- Posted April 22, 2014 by
Dubai, United Arab Emirates
Jumeirah Park and neighboring community’s benefiting from Nakheel good profits
Dubai developer Nakheel published a net profit of Dhs629 ml in the 1st quarter of the year, up 28 percent compared to Dhs491 ml in Q1 2013, it declared in a statement on Friday. The firm made sales of Dhs1.37 billion in the first three months of the yr.
The state owned firm, that was forced to undergo a restructuring in 2011, has started paying down debts in advance pursuing a powerful operation a year ago. Nakheel documented a 27 percent rise in 2013 revenue to Dhs2.57 billion, with earnings up 20 percent.
In Jan this year, the builder declared that it might pre pay Dhs4 ml out of the Dhs6.8 million bank debt due to be repaid in Sept 2015. In Feb, the builder disclosed that it'd compensated off Dhs2.35 billion.
During the first quarter of the twelvemonth, Nakheel handed over 400 units in International City, Al Furjan, Palm Jumeirah, Jumeirah Village, Jumeiarh Park and Jumeirah Heights. The firm stated that for the remainder of 2014, it plans to hand over around 1,200 properties, accentuate present communities and carry on investment in fresh endeavors.
The developer will additionally finish Palma Residences on Palm Jumeirah - its first endeavor to be announced post-restructuring - at the same time as its 1.9 million sq ft expansion of Dragon Mart and community retail centers at Jumeirah Park.
Nakheel has bounced back sharply in the last yr, as Dubai's property marketplace yields to its boom days. Before few weeks, the builder has announced new hospitality, retail and residential endeavors, such as the recent launching of 94 schemes for sale in its new Deira Isles project.