Jumeirah Park News
Nakheel in partnership with Mashreq
Nakheel partners with Mashreq
27 Aug, 2013: Nakheel has entered into a new arrangement with leading financial institution, Mashreq to provide mortgages for investors purchasing homes at Jumeirah Park in Dubai.
This new strategic alliance, which strengthens evidence of renewed confidence in Dubai’s real estate market, was cemented today (Tuesday) with the opening of a dedicated Mashreq kiosk at the Nakheel Sales Centre. Under the collaboration, the Bank aims to provide attractive and flexible home loans to new, off-plan buyers, and to people who have already purchased and are looking for finance to assist with agreed payment schedules on their property. Speaking at the opening today, Sanjay Manchanda, CEO of Nakheel, said: “This is a major step forward for Dubai’s property market, and is welcoming news for end-users. Our collaboration with Mashreq highlights the renewed buoyancy in Dubai’s property sector, and the increasing trust among banks and investors in Nakheel and its projects.” Farhad Irani, Head of Retail Banking Group, Mashreq, added: “Dubai’s real estate market has revived and revitalized with renewed vigour and is expected to grow further. We at Mashreq understand the flexibility that consumers desire with their home loan facility. It is a lucrative investment when a giant like Nakheel offers a project like Jumeirah Park that is in considerable demand. We endeavour to help as many consumers as possible to inch forward towards their dream home with custom made solutions, innovative features, fastest turnaround times, and a host of advantages to fulfil their needs. Jumeirah Park spans more than 380 hectares and, when complete, will have nearly 2,800 homes. The project includes 396 Legacy Nova Villas – snapped up within a few hours with an estimated sales value of AED1.65 billion – when they were launched in June this year. So far, 1,780 homes have been handed over at Jumeirah Park. Benefits available under the collaboration include high loan amounts of up to AED15 million; loan-to-value ratio of up to 70 per cent for off-plan & up to 80 per cent for completed units; loan tenure up to 30 years; finance for salaried and self-employed customers at attractive interest rates starting from 3.99 per cent per annum. Terms and conditions apply.
Jumeirah Park News on Handover
Jumeirah Park Handover News
27 Aug, 2013: Handover :package 6 and package 3. Nakheel has scheduled several clusters in package 3 and package 6 for handover in September 2013. Majority of villa owners have received notices related to handover.
However, the green areas are slow to come up, as it is still summer time here in Dubai. But whatever has been done, is looking very nice. As the green cover grows, the beauty of lush green spaces will emerge. This will add further value to Jumeirah Park and it is expected that within months, it will start trading at par with well developed communities like Meadows and Lakes. Occupancy levels in 4 and 5 bedroom are growing slowly. But other packages with few clusters already handed over have long way to go. Current prices in Jumeirah Park are about 1200 AED per sq feet on gross built up. Small variation is specific to location and status of the property. Work on the 5 bedroom villas in package 1A, has begun and it is expected that Nakheel shall handover this villas in 2015. Other Nova Villas in Jumeirah Park ( handover in 2016) are currently trading at 8% premium to their Original Price of 4.1 m AED. Overall, JP is still a good Buy according to us.
Jumeirah Park News on New Launches
Jumeirah Park Property News
19 June, 2013: Nakheel moved smartly, following Emaar’s footsteps, and announced re-launch of package 7 villas.
Investors (including many flippers) lined up overnight and mopped up everything that was offered. By 3 pm, everything was sold out. We now have large number of villas for resale at a modest premium of 5% to Original Price. After one week, Nakheel sold another 20 villas for a price which was 10% higher! Meaning markets went up in one week or Nakheel erred the first time... Looking at the demand, we feel 5% premium is still a very good bargain.
Jumeirah Park Villas Handover and construction update
Jumeirah Park-Property Handover
15 June, 2013: Handover has not kept pace with expectations. It is going on slowly.
Nakheel has handed over few villas in different clusters. For example, M cluster in package 5 consisting of 3 bedroom Small villas, is handed over partly. Similarly, some villas in package 4 in N cluster are handed over. Construction continues in other areas. Package 3 is only partly handed over and expected date for remaining villas is now November 2013. Package 4 is expected to be ready next and handover should happen in July /August 2013. Package 4A is officially slated for handover in October 2013
The handover process continues at good pace.
