posted on 07/04/2009: 1040 views
About 8,196 units in Jumeirah Village are expected to be delivered by the end of the year, a senior official has revealed.
Marwan Al Naqi, General Manager of Jumeirah Village, told Emirates Business: "The total number of units Nakheel will hand over this year is 2,186, consisting of 576 one-bedroom townhouses, 362 two-bedroom townhouses and 1,248 two-bedroom villas. In addition to this, 6,000 units from third-party developers will come onto the market by the end of 2009."
"The handover of villas started in November last year and will continue throughout 2009. The units to be handed over will include ones in Jumeirah Village South, which was recently renamed Jumeirah Village by Nakheel," he said.
Jumeirah Village consists of two kinds of plot areas – one is being developed by Nakheel and the other by third-party developers.
He said 868 plots had been sold to the third-party companies. "Around 39 per cent of the third-party plots are intended for residential development, six per cent for commercial development and around 55 per cent for mixed-use developments," he said.
"Nakheel will provide amenities such as mosques, police stations, civil defence buildings, gas stations, schools, nurseries and hospitals. Jumeirah Village is aimed at the mid-income bracket and has not been affected by any slowdown in the real estate sector.
"Investors in Jumeirah Village are still making a premium, depending on the location of their unit and the plot size. Owners of the townhouses and villas have already paid around 90 per cent of the total price."
Al Naqi said the developer gave regular reports on the progress of the development to Dubai's Real Estate Regulatory Agency (Rera).
"Nakheel does not work in isolation and has a number of partners and third parties whose interests are intertwined with its own. We work with our partners in a very transparent manner as our goal in the same – to ensure projects satisfy the consumer.
"There has been no change to the masterplan of Jumeirah Village, but Nakheel has added more amenities within the development.
"We are working with the Roads and Transport Authority (RTA) to provide a transportation solution and a Metro line is expected to come through the Al Khail Road. Ultimately around 300,000 people will live at Jumeirah Village and it will not be wise for them all to use their cars within the development, which is why we are talking to the RTA about providing solutions," he said.
According to Ziad Chaar, General Manager, Operations, Damac Properties, the developer is completing the final stages of the external work at Emirates Gardens 1 and is expected to reach completion this summer.
"We have stated our intention to hand over more than 7,100 units to customers in the next two years and phase one of Emirates Gardens will contribute more than 500 of these."
This low-rise Mediterranean style complex is made up of three four-storey buildings. Emirates Gardens 1 is Damac's first project in Jumeirah Village.
"Nearby work on the second phase of Emirates Gardens is progressing well – the structural work is nearly finished. Following on from this will be Tuscan Residences, Damac's third development at Jumeirah Village, which is due to be completed next year. We currently have nine projects at Jumeirah Village," Chaar said.
Tiger Properties is currently working on developing one tower in the master development. "We have one project, Dana Tower, in Jumeirah Village. Work on the tower is currently under way," said company's Chief Executive Officer Taha Al Zouby.
Asked if infrastructure was in place, both the developers said that Nakheel had made excellent progress with infrastructure work in the surrounding area being built.
"We are pleased with the spirit of partnership that Nakheel has shown while undertaking the project. As a long-standing developer in the UAE, we are happy to be once again working with such a professional and reliable partner," said Al Zouby.
Although Damac is not revisiting sales contracts for units sold in its Jumeirah Village projects, Tiger believes in "fairly addressing the concerns of all parties."
"No, we are not revisiting any of the sales contracts," Chaar said.
"We strive to ensure that the interests of all parties are considered and fairly addressed at all times," said Al Zouby. When asked if the developers were offering any flexible payment plans, Al Zouby refused to comment, as Chaar said they were speaking to customers on a case-to-case basis.
"We agree it is a tough market and we are part of that market. Liquidity is needed by both end users and developers. We are speaking to customers on a case-by-case basis about the terms of the sales contracts we have signed with them.
"Prices at the development vary from project to project. Although market prices have gone down compared with last year it is important to note that those operating in the secondary market can sell at different rates than the owners of buildings," he added. – Emirates Business
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