Nakheel Properties completes plot deals
20/11/2012
After being separated from the parent-company, Dubai Holding which is owned by the Ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum, Nakheel Properties has gradually resolved its financial problems; for it has successfully restructured its billions of debt in August 2011. After that, it was controlled under the Government of Dubai that helped it out in a sense of slowly repaying its outstanding debts from bank creditors or lenders.
As 2012 is considered a positive year due to lots of signs that became a reflection of the Emirate’s recovery in line with the Real Estate Market in particular. As a matter of fact, the company has recently completed a set of land transactions worth of more than AED419 million on its two iconic development projects such as Palm Jumeirah, an artificial archipelago or a man-made palm-shaped islands; and Jumeirah Village Circle.
Based on the report, Nakheel has received a total of AED306.4 million worth of lands located on its peninsular development project in Dubai. The land sales were driven by the following land properties which are located on the latter: one residential plot that has a total of 115, 000 square feet, which was sold for AED202 million; and one villa plot that has approximately around 72, 000 square feet, which was also sold for AED104.4 million. Then, with regards to Jumeirah Village Circle, in which there has been an increasing demand for villa properties, the company has already sold a total of 122 villa plots worth of more than AED113 million.
So, according to Ali Rashid Lootah, Chairman of Nakheel Properties, he said that due to the company's successfully-launched Jumeirah Park project a few months ago, the investors' confidence has bounced back accordingly. For this reason, a number of sales transactions were being reported by Nakheel, including the plot of land on the same location that was sold for almost AED400 million; and a total of 360 villas that were sold in September 2012. Then, he added that all the sales of the company will be used to pay some of its remaining debts. In fact, it has already repaid some of the trade creditors with at least AED9.4 billion as well as it has also reduced the so-called 'Long-term Customer Liabilities' by AED7.2 billion through the various consolation and swap schemes in particular. Furthermore, it has concurrently completed the interest and profit payment of at least AED211 million to some of its lenders.
As 2012 is considered a positive year due to lots of signs that became a reflection of the Emirate’s recovery in line with the Real Estate Market in particular. As a matter of fact, the company has recently completed a set of land transactions worth of more than AED419 million on its two iconic development projects such as Palm Jumeirah, an artificial archipelago or a man-made palm-shaped islands; and Jumeirah Village Circle.
Based on the report, Nakheel has received a total of AED306.4 million worth of lands located on its peninsular development project in Dubai. The land sales were driven by the following land properties which are located on the latter: one residential plot that has a total of 115, 000 square feet, which was sold for AED202 million; and one villa plot that has approximately around 72, 000 square feet, which was also sold for AED104.4 million. Then, with regards to Jumeirah Village Circle, in which there has been an increasing demand for villa properties, the company has already sold a total of 122 villa plots worth of more than AED113 million.
So, according to Ali Rashid Lootah, Chairman of Nakheel Properties, he said that due to the company's successfully-launched Jumeirah Park project a few months ago, the investors' confidence has bounced back accordingly. For this reason, a number of sales transactions were being reported by Nakheel, including the plot of land on the same location that was sold for almost AED400 million; and a total of 360 villas that were sold in September 2012. Then, he added that all the sales of the company will be used to pay some of its remaining debts. In fact, it has already repaid some of the trade creditors with at least AED9.4 billion as well as it has also reduced the so-called 'Long-term Customer Liabilities' by AED7.2 billion through the various consolation and swap schemes in particular. Furthermore, it has concurrently completed the interest and profit payment of at least AED211 million to some of its lenders.
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