Nakheel Tower - Work Halted for 12 months...

[samsaf]

My guess is that it is canceled... well.. that's until the next economy turn-up, that is..!

Work on Nakheel Tower 'stopped for 12 months' - Construction & Industry - ArabianBusiness.com

It was supposed a 1km tower, the Nakeel version of Burj Dubai with it's own downtown and stuff...

Well.. more bad news..

 

[Wannaberich]

Not cancelled,delayed as has happened and will happen with many projects.
I dont think Dubai is desperate for this tower now that it has Burj Dubai.
Projects like Dubailand and Business Bay are far more important.

 

[samsaf]

Projects like Dubailand and Business Bay are far more important.

Is Dubailand is still progressing?

I really hope so.. do you have any resources that says that?

If Dubailand eventually opens, even if it is in 2012, it will be good news for people who purchased houses in Sports City and Motorcity... It can drive up the prices due to the proximity to Dubailand.

Naturally, the market can return to a more healthier situation in 2012, Obama would have had 4 years to repair the US economy, the EU would have absorbed the hit and new businesses would emerge. This would make tourism boom again in Dubai with more people willing to come here for vacation.

 

[Wannaberich]

Is Dubailand is still progressing?

I really hope so.. do you have any resources that says that?

If Dubailand eventually opens, even if it is in 2012, it will be good news for people who purchased houses in Sports City and Motorcity... It can drive up the prices due to the proximity to Dubailand.

.

There is not alot happening at Dubailand at the moment.By 2012 hopefully
there will be something there for the tourists but this place is a long way from finished.
Like you say,houses and appartments around that area will do very well in a few years.

 

[renter1]

Not cancelled,delayed as has happened and will happen with many projects.
I dont think Dubai is desperate for this tower now that it has Burj Dubai.
Projects like Dubailand and Business Bay are far more important.

This will definitely be cancelled. Building like the Burj Dubai often mark the end of a credit cycle and the peak in excess capacity. It will remain at least partially empty for years while the global economy recovers.

The world's tallest building syndrome | News Feature

How can you possibly think that Dubai needs the extra capacity from a 1km tower, when the emirate is cancelling 1500 work visas per day??

 

[samsaf]

I really hope that the Burj Dubai does not become another "Empty Empire State" as happened to the Empire State building in the 1930s

They say that the Empire state building did not become profitable until the 1950s... I wonder what will be the case for burj dubai?

 

[Wannaberich]

How can you possibly think that Dubai needs the extra capacity from a 1km tower, when the emirate is cancelling 1500 work visas per day??

If you took the time to read my first post I said I don't think Dubai needs this tower when it has the Burj Dubai.
As for it being cancelled,I disagree.Plans have been drawn up,groundwork has started.Work may be stopped for 1-3 years but eventually it will re-start.

 

[memo123]

Every one who bought units in sports city , was because of close proximity to Dubai land . and if they cancel this project , then it is bad news .
as you all mentioned having another tower is stupid to start with.
the question what happens now to all the people that bought in Dubai land , if the project was to be delayed or canceled
wud they get their money back in full or have their money with the master developer for the next 2-3 years earning zero % on their locked up money ?

 

[Wannaberich]

Every one who bought units in sports city , was because of close proximity to Dubai land . and if they cancel this project , then it is bad news .
as you all mentioned having another tower is stupid to start with.
the question what happens now to all the people that bought in Dubai land , if the project was to be delayed or canceled
wud they get their money back in full or have their money with the master developer for the next 2-3 years earning zero % on their locked up money ?

Sports City doesnt rely on Dubailand.It is its own community and will have enough
there to make it attractive.
Dubailand will not be cancelled because it is not one big project but a series of projects from different developers.Some of these projects will be cancelled,delayed,others will go ahead.

 

[pal78]

Every one who bought units in sports city , was because of close proximity to Dubai land ...

I did not. I agree with DoBuy. My vision of DSC is an "independant" community focused on sports, with active schools, academies, and events to attract people. In the first stage (not all buildings delivered) it can survive without Dubailand.

