Nakheel chairman Ali Rashid Lootah announced today that work on Ibn Battuta Residences, comprising two towers of 531 apartments located next to Ibn Battuta Mall, are due for completion at the end of 2019.
Nakheel is planning to expand its leasing portfolio from around 18,000 homes at the moment to around 36,000 over the next five years, he told the annual Cityscape exhibition in Dubai today.
Earlier this week the company announced plans to build more than 15,000 homes in 42 towers at its new Jebel Ali Gardens project.
Lootah said that Nakheel’s existing rental portfolio is currently 97 per cent occupied.
Rents in Nakheel’s portfolio are holding steady and prices are at the same level of 2014, he added.
“People are still coming to Dubai and they are still buying,” Mr Lootah. “Brexit has had no impact on our sales. We are creating jobs because of all the retail we are opening.”
For full coverage of Middle East business, see MEED.