Nakheel on Sunday announced the sale of a prime plot on Palm Jumeirah for Dh400 million and said healthy demand will continue in 2012 for properties on the palm-shaped island.
The Dubai developer said the plot measuring 305,704sqft was bought for Dh1,302 per sqft by a local investor, but who was not identified.
“There are clear signs of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah. We have seen a very healthy demand in the first half of 2012, and this looks set to continue for the year,” Nakheel said in a statement, quoting a spokesman.
Residential plot prices in some parts of The Palm — notably on Frond N — have increased by 30 per cent in the past year, said Nakheel. To date, Nakheel has sold over 80 out of a total of 105 plots with a total sales value of over Dh657 million, according to the statement. Earlier this year, the property developer sold a 5,574sqm plot on Palm Jumeirah Pointe for Dh87 million.
“Land and properties on Palm Jumeirah are in big demand thanks to its unique design, location and ever-increasing range of amenities, including new hotels and resorts, public parks, our forthcoming Pointe recreation and retail development such as Palm Mall and more facilities to be announced soon,” the spokesman added.
Last month, Nakheel announced its half-year financial results and declared a net profit of Dh767 million, showing an increase of 36.5 per cent over Dh562 million in same period last year. It was announced that revenues of Dh3.11 billion were mainly contributed by the handover of properties in a number of Nakheel projects, up by 112 per cent against revenues of Dh1.46 billion during the January-to-June period last year.
Approximately 3,500 units have been delivered to customers since the beginning of the restructuring in several developments, mainly Palm Jumeirah, Jumeirah Village, International City, Al Furjan and Jumeirah Heights.
Nakheel successfully concluded its restructuring in August 2011 with the issuance of a sukuk of Dh3.8 billion to eligible trade creditors and did a subsequent tap issuance of Dh227 million in April 2012 as part of its overall sukuk programme.
The developer is proactively evaluating and assessing various development projects that are expected to be implemented in the subsequent periods in the company’s quest to deliver sustainable communities. The recently-launched Palma Residences and Palm Views projects in Palm Jumeirah have been well-received in the market.
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