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28 March 2024

Nakheel to restart Gardens View Villas

Nakheel to restart Gardens View Villas. (FILE)

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By Staff

Property developer Nakheel has announced the recommencement of construction works on Gardens View Villas in Dubai.

Construction company Ghassan Al Khaled Company (GAK) is expected to remobilise within one week. The development comprising 134 townhouses in The Gardens development is expected to be completed in the third quarter of 2011, a Nakheel spokesperson said in a statement.

Earlier, a news agency reported that  Nakheel was planning to issue a $1.63 billion (Dh6 bn) Islamic bond as part of its debt repayment plan as it restarts several key projects.

Under the restructuring plan, trade creditors have been offered 40 per cent of what they are owed in cash and the remaining 60 per cent through a sukuk Islamic bond.