Dubai, UAE
Dubai-based master developer Nakheel said, it has sold Dh800 million worth of villas in a record four hours, “with investors clamouring to snap up new villas” at its new Murooj Al Furjan community.
“Phase one, comprising 217 four- and five-bedroom homes released on Thursday, May 20, is sold out,” a Nakheel statement said.
This reflects a return of international investors to the UAE market. The efficient handling of the COVID-19 pandemic has reinforced the UAE’s position as a major attraction for rich foreign nationals who want to live in a safe haven.
Nakheel, the master developer of the world’s first palm-shaped man-made islands off the coast of Dubai, on Thursday announced Murooj Al Furjan, a residential community of 418 villas at Al Furjan, one of its largest, most popular mixed-use developments in Dubai.
Prices of villas start from US$790,000 (Dh2.9 million) apiece. The announcement comes at a time when oversupply in the housing market is putting property prices under pressure. However, renewed interest in international investors are encouraging developers to roll out properties to benefit from the surge in sales.
With an average base price of Dh3 million per villa, the development value of the project could exceed Dh1.25 billion (US$342 million).
Nakheel is credited for developing some of Dubai’s large neighbourhoods, since its establishment in 2002, such as International City, The Gardens, Discovery Gardens, Jumeirah Lake Towers, Jumeirah Park, Jumeirah Village Circle, among others.
Spanning five million square feet across two new, gated communities, Murooj Al Furjan phase one comprises 314 four-bedroom villas and 104 five-bedroom villas set among extensive landscaped green space and scenic walkways, with a host of onsite sports and leisure facilities for residents.
Each home provides quality, family accommodation, with modern finishing, floor to ceiling windows, expansive living space, ensuite bathrooms, maid’s quarters, private garden, garage with a charging point for electric vehicles, and its own supply of piped gas.
A Nakheel spokesman said: “The overwhelming response to Murooj Al Furjan highlights investor trust in Dubai real estate, continued buoyancy in the villa sector, and demand for quality homes with excellent onsite amenities.”
With a built-up area of up to 4,042 square feet, each home provides quality, family accommodation, with modern finishing, floor to ceiling windows, expansive living space, ensuite bathrooms, maid’s quarters, private garden and a garage. Villas are set among scenic walkways and communal green space, with a host of onsite amenities including swimming pools, jogging tracks, sports courts and shaded play areas for children.
Construction of Murooj Al Furjan will begin this year, with anticipated completion in 2024.
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