By Andy Sambidge
Dubai developer sees high demand from investors for residential project which flooded in Sept
Developer Nakheel has said it attracted investments of AED790m ($215m) on Thursday as it released more than 500 plots at its Al Furjan residential community in Dubai.
Five hundred residential plots were snapped up by investors, many of whom queued since Wednesday morning to secure their land, Nakheel said in a statement.
A Nakheel spokesman said: "Just as we expected, this land drew a lot of attention, with 500 of the 509 available plots booked. The level of interest seen today underscores the fact that Al Furjan is one of the most convenient, sought-after locations in Dubai."
The plots, located between Sheikh Zayed Road and Sheikh Mohammed Bin Zayed Road, close to Ibn Battuta Mall, ranged from 4,800 to 13,000 sq feet.
Last month, Nakheel launched 400 new homes for sales at Al Furjan, adding to the 800 villas and townhouses that already occupy the growing community.
A new retail centre at Al Furjan is also due to open in early 2014.
Al Furjan suffered extensive flooding in September caused by unspecified issues with a “community irrigation system”.
Arabian Business previously published photos that appeared to show a large part of one of Al Furjan’s communal areas flooded by putrid water, which residents claimed had been there since April this year.
Residents told Arabian Business that Nakheel has provided no explanation and ignored repeated requests to fix the problem.
* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.
The Expo expectations are at it's peak. It is great to see how amounts above 350 m Aed (plots are 50% paid) can be mobilised within hours ! Says a lot about things to expect. With such a large appetite, hype can be sustained . Problem is majority of buyers are still flippers and speculators.. With many launches scheduled for post Expo announcement, only those who can bet on right projects would be big winners..
I have been reading Arabian Business and I am 100% convinced that many of Arabian Business articles twist the fact and written in such a manner that it will give wrong impression about Dubai and Dubai companies...
I am happy that Nakheel has banned AB from its events.
Good luck to the real estate companies trying to sell on the plots because you are clearly going to need it.
Well you can say what you like now cant you, doesn't actually mean anything as history proves otherwise.
Nakheel just confirms what the world knows about it by banning AB from events and refusing comments. All the smoke and mirrors and foreign PR advisors cannot hide the stench of anything Nakheel says to pliant media who wolf up the canapes at launches and love their disproportionate media gifts.
AB should be proud to be banned for telling the truth about the biggest blot on Dubai's real estate image.
* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.............
Nakheel really reflects very well how business is done in Dubai, based on deceitful announcements to attract investors. Good thing we are all here to testimony the gigantic real estate fraud of the past years and of the ongoing scam.
Not sure why you give Nakheel free publicity as they do not engage with you in anyway?
Dont publish anything on them till they grow up.