Palm gets ready for first residents

How many villas and apartments on The Palm Jumeirah will be delivered by the end of the year?

«Little more than five years ago Nakheel estimated that the first properties on The Palm Jumeirah would be complete by the end of 2006, and I'm delighted to say that around 500 customers have already been informed that their home is ready for handover by the end of November this year.

«Properties for our initial purchasers were originally estimated to be delivered by November 2006 and for later purchasers on the re-sales market by May 2007. I am delighted to say that handover has commenced within the contractual time frames and all homes will be delivered to their owners within a few months of the initial estimate.

«Considering the size, scale and innovative nature of the project, it's testament to the drive and commitment of all involved with the project that we have been able to deliver within the contractual time periods. It is indeed a credit to all of our staff, consultants, and contractors all of whom will regard this project as the highlights of their careers and businesses.»

When will all of the villas and apartments be completed?

«It's staggering to think that little more than five years after the first grain of sand was placed in the Arabian Gulf we will welcome our very first residents to The Palm Jumeirah. We have spent many months planning to ensure that this process goes as smoothly as possible. I am 100% confident in the team we have put in place; however, bearing in mind the numbers of handovers and the logistics involved, throughout this process we look to our residents to exercise patience and understanding.

«By the end of April 2007, all 20 Shoreline Apartment buildings located on the east side of the trunk will be ready for handover to customers; approximately 3,000 properties - 75% of the total in phase one - will be ready for handover to customers by April 2007; and it is anticipated that all 'Completion Certificates' will be issued to customers by June 2007.»

What has contributed toward the additional time in delivery?

«The Palm Jumeirah is the first man-made landmark since the Great Wall of China to be visible from space. Land reclamation on this size and scale, and with the complexity of shape such as a palm tree, has never been attempted before let alone achieved. There is simply no way to calculate the exact time such a project would take and that is why we provided in our customers' contracts sufficient flexibility to allow for the additional time that unknown factors may require.

«Our customers understand this, and not one customer has wanted to walk away, just as we have remained committed to them. It is simply astounding to think that Nakheel has not only reclaimed the world's largest man-made island, but that the first phase of this enormous project will be completed within just a few months of the initial estimates.

«The Palm Jumeirah is an incredible feat of engineering, a project that has involved constant innovation. There have been challenges that no one has ever faced before and our world class engineers have risen to meet these challenges on every occasion. However, the journey does not end here; in fact this is just the end of the beginning. Over the next 3-4 years, as the tourism phases of the island develop, The Palm Jumeirah will become one of the world's premier resorts, offering 32 beachfront hotels, and a wealth of retail, entertainment and leisure choices.»

How long will the handover process take?

«The handover of more than 4,000 villas and apartments is a considerable logistical task; we are aware that our many customers around the world are excited about moving into their home and demand for early access will inevitably be high. It's impossible to move everybody in at once so there must be a controlled and phased programme. We have therefore scheduled a phased handover cycle of intervals of ten days commencing 1st November 2006. It is anticipated that all 'Completion Certificates' will be issued to customers by June 2007.»

Have all owners been informed of their handover dates?

«We have written to all residents informing them of the date that their notice of completion is expected to be issued. As I have already mentioned, due to the logistics of the entire operation it is impossible for all our purchasers to move in at once. Letting customers know now when they can expect their handover is of paramount importance to enable them to plan accordingly.

How does the handover process work?

As soon as homes become ready for occupation on The Palm Jumeirah we will notify our customers and they will be able to book two property visits. Bookings should be made within 30 days of this notification either online or via the call centre on a first-come first-served basis.

It is our aim to schedule the handover on the 30th day after the ready for occupation notification, provided customers have completed all financial obligations. To ensure an unobstructed move-in, customers must again use the booking system where slots will be allocated on a first-come first-served basis and are dependant upon the move-in activities of other residents.

When they move into their new home, residents will receive a handover pack providing key information such as transport, safety, waste removal, and details of local shops and facilities.How will ongoing construction effect residents once they have moved in?

«After listening to our customers we found that there was a large demand from owners to develop residences in a short time frame; it was therefore decided that the large proportion of residences on The Palm Jumeirah would form phase one of the development. Residents will move in before the leisure, retail and tourism components are completed and all efforts have been made to ensure that ongoing construction causes minimal disruption.»

What has been the market acceptance of the Palm Jumeirah?

«It is well documented that The Palm Jumeirah was an immediate success as a real estate product; when villas went on sale back in 2002 they sold out in just 72 hours. Since then The Palm Jumeirah has proved to have been an unparalleled investment with average premiums of 70-120%; incredibly, some of these properties have achieved a premium of 300%. I believe this is a ringing endorsement by the market of the quality of product that is being delivered.»