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Nakheel has put on sale more than 12.4 million sq ft of prime land on Deira Islands, a 15.3-sq-km waterfront city development. Ranging from 50,000-670,000 sq ft. the first phase of plots being offered are on two of the four islands that make up the project and are designated for hotel and resort development.
There are 94 plots being sold with Nakheel offering special payment plans for investors in hotel and resort projects. The two islands will ultimately add more than 23,000 hotel keys and 31,000 apartment keys to Dubai's hospitality and residential landscape.
Deira Islands, formerly known as the Palm Deira, will add 40km to Dubai's coastline, including 21km of beachfront. Nakheel says the project, which is one of a number of developments underway in the run-up to the World Expo 2020, Will contribute to Dubai's tourism vision, which aims to bring 20 million visitors to the emirate per year by 2020.
The developer said it will release more land for sale at a later date. In total, more than 500 plots will be available across the two islands for the development of hotels and serviced apartments, mixed-use buildings and residential waterside developments.
The developer is also developing its own hospitality projects on the 4.5-million-5qm south island, aiming to create a unique creek-side destination that is easily accessible from the mainland by road bridges and abras. The island's attractions will include a large shopping mall, a souq-style night market, a 2So-room hotel, an amphitheatre for 30,000 people and a marina that can accommodate large yachts.
All four Deira Islands will feature hotels, resorts and residential, commercial and retail units. Nakheel said it plans to build five hotels of its own on Deira Islands.
"We are honoured and proud to play our part in realizing Dubai's vision for 2020," said Nakheel Chairman Ali Rashid Lootah. "Nakheel has already delivered some of the world's most famous landmark developments, including Palm Jumeirah and The World that have helped place Dubai firmly on the map.
"Now, by applying the innovative design and engineering that we are known for, we are creating Deira Islands, yet another world-class waterfront wonder that will further cement Dubai as a global tourism, retail and business hub and contribute significantly to the emirate's economy for decades," he said.
Source: Property Weekly