Dubai's Nakheel says Jumeirah Park auction raises AED 34 million

Dubai developer Nakheel said on Wednesday that it raised nearly AED34 million ($9.25 million) at its auction of prime land at its Jumeirah Park project.

The company, which charged a AED1,000 registration fee, said it sold all eight available plots for an average AED4.3 million each.

More than 50 potential investors signed up for the auction, with buyers paying over AED500 per square foot for the residential land at Nakheel's Jumeirah Park community development.

A Nakheel spokesman said: "Today's land auction was a great success. Nearly 80 percent of attendees had registered a day in advance, highlighting the huge appetite for prime land in Dubai."

The plots, each 8,820 sq ft, form part of the ever-growing Jumeirah Park community, where Nakheel has already completed 1,795 luxury villas, with almost 800 more under construction.

Jumeirah Park spans 350 hecatres and will have around 3,000 homes and a host of integrated facilities when fully complete.

Among them will be Jumeirah Park community centre, Nakheel's new, 114,000 sq ft retail and dining venue with a supermarket and nearly 30 other shops and cafes. Shop fit out is now underway, with the centre due to open mid-2014.

* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.