2 Palm plots sell for Dh695m

Dubai-based Nakheel said on Monday it has sold two hotel plots on Palm Jumeirah’s crescent for a combined value of Dh695 million.

The plot to the west of Atlantis was bought by an investor from a Gulf Cooperation Council country for Dh556 million, while an Emirati purchased a plot on the eastern crescent for Dh139 million.

The developer did not disclose the size of the land or price paid per square metre.

In July 2012, the developer sold a 93,178 square metres (305,704-square feet) prime plot on the Palm Jumeirah Trunk for Dh400 million, or Dh14,014 per square metre, to a local investor, while in April, it sold a 5,574-square metre plot on Palm Jumeirah Pointe, opposite Atlantis, for Dh87 million (Dh15,608 psm).

“Land in prime real estate locations – such as Palm Jumeirah – is clearly in big demand, and these latest deals further highlight the trust and confidence that investors have in Dubai, and in Nakheel,” a company spokesman said.

“The Palm’s crescent is filling up fast with luxury resorts, hotels and residences; these two newly-sold plots will bring more attractions to this world famous island, which already plays a pivotal role in the UAE’s tourism sector,” he said.

In August, company chairman Ali Rashid Lootah told Emirates 24|7 that Nakheel had stopped accepting assignable credit, popularly known as credit notes, issued to investors in its long-term projects for purchasing properties on The Palm Jumeirah.

“We are no longer accepting credit (notes) for Palm Jumeirah. We have given our investors ample time to make their decision… we can’t wait for them forever. It's only cash transactions on the Palm,” Lootah had said.

Nakheel is currently constructing a number of residential projects on the Palm with work on the Nakheel Mall and Hotel and The Pointe starting this year.

On Sunday, Dubai Electricity and Water Authority launched a Dh57.7 million water pipeline on Palm Jumeirah aimed at meeting the increasing demand for water for current and future projects in the crescent area of the Palm. The project will have a total length of 3km and will take about 18 months to complete.
 

Follow Emirates 24|7 on Google News.