property firm reported a profit of AED491m ($133.4m) in the quarter compared to a profit of AED362m in the corresponding period in 2012.
Revenue for the first quarter was AED2.2bn, up 62 percent from a year earlier.
Nakheel delivered 770 homes in the first quarter and is on track to deliver an estimated 3,000 units in 2013, it said.