Business | Property
Mega projects likely to face some delays
Parts of the Dh350 billion Jumeirah Garden City, the Trump International Hotel and Tower on Palm Jumeirah and Nakheel's kilometre-tall tower are just three of Dubai's mega-developments that are delayed.
- By Suzanne Fenton, Staff Reporter
- Published: 00:34 December 1, 2008
- Image Credit: Supplied picture
- Parts of the Jumierah Garden City project in Satwa will be delayed said developer Meeras
Dubai: Parts of the Dh350 billion Jumeirah Garden City, the Trump International Hotel and Tower on Palm Jumeirah and Nakheel's kilometre-tall tower are just three of Dubai's mega-developments that are delayed.
With Dubai's real estate sector undergoing a fundamental rationalisation and companies reviewing their projects, now is seemingly not the time for developers to be splashing their cash as many mega-developments are under review.
On hold
"The master plan (of Jumeirah Garden City) is being revisited and pockets of the development are delayed," a Meraas spokesperson told Gulf News.
Nakheel on Sunday said that parts of Palm Jumeirah are delayed, including Frond N villas, Gateway Towers and Trump International Hotel and Tower. The kilometre-high tower is also on hold.
Work on The Universe will be restricted to preliminary engineering studies, Nakheel added.
With liquidity decreasing and financing low, such projects are taking the brunt of the financial turmoil.
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