Nakheel is offering customers discounts of between 10 per cent and 30 per cent on some of its projects to encourage them to pay on time. The scheme is available to those who have bought in Jumeirah Island Mansions, Jumeirah Heights Clusters, Badrah phases one and two, Marina Residences and Veneto.
To qualify, buyers will have to settle outstanding balances and continue to pay their instalments on time. Customers are presented with the chance to save a certain percentage on the total value of their property if they pay on time.
Nakheel is owned by Dubai World and recently announced it was drawing funds from the Dh36.7 billion (US$10bn) Dubai government bond. It is the latest Dubai developer to come up with incentives to limit defaults.
Nakheel has about Dh116bn worth of properties under construction in Dubai, including 2,200 villas at Jumeirah Village and 900 at Jumeirah Park, which are due for completion by the end of the year. Another 2,000 homes at the Al Furjan development are expected to be delivered at the end of next year.
Last month, the company posted a 90 per cent profit decline for last year, compared with 2007, as it made “impairment charges†of Dh4.8bn, including Dh678 million in contract termination costs.
