NAKHEEL

[TerryPop]

The village centre Palm Mall-Relaunched in April 2012 and delivered in 2014...


Quote: The mall will open in 2014


http://www.emirates247.com/property/...04-19-1.454759

[TerryPop]

Based on these timelines- the Palm is going to be a swamped with workers- 1,000's? over the next few months...


Anyways

[Sunrise Boy]

Originally Posted by TerryPop

Based on these timelines- the Palm is going to be a swamped with workers- 1,000's? over the next few months...

Anyways

I'm sure that once the majority of the major projects are completed then it can only add to the value of the properties, that is assuming the quality of the projects, but I don't foresee any issues on this front.

Does anyone know what they are planning to build opposite the Golden Mile apartments, as there are some excellent sea facing plots for either hotels or a combination of hotel/residential?

[TerryPop]

Originally Posted by Sunrise Boy

I'm sure that once the majority of the major projects are completed then it can only add to the value of the properties, that is assuming the quality of the projects, but I don't foresee any issues on this front.

Does anyone know what they are planning to build opposite the Golden Mile apartments, as there are some excellent sea facing plots for either hotels or a combination of hotel/residential?

Why don't you foresee any issues on the subject of quality? any reason in particular? has something changed at Nakheel?

Again, why would a corporation that wants to be taken seriously and dust off a bad history, publicise delivery dates they OBVIOUSLY cannot keep?


Who on earth is behind their PR?

[Parisian Girl]

By Staff writer | Thursday, 31 May 2012 1:03 PM


First-quarter revenue rose 159 percent to AED1.35bn.

Dubai developer Nakheel Properties on Thursday said it swung to a profit in the first quarter as the developer handed over more properties and it cut costs.

http://www.arabianbusiness.com/debt-...it-459980.html

[Parisian Girl]

Sean Cronin | June 8, 2012


Satish Kumar / The National

Nakheel, the developer of The Palm in Dubai, has started to sell land to villa owners, enabling them to extend their gardens.

http://www.thenational.ae/thenationa...ns-on-the-palm

[Parisian Girl]

Ramola Talwar Badam | June 20, 2012

DUBAI // The developer Nakheel is owed Dh15 million in unpaid service fees and will not maintain facilities in an upmarket residential development on Palm Jumeirah unless the owners pay up.

http://www.thenational.ae/news/uae-n...e-service-fees

[TerryPop]

Like many, I have my bad days with Nakheel.

I know what they are trying to do- and consider some pain as inevitable in their comeback- on both sides.

I want Nakheel back and profitable.

BUT

It is the way they have handled announcements of new projects that is worrying me.

It will soon be a year since they had largish PR announcements of several Palm projects, The mall, the Pointe, The villas to name a few.

Their delivery schedules are in print for all to see too- 2014, yet not a single crane has surfaced on any of the sites...

Nobody forced them to set these dates- or indeed make these announcements

This continues a cycle of mistrust in the developer- even the novice knows these dates are no longer possible.

I cannot understand why they would put pen to paper, and go public like this?

I wonder if Lootah thinks the streams of criticism towards Nakheel is unfair?

Correct me if I am wrong please-but all it appears to be is deception.

[Berliner01]

From what I see Nakheel tries to make quick cash with finishing half done projects, selling every bit and piece of land they can (beaches on Palm Jumeirah) and getting their outstandings in (although the way they try to do it is so wrong...).

I dont think that Nakheel has the money to start new projects at least not until they have sold them out completely.

My personal opinion on Nakheel is that that should finish whatever they started and then just wind up the company. Too much trust is lost and if they can repay their debts it is more than any investor could hope for.

[Parisian Girl]

Ramola Talwar Badam | June 22, 2012


Sarah Dea / The National

DUBAI // Nakheel has begun refilling swimming pools at a luxury Palm Jumeirah development, saying it had collected some of the Dh15 million in service fees owed by owners.

http://www.thenational.ae/business/p...e-service-fees

[TerryPop]

Deceptive Marketing not limited to Project Launches- remember this from Nakheel?

http://www.arabianbusiness.com/nakhe...ai-417551.html


“We are shooting for a 30 percent reduction in services charges compared to 2010… We want to have the lowest service charges in Dubai,” said chairman Ali Rashid Lootah.


THIS DID NOT HAPPEN- Service charges remain some of the highest in Dubai......

[TerryPop]

In August 2011, Nakheel announced the launch of 3 new shopping malls.

1- expansion of dragon mart
2- Jumeirah park shopping complex 50,000 ft2
3- 140,0000 ft2 shopping centre at Discovery gardens


"Construction on the three projects is set to start in the first half of 2012, Nakheel said."


Nakheel also appointed Arif and Bintoak Consulting Architects and Engineers to supervise the building of two shopping centers at its Jumeirah Park and Discovery Gardens projects, it said. source


Just to try and understand the NAKHEEL time line from Press release to doing anything at all,

does anyone know if there is any PHYSICAL progress on these three sites, now a year later?

[nagshah]

TerryPop thanks for the post about the announcements Nakheel did last year. It gives a real indication of how Nakheel management work.

[Parisian Girl]

Sean Cronin | June 29, 2012

Nakheel has appointed contractors on the Dh600 million (US$163.3m) expansion of Dragon Mart in Dubai.

http://www.thenational.ae/thenationa...he-dragon-mart

[Parisian Girl]

By Andy Sambidge | Sunday, 1 July 2012 6:11 PM

Dubai developer Nakheel said on Sunday it has signed a AED27.5m ($7.48m) contract for the construction of Jumeirah Park Community Centre.

http://www.arabianbusiness.com/nakhe...re-464242.html

[TerryPop]

Originally Posted by Parisian Girl

http://www.arabianbusiness.com/nakhe...re-464242.html

Obviously if these two projects kick off with actual building this is really good news.

As I mentioned before I expect some pain on the investor side as Nakheel fights it way back- but if it succeeds it may well be worth the pain,

It could put the market back onto its feet imho.

[Parisian Girl]

I agree.


Nakheel seeks $15m case retrial
http://www.thenational.ae/business/p...m-case-retrial

[I Know]

British property developer Safi Qurashi, this week freed by a Dubai court after two-and-a-half years in jail, was rearrested on Tuesday over criminal charges brought against him by debt-ridden developer Nakheel.

"Contractually, Nakheel are only entitled to 20 percent prior to handover... [Qurashi] paid 50 percent to Nakheel and there has never been a handover from Nakheel on this project... They were holding post-dated cheques for future payment, which they are not entitled to but they have cashed and filed a criminal case," Chaudhry said.

http://www.arabianbusiness.com/freed...html?message=1

[TerryPop]

Originally Posted by TerryPop

its probably worth keeping a timeline from each press release/launch of a new project to any real activity.

This could be a dubai land trick all over again.

I wrote this a couple of months ago so...

This year Nakheel launched

The pointe (jan 2012), palma residences (Mar 2012), The palm mall/Village centre re-launch (April 2012) & the Palm views East & West (May 2012).

To date there is zero activity on any of these projects (apart from a small piling operation on palma residences).

Zero activity yet most of the projects have a 2013 delivery schedule.

Timeline update.

[Berliner01]

My guess is that they started the projects to collect money and use it to finish other projects (Jumeirah Park). Then they calculate that they can use the money from the finished projects to start the new ones (of course with delay of 1-2 years).