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Al Attar Group will invest Dh1 billion to develop upscale villas in Jumeirah Village, the development of Nakheel.Sales of the villas will start within the week with prices from Dh995,000 for a one-bedroom unit. A 10 per cent down payment is required, and the rest is to be paid in installments every six months until 2008 when the villas will be ready for occupation. The Jumeirah Village project represents a strong build up of Al Attar Group investments in Dubai's many freehold developments. Just recently, it signed on with Nakheel for villas on The Palm Deira. "We see great potential in The Palm Deira, which Nakheel plans to develop as a self-contained city within Dubai," said Ahmad Abdul Rahim Al Attar, chairman of the Al Attar Group.
"Right from the start, we have been firmly committed to Sultan Bin Sulayem, chairman of Nakheel, on the various developments the company has taken on. "While there is so much development in and around the New Dubai, there are still lots of people who want to be in Deira. This is the market The Palm Deira is addressing." The villas are to be handed over in 2008. Al Attar Group is also building towers in Jumeirah Lakes and has signed on for a project in Dubai International City. It has also acquired one of the plots within The World network of artificial islands in the shape of individual countries. All three developments are from Nakheel, and takes Al Attar Group's overall exposure to the developer to Dh1.3 billion. "We see freehold as a main priority for 2005 and beyond, when most of our projects will be completed," said Al Attar. "There is still a scarcity of upmarket space in both residential and commercial categories." This focus has already seen it take up a plot for a 40-storey mixed-use tower in Dubailand, the Dh35 billion themed development promoted by the Dubai Government. Al Attar Group has also committed to Dh100 million in investments for the sprawling multi-stage Business Bay, recently announced as part of the recently created Dubai Holdings portfolio. "We are in constant negotiations with Mohammad Al Gergawi, chief executive of Dubai Holdings, and Hashim Al Dabal, chief executive of Dubai Properties, to see how private sector entities such as our company can have a role in the Business Bay project," said Al Attar. "As of now, we are committed to the investments, but finalising on the nature of the projects." Elsewhere in the city, the company is moving on schedule on two high-rises on Shaikh Zayed Road, both of which will be buildings of more than 60 storeys.
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