Friday, August 10, 2007

Nakheel announces the handover of land at Madinat Al Arab

The Master Developer of Al Burj Real Estate, Nakheel, has announced that the handover of the first plots of the land will take place at Madinat Al Arab, in August this year.

The company had purchased seventy percent of the Phase I plots of the Madinat Al Arab worth AED 7 billion, making it the biggest investor in the development. The waterfront plots will be developed into districts comprising 10 to 50 storey buildings for resort, commercial and residential use. Nakheel is currently in the process of developing the infrastructure work of Madinat Al Arab, which will continue in parallel to the construction by other developers.

The Vice Chairman of Al Burj Real Estate, Abdul Rahim Al Zarooni said "We are proud to announce the handover of the first plots of the lands at Madinat Al Arab by Nakheel, which marks a significant development during our second year of operations. Out investments in Madinat Al Arab are inline with the strong demand in the real estate sector, which is limited to waterfront developments, in particular."

Al Burj Real Estate, is one of the biggest real estate investment companies in the region, with a net profit of AED 935million during of 2006. Madinat Al Arab project continues to generate huge demand from developers and investor alike. The project has drawn great interest from investors and developers alike and is competitively priced.

Madinat Al Arab will stretch along the natural beach front of Dubai, that borders Abu Dhabi and new Dubai, next to Jebel Ali Free Zone, the largest airport in the world. The downtown comprises of all key components of the masterplan with commercial, residential, mixed-use and amenity and resort zones.

No comments: