Business | Property
Channel Sponsor
Nakheel to build 4,000 homes
Nakheel, the Dubai-based company behind the Palm islands, said yesterday it will build a vast cluster of 4,000 homes in 'new Dubai' that will match Palm Jumeirah in terms of land area.
- By Robert Ditcham, Staff Reporter
- Published: 23:45 August 29, 2007
- Construction of the first stage of the Al Furjan project is scheduled to start in the first half of 2008 with handover of villas and terraced homes planned for mid-2010.
- Image Credit: Press Release
Dubai: Nakheel, the Dubai-based company behind the Palm islands, said on Wednesday it will build a vast cluster of 4,000 homes in 'new Dubai' that will match Palm Jumeirah in terms of land area.
Construction on the first stage of the Al Furjan project is scheduled to start in the first half of 2008 with handover of villas and terraced homes planned for mid-2010. The entire 560 hectare development is set for an expected 2013 completion date.
Analysts say the project will go some way to meeting a severe supply shortage of villas in Dubai. The supply/demand mis-match has resulted in villa premiums for new developments hitting 79 per cent on average in the second quarter of 2007 compared to 26 per cent for apartments, according to figures supplied by Asteco.
Craig Johnson, general manager of Dubai-based Landmark Properties, said the company is "besieged" by clients looking for villas.
"Villas make up about 60 per cent of our day-to-day business," he said in an earlier interview.
Units within the Al Furjan development range from three-, five- and six-bedroom villas to smaller terraced homes. Unit prices start in the "higher Dh2 million range" Nakheel said in response to Gulf News questions.
A private launch was held on August 26 for Johara, the VIP ladies banking division of Dubai Islamic Bank, before next general sales launch on September 5.
"We have created a master plan that has used planning and architectural principles that will work together to create a human-scale, pedestrian friendly, family focused development," Mohammad Rashed Bin Dhabeah, director, Al Furjan, said.
A company spokesperson told Gulf News that the project will be sold in staged releases. The first phase will include more than 800 units and be home to approximately 3,000 people.
"Other phases will be launched later and in total there will be over 4,000 homes and over 5,000 residential apartments in the mixed-use developments that will surround Al Furjan," he said. "These will be launched at a later stage and are expected to include offices, retail units and hotels."
The Al Furjan development represents Nakheel's first project launch since Jumeirah Heights was announced in June and will become the company's largest villa community.
Nakheel officials say the company has focused on creating a 'neighbourly' community aimed at families. The masterplan features pathways, open spaces and play areas. Each community will be defined by its own village centre offering a variety of amenities from supermarkets, coffee shops, restaurants, open spaces and gym facilities, the company said.
Share this article
Gulf News classifieds
Popular in Business
Business Editor's choice
-
Credit swaps... a fair trade
Would you swap an unbuilt unit at the Lagoons for an apartment at JBR?
-
In pictures: New BMW Z4
The new model is much more user-friendly and driver focused
-
Lebanon realty robust
Overseas Lebanese fuel real estate surge
-
Banking
Mortgages: there's light at the end of the tunnel
UAE buyers are securing home loans again
