Nakheel will resume work on part of its stalled Palm Deira as it pushes ahead with a series of additions to its man-made island projects.
The developer made the announcement as a number of projects abandoned following the 2008 property crash are restarted amid growing investor confidence.
Some of them were on display across vast models at the annual Cityscape real estate show in Dubai yesterday.
While the crowds were still much smaller than in 2007 and 2008 at the peak of the market, there were hints of the boom years when an impromptu sale of properties by Emaar descended into an unruly shoving match as tempers flared.
Nakheel’s partial resumption of work on one of the largest projects ever started in the emirate reflects growing confidence in the property market, which some analysts believe needs to cool down after apartment prices rose by more than 40 per cent in some Dubai districts this year alone.
The Palm Deira was originally designed to be the largest of the developer’s three palm-shaped islands, but work ground to a halt part way through its reclamation, even before the onset of the global financial crisis.
“Deira is an untapped destination,” said the Nakheel chairman Ali Rashid Lootah, in an interview with The National. “It will contribute significantly to the Government of Dubai’s tourism strategy.”
Nakheel wants to redevelop four of the islands that would have originally formed part of the original Palm Deira close to the Deira shoreline.
It could add 21km of beachfront to the coastline and provide infrastructure for dozens of planned hotels as well as new homes and shops.
Initial plans include a night market designed in the style of a traditional souq, with about 1,400 retail units and restaurants. A 250-room hotel is also planned as well as a 30,000-capacity amphitheatre.
The other three islands will feature hotels, resorts and residential, commercial and retail units.
Nakheel will master plan and complete infrastructure work ready for third party development on each island, it said in a statement.
Nakheel also revealed a plan to build an 11km boardwalk around the crescent of the Palm Jumeirah.
It will run the entire length of the crescent, with a pier stretching 100 metres into the Arabian Gulf at either end.
In another addition to the island, Nakheel said it would create a 1.5km beach along the Palm’s western trunk.
The resumption of projects associated with the excesses of the last property boom and bust cycle may raise concerns among some analysts.
Others say a new property bubble is unlikely to form this time around, despite the price escalation of recent months.
“While there are some worrying signs of overheating creeping into the market, there are some key differences this time around which mean that another bubble can be avoided,” said Alan Robertson, the regional chief executive of Jones Lang LaSalle.
Better regulation, increased fees for transferring properties and the more phased release of new units by developers wary of flooding the market are some of the reasons that brokers give to support their view.
scronin@thenational.ae
MATCH INFO
Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
ALL THE RESULTS
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Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
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Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
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Lightweight
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Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars