Jumeirah Village Project Update
Posted Jul 4, 2008 @ 9:56 pm, Viewed by 326 Visitors, Read 369 Times.
One of Dubai’s most awaited freehold projects, Jumeirah Village, has now hit a major milestone in development. The project by developer Nakheel, is expected to contribute a significant amount of new freehold units to the Dubai real estate market, where demand still seems to be outstripping supply. The development is expected to be released to the first residents by the end of 2009 or early 2010, and this news is a great relief to the many investors within the project.
The major milestone that has just been reached is the completion of infrastructure within the development, now 60% complete. This is an excellent achievement in a market where other freehold and rental properties have been heavily plagued by construction delays. The Jumeirah Village project was announced and released to investors in 2004, and now that we are already in the third quarter of 2008, this news could not have come soon enough and looks to run in line with how Dubai Sports City has progressed.
Covering a massive 811 hectares, Jumeirah Village is one of Dubai’s larger freehold projects under construction. The development will feature a mixture of properties for sale, including villas, apartments, retail units and town houses. The huge array of properties means that a larger spectrum of investors are awaiting news on the final completion date. The news that infrastructure is making progress will be welcomed by property buyers that expect a good standard of finish with the project. As well as a diverse range of freehold units, Jumeirah Village will focus on creating a vibrant community with full amenities, complete with parks, sports fields, shops, schools, restaurants and mosques. We will keep you updated when more news is released.
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Social Bookmarking2 Responses to “Jumeirah Village Project Update”
Nero Patel
I totally agree as a fellow Met Lofts investor and feel that there will be delays big time. I spoke to UKCIG in Dubai yesterday and they still await handover of the land from Nakheel. They are unable to confirm the hold up or timescale other than "it will be very soon".
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As an investor in Metropolis Lofts, that's good news but it'd be interesting to monitor how they plan to put up some of these projects in such a short time if the land is only 60% complete from an infrastructure point of view. I assume no land will be handed to developers until the infrastructure is 100% complete across the whole site?