Nakheel to host prestigious auction at the Burj Al Arab

Following the successful launch of Phase A of Jumeirah Golf Estates at Cityscape 2005 last month, the project has attracted unprecedented interest from local and international markets. To meet demand and to ensure that the most reputable of sub-developers will be invited to work on the project, an innovative and pioneering concept has been devised.

The auction, which is believed to be the first of its kind in the region, will take place at the iconic hotel's Al Falak ballroom on November 29th. During the auction, land will be on offer to pre-qualified sub-developers who have met Nakheel's vigorous criteria relating to financial, developmental and sales capabilities. All parties who have registered their interest have been asked to apply and provide documentation in order to be considered for bidding rights.

Sultan Ahmed Bin Sulayem, Executive Chairman, Nakheel, said:

"Nakheel took the decision to adopt an auction process in the interests of transparency and fairness to all those who have expressed interest in Jumeirah Golf Estates. Through our meticulous pre-qualification process we have been able to scrutinise each and every developer who has expressed an interest in Jumeirah Golf Estates so that we can ensure that only the most reputable of companies will assist us in our development of the project. This process will make certain the rapid and efficient progress of Jumeirah Golf Estates and will also guarantee that build quality is of the highest possible standard."

The auction relates to Phase A of Jumeirah Golf Estates, which occupies approximately 375 hectares of the northern section of the total 1,119 land parcel and includes the first two golf courses, Fire and Earth, both designed by golfing legend Greg Norman. Phase A will incorporate 14 planned residential communities, comprising around 1,000 individual properties, each set in beautifully landscaped surroundings with estates ranging from 6,000 to 12,000 square feet. 75% of all properties will have absolute golf course frontage, with the balance facing lakes, nature strips and parks.

James Wilson, CEO Nakheel, said, "Due to the demand for golf course residential lots in Dubai the auction route was a natural choice to enable us to market and sell properties on this project and to set the bench mark on pricing in a competitive environment."

Ms. Dina Al Jaflah, General Manager, Jumeirah Golf Estates, said: "The auction will be the first of its kind to be held anywhere in the region and it is therefore necessary to select a venue fitting for such a prestigious event. The Burj al Arab is a truly iconic symbol of this great city and it is our aim for Jumeirah Golf Estates to achieve similar standards in excellence.

"When complete, Jumeirah Golf Estates will be the finest golfing and residential community in the region. From day one we have approached the concept with painstaking planning and careful research, and I am delighted with the finalised masterplan; however, to help achieve our end goal we must work with partners who share our vision and can deliver the highest level of residences to future owners."