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FINANCIAL NEWS
UAE’s Nakheel reduces service charges by 30%
25 Aug 2011
(MENAFN) Nakheel Properties’ Chairman, Ali Rashid Lootah, said that since the company planned to have the lowest charges in Dubai, Nakheel slashed service charges by more than 30 percent across all its developments, reported The National.
Lootah added that by the end of this year, the developer would begin building new villas on Palm Jumeirah, whereas by the end of next year, it would hand over 7,714 units across several projects.
He also said that of the 20,000 units at the company’s leasing portfolio, Nakheel leased up to 70 percent compared with 40 percent in 2010, moreover, since there was high demand over the firm’s projects, the company offered promotions like rent free periods for those leasing units in Discovery Gardens, Gardens and International City.
It is worth noting that at the current time, Nakheel is developing projects in International City and by March of next year, it will deliver 1,663 units.
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