Nakheel consolidates: full handover of Masakin Al Furjan in June

Masakin Al Furjan will be the first project for Nakheel that is unlikely to see a single default because units there were sold through consolidation offer made to investors, Emirates 24|7 can reveal.

“We do not expect any defaulters as all the sold properties are through consolidation and most of the owners waiting for their units to be handed over,” a company spokesman said.

The Dubai-based master developer will commence handover of 335 apartments in the project from June. The spokesman confirmed that Dewa (Dubai Electricity and Water Authority) connection for the apartments were being finalised.

“We are currently conducting a series of tests on the project in preparation for a smooth handover of units to our customers. Infrastructure work will be completed by May,” he added.

Masakin Al Furjan (houses in Arabic) is an apartment development, consisting of one, two and three-bedroom units, located at South Village, Al Furjan, adjacent to Discovery Gardens.

This website reported earlier that plot owners in long-term projects could swap plots for plots in short-term projects.

This meant that plot owners were not allowed to exchange their investments for completed or near-completion properties such as apartment or villas.

In the first few months itself, a number of developers have already commenced handover of units in Dubai.

Jones Lang LaSalle said recently that its expects to see completion of 20,000 new units by year-end, with already 7,900 units handed over in the first quarter.

Nakheel, which owes Dh8 billion as compensation to contractors, is set to clear the claims of contractors whose projects were affected following the restructuring of the company in mid-2009 and expects to sign the final agreement with creditor banks by April-end.

The master developer has already started work on Jumeirah Park, Jumeirah Island, The Villa, Al Furjan, Badra, Veneto and

Jumeirah Village. In February, it had invited bids for completion of villas and townhouses in Jumeirah Village Circle.

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