Nakheel announces new housing project worth Dhs2.5 BILLION
What’s On has details of a new residential development by Nakheel in Dubai. Buying a house in Dubai can soon be done at Nad Al Sheba, near Burj Khalifa.
A new residential development has been announced by Nakheel that will see Dhs 2.5billion pumped into Dubai’s Nad Al Sheba area.
The gated community of 1,000 villas – including 100 high-end, serviced residences – will be a short 10-minute drive from the world’s tallest building, Burj Khalifa, and will include luxury amenities and facilities such as a club house and retail centre with shops, cafes, a community pool and sports courts.
According to information released by the company, “residents will also enjoy exclusive access to Nakheel’s beach facilities on Dubai’s Palm Jumeirah as well as daily transport services to the city’s malls and attractions”.
Specifically, the 2.5 million square-foot development will comprise 900 three to five bedroom villas and a separate resort-style complex of 100 high-end, serviced homes, all with private swimming pools. The project is due for completion in 2016.
“Nakheel’s new residential and resort-style community at Nad Al Sheba will further enhance our growing leasing, hospitality and retail offerings, all of which are key to our long term business strategy,” said Nakheel chairman Ali Rashid Lootah. “Our current residential leasing portfolio of almost 17,000 homes continues to be in huge demand, with almost 100 per cent occupancy across the entire range. We expect an equally-positive response to our new development announced today.
“This exciting new development will appeal to a wide audience, including long term leasing clients and holidaymakers looking for an alternative to Dubai’s beach resorts and city hotels. We look forward to the delivery of this new community as we continue to diversify our range of cash-generating assets in line with our future business strategy.”
The latest announcement follows that of progress on Deira Islands, The Pointe at Palm Jumeirah, and also expansions to Ibn Battuta and Dragon Mart.
However, last month Nakheel attracted criticism when they confirmed there is no plan to restart work on Palm Jebel Ali, at the same time as announcing they would be paying back the debts (Dhs7.9 billion) suffered during the last financial crash four years early.
One of the three ‘palm’ projects, Palm Jebel Ali was designed to be 50 per cent larger than the thriving Palm Jumeirah, and was expected to house more than a quarter of a million people, along with marinas, theme parks and retail.
“We don’t have any plans to resume the project in the near future,” Lootah said at the time. “We have to monitor the market and we will go along with the market demand.”