Nakheel has planned a new gated master plan community with 1,000 villas in Nad Al Sheba, Dubai. It will include 100 luxury serviced residences, onsite retail and recreational facilities. Nakheel wants to expand its leasing, hospitality and retail portfolio and it is part of the expansion strategy, company announced 19th July 2014.
It is located in Nad Al Sheba district 10 minutes drive from Burj Khalifa. It will include 900 3 to 5 bedrooms villas and separate resort like complex of 100 luxury villas, serviced homes and private swimming pools.
Nakheel has also signed a AED 27 million contract with Dubai based Arif and Bintoak Consulting Architects for designing and engineering the project. The total estimated value of the project is AED 2.6 Billion. The construction tender will be released within three months and it will be completed in 2016.
According to Nakheel chairman Ali Rashid Lootah, “Our current residential leasing portfolio of almost 17,000 homes continues to be in huge demand, with almost 100 per cent occupancy across the entire range. We expect an equally-positive response to our new development announced today.”
Nad Al Sheba was previously famous for racecourse track now named as Meydan Racecourse.
Many real estate developers are cashing in the property boom as we have seen a good increase in property prices after 2013. There are lot of new real estate project announcements from private and Government sector.
The revival in property market has gained the trust of many investors and now all the real estate developers are cashing in the opportunity. It is expected that there will be more announcements of new projects before Expo 2020 and all the projects are expected to complete before Expo 2020.
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