Thursday, February 05, 2009

Nakheel delays sale of Al Furjan units

The sale of homes at Al Furjan, the community development in Dubai, will be delayed, until a rebound in demand for properties is seen, announced Nakheel, the master-developer of the community.

Al Furjan luxury villas
However, the 2000 homes that have already been sold during the sale of the first phase, are all progressing with construction works as scheduled, and will be complete towards end of next year.

The General Manager of the project, Mohammed Rashed, said that, the company is on track about the schedule for the first 2000 villas. However, for the other villas, the market condition needs to be evaluated first, and when the opportunity arises, more projects would be launched.
Rashed added that this move by Nakheel, was initiated as a part of its short-term plans to deliver efficiently what has already been committed to the customers.

Spreading across a 5.4million square meter space, behind the Discovery Gardens, in proximity to Jebel Ali Village, the Al Furjan community was planned to include 4000 villas and townhouses, schools, medical and retail amenities.

Nakheel is working with Gulf Lender Network, a mortgage company, to secure finance for customers who have already signed up for the Al Furjan units, Rashed revealed.

Nakheel has already back-tracked construction and reclamation work on its man-made island projects, and has delayed the construction of Nakheel Harbour and Tower, the one-kilometer tall structure, destined to be one of the tallest towers in the world.

However, the company is now focusing on its housing projects including the Jumeirah Islands, Jumeirah Park, and Jumeirah Village. Nearly 2200 units at Jumeirah Village and 900 units at Jumeirah Park will be delivered to residents by the end of the year.

In the meanwhile, Nakheel which has downsized its staff strength is also restructuring its senior management teams.

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