x Abu Dhabi, UAEThursday 27 July 2017

Dubai's Nakheel to award contracts for 381 villas at Jumeirah Park

The developer said construction work on the scheme was due to begin in February, and would complete by the end of 2014.

Nakheel has announced that it is to award construction contracts for the 381 villas it plans to build at Jumeirah Park in Dubai by the middle of next month.

The developer yesterday said work on the scheme was due to begin in February, and would complete by the end of 2014.

The villas hit the headlines in September after crowds of people queued up to buy them outside the company's sales office.

Nakheel said it had made Dh1.2 billion of sales at the scheme.

It also emerged yesterday that Islamic bondholders of Nakheel made four times more returns than global peers this year as the developer gains from a rebound in Dubai's property sector.

Notes of the company have returned 48 per cent this year, according to data compiled by Bloomberg.

lbarnard@thenational.ae