Nakheel chairman says investors are clamouring for new plots in Jumeirah Village Circle
- Parag Deulgaonkar
“Confidence in Nakheel and Dubai is back,” company chairman said on Monday, as the Dubai-based master developer sold 122 residential plots in Jumeirah Village Circle and two on the Palm Jumeirah for Dh419 million.
Ali Rashid Lootah, in a statement, said: “Real estate in Dubai is on the move again. After the recent success of our Jumeirah Park villa launch, Nakheel has now seen investors clamouring for the newly-released plots in Jumeirah Village Circle.
“This reveals a very clear message: Confidence in Nakheel – and Dubai – is back.”
The Dubai-based master developer sold 122 residential villa plots in Jumeirah Village Circle, its 860-hectare master development south of Al Khail Road, for over Dh113 million.
Nakheel also closed two land sales worth over Dh306.4 million in Palm Jumeirah. The first sale was of a 6689 square metre residential villa plot for Dh104.4 million (Dh15,602 per square metre), while the other was a 14400 square metre residential plot located on the Trunk for Dh202 million.
In July, the developer sold a 93,178 square metres (305,704-square feet) prime plot on the Palm Jumeirah Trunk for Dh400 million. In April, it sold a 5,574-square metre plot on Palm Jumeirah Pointe, opposite Atlantis, for Dh87 million.
In August, Emirates 24l7 reported Nakheel had stopped accepting assignable credit, popularly known as credit notes, issued to investors in its long-term projects for purchasing properties on The Palm Jumeirah.
“We are no longer accepting credit (notes) for Palm Jumeirah. We have given our investors ample time to make their decision… we can’t wait for them forever. It’s only cash transactions on the Palm,” Lootah had said.
Nakheel has previously stated that residential plot prices in some parts of The Palm – notably Frond N – have increased by 30 per cent since last year.
The company’s net profit for the first nine months ended September 30 almost doubled to Dh1.1 billion from Dh600 million in the year-ago period, while revenue for the period rose to Dh4.5 billion from Dh2 billion.