Arabtec to restart Al Furjan soon

Dubai-based Nakheel is constructing over 2,000 villas across its various projects and expects Arabtec Holding to restart work on Al Furjan project "shortly", a company spokesperson told Emirates 24|7.

"More than 2,000 villas are being constructed. Most of the projects that were to be delivered in 2010 will be delivered in 2011. Besides, Arabtec will commence work on Al Furjan shortly," she added.

No details were given on when the work will actually start.

Nakheel, the property arm of Dubai World, had earmarked the 1,500 villa Al Furjan site as one of six projects that it had prioritised for completion. Arabtec was awarded the $953 million deal to build Al Furjan in June 2008, but halted work in January this year due to non-payment of arrears.

In a TV interview on Dubai One in June, Arabtec Chief Financial Officer Ziad Makhzoumi said work on Al Furjan project is expected to resume soon and he saw the community project being "reinstated soon".

Makhzoumi could not be reached for a comment.

In September, Nakheel announced that Al Shafar Transport and Contracting Company had started work on the 300 villas in the same project with 63 villas likely to be handed over by year-end. Subsequent handovers till continue till fourth quarter of 2011.

The master developer has recommenced work on eight projects, which include Al Furjan, Jumeirah Village, Jumeirah Park, Jumeirah Heights Clusters, Veneto,Badhrah, Jumeirah Islands Mansions and International City.

Last month, Nakheel Chief Executive Chris O'Donnell said an oversupply of residential properties in Dubai will take three to five years to clear.

Emaar Properties Chairman Mohamed Ali Alabbar, earlier this month, said in New York that oversupply of homes and offices in Dubai will be eliminated after 20 months.

Nakheel did not comment on if any new developer had commenced work on The World or The Palm Jumeirah or whether it was working on any third-party projects where the developer had absconded.

"Nakheel respects the privacy of their investors, and can't reveal any names of developers who have not chosen to do so," the spokesperson said.

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