Nakheel Sells Palm Jumeirah Plot for 400 Million Dirhams

Nakheel PJSC, the builder of artificial islands off Dubai’s coast, said it sold a plot of land on Palm Jumeirah for 400 million dirhams ($109 million).

The 305,704 square-foot plot was bought by a local investor the company didn’t identify. “There are clear signs of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah,’’ the company said in an e-mailed statement today. “We have seen a very healthy demand in the first half of 2012, and this looks set to continue for the year.”

Nakheel said on July 30 it posted a 37 percent increase in first half profit as sales increased and it cut costs. The company restructured $16 billion of debt after Dubai’s property market collapsed following the onset of the global financial crisis in 2008.

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.