Tuesday, 29 January 2008

Latest real estate project by Nakheel re-defines Dubai property industry

Nakheel, one of the master realty developers in Dubai and creator of the 3 Palm Islands and 'The World', has re-defined Dubai property industry by unveiling its fifth offshore project, 'The Universe', a mega-development of residential, commercial and tourism projects. 'The Universe' is a collection of large coral-shaped islands; covering 3000 hectares, it will stretch from Palm Deira and Palm Jumeirah

“The biggest risk is not taking a risk at all,” said Sultan Ahmad bin Sulayem, Executive Chairman, Nakheel. 'The Universe' will be developed in a span of 15 to 20 years. Nakheel expects overwhelming investor response to its latest offering, along the lines of what 'The World' evoked a few years ago. About 50 percent of 'The World' has already been sold out.

In addition to the unveiling of 'The Universe' and the iconic 'Blue Communities', Nakheel has also announced the launch of a third real estate project in Dubai that will replace the historic Port Rashid. Spread over 700 hectares, this development will take more than 10 years to complete and is slated to accommodate over 300,000 people.