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19 March 2024

Legacy Nova villas net Dh1.65bn

Published
By Parag Deulgaonkar

Dubai-based Nakheel sold another 46 Legacy Nova villas in Jumeirah Park on Monday afternoon, collecting a total of Dh250 million.

In the past two days, the developer has collected a total of Dh1.65 billion from sale of 396 villas.

A Nakheel spokesperson told Emirates24|7 that waterfront villas sold were priced at Dh6 million, while the average price of villas released on Sunday were in the Dh4-million plus bracket.

 

Earlier Story: 350 villas in Dubai sold out in just five hours

With investors lining up for the past two days at its sales centre, Nakheel’s latest project - Legacy Nova villas in Jumeirah Park – was sold out in a matter of hours.

The developer said 350 Legacy Nova villas were snapped up by investors in five hours, bringing total sales to over Dh1.4 billion.

“It’s a record sale for us and that is because investors now trust us and the Dubai real estate,” Nakheel Chairman Ali Rashid Lootah told Emirates 24/7.

Asked the nationality of these investors, he said it was a mix coming from Middle East, Iran and Indian sub continent.

Lootah, however, emphasized that majority of the buyers were end users, with the company enforcing measures to curtail speculators.

Though only 226 villas were initially planned to be released, high demand forced Nakheel to release124 additional units, over 50 per cent of the original plan. Investors paid 10 per cent as down payment to book the villas.

On the launch date, the developer released tender documents for construction of Legacy Nova villas, with the contracts expected to be awarded in August.

The Nova Villas are an enhanced and updated variation on the earlier Legacy villas, which is currently under construction. The four-bedroom villas have an expansive roof terrace and an additional terrace above the double garage, plus a skylight window above the stairs, allowing much natural light into the properties.

The Legacy Nova villas will be constructed over the next two years with the 381 Legacy villas expected to be completed by fourth quarter 2014.

So when will a new villa project be launched?

Although Lootah didn’t reveal any detals of any new project, he said: “It will all depend on the demand.”

Nakheel has reported an increase of 36 per cent in its net profits to Dh491 million in first quarter 2013, compared with Dh362 million in the same period last year. The increase in profit was primarily due to new unit handovers and growth in retail segment.

A report by Deutsche Bank said property prices in Dubai saw a 6.2 per cent growth in the first three months of 2013, though villa prices still remained between 12 and 49 per cent below peak prices.

Knight Frank, a global property consultant, said property prices in Dubai rose 18.3 per cent in the past one year (March 2012 to March 2013), with the emirate maintaining its position among the top five best performing real estate markets in the world.

The global consultancy has also stated that Dubai’s prime luxury properties are over 10 times cheper than Monaco, the world’s most expensive residential property market.

Prices for properties in the emirate ranged between $520 and $580 per square feet (psf) in fourth quarter 2012 compared to prices of between $5,350 and $5,920 per square feet in Monaco during the same period last year.

 

 

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With investors lining up for the past two days at its sales centre, Nakheel’s

With investors lining up for the past two days at its sales centre, Nakheel’s latest project - Legacy Nova villas in Jumeirah Park – was sold out in a matter of hours.

The developer said 350 Legacy Nova villas were snapped up by investors in five hours, bringing total sales to over Dh1.4 billion.

“It’s a record sale for us and that is because investors now trust us and the Dubai real estate,” Nakheel Chairman Ali Rashid Lootah told Emirates 24/7.

Asked the nationality of these investors, he said it was a mix coming from Middle East, Iran and Indian sub continent.

Lootah, however, emphasized that majority of the buyers were end users, with the company enforcing measures to curtail speculators.

Though only 226 villas were initially planned to be released, high demand forced Nakheel to release124 additional units, over 50 per cent of the original plan. Investors paid 10 per cent as down payment to book the villas.

On the launch date, the developer released tender documents for construction of Legacy Nova villas, with the contracts expected to be awarded in August.

The Nova Villas are an enhanced and updated variation on the earlier Legacy villas, which is currently under construction. The four-bedroom villas have an expansive roof terrace and an additional terrace above the double garage, plus a skylight window above the stairs, allowing much natural light into the properties.

The Legacy Nova villas will be constructed over the next two years with the 381 Legacy villas expected to be completed by fourth quarter 2014.

So when will a new villa project be launched?

Although Lootah didn’t reveal any detals of any new project, he said: “It will all depend on the demand.”

Nakheel has reported an increase of 36 per cent in its net profits to Dh491 million in first quarter 2013, compared with Dh362 million in the same period last year. The increase in profit was primarily due to new unit handovers and growth in retail segment.

A report by Deutsche Bank said property prices in Dubai saw a 6.2 per cent growth in the first three months of 2013, though villa prices still remained between 12 and 49 per cent below peak prices.

Knight Frank, a global property consultant, said property prices in Dubai rose 18.3 per cent in the past one year (March 2012 to March 2013), with the emirate maintaining its position among the top five best performing real estate markets in the world.

The global consultancy has also stated that Dubai’s prime luxury properties are over 10 times cheper than Monaco, the world’s most expensive residential property market.

Prices for properties in the emirate ranged between $520 and $580 per square feet (psf) in fourth quarter 2012 compared to prices of between $5,350 and $5,920 per square feet in Monaco during the same period last year.