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Nakheel Properties is one of the pioneers of freehold development in Dubai. The company has launched groundbreaking waterfront projects such as the three iconic Palm Islands, The World and now Dubai Waterfront. The popularity of waterfront properties among investors is evident from the sell out success of the company's many projects. Reclamation work on the offshore continues virtually nonstop as Nakheel works to deliver iconic projects on time. In a country located in the middle of a desert with only 67 kilometers of waterfront space afforded to the emirates of Dubai, Nakheel's offshore island developments strive to increase the shoreline by more than 1400 kilometers. Capitalizing on the natural assets of Dubai, Nakheel's strategy is a shrewd investment in the future economic and ecological development of the emirate.
Gowealthy spoke with Hamza Moustafa, Sales Manager for Nakheel Properties, about the company's waterfront developments and the potential growth and vision of the company.
What was the motivation behind going offshore in terms of Nakheel's initial freehold developments?
HM: Since its establishment, Nakheel's main goal has been to implement HH Sheikh Mohammed, Crown Prince of Dubai and UAE Defense Minister's vision in Dubai. That is, to transform the Emirate into an international tourism destination by utilizing its key natural assets - the beautiful sea and year-round sunshine; create iconic developments that push back boundaries of imagination, design and construction and in doing so place Dubai as a major global player and the business and commerce hub of the Middle East.
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| Satellite image of Nakheel's projects |
In recent years, waterfront developments have become increasingly popular in the freehold industry and there is a massive demand for them. People like living by water, they like looking out of their windows and seeing an expanse of ocean, river or gulf; they like the sense of freedom and nature that views of water offers.
These developments represent a unique concept of leisure, living and tourism and are an expansion of Dubai's drive to enhance its position both as a premier international tourist destination and as an ideal residential option. This 'never before' concept places Dubai on the world map.
There is a lot of hype about the Palm Jumeirah in the media as it nears completion. How does this affect the sales strategy for the remaining two islands which are not near completion? Is there more pressure to deliver the product early or on schedule?
HM: Upon launch, The Palm Jumeirah created a phenomenal amount of publicity and hype - this was a one-of-a-kind development that had never been seen or even imagined before. The Palm Jumeirah sold out within 48 hours and this massive demand led to the need for further, similar developments.
Our sales strategy has been adapted to ensure that we deliver the very best to our clients. For example, we haven't yet released many of the properties on The Palm Jebel Ali but instead are concentrating all our efforts into delivering the very best to our clients on those projects that are near completion such as Jumeirah Islands and, of course, The Palm, Jumeirah. It is more important to ensure that quality is high and that projects are delivered as promised. Nevertheless, once other properties are released to the market place, we expect high demand.
What nature of developments can we expect in The World? And what are the types of buyers/investors that Nakheel is considering for this development?
HM: The World is another one of its kind development that has raised the bar of architecture and construction to new heights. It has attracted regional and global property developers, including individuals that are looking to purchase islands for their private use, investors and leading international hotel groups. Only selected buyers who have met the necessary criteria as stipulated by Nakheel will have the chance to own their own island. They must possess the ability to purchase, develop and maintain an island, as they cannot be resold.
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| Oqyana, one of the first announced developments on The World |
Nakheel has to revise each investor's plans or business proposal to ensure it meets with the criteria of The World and if feasible at the end of the reclamation phase the islands will be handed over to the various owners for development. Investors will receive a piece of The World to mould as they so desire. Investors can, if in context with The World project, build their own idea of island paradise such as a Scottish Castle, a gold course or a wilderness retreat.
Recently, it was announced that EFAD Holding has purchased the 14 islands that make up the Australasia segment of The World (Australia, New Zealand and Papua New Guinea). Named Oqyana (an Arabic word meaning Oceanic), this will be developed as a sanctuary of supreme lifestyle. Oqyana will boast elite residences for up to 15,000 people in addition to two high end hotels, one of which will incorporate a spa resort. A towering lighthouse will form the iconic centre of the island and will be a beacon to the entrance of the main Oqyana harbor. This concept will deliver a destination which will redefine the new Dubai lifestyle. It also lives up to Nakheel's overall vision of delivering projects that capture the imagination and defy expectations.
What is Nakheel's vision for the Waterfront?
HM: Our most recently announced development - Dubai Waterfront Company - will complete Nakheel's coastal story of Dubai. Located on the last available waterfront site in the Emirate, Dubai Waterfront will be the largest waterfront offering in the world, encompassing over 250 master-planned communities and offerings, and forming the first phase of the 75 kilometer long Arabian Canal development. Upon the completion of Dubai Waterfront, Nakheel will have transformed the entire coastline of the Emirate of Dubai, from The Palm Deira, which is close to the border of Sharjah, through The World, The Palm Jumeirah, The Palm Jebel Ali and finally, Dubai Waterfront, which borders Abu Dhabi. These projects will increase Dubai's coastline from a length of 67 kilometers to one of 1500 kilometers.
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