Nakheel, a developer based in Dubai, said it has closed over AED162 million or $44.1 million in Al Furjan and Jumeirah Village Triangle land sales. The developer said the sales it has released to the public on Thursday was evident of the increased investor confidence in the real estate market in Dubai.
Nakheel sold plots of land for 91 townhouses in Al Furjan for AED70 million and four commercial plots also in the same area for AED26 million. The report said Al Furjan now has over 800 homes and a new community recreation and retail center is set to be opened early 2014.
Also in a statement, Nakheel said it has closed 45 villa plot sales in Jumeirah Village Triangle, which is located near to its master development spanning 860 hectares, which is south of Al Khail Road.
"Just as we expected, these plots drew a lot of attention, the level of interest seen today underscores the fact that Al Furjan and Jumeirah Village are amongst the most convenient, sought-after locations in Dubai," a Nakheel spokesman disclosed.
Earlier this week, Nakheel expressed its plans to conduct an initial public offering in 2018. Nakheel is known for its manmade island developments like the Palm Jumeirah and The World.
In an interview, Nakheel chairman Ali Rashid Lootah said, "At the moment we are looking at meeting commitments to lenders and investors, but we will look at an IPO in the future. In 2018 it could be possible, if markets allow... Everything is possible."
Nakheel, according to the Arabian Business report, was nationalized by the government as part of its restructuring plan worth $16 billion and was completed in 2011. It saw a slight improvement in net profits as compared to last year's AED1.12 billion last year, when it recorded AED1.77 billion or $481.9 million in the nine months to September 30 this year, the report said.
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