Nakheel To Auction More Plots In Jumeirah Park On Strong Demand

Dubai developer Nakheel has announced that it will hold a second auction on March 4 to sell off residential plots in its Jumeirah Park community after registering strong demand for land among investors.

The developer said that it is releasing plots ranging from 7,750 to 8,700 square feet after the “overwhelming success” of the first auction held on February 26.

Nakheel netted nearly Dhs34 million by auctioning off eight plots of land in the development last week with investors paying around Dhs500 per square foot, the developer said in a statement.

Investors can register from March 2 for the second auction, which will be held in Nakheel Sales Office on Al Sufouh Road. A registration fee of Dhs1000 will be levied on investors wanting to participate, the statement said.

“We had an overwhelming response to our first auction, and are gearing up for an even higher level of interest when bidding opens again on Tuesday,” a Nakheel spokesperson told the media.

“We urge investors to register early to ensure their chance to secure a piece of prime land at our highly sought-after Jumeirah Park community.”

The developer did not reveal the number of plots to be sold off in the second auction.

Nakheel has already completed 1,795 villas with another 800, under construction in Jumeirah Park. The community, which spans 350 hectares, will have around 3,000 homes when completed.

The developer added that the construction of the Jumeirah Park community centre is also complete and it will open by mid-2014. The 114,000 square feet retail centre consists of a supermarket and 30 other shops and cafes and is currently undergoing shop fit-out, the statement said.

Dubai’s property market rebounded strongly in 2013 with prices rising around 30 per cent on average.

With the real estate market on an upswing, developers have also been launching several new projects this year to meet demand.

Nakheel recently revealed that it plans to launch new projects worth between Dhs6 to Dhs8 billion in 2014 while Dubai developer Emaar too has been launching a string of residential projects in the emirate.

Emaar’s latest project to be announced is Mulberry at Park Heights, an apartment complex in its Dubai Hills Estate development in Mohammed Bin Rashid City.