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Nakheel nets nearly Dhs34m at Jumeirah Park land auction

February 27, 2014 12:14 pm

Nakheel auctioned nearly Dhs34m worth of prime land at Jumeirah Park today, selling all eight available plots for an average Dhs4.3m each.

More than 50 potential investors signed up for the auction, with buyers paying over Dhs500 per square foot for the residential land at Nakheel’s prestigious Jumeirah Park community development.

A Nakheel spokesman said: “Today’s land auction was a great success. Nearly 80% of attendees had registered a day in advance, highlighting the huge appetite for prime land in Dubai.”

The plots, each 8,820 sq ft, form part of the ever-growing Jumeirah Park community, where Nakheel has already completed 1,795 luxury villas, with almost 800 more under construction.

Jumeirah Park – one of Nakheel’s most prestigious developments – spans 350 hecatres and will have around 3,000 homes and a host of integrated facilities when fully complete. Among them is Jumeirah Park community centre, Nakheel’s new, 114,000 sq ft retail and dining venue with a supermarket and nearly 30 other shops and cafes. Shop fit out is now underway, with the centre due to open mid-2014.