Positive Results from Nakheel's first day of sales for Marina Residences in Dubai

Nakheel has reported excellent sales for the newly launched Marina Residences on The Palm Jumeirah with all units in the second release of property sold out during the opening day of public sales.

Marina Residences is the first property available to buy on The Palm Jumeirah in more than four years. More than 50% of the project is now sold following the sale of 185 properties during the second release of property and due to demand, a further, limited amount of properties has been released and is now available for sale.

The residential complex, located at the tip of The Palm Jumeirah's trunk, is composed of six residential towers that rest on landscaped podiums faced with marinas and access to a private promenade. The six towers are each 15 storeys high and hold 940 two and three bedroom apartments and penthouses; a further 40 townhouses rest on a marina fronted private promenade.

Manal Shaheen, Nakheel Director - Sales, Marketing & Customer Service, said, "With the handover of the first phase of properties in full swing and many families already moving into their new homes, The Palm Jumeirah is very much a reality and these strong sales are further proof that the island is fast becoming Dubai's most sought after address. The market has waited more than four years to buy at The Palm Jumeirah and the Marina Residences offers a prime location, access to one of Dubai's largest marinas and stunning panoramic views of the Arabian [Persian] Gulf and Dubai coastline.

"The after-sales market for property on The Palm Jumeirah is extremely vibrant and we are regularly seeing premiums of 300%; however, the overwhelming majority of our customers have chosen to hold onto their property and are extremely excited about moving into their new home. It is for this reason that our pre-launch sales strategy for Marina Residences targeted end-users and we believe the excellent sales are a ringing endorsement by the market of the quality of product that has already been delivered, and clear evidence of the strong reputation Nakheel has built for delivering quality products."

At the doorstep of Marina Residences is one of Dubai's largest marinas with berths for more than 700 vessels and world-class facilities. Anchor Marina will be operated by Island Global Yachting (IGY), a leading marina company who has designed, developed and operated marina projects in North and South America, the Caribbean, Europe, Asia, Africa and the Middle East.

Construction of Marina Residences is making rapid progress with properties expected to be handed over to residents at the end of 2008. The completion of the structure of the first tower is expected by the end of September 2007, with the rest of the structural works of the towers completed by the end of 2007. Finishing works for the first towers are expected to be completed by summer 2008.

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