Nakheel, leading Dubai developer, has sold 21 townhouses for a total of Dh.159mn in Palm Residences and Palm Jumeirah, on day one of sales, it has been announced.
The response to the sale was beyond expectation, said Ali Rashid Lootah, the Nakheel Chairperson.
The buyers were end-users, and regular sale is expected to continue this week too. Construction of the project will begin prior to April-end, with the company expecting to handover the units towards end of 2013.
The investors will have to make 40percent down payment, and they will be issued the title deed within a month’s time. This is the first such time that the company is issuing a title deed for off-plan properties. The second payment of 20 percent will have to be made by end of 2012, while next 20 percent will have to be paid by 30th June 2013, and the rest by end of 2013.
Located along the eastern end of Palm Jumeirah, the Palma Residences include 104 townhouses, and separate gated community with Mediterranean-style design. The townhouses are priced in the range Dh.6mn to Dh.8mn. The townhouse community is located at the centre of six landscaped green areas, covering a total of more than 3200 square meters. They feature Jacuzzis, seating areas and children pools.
The Chief Executive Officer of Nakheel, Sanjay Manchanda, said that the demand for luxury projects by Nakheel has been high, and Palm properties is now being sold for Dh.15,600 to Dh.16,150 per square meter.
According to leading real estate consultancy, Asteco, the apartment prices in Palm Jumeirah has grown by 9percent, touching Dh.12,900 per square metre during the first quarter, in comparison to the fourth quarter of last year.