Nakheel to handover IC units soon

Dubai-based Nakheel will start hand over of 1,663 apartments in International City before year-end, while it claims to have handed over 1,180 units pver the past 18 months.

In an emailed statement, the company said it will start handover of 26 buildings in Emarati Cluster of the International City, which consists of 1,663 units, before end of the year.

The developer, which completed its restructuring in August, stated it has handed over 700 units in Marina Residences in Palm Jumeirah, 100 out of the 335 apartments in Masakin Al Furjan at South Village in Al Furjan, 256 units in Jumeirah Village communities, and 130 units in Discovery Gardens.

Last month, Nakheel said it expects to deliver 7,714 units across various projects by end of 2012 with plans to start construction on new villas on Palm Jumeirah by year-end.

In Jumeirah Islands, it will deliver 31 units by April 2012, Waterfront: Badrah and Veneto (594 units and 177 units by June 2012), Jumeirah Heights (246 units by August 2012), Jumeirah Park (1,795 units by November 2012), Jumeirah Village (2,188 units by December 2012) and Al Furjan (1,154 units by December 2012).

Company Chairman Ali Rashid Lootah has said: “There is high demand for Nakheel projects. We have delivered what we have promised.”

The company announced in August that it has completed restructuring total debt of Dh59 billion.

In a recent report, Global Investment House said pace of decline for sale prices and rentals across Dubai’s real estate market slowed in the second quarter 2011, reflecting “signs of stability.”,

In March, Rasmala Investments predicted that house prices in the UAE may drop by an additional 25 to 30 per cent as population growth stagnates and more properties are constructed.

Jones Lang LaSalle estimates, home prices in Dubai will fall further as 54,000 houses comes onto the market between 2011 and 2015, while Abu Dhabi is expected to receive about 50,000 houses (16,000 will be ready this year) by 2014. However, a senior Dubai Land Department official had told Emirates 24/7 earlier that Dubai is not likely to get more than 10,000 new units (residential and commercial) this year.

Follow Emirates 24|7 on Google News.