Nakheel is selling 942 townhouses next week as the Dubai developer ramps up sales ahead of an Dh8 billion debt deadline in 2015.
The company, which was one of the highest-profile losers in the Dubai property crash when its debts helped to trigger the Dubai World crisis in 2009, said that it would be taking orders for the Dh1.7 million-plus properties close to its Dragonmart outlet mall on the outskirts of Dubai from Sunday.
The Warsan Village project located next to International City will also include 250 flats available for lease, a shopping centre of 365 shops as well as a recreation centre and a mosque.
Construction is expected to begin in early 2014 and to be completed 20 months later.
Nakheel is coming under increasing pressure to get more cash into its coffers as the market recovers and the company squares up to refinance an Dh8bn loan that falls due in 2015 while a Dh3.8bn sukuk bond becomes due in 2016.
The state-owned developer, known for the Palm Jumeirah development, put most of its new projects on hold during the property crash as it concentrated on agreeing a $16bn debt restructuring.
The developer said prices in Warsan Village for three-bedroom townhouses covering 2,013 square feet, would start at Dh1.7m or Dh844 per sq ft.
According to the property consultancy Asteco, house prices in Dubai range from Dh799 per sq ft in the Green Community to Dh1,997 per sq ft on the Palm Jumeirah. Although in April Emaar launched 188 townhouses at its Mira scheme in the Reem area of Dubai for prices starting at Dh988,888, that was widely seen as a marketing exercise with most homes in the scheme being sold for much higher prices.
The International City mega scheme, designed in 2004 along the lines of a traditional Arabian carpet, is intended when complete to accommodate more than 60,000 low- and medium-income residents. The design incorporates architectural styles from around the globe.
The partly completed project was hit hard by the global financial downturn, with rents tumbling between 75 and 80 per cent in the area in 2009 and 2010 as middle-income tenants moved to more luxurious accommodation and the area suffered from sewerage flooding and traffic problems.
But with rents in Dubai once again soaring, International City has been quick to benefit. According to Asteco, average rents for flats in the area rose 27 per cent over the year to June – the biggest increase in apartment rents in Dubai this year – as hard-pressed tenants searched for more affordable accommodation.
“Our townhouses are a natural progression for the area and will bring a completely new style of living to this already hugely popular community,” said Nakheel’s chairman, Ali Rashid Lootah. “We anticipate a very healthy response to the launch of the townhomes – and to the residential and retail leasing opportunities on offer at this unique complex.”
The 47.5 hectare Warsan Village will be the latest in a handful of Nakheel projects to be sold off plan this year . These also include 84 townhouses at the developer’s Jumeirah Islands project and more than 200 apartments on the Palm Jumeirah. The company has also been busy building an extension to its Dragonmart mall.
lbarnard@thenational.ae
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
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• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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Chelsea 1
Hazard (22' pen)
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Man of the match: Eden Hazard (Chelsea)
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Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
