11 May 2009
Around 567 plots in the Triangle component of Jumeirah Village are in the design stage, according to Nakheel.
In an exclusive project update with Emirates Business, the developer said 255 designs have been approved and 132 are in progress status from the 387 projects in the final design stage. Likewise, of the 180 plots in the design stage, 140 are in the approval phase and 40 in progress. Around 150 plots are under construction and around 85 per cent of the infrastructure work is complete on the Triangle at Jumeirah Village, said Nakheel.
Nakheel is in regular discussions with RTA and the progress regarding the surrounding works for Juemirah Village. "However, these are public projects and not Nakheel projects so we are not in a position to comment on behalf of RTA," said CEO?of Nakheel, Chris O'Donnell.
Meanwhile Nakheel Joint Ventures brought to fruition a range projects across various industry sectors including residential, hotels, entertainment and leisure and retail holdings, according to O'Donnell.
Taysheed LLC, a property venture company with the Dubai Islamic Bank, the world's first fully fledged Islamic Bank, was formed in 2008. It is currently studying different projects.
A joint-venture company was formed in partnership with the Indian hoteliers Bharat Hotel Group to develop a five-star Grand Fort Hotel at Al Furjan, Dubai. Nakheel and Bharat Hotel Ltd will be equal partners in the venture. The 293-room hotel will have a strong Rajasthan-Indian influence and include a spa, business and conference facilities, extensive grounds, restaurants and retail outlets. The project is in the design stage, with completion anticipated in late 2012.
"The Golden Mile is a joint venture agreement continues between Nakheel and IFA Hotels & Resorts. The project is nearing completion, with full handover anticipated by July, 2009," said O'Donnell. The joint venture is responsible for the development of the Palm Golden Mile on Palm Jumeirah, which comprises 10 buildings overlooking both sea and park views. Nakheel and IFA are equal partners in the joint venture. IFA is performing the Development Management, Asset Management and Sales and Marketing services for the Joint Venture Company.
"On The World project, we expect to see construction on some of the islands begin this year. Reclamation on The World was complete in January 2008. Thirty-two islands have been already handed over and early works have begun. Once the developers take the handover on their islands and have their development concepts approved, they can begin soil investigation and then seek building permits to actually begin construction on the islands," said O'Donnell.
The World's Construction Logistics Port has been operational. Located off Al Mina Road and before the Al Shindagha Tunnel, this facility caters to the needs of The World and its clients.
Project status
Jumeirah Heights: Will commence handover of first apartment in 2009
Jumeirah Park: 70 per cent of the project sold with 900 villas to be handed over by end of 2009
Jumeirah Village: 2008 handover of first 300 villas has commenced and continued through January. 2,000 villas to be handed over by end-2009
Jumeirah Islands Mansions: 24 mansions to be handed over mid 2009
Nakheel will begin handover of 500 berths at Anchor Marina in 2009
Handover of the first properties in Badrah will be delivered in 2010
Handover of the first properties in Veneto will be delivered in 2010
More than 900 homes at Marina Residences, Palm Jumeirah will be handed over this year.
Handover of the first properties in Al Furjan are on schedule for late 2010
Homes in the Emirates precinct in International City will be available for occupancy in Q1 2010
Construction in Lake District is progressing and homes will be available for occupancy starting 2011
Reclamation on The World islands was complete in January 2008, and some islands have been handed over already and early works have begun
Trump Tower: Due to the market conditions, Trump Tower has been deferred for 12 months
Forbidden City: Due to the current conditions, Forbidden City has been deferred for 12 months
Dubai Promenade: Due to the current market conditions, Dubai Promenade has been deferred for 12 months
Nakheel Harbour & Tower: Due to current market conditions, Nakheel Harbour & Tower has been deferred for 12 months
QE2: On Hold
Palm Jebel Ali: Work is progressing in stages
Mina Rashid: Work is progressing in stages
Palm Deira: Work is on hold
By Sona Nambiar
© Emirates Business 24/7 2009
Around 567 plots in the Triangle component of Jumeirah Village are in the design stage, according to Nakheel.
