Friday, October 27, 2006

Nakheel finished 4000 apartments and villas

Nakheel is currently developing 17 projects across Dubai and has recently announced that it will hand over about 4,000 apartments and villas on the Palm Jumeirah within the next few months. Chris O’Donnell, Chief Executive Officer of Nakheel said that the Dubai property market “will continue to prosper”.

There is still huge demand for villas currently and they still have room to move price wise. With apartments, however, things might slow in the next six months. O’Donnell laid stress on the high standard of quality. He added that Nakheel is in no hurry to sell the land on the $3 billion (Dh11bn) The World project. Currently, 25 per cent of the land on the development comprising 303 islands has been sold.

Rather than counting the number of islands that they have sold, Nakheel factors in the land sold. There are two things about selling land. One is the square foot rate that you sell it at and the time when you sell it. Nakheel are at a point wherein they have sold 25 per cent of the total land mass on The World. Currently, Nakheel has got some buildings under development on some of the islands on The World. They are getting some very good interest in the sales of land and O’Donnell is very confident that it will be a huge success.

1 comment:

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