Nakheel sales innovation continues with Jumeirah Islands auction

Nakheel, a Dubai World company and one of the world’s largest and most innovative real estate developers, has continued its innovation in property sales with the Jumeirah Islands auction success – the company’s first ever auction for private residences.

During the private auction Nakheel received bids from pre-registered buyers for luxurious Mansions located in Jumeirah Islands, providing the last opportunity to purchase villas at the hugely successful development. The highest bid fetched AED 25.25 million, with the highest price per square foot reaching nearly AED 3,000. The average price per square foot reached an impressive AED 2,660 for plot sizes that ranged from 11,500 to 16,000 square feet.

The auction follows Nakheel’s radical and well-received ’sealed bid’ process for land sales of its Canal District at Waterfront in which 23 plots were sold, and is part of new initiatives spearheaded by Nakheel and approved by the Real Estate Regulatory Authority (RERA) which are setting new standards of transparency and openness for land sales.

Manal Shaheen, Director of Sales, Marketing ‘&’ Customer Service, said: “We are delighted at the success of the private auction, which is the first time we have ever sold individual homes in this way. Following our ’sealed-bid’ success for Waterfront, the auction is a further example of how Nakheel is setting the standards in the industry. The auction was well received by customers and I believe demonstrates our commitment to ensuring the buying process is as simple and straightforward as possible.” Jumeirah Islands Mansions is a residential development located at the centre of the community and adjacent to a new clubhouse. The mansions, which are set for completion in early 2009, each include five bedrooms, six reception areas and a private swimming pool.

Yousuf Kazim, Managing Director, Jumeirah Islands, said: “Jumeirah Islands has become established as one of Dubai’s most attractive residential communities with residents seeing premiums currently averaging between 50% – 70% on the secondary market. The success of the auction, with record prices set for the development, not only reflects how desirable a community Jumeirah Islands is, but also how spectacular these mansions are.” Conveniently located to Palm Jumeirah, Ibn Battuta Mall, Dubai Media and Internet City, and the five star hotels and beaches of Jumeirah Beach Road, Jumeirah Islands is set across 300 hectares of land, with 75% of the community dedicated to open space. The series of water features and lakes which feature throughout Jumeirah Islands encourages the development’s lush leafy foliage and creates the impression of an oasis in the desert. Community facilities include children’s play areas, cycle and jogging trails and a convenience store. A new residents’ clubhouse, incorporating a gym, restaurant, and other recreational facilities is scheduled to open towards the end of 2008.

WAM