 

[Roshan]

BB and Dubai land are humangous projects and will have its effect only when the whole development comes in. When they will come in is the next big question.

Thankfully I invested in Motorcity in a 3 BDR which I plan to rent out till I do a probable early settlement on the mortgage and then eventually stay.

I asked UP how much would be the maintenance and the projects were around Dhs 15. I was relieved when they said that the second year, the owners would form their own association and decide on the maintenance.

How far this is true...I really don't know

Regards

Roshan

 

[Roshan]

Too early to write Dubai off. Dubai wil bounce back in due course.

I have seen people write Dubai in the past and it always came back strongly.

If only they had proper rules ( which don't change according to the weather ) to support it, they would do very well.

Right now Dubai paints a confused picture concerning rules and regulations.

I hope someone gets up one day and says enough is enough and puts in rules that will stay.

Regards

Roshan

 

[albog]

Wow, not in a million years would I have guessed this would happen.

 

[sasherwani2]

Nakheel Tower isn't cancelled yet, I can assure you that. However noone knows the status of the tower. Nakheel is in serious shortage of funds dont be misguided by the Atlantis fireworks. A very small (2-4%) minority of the customers continue to pay for projects like Badrah and Farjan Villas so there is a big variance between Nakheel's forecasted and actual cashflow. I personally think it wont be built as Dubai will not see the growth it forecasted and there will be no takers for the tower. Offplan is dead and there is no way Nakheel can fund the multi-billion tower using its own funds.

 

[Wannaberich]

The fact that this tower will be delayed for a while is good news for the Burj Dubai.
It will mean it can bask in the glory of being the tallest tower on earth a while longer.
It did seem absurd that before Burj Dubai is even completed and celebrated a taller tower should be on its way, as much as I would like to see the Nakheel Tower completed.

 

[samsaf]

BB and Dubai land are humangous projects and will have its effect only when the whole development comes in. When they will come in is the next big question.

Thankfully I invested in Motorcity in a 3 BDR which I plan to rent out till I do a probable early settlement on the mortgage and then eventually stay.

I asked UP how much would be the maintenance and the projects were around Dhs 15. I was relieved when they said that the second year, the owners would form their own association and decide on the maintenance.

How far this is true...I really don't know

Regards

Roshan

Roshan,

How much did you get it from UP? and when?

I got myself a 1 B/R directly from UP on August 2008 for 1,6M. 5% downpayment. (uptown Motorcity, foxhill)

Now, I feel ripped off as there were people who got the same unit for 1,1M at launch.. maybe even less.. No way I break-even with my mortage payment unless I rent it out for 140-150k per year... that's now a dream in the current financial situation!

 

[loai]

i agree... things will be built in dubai as planned.. but they all will be delayed... overall thats good , as they where building to fast, things needed to slow down a notch or 2

 

[Roshan]

The fact that this tower will be delayed for a while is good news for the Burj Dubai.
It will mean it can bask in the glory of being the tallest tower on earth a while longer.
It did seem absurd that before Burj Dubai is even completed and celebrated a taller tower should be on its way, as much as I would like to see the Nakheel Tower completed.

They might not be anything called Nakheel tower. Who knows, with the current scenario, they might think of scrapping it.

Roshan

 

[Roshan]

Roshan,

How much did you get it from UP? and when?

I got myself a 1 B/R directly from UP on August 2008 for 1,6M. 5% downpayment. (uptown Motorcity, foxhill)

Now, I feel ripped off as there were people who got the same unit for 1,1M at launch.. maybe even less.. No way I break-even with my mortage payment unless I rent it out for 140-150k per year... that's now a dream in the current financial situation!

I purchased a 3 BDR, 1987 sq ft apartment at Dhs 700 psf ( 1.4 million ) on the first day, first show launch of phase 1.

Roshan

 

[georgihh]

I purchased a 3 BDR, 1987 sq ft apartment at Dhs 700 psf ( 1.4 million ) on the first day, first show launch of phase 1.

Roshan

Hi Roshan,

How is doing your financial calculator is it still working or is on hold?