(MENAFN) Dubai developer Nakheel has sold a 305,704 sq ft plot of land on Palm Jumeirah to a local investor for USD109 million, Bloomberg reported.
Nakheel indicated that the sale showed a strong signal on a renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah.
Last month, the state-owned developer reported a 36 percent increase in half-yearly profits to USD208.82 million year-on-year, boosted by property handovers on several projects. Revenue rose 112 percent to USD843.97 million.
Last year, Nakheel ownership was transferred from Dubai World to Dubai government, as part of a restructuring process.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.