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28 March 2024

Nakheel to deliver 819 Furjan villas

Published
By Parag Deulgaonkar

Nakheel, the Dubai-based master-developer, plans to handover 819 villas in its Al Furjan project by the year-end, Emirates 24|7 can reveal.

“The villas are almost ready except for some minor work. We expect to handover 819 villas by end of 2012,” said Mohammed Rashed bin Dhabeah, Managing Director, Nakheel Construction.

The developer has earmarked Al Furjan as one of the six projects prioritised for completion.

In late 2010, Nakheel said Al Shafar Transport and Contracting Company had started work on the 300 villas in the project.

Currently, Nakheel is developing 8,252 units across various developments in the emirate.

It has already commenced handover of 1,663 units in International City’s Emarati Cluster, 246 units in Jumeirah Heights and 31 luxury mansions in Jumeirah Islands.

Last week, the company broke ground on the Palma Residences on Palm Jumeirah.

The project comprises 104 townhouses and is set to be completed in 18 months.

Global Investment House (GIH), a Kuwait-based investment bank, recently said property prices in Dubai appear to have bottomed out in the first quarter of 2012 and are starting to firm up despite the existing oversupply.

“We suspect Dubai residential selling prices could have bottomed out between fourth quarter of 2011 and first quarter of 2012 and are entering a stagnant phase of stabilisation with selective price increases a pattern already materialising in well-established areas and for selective properties,” it said.

Both villa and apartment offerings in Dubai saw minor price increases in the first quarter after stabilising in the second half of 2011, GIH reported.

Asteco, a real estate consultancy, said in March that prices in villa communities such as Springs, Arabian Ranches and Meadows had gone up by seven to eight per cent quarter-on-quarter, while Cluttons, another property consultant, said villa stock had seen optimistic gains with the best performing developments being the Lakes, the Meadows and the Springs.