Thursday, April 12, 2012

Nakheel's Palma Residences to be ready within 18 months

Nakheel broke ground on the Palma Residences, Palm Jumeirah, the first project to be launched, following completion of Dh.60bn re-structuring process, and the project is likely to be ready within 18 months.

A total of 30 units worth Dh.223mn have been sold here, and another 30 potential buyers are in pipeline, the Nakheel Chairman, Ali Rashid Lootah, revealed.

The investor confidence is back, and the Company is serious about delivering the project earlier than expected, he added.

On the first day of sales, Nakheel sold 21 units worth Dh.159mn on the first day of sales. Dubai Civil Engineering Company has been appointed as the main contractor for Palma Residences. The infrastructure and construction contract is worth total of Dh.194mn.

The Palma investors are required to make a down payment of 40percent, and they will be issued a title deed within a month. The second payment of 20percent will have to be made before end of 2012, while the next 20percent should be made by June 30th 2013, and the rest towards end of 2013.

Located off the eastern side of the trunk in Palm Jumeirah, the Palma Residences will have a total of 104 Mediterranean-style townhouses. The community is located along six landscaped green areas, covering a total of more than 3,200 square meters.  The units are in the price range Dh.6mn to Dh.8mn.

Lootah emphasized that real estate prices on Palm Jumeirah are higher than that during the pre-crisis levels.
The earlier acting CEO of Nakheel, Sanjay Manchanda, mentioned that there has been great demand for luxury projects and palm properties by Nakheel, and that they are selling for Dh.15,600 to Dh.16,150 per square meter.

According to real estate consultancy, Asteco, the apartment prices in Palm Jumeirah have grown nine percent, touching Dh.12,900 during the first quarter this year, in comparison to fourth quarter 2011.

Meanwhile, Nakheel has confirmed that it is launching several new projects in future. About 8,252 units are being developed across various developments in Dubai. Till date, it has handed over 3,549 units, while the rest of the units planned are due for handover in 2012 and in early 2013.

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