Business | Construction
Nakheel continues to downplay rumours of a halt in Palm Deira Island project
Developers say entire area is expected to be complete by 2014 despite property slowdown.
- By Natasha Marrian, Staff Reporter
- Published: 23:02 November 9, 2008
Dubai Real estate developer Nakheel again moved to dispel rumours that work on its Palm Deira Island had come to a halt on Sunday, saying that reclamation of the land required for the entire project was expected to be completed by 2014.
"There are talks in the market that things have stopped but we are here to say we are still working," said Dubai World chairman Sultan Ahmad Bin Sulayem.
Despite the recent biting global credit crisis Sul-ayem said all Nakheel projects would continue.
"With all Nakheel projects, we are continuing to achieve our objectives ... the global credit crunch is like a cycle, it will always happen. It is something we are managing," he said.
No downsizing
He did not foresee any of the developer's projects being downsized due to the lack of liquidity in the market and anticipated that the real estate market would pick up in the first half of 2009.
"We cannot predict the future but we are planning to sell in the first quarter. We feel in the first quarter of 2009, the market will start to pick up," Sulayem said.
The developer had opted to start work on the Deira side of the project, which will be seven and half times larger than the Palm Jumeirah, to complete work closest to the shore.
Responding to a question about whether the developer would stick to its master plan on the project, Sulayem said: "You cannot have one master plan and stick to it. Based on the market, you can always adjust."
A total of nine substations were under construction while the developer's sales office on the site was scheduled for completion in 2009. Work has begun on one of the five marinas planned for the project and road construction will start in two weeks, said Khalid Deemas, Nakheel's infrastructure director.
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