Nakheel chairman states waterfront project in Deira will benefit Dubai tourism
Master-developer Nakheel has announced the launch of its Deira Islands project at a press conference on Wednesday, 26 March, 2014.
The 15.3sq.km.-wide waterfront development comprising of four islands, Nakheel chairman Ali Rashid Lootah said, will include ample scope for the development of hotels, serviced apartments and residential waterside projects.
Construction will commence on islands ‘A’ and ‘B’ at the development under the first phase of the project, added Lootah, stating the waterfront spots on the islands would be ideal for the construction of hotels, resorts and other such tourism-driven facilities.
94 plots will be released under the first phase, and more than 500 plots are expected to be available across the two islands. More than 23,000 hotel keys and 31,000 apartment keys, Lootah said, will be added to Dubai’s property market by the two islands alone.
Nakheel will develop a night market under the project, besides an approximate of 10 hotels, which Lootah expects will be fully operational by 2020.
“Deira deserves more attention,” he said, expanding on Nakheel’s strategy behind the location of the development. “We will be targeting three and four-star hotel operators to build on the Deira Islands site, since there is a definite lack of waterfront hotels from that price range in the current Dubai market.” Other projects by the waterfront include retail outlets, F&B chains and a marina, he added.
While he refused to divulge any details about expected pricing structures, Lootah announced Nakheel would make available the plots for sale with the option of five-year payment plan. “Performances this year look better than 2013, and we are expecting to grow at a rate of 15% in profits,” Lootah added.
Additionally, Lootah also announced the construction of two malls in the Jumeirah Village Circle and Jumeirah Village Triangle localities. “We have received significant interest about both properties since we launched them, and are keen on further developing the area,” he informed.