Nakheel sells Jumeirah plot for $109m

Nakheel, the builder of artificial islands off Dubai’s coast, said it sold a plot of land on Palm Jumeirah for Dhs400 million ($109 million). The 305,704 square-foot plot was bought by a local investor the company didn’t identify. “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,’’ the company said in an e-mailed statement on Sunday. “We have seen a very healthy demand in the first half of 2012, and this looks set to continue for the year.” Nakheel said on July 30 it posted a 37 per cent increase in first half profit as sales increased and it cut costs. The company restructured $16 billion of debt following the onset of the global financial crisis in 2008. The company also disclosed that it sold a 93,178 square metres (305,704 square feet) prime plot on the Palm Jumeirah Trunk for Dh400 million, or Dh14,014 per square metre, according to a local investor. To date, Nakheel has sold over 80 out of a total of 105 plots with total sales value crossing Dh657 million. Since last year, residential plot prices in some parts of The Palm — notably Frond N — have increased by 30 per cent, the company said. “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 said. In April, Nakheel sold a 5,574 square metre plot on Palm Jumeirah Pointe, opposite Atlantis, for Dhs87 million. There is healthy demand for properties on Palm Jumeirah. Prices have gone up and investor confidence is back. From:gulftoday