HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Regional Sections > Middle East & Africa


Reply

 
Thread Tools Display Modes
     
     
  #221  
Old Posted Nov 27, 2009, 5:10 PM
204 204 is offline
Registered User
 
Join Date: Oct 2003
Location: Terminal City
Posts: 1,171
Palm Jumeirah project under threat

Man-made, palm-tree shaped island development that has attracted celebrities may be in peril

Paul Waldie
Globe and Mail Update Published on Thursday, Nov. 26, 2009 8:15PM EST Last updated on Friday, Nov. 27, 2009 7:22AM EST


Levent Hassan knows all about the financial challenges facing Dubai.

Mr. Hassan is a real estate agent who buys and sells properties on Palm Jumeirah, the man-made, palm-tree-shaped island where celebrities like David Beckham and Brad Pitt have bought luxury homes.

When villas on the island first went up for sale in 2002 they were snapped up and prices for some soared well above $10-million (U.S.).

Not any more.

“In some places, prices have been reduced by at least 50 per cent or 60 per cent and in some places more,” Mr. Hassan said Thursday from Dubai.
Things had been picking up in the last couple of months, but news of financial problems at Dubai World, which owns the developer of Palm Jumeirah, could put the project in peril.

The developer, called Nakheel, has $3.5-billion worth of debt coming due next month and some analysts question whether it will be able to meet the commitment.

The problems at Nakheel have forced Dubai World, a holding company with dozens of international investments, to seek a standstill agreement from creditors who are owed roughly $60-billion.

For months, analysts have watched as the recession hit Dubai, one of the seven emirates that make up the United Arab Emirates.

There have long been fears the glitzy city-state overextended itself with a wave of gigantic projects, many of which have now been stopped in mid-construction.

Perhaps nothing epitomizes Dubai's excess like Palm Jumeirah.
When construction began in 2001, the project was the largest land reclamation venture ever, involving close to 100 million cubic metres of sand and seven million tonnes of rock.

The development was supposed to be finished in 2005 but it is still not done. When it is complete, about two million people will live on the island's 16 palm fronds and along the 11-kilometre surrounding crescent.

Nakheel is working on two other palm-tree-shaped islands nearby and another island project shaped like the globe.

Some villas on Palm Jumeirah include two swimming pools, and penthouse apartments cover up to 14,000 square feet. There are also plans for 220 high-end shops and several luxury hotels, including the five-star Ottoman Palace by Rixos, which will feature the world's largest Turkish bath.

Last year, the island saw the opening of the $1.5-billion Atlantis resort, with 1,500 rooms and a giant shark tank. The opening celebrations cost $20-million.

By early 2009, the project started running into difficulty. After years of soaring house prices and eager buyers, the market cooled.

In February, PowerHouse Properties, a local company that tracks the Dubai real estate market, said prices on Palm Jumeirah had dropped by half or more in six months.

Four bedroom homes that went for $4-million could be had for $1.6-million, the company said.

Prices have fallen further since, and distressed listings have escalated.
The owner of an 1,800-square-foot, two-bedroom apartment recently almost begged for a buyer –“distressed sale, very urgent” – offering the unit for $400,000.

Mr. Hassan hopes the problems at Dubai World won't have an impact on buyers. “People need to sell and people need to rent,” he said. Dubai World's problems “are not going to stop that.”
Reply With Quote
     
     
  #222  
Old Posted Nov 27, 2009, 5:31 PM
The North One's Avatar
The North One The North One is offline
Registered User
 
Join Date: Sep 2009
Posts: 5,489
Quote:
Originally Posted by Lecom View Post
Actually many of the islands are a good 2-4 meters above the sea level. If you look closely, the beaches are at a decent elevation over water. In fact, Lower Manhattan would go underwater before the Palms ever do.
really , i hate it when people think so extreme like that.

New York is not going underwater any time soon people.
stop with you're extreme global warming bogus theories.

but if you ment to just state IF it where to happen as an example to prove you're point, than that's ok. and you can just disregard the rest of the post.
Reply With Quote
     
     
  #223  
Old Posted Dec 6, 2009, 4:03 AM
JoshYent JoshYent is offline
=)
 
Join Date: Feb 2007
Location: Hillsboro, Oregon
Posts: 164
Quote:
Originally Posted by gmgmarshall View Post


Okay, I know It's just because I'm OCD as hell!!! But all the money they spent on this and they can't even make it line up straight! AHHHHHHHHHH

That makes me wanna punch babies!
i agree and baby seals
__________________
Suburban kid, wishing he lived in a urban jungle.