Jumeirah Park-Property Handover
23 Mar, 2013: After the successful handover of four bed villas in package 2 and 2A, Nakheel has started handover of package 6 consisting of three bed large villas.
Nakheel has also started handover of package 3 villas but only in cluster A and B. Owners in other clusters like F cluster in package 3, have been told that their handover may happen in December 2013. Meanwhile, work in different packages continues at good pace. Green areas in package 1 and 2 have started showing signs of life. Occupancy in package 1 and 2 is growing every week. Street lights in package 2A are still not lit though handover has happened. Rental rates per annum for five bed villas are in the range of 270,000 to 300,000 AED while four bed villas are available at 230,000 to 250,000 AED. We expect the rentals for 3 bed large villas to be between 175,000 to 200,000 AED. Not many have been handed over. The only three bed villa we have for rent is for 220,000 AED. Several sales transactions are reported. Five bed prices range between 5.3 m to 6.2 m AED; four bed villas are available from 4.7 m to 5.4 m AED; three bed large villas are available from 3.55m to 4.2 m AED and three bed small villas are available from 2.9 m to 3.6 m AED. The wide difference is due to location (opposite wires are cheapest) while villas with large plot and opposite Jumeirah Island are the most expensive ones.
The handover process of package 1 and 2 is now complete.
Jumeirah Park-Property Handover
26 Dec, 2012: The handover process of package 1 and 2 is now complete. Handover of package 2A is in process.
There is still no definite date announced by Nakheel for the handover of the other ready villas.
Construction in other packages (3,4,5 and 6) is coming up very well. Many of the Three bedroom villas are ready in all respects, and are waiting for handover.
There is renewed interest in Jumeirah Park from end users. This has spiked the prices by about 50% from their lows.
There was a re-launch of modified four bedroom villas and five bedroom villas. The response was encouraging but nothing worth sitting up and taking notice of.
Majority of villas were picked by Dubai’s famous ‘flippers’ community.
We have many for sale at nominal premium. Please see our write- up in the section Market Survey for the latest trends in pricing.
Good demand for Jumeirah Park Properties
Jumeirah Park-Book your Property
8 Aug, 2012: Company has already leased most of retail stores.
Construction of Jumeirah Park Community Centre – one of several developments in Nakheel’s retail expansion pipeline – will begin immediately, and is expected to be completed in 12 months.
The company has already leased most of retail outlets at the centre, with anchor tenant Geant taking 2,400 sqm – almost a quarter of the available space.
Sanjay Manchanda, Acting CEO of Nakheel, said: “Neighbourhood malls are a key part of our business plan. We are enhancing our communities with convenient, local facilities that people want and need.”
Confirmed tenants for Jumeirah Park Community Centre include Geant, Early Learning Centre, Bin Sina Pharmacy, Barakat Optical, Gloria Jeans, Pizzaro, Burger Fuel, Café de Roma, Photo Magic, Geekay Games and Holland and Barrett.
Construction at rapid pace
Click on image for current status
30 July, 2012: Construction progresses at Jumeirah Park
Construction at Jumeirah Park is going on at rapid pace. The long delayed development has now definitely taken shape and shall soon be buzzing with activity.
Nakheel Signs AED27.5 Million Contract
12 June, 2012: Nakheel Community Centre at Jumeirah Park
Nakheel today signed an AED27.5 million contract for the construction of Jumeirah Park Community Centre, a new, 10,600 sqm facility in the company’s growing retail portfolio.
Nakheel has appointed Parkway International Construction as main contractor for the community centre, which will primarily serve 4,200 homes in Jumeirah Islands, Jumeirah Village Triangle and Jumeirah Park. It will include a Geant supermarket, cafes, a pharmacy, dry cleaner, salons and other everyday convenience stores.