Nakheel sold 21 Palm Jumeirah townhouses in one day

Completion of Palma Residences expected by the end of 2013

Title deed on payment of 40%

Nakheel sold 21 townhouses for a total of Dh159 million in Palma Residences, Palm Jumeirah, on the first day of sales oppening.

“We were just expecting people to come and gather information, but we managed to sell properties on day one itself,” commented  Nakheel’s Chairman Ali Rashid Lootah.

Construction on the project will commence almost immediately, before the end of April. The company says it will be able  to handover the units by the end of 2013.

In old-fashion days of real estate boom terms and conditions, investors have to make a down payment of 40 per cent. The company says they will be issued a title deed within a month’s time. The second payment of 20 per cent will have to be made by end of 2012. Following would be 20 per cent by June 30, 2013 and the remaining by end of 2013.

This is the first time in Dubai that a company is issuing a title deed for off-plan properties.

Located off Palm Jumeirah’s eastern side of the trunk, Palma Residences will have 104 townhouses. The project is planned as a gated community with a Mediterranean-style design. The townhouse community is centred on six landscaped green areas, covering a total of more than 3,200 square metres. These feature two community pools with seating areas, jacuzzis and children’s pools.

The townhouses are priced in the range of Dh6 million to Dh8 million.

On March 28, a senior Nakheel executive said the company was selling properties in Palm Jumeirah at prices higher than the pre-crisis period.