Nakheel Chairman hits back at critics of Palm Jumeirah
The Palm Deira is going to be as big as Paris
Sultan Ahmed bin Sulayem, Nakheel Executive Chairman, talks to Emirates Today about the progress of Nakheel's waterfront projects.
Sultan Ahmed bin Sulayem, speaking during a business trip to Seoul, South Korea, told Emirates Today the 1,400 villas and 2,200 apartments under construction on the date palm-shaped manmade island in the Arabian Gulf are on schedule for completion by the end of this year. “All the villas will be ready and all the apartments will be ready. It’s a tight programme [but] we will have people moving in to Palm Jumeirah towards the end of the year,” bin Sulayem said.“In two to three months we will show people buildings completed in one of the most successful projects in the world,” he added
The Palm Jumeirah – which encompasses homes, marinas, beaches and more than 25 luxury hotels – will cost an estimated Dh22.04 billion, the chairman said.
The property developer came under fire after it failed to deliver homes by the end of 2005 – a widely expected deadline for the five-year project. But bin Sulayem called this delivery date a “misunderstanding”.
The Palm Jumeirah we started in the middle of 2001. But the first reclamation of land started in 2002, and we will end it in 2006 – that’s five years. I think we did Palm Jumeirah in remarkable time,” he said.
Nakheel had to build the island from the sea floor up, using material dredged from the bottom of the Arabian Gulf. Bin Sulayem rejected criticism that the project has been plagued by snarl-ups and that construction is shoddy. “There is no question of the quality of the project. I will not allow [inferior quality].
Whether you build a villa or a palace you have snags. We are committed to fixing it,” he said.
Criticism that the plots as designed are cramped and claustrophobic have also reached his office. “Any sea development is very expensive. So the plots for the houses are always small. Compared to many other developments in the world, the Palm is generous,” he said.
Dubai hosts world advertising congress in March
Emaar Properties PJSC, the Dubai- based with a market capitalization of over US$ 40 billion, was awarded 'Best Real Estate Brand in the GCC' at the Middle East Excellence Awards ceremony.
"It is always an honor to receive awards that recognize the hard work and success of Emaar's real estate projects. To be recognized as the 'Best Real Estate Brand in the GCC' is a real achievement and Emaar is proud to be considered as industry leaders in this highly competitive sector," said Ahmad Al Matrooshi, Emaar Managing Director for the United Arab Emirates.
Emaar was awarded the 'Best Real Estate Brand' award on a range of criteria including: financial results, corporate responsibility, service integrity, customer satisfaction, range of services, commitment to nationalization, leadership and innovation.
Founded in 1995, the Awards recognise and rewards extraordinary achievers from the Middle East. In drawing attention to their success, the Middle East Excellence Institute aims to encourage and inspire future generations of achievers. Since its inception in 1997 Emaar has witnessed tremendous growth and a rapidly expanding tenant base. Having handed over more than 12,000 homes, Emaar constantly strives to create master planned communities for a growing Dubai population while creating new architectural benchmarks for global property developers.
Emaar is also making inroads into new markets with joint ventures and projects across the region covering Saudi Arabia, Egypt, Jordan, Morocco, Syria, India and Pakistan. Emaar's most recent international development is that of 'King Abdullah Economic City' - a mixed use development covering 55 million square metres. As the single largest private sector investment in the Kingdom of Saudi Arabia of US$26.6 billion, the City will create six distinct components - a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area . Top
Property boom in UAE
Economic growth, rising demand and changing property laws are some key factors that have given boost to prices of apartments and offices in various Emirates in the UAE.
According to a property research service report during the current year maximum raise in property rates was registered in UAE Emirate of Ajman, which witnessed record 70 % increase in prices of two and three room apartments.
The property prices increased by 30 % in Sharjah, while an average office rent in Abu Dhabi was increased by 51% in this year in comparison to the previous year, while in Sharjah the raise was registered at 40%; While the same was assessed at 29 % and 28% in Dubai and Ajman respectively.
Dubai was the first emirate of the United Arab Emirates (UAE) to get involved in freehold real estate, at a time when UAE and GCC nationals were only permitted to own property in the United Arab Emirates. Buying real estate in the Emirates is slowly changing and becoming more available to experts.
The purchase of property on freehold basis means that the property is put in the owner's name for life, and the owner has the right to sell, lease or rent his/her property at their own discretion.
Dubai's population explosion has resulted in large numbers of investors from the world over buying/selling/investing residential/commercial property in the Dubai, UAE. With huge numbers of businesses registering in Dubai and its freezones everyday, the need for residential, commercial space has become great. Whether it is house, offices, restaurant, showrooms, warehouses or any type of property it rarely stays on the market for any great length of time.
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