Nakheel To Auction Plots In Jumeirah Park

Dubai developer Nakheel has said that it will auction a selection of prime residential plots in the Jumeirah Park community.

The plots, each measuring 8,820 square feet, will be auctioned off on February 26 at 11 am in the Nakheel Sales office on Al Sufouh road, the developer said in a statement.

Bidders, looking to participate in the auction, are required to register with Nakheel from Tuesday and will have to pay a registration fee of Dhs1,000.

Nakheel has already completed 1,795 villas with another 800, which are 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.

The company, the worst hit during Dubai’s property crash, was forced to undergo a restructuring and has a Dhs6.8 billion debt, which is due by September 2015. But the developer announced early this year that it will pay around Dhs4 billion out of that amount by 2014.

Nakheel also announced a 27 per cent hike in 2013 net profit to reach Dhs2.57 billion in 2013, with revenues up 20 per cent.

Since restructuring in 2011, the firm has paid around Dhs13 billion to contractors and suppliers, interest of Dhs1 billon to banks, profit payments of around Dhs1 billion to sukuk holders and saved approximately Dhs23 billion by out-performing the post-restructuring business plan, a statement said.

The company has also recommenced work on all 10 of its ‘near term’ projects, delivered around 8,000 units across various communities, expanded its retail offering and diversified into the hospitality and leisure sector, with the first hotel due to open this year.

It has also launched several new projects and currently has over 4000 units with an estimated sale value of Dhs13 billion in the development pipeline, the statement added.

The company recently revealed that it plans to launch new projects worth between Dhs6 to Dhs8 billion in 2014.