JEDDAH — Nakheel, one of the Middle East’s premier property developers, is promoting its latest project — The Palm, Deira to investors and individual buyers in Saudi Arabia and elsewhere in the GCC.
Investment options in the project will be showcased in a road show, which will take the final episode of the Palm Trilogy to Jeddah, Dammam, Riyadh and Oman after visiting Bahrain, Qatar and Kuwait.
“The Palm, Deira, the third and the largest offering in the world-renowned the Palm developments had generated considerable amount of interest from all around the GCC countries during the sale of properties on the project in Dubai. This has prompted us to take project to the GCC countries in a bid to promote the attractive investment options in the project to investors,” Sultan Ahmed ibn Sulayem, executive chairman, Nakheel, said.
“In addition, Nakheel is also planning to dedicate exclusive days for women in some of the GCC countries to showcase the properties on The Palm, Deira, offering them a chance to peruse and purchase them in a private and comfortable atmosphere,” he added.
“The Palm, Deira culminates the spectacular The Palm series, which had a clear and successful run, since its launch in 2001,” Sulayem said.
The project was envisaged after realizing that investors were craving for opportunities to make their investment in Dubai and its vibrant real estate and property development market. We have been inundated with requests from investors all over the world who are keen to buy properties of Nakheel, due to the value proposition, in terms of exclusivity and uniqueness that each of our projects offers. The Palm, Deira, with its hallmark magnitude and the lavish amenities on offer will certainly be attractive for the investors.”
The Palm, Deira was launched last month as decreed by Sheikh Mohammed ibn Rashid Al-Maktoum, crown prince of Dubai and UAE defense minister.
The first phase of the project, which is being developed in Deira Dubai between Hamriya Port and Dubai Creek is already underway involving the reclamation of land by using some of the most advanced civil engineering techniques ever devised. On completion, the development will measure 14 km in length from and 8.5 km in width and will cover an area close to a staggering 80 sq km, roughly equaling Great London and bigger than Paris and Manhattan.
The project will house 8,000 villas in 41 fronds apart from essential amenities like shopping malls, sports facilities, clubs, public services and other luxury developments, making The Palm, Deira one of the most coveted residential developments anywhere in the world. The villas will be constructed in three different styles, comprising Premier Villas, Grand Villas and Vista Town Homes, which are available to the investors on a full free hold basis.
“The road show, while showcasing the uniqueness of The Palm, Deira to the investors, will at the same time increase the profile of Dubai as the most favorable destination for real estate related investment in the region,” Sulayem added.
Nakheel also foresees an attractive return on investment for investors in the property sector in Dubai, as a result of liberalized property ownership laws and the economic diversification policy which spurred economic activities in several sectors including IT, hospitality and tourism.
Commenting on Nakheel’s participation at Cityscape 2004, Sulayem said: “Nakheel’s participation and sponsorship of events such as Cityscape, forms the part of our strategy to extending support to key conferences and events for the real estate market. For Cityscape 2004, we are showcasing the latest Nakheel offerings that have been conceived and launched since last year.”
Wahid Attalla, executive director, commercial and operations, Nakheel, said: “Dubai’s lead in allowing foreign investors to own property has marked a real revolution in this sector. Property investment laws in Dubai now link property ownership to visas to the investor and his immediate family, thus removing a major stumbling block in the development of the property sector.”