In an exclusive project update with Emirates Business, the developer said 255 designs have been approved and 132 are in progress status from the 387 projects in the final design stage. Likewise, of the 180 plots in the design stage, 140 are in the approval phase and 40 in progress. Around 150 plots are under construction and around 85 per cent of the infrastructure work is complete on the Triangle at Jumeirah Village, said Nakheel.
Nakheel is in regular discussions with RTA and the progress regarding the surrounding works for Juemirah Village. "However, these are public projects and not Nakheel projects so we are not in a position to comment on behalf of RTA," said CEO?of Nakheel, Chris O'Donnell.
Meanwhile Nakheel Joint Ventures brought to fruition a range projects across various industry sectors including residential, hotels, entertainment and leisure and retail holdings, according to O'Donnell.
Taysheed LLC, a property venture company with the Dubai Islamic Bank, the world's first fully fledged Islamic Bank, was formed in 2008. It is currently studying different projects.
A joint-venture company was formed in partnership with the Indian hoteliers Bharat Hotel Group to develop a five-star Grand Fort Hotel at Al Furjan, Dubai. Nakheel and Bharat Hotel Ltd will be equal partners in the venture. The 293-room hotel will have a strong Rajasthan-Indian influence and include a spa, business and conference facilities, extensive grounds, restaurants and retail outlets. The project is in the design stage, with completion anticipated in late 2012.
"The Golden Mile is a joint venture agreement continues between Nakheel and IFA Hotels & Resorts. The project is nearing completion, with full handover anticipated by July, 2009," said O'Donnell. The joint venture is responsible for the development of the Palm Golden Mile on Palm Jumeirah, which comprises 10 buildings overlooking both sea and park views. Nakheel and IFA are equal partners in the joint venture. IFA is performing the Development Management, Asset Management and Sales and Marketing services for the Joint Venture Company.
"On The World project, we expect to see construction on some of the islands begin this year. Reclamation on The World was complete in January 2008. Thirty-two islands have been already handed over and early works have begun. Once the developers take the handover on their islands and have their development concepts approved, they can begin soil investigation and then seek building permits to actually begin construction on the islands," said O'Donnell.
The World's Construction Logistics Port has been operational. Located off Al Mina Road and before the Al Shindagha Tunnel, this facility caters to the needs of The World and its clients.
Project status
Jumeirah Heights: Will commence handover of first apartment in 2009
Jumeirah Park: 70 per cent of the project sold with 900 villas to be handed over by end of 2009
Jumeirah Village: 2008 handover of first 300 villas has commenced and continued through January. 2,000 villas to be handed over by end-2009
Jumeirah Islands Mansions: 24 mansions to be handed over mid 2009
Nakheel will begin handover of 500 berths at Anchor Marina in 2009
Handover of the first properties in Badrah will be delivered in 2010
Handover of the first properties in Veneto will be delivered in 2010
More than 900 homes at Marina Residences, Palm Jumeirah will be handed over this year.
Handover of the first properties in Al Furjan are on schedule for late 2010
Homes in the Emirates precinct in International City will be available for occupancy in Q1 2010
Construction in Lake District is progressing and homes will be available for occupancy starting 2011
Reclamation on The World islands was complete in January 2008, and some islands have been handed over already and early works have begun
Trump Tower: Due to the market conditions, Trump Tower has been deferred for 12 months
Forbidden City: Due to the current conditions, Forbidden City has been deferred for 12 months
Dubai Promenade: Due to the current market conditions, Dubai Promenade has been deferred for 12 months
Nakheel Harbour & Tower: Due to current market conditions, Nakheel Harbour & Tower has been deferred for 12 months
QE2: On Hold
Palm Jebel Ali: Work is progressing in stages
Mina Rashid: Work is progressing in stages
Palm Deira: Work is on hold
By Sona Nambiar
© Emirates Business 24/7 2009
