Nakheel to announce projects worth $871m at Cityscape
Developer to launch six new residential, retail and hospitality developments at four of its Dubai communities
Nakheel, the Dubai-based master developer, has said that it will announce a range of projects – collectively worth more than $871 million – at Cityscape Global 2017.
In a statement, the developer said that it will launch six new residential, retail and hospitality developments at four of its communities in Dubai, including its flagship Palm Jumeirah project.
Nakheel’s current project portfolio spans more than 15,000 hectares and accommodates more than 270,000 people. It added that it has more than $13.6 billion worth of projects underway in terms of infrastructure and construction costs, while it has awarded construction contracts worth $1.90 billion so far this year, with that figure likely to exceed $3.26 billion by the end of the year.
“As the creator of the globally-famous, award-winning Palm Jumeirah and other iconic projects that have put Dubai on the global map, the Nakheel name is synonymous with current and future developments that will further enhance the city’s position as a world-leading location for living, leisure, business and tourism,” said Ali Rashid Lootah, Nakheel chairman.
“At Cityscape, we will demonstrate our pivotal role in realising the Government of Dubai’s vision for 2021, and highlight Dubai’s unrivalled investment opportunities for investors.
“We continue to deliver and diversify in line with government goals and our own business strategy. And while development remains our core business, we are focussing on growing our hospitality, retail and leasing divisions by creating a range of new hotels, resorts, F&B destinations, malls and tourists attractions across the city,” Lootah added.
The company said that it already has more than 27,000 investors from across the globe, who have collectively spent more than $29.94 billion on 41,000 land plots or built form units since the first properties went on sale in 2002.
“There has been an upturn in sales of ready properties, off-plan properties and land plots over the last few months, with continued interest from existing and new investors,” the company said.
“Cityscape Global will see the launch of a diverse line-up of Nakheel developments unique opportunities for local and international investors looking to become part of Dubai’s exciting future. We look forward to showcasing our new projects at this world-famous real estate event,” Lootah concluded.
Nakheel’s master developments include Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, International City, Jebel Ali Gardens and Nad Al Sheba.
Nakheel’s current and future retail project portfolio covers nearly 17 million sq ft of leasable space.
The master developer’s hospitality project portfolio comprises 18 hotels and serviced apartment developments with more than 5,800 rooms between them at various locations in Dubai, including Palm Jumeirah, Deira Islands, Ibn Battuta Mall, Jumeirah Village and Dragon City.
