Friday, June 21, 2024

“Green Wood” .. is Nakheel’s latest billion dollar project in Dubai

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  • Naqeel’s share of total land sales is 14%.
  • Get ready to start a development package in Dubai project

Dubai: Melhem Al-Zubaidi

“Nakheel Real Estate”, with multi-billion dirhams of investments, is preparing to unveil details of its latest integrated development and urban projects on land it owns near Sheikh Mohammed Bin Zayed Road, “The Gulf” has learned from real estate sources active in the local market in Dubai.

According to sources, the massive Nakheel project will bear the name “Green Wood” and will include various real estate products such as apartments, villas and townhouses, commercial and retail spaces, recreational and sports community facilities, schools, health facilities and green spaces.

Variety Basket

Earlier in June, Gulf announced that Nakheel Properties, along with its secondary developer partners, is preparing to unveil residential, hotel and entertainment projects over the next few months by the end of 2023 to join the Dubai Urban Project.

It is noteworthy that Nakheel’s development areas have taken a clear share in land sales in Dubai from the beginning of this year to the end of June. This touched about 9.4 billion dirhams, which is equivalent to about 14% of the total land sales in Dubai in the first half of 2023, which was approximately 67.5 billion dirhams, reflecting the strong demand for the company’s lands, which achieved high investment potential.

The biggest share of the cake of these projects will be distributed in the land of beachfronts such as “Deira Islands”, “Palm Jumeirah”, “Palm Jebel Ali” and “The World Islands”, while the rest of the projects will focus on other areas belonging to “Nakeel” such as “Jumeirah Islands”, “Trim Gemlage”, “Village, Village Islands” etc. ”, “International City”, “Al Furjan”, “Jumeirah Park”, “Warsan” and “International City”.

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“Islands of Deira”

According to observers of the local real estate market in Dubai, Nakheel and secondary developers will announce a mix of different-use projects within the “Teira Islands” area, including residential, hotel and mixed-use facilities, recreational and green spaces, and infrastructure-related, and the number is expected to be between 8 and 10.

“Deira Islands” currently includes several hotel, commercial and entertainment facilities such as “Centara Mirage Beach Resort”, “Rio Dubai Hotel”, “Marfa Market” and “Deira Islands Beach”. Construction work will also be revived on the “Teira Islands Mall” project.

Sales distribution

In the first half of 2023, “Palm Jumeirah” topped the list of land sales owned by “Naqeel” with a value of 4.261 billion dirhams, followed by “Jumeirah Village Circle” with around 1.27 billion dirhams and then “Jumeirah Park” with 4 million dirhams. 724 million dirhams, followed by “Deira Islands” in fifth place with 687 million dirhams.

“Al Furjan” sales of 599 million dirhams, ranked sixth, followed by “Jumeirah Village Triangle” ranked seventh with 358 million dirhams, “The World Islands” ranked eighth with 226 million dirhams, and “International” City ranked ninth and tenth.

Adding quality

Nakheel’s plans added more than 300 km to Dubai’s original 70 km of coastline, paving the way for the development of hundreds of waterfront homes, beach resorts and hotels, and tourist attractions. Nakheel’s portfolio of major projects spans over 15,000 hectares and offers a growing range of attractions, destinations and leisure facilities for Dubai’s citizens, residents and tourists. Nakheel Community Management oversees approximately 700,000 residents in 18 residential communities and 50,000 housing units. Nakheel’s portfolio in the residential leasing sector currently comprises over 16,500 units distributed between villas and apartments. Nakheel owns and operates a diverse range of retail centers and the hospitality sector has a diverse portfolio of hotels and resorts, including five-star hotels, luxury properties, family-friendly resorts and modern and elegant hotels.

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Bill Dittman
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