Nakheel moves on Jebel Ali Gardens project

29 May 2016

Development incluides 42 buildings with 10,000 apartments

Local developer Nakheel is advancing with its Jebel Ali Gardens development in the Dubai Waterfront area close to Jebel Ali port.

“The basic infrastructure design is progressing, we completed the basic concept, we are appointing a consultant to do the design [for the buildings] and then we will tender it,” Nakheel chairman Ali Rashid Lootah told MEED.

Nakheel formally launched the scheme in September 2015. Once complete, the community will provide accommodation for more than 40,000 people in 10,000 apartments spread across 42 buildings. The apartments will be leased out by the developer.

The overall project will cover an area of 520,000 square metres and will have a total built-up area of more than 1.7 million sq m.

Jebel Ali Gardens key components:

  • 5.5 million square-foot site
  • 19 million sq-ft built-up area
  • 42 buildings in 12 blocks ranging from 18 to 29 floors
  • Gym in each block with panoramic views over the central park
  • 9,986 apartments ranging from one to three bedrooms
  • 40,000 projected population
  • Ample covered parking spaces for residents with controlled access
  • Ample visitor parking spaces
  • 1.1 million sq ft of green parks
  • Three mosques
  • Jogging track of 2 km
  • Four swimming pools
  • Two basketball courts
  • Two tennis courts
  • Two football pitches

Nakheel is also planning to add to its project portfolio with new project launches. It says it will debut new projects for sale in the second half of this year as Dubai’s property market shows signs of resurgence.

“We had a correction for sure, but nothing drastic. It was a healthy correction. We expect in the second half things to pick up,” said Lootah. “ We see enquiries increasing, we see more building permits in different areas such as JVC [Jumeirah Village Circle], Al-Furjan, IC3 [International City 3], and a lot of people are submitting designs and starting construction.”

 Ali Rashid Lootah, chairman of Nakheel

Ali Rashid Lootah, chairman of Nakheel

Nakheel plans to capitalise on the improving market conditions by launching new development projects for sale. “For the last one and a half years we have been focusing on building our own portfolio. We took the opportunity and used our resources to enlarge our residential leasing and retail portfolio,” says Lootah. “We will be launching in second half of this year more development projects. They will be in well developed areas for the middle class. We see opportunities and we have land. We will halt the sales of land in all these areas and start development ourselves.”

Nakheel has decided to move ahead with new projects despite short term forecasts of softening prices in Dubai. Analysts have been expecting further declines for prices and rentals throughout 2016 as the emirate’s economy continues to adjust to softening global conditions.

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