Nakheel aims to complete 9 projects in 2011-12

Total investment of Dh8bn, says Chairman

Nakheel Properties will complete nine projects, with an investment of Dh8 billion, in the near term, according to a top official of the company.

Ali Rashid Lootah, Chairman of the Board of Directors of Nakheel, told 'Al Ittihad' newspaper, the projects will be completed during this year and the next, fulfilling its obligations to investors and clients.

The projects Nakheel proposes to complete in the near-term are Al Farjan Al Farjan housing and Jumeirah Village, Jumeirah Park, Jumeirah Heights, Jumeirah Island and Vento, two draft Badra and Emarati Bersenks.

The long-term projects include Palm Jebel Ali, the Waterfront and The World.
Nakheel chose to resume work on those projects were customers have made large payments.
Work on Al Farjan project resumed last October and the construction of villas is about 90 per cent complete, he said and added that 63 units will be handed over to clients and investors in the next three months.

And 296 villas and 335 apartments will be handed over this year and 523 villas will be delivered next year.

Lootah said there has been a steady growth in the delivery rates of  units in Jumeirah Park - launched by Nakheel in 2008 and where work resumed in H2 last year. Construction of the 1,795 villas is 40-80 per cent complete. Jumeirah Park project includes housing complexes on 370 hectares of land, which is in close proximity to Sheikh Zayed Road.

The park includes 2,000 villas of three, four and five bedrooms. The residential unit spreads over 5,509 square feet and not less than 3,595 feet. This year 859 villas in Jumeirah Park will be handed over while 936 villas will be delivered to customers in 2012, he added.

Lootah said, all residential units of Jumeirah Heights project will be delivered in July 2012 where the project consists of 246 apartments spread over six buildings.

The construction work on the nine near-term projects are in correlation to the payments to contractors.

Of the 1,573 villas in Jumeirah Village, 563 villas are dilevered and 88 per cent of construction of Townhouse is completed in the first phase.

The rates of completion in the second stage is about 93 per cent and is scheduled to be delivered by end of this year, Lootah said. About 93 per cent of construction is completed in Jumeirah Island project and about 31 villas will be handed over by second half this year.

Similarly, about 70 per cent of Vento project is complete and 177 Villas will be delivered in the first quarter of next year.

About 55 per cent of the Badra residential project on The Waterfront is complete with 146 villas and 448 residential units to be delivered in the fourth quarter this year.

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