Monday, January 20, 2014

Nakheel embarks on mega-project launches

Nakheel has once again announced mega-projects and has embarked on a launch mode. Among the mega-projects are 1.5 to 2 million square feet shopping mall, located off the Deira coastline, in proximity to the “night market”.

The dimensions of the mall, places it among the top three in terms of gross leasable area, just behind The Dubai Mall and the Mall of Emirates. Anything that spans more than 800,000 square feet is defined as “super-regional mall” in retail sector.

Further, this year, Nakheel is all set to launch Dh.6 to Dh.8 billion worth of projects, including multiple hotels, which is now the major focus area.

Nakheel reported 27 percent gain in net profit to Dh.2.57 billion last year, on revenues of Dh.9.4 billion, marking an increase of 20 percent over that in 2012. The Nakheel Chairman, Ali Rashid Lootah, said that the company has pumped in Dh.12.3 billion into the market and will continue to do that with more projects.
There will not be any land bank additions, and the new projects will come up only where the infrastructure is advanced, so as to minimize costs. This implies that existing, short-term areas and not Palm Jebel Ali or Waterfront, he clarified.

About 80 percent or more of the buyers with exposure to Nakheel’s long-term stalled projects have been shifted to current ones, officials revealed.

The company also announced, early this month that it was bringing forward its repayment obligations to creditor banks with first tranche, Dh.2.35 billion to be handed over next month, and another of Dh.1.65bn in third quarter. It further said that it would not be using funds on offer from Dubai Government as part of its restructuring.

Nakheel plans to top-up its retail and hospitality assets, and will offer the developer with consistent income generating possibilities, that residential and office realty markets.

This year will also include launch of 3500 new homes within its communities. By mid-year, the handover of first project announced post-crisis, Dragon Mart phase 2, and by mid-year, the handover of first project which was announced post-crisis, namely the Palma Residences. Further, Dragon Mart Phase 2 is also heading towards completion. Meanwhile, a hotel in Deira is also likely to be ready by 2016. 

1 comment:

CG kite said...

Hats off to Nakheel you have done great job as usual we are looking forward to your next project
so that we can make our graphics design services in dubai