Nakheel launches townhouse project near International City

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Development to comprise 942 two-stories three-bedroom townhouses
Nakheel, Dubai-based master developer, will be launching a new townhouse project next to International City on Sunday with investors being offered three-year payment plan.

Called “Warsan Village”, the development will comprise 942 two-stories three-bedroom townhouses.

The developer states that the project will be a “family oriented, self-contained neighbouhood.”

The community will have a clubhouse, swimming pool and gym, a shopping plaza, landscaped gardens and outdoor sports facilities.

Dragon Mart Phase 2 is currently under construction alongside the existing mall. The new mall and hotel complex is expected to open in 2014.

In July, the company reported first-half net profit of Dh1.2 billion, up 57 per cent on the same period last year. Revenues were up 36 per cent of Dh4.23 billion.

Currently, the project’s in development pipeline are the Nakheel Mall and Hotel, The Pointe at Palm Jumeirah, the extension of Dragon Mart and Ibn Battuta Mall with residential projects such as Palma Residences, Palm Views and community centres at Discovery Gardens and Jumeirah Park.

On Wednesday, Knight Frank, UK-based global consultancy, said growing investor confidence has already led to price increases with villas witnessing price appreciation of 11.4 per cent and apartments rising 15.1 per cent since beginning of 2013.

Their Wealth Report 2013 has revealed Dubai as one of the most favoured ‘safe haven’ locations for global investors.

“There is a definite focus on quality by buyers, which is now recognised clearly by developers. With the resurgence of Dubai real estate has come a more acute awareness of trust, reputation and the ability of developers to deliver a high quality product,” the consultancy said.

Standard Chartered said earlier that Dubai’s property market is not heading towards another crash with market is more sustainable and influenced by an improved economy rather than speculation.

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