Representatives of the Dubai-based Nakheel firm have insisted that despite delays of some six months faced by their Palm Jumeirah project, they are confident that the development will be a success.
The company added that it would hand over Palm Jumeirah’s 500 properties by the end of the month, according to Gulf News.
"The original completion date was May 2006, there was an extension to Nov-ember and we've extended it further to ensure the infrastructure is complete and the quality of the villas. It is well within the bounds of the contractual arrangement," said Nakheel CEO Chris O'Donnell.
"With a project of this nature with so many challenges and unknowns, I'd much rather extend the date to ensure that the customer experience is right, rather than keep to a date that has been set."
An estimated 3,000 of the 3,900 apartments and villas of the project are expected to be ready by April 2007. Some properties are valued at up to $4.3 million apiece .
Nakheel has a property portfolio of $30 billion (Dh110.34 billion).
Instead of a compensation package offered to buyers on The Palm Jumeirah. they may sell their villa back to Nakheel for the original sale price, plus interest. "No one has taken up the offer yet," said O'Donnell.
