Nakheel says operational plan fully funded by government
Nakheel has said its operational plan is fully funded by the Dubai government and allows it to sell assets going forward.
“The operational plan in the later years does have ongoing sale of assets (land and built form) in the normal course of business. And the operational plan is fully funded by the Government of Dubai,” a Nakheel spokesman told Emirates 24/7.
No more details of the operational plan were given. The master developer claimed sales had picked up in prime areas such as Jumeirah Islands and Palm Jumeirah, but emphasis was on consolidation and offering swap options to investors.
“We will be selling our residential properties to raise cash and that is in our five year plan,” he added.
“So far, we have seen sales pick up in Jumeirah Islands and Palm Jumeirah. At the same time, we continue to be focused on our restructuring and consolidation process,” he added.
The company did not disclose the number of sale transactions it has registered in the last three months.
Last week, this website reported that 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.
"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," the spokesman had said.
Real Estate Regulatory Agency (Rera) CEO Marwan bin Ghalita has confirmed the number of transactions registered at the department have gone up this year. The total property transactions touched Dh121 billion last year and official expect to cross the figure.
Nakheel is currently working on completion of short terms projects, phases or certain components of master developments such as Jumeirah Park, Al Furjan, Veneto and Badrah, Jumeirah Heights, Jumeirah Village South, Jumeirah Island and Palm Jumeirah, where construction has progressed considerably.
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