Nakheel Reports Land Sales Of Over Dhs162m

Nakheel announced that it had closed land sales worth more than Dhs162 million in two of its Dubai developments – Al Furjan and Jumeirah Village Triangle.

In Al Furjan, the company sold plots of land for 91 townhouses for Dhs70 million and four commercial plots for Dhs26 million.

One of the latest projects in Nakheel’s residential portfolio, Al Furjan includes over 800 units, and last month, Nakheel stated that it will launch more than 500 residential plots in the development. Each plot covers between 4,800 and 13,000 sq ft and prices range from Dhs1.1 million to Dhs3.3 million.

A new community retail and recreation centre is also due to open within the development early next year.

Meanwhile, Nakheel also sold 45 villa plots in Jumeirah Village Triangle, a smaller development located within the 6,000-home Jumeirah Village project.

The sales indicate the heighted investor confidence in Dubai’s real estate market, the company said in a statement.

A Nakheel spokesman said: “Just as we expected, these plots drew a lot of attention, the level of interest seen underscores the fact that Al Furjan and Jumeirah Village are amongst the most convenient, sought-after locations in Dubai.”

Nakheel, one of the worst hit during the property crash in Dubai in 2009, has recovered in line with the emirate’s overall property market, and recently announced a 58 per cent year-on-year leap in its nine-month net profit.

The developer has launched a slew of new projects in 2013 including three during Cityscape – a mixed-use development in Deira and two projects – a crescent boardwalk and a beachfront complex on Palm Jumeirah. The company is also developing hotels at Palm Jumeirah, Ibn Battuta and Dragon Mart.