Stop building out, start building up, BUT DO IT RIGHT the first time....so we dont have to come back and fix our mistakes 50 years from now.
Reply With Quote
     
     
  #224  
Old Posted Dec 6, 2009, 3:55 PM
Lecom's Avatar
Lecom Lecom is offline
Registered User
 
Join Date: Apr 2003
Location: the Mid-Atlantic
Posts: 12,703
Quote:
Originally Posted by The North One View Post
really , i hate it when people think so extreme like that.

New York is not going underwater any time soon people.
stop with you're extreme global warming bogus theories.

but if you ment to just state IF it where to happen as an example to prove you're point, than that's ok. and you can just disregard the rest of the post.
The last part of your post is the only one that made sens.

Read the original post - I said WOULD, not WILL.
Reply With Quote
     
     
  #225  
Old Posted Dec 15, 2009, 7:47 PM
NooleV NooleV is offline
Registered User
 
Join Date: Dec 2009
Location: Novi Sad
Posts: 4
http://i45.tinypic.com/2r7apsx.jpg

i have noticed this part of the island today and i have never seen it before, also, it is not presented on the model pictures. can anyone tell me when it was built and what for?
Reply With Quote
     
     
  #226  
Old Posted Dec 15, 2009, 10:52 PM
LoverOfDubai LoverOfDubai is offline
Registered User
 
Join Date: Jun 2005
Posts: 255
Quote:
Originally Posted by NooleV View Post
http://i45.tinypic.com/2r7apsx.jpg

i have noticed this part of the island today and i have never seen it before, also, it is not presented on the model pictures. can anyone tell me when it was built and what for?
I am not sure when it was built, but it is where the Queen Elizabeth II is expected to be docked.
Reply With Quote
     
     
  #227  
Old Posted Dec 15, 2009, 11:32 PM
NooleV NooleV is offline
Registered User
 
Join Date: Dec 2009
Location: Novi Sad
Posts: 4
Quote:
Originally Posted by LoverOfDubai View Post
I am not sure when it was built, but it is where the Queen Elizabeth II is expected to be docked.
thank you, but i have read somewhere that, due to economic crisis, the ship will be docked in south africa, instead of dubai, is it true?
Reply With Quote
     
     
  #228  
Old Posted Dec 16, 2009, 3:50 AM
LoverOfDubai LoverOfDubai is offline
Registered User
 
Join Date: Jun 2005
Posts: 255
Quote:
Originally Posted by NooleV View Post
thank you, but i have read somewhere that, due to economic crisis, the ship will be docked in south africa, instead of dubai, is it true?
I thought the plans were to move the QE2 to South Africa only temporarily....
But it is still docked in Port Rashid, so I am not sure what the plans actually are.
Reply With Quote
     
     
  #229  
Old Posted Dec 16, 2009, 5:05 PM
NooleV NooleV is offline
Registered User
 
Join Date: Dec 2009
Location: Novi Sad
Posts: 4
Quote:
Originally Posted by LoverOfDubai View Post
I thought the plans were to move the QE2 to South Africa only temporarily....
But it is still docked in Port Rashid, so I am not sure what the plans actually are.
You are probably right, I have read the text about a month ago and I must have missed the part where it said it will not stay in South Africa for good.
Cheers from Serbia!
Reply With Quote
     
     
  #230  
Old Posted Jan 25, 2017, 9:29 PM
hotwheels hotwheels is offline
Registered User
 
Join Date: Mar 2016
Posts: 427
$1.8 Billion Royal Atlantis Luxury Resort Coming to Dubai's Palm Jumeirah
Quote:
Coming soon to the famous manmade Palm Jumeirah islands of Dubai, a $1.8 billion (CAD) luxury resort and residence project known as Royal Atlantis is set to redefine the local skyline. Designed by Kohn Pedersen Fox Associates for the Investment Corporation of Dubai, the 43-storey, 795-room, 231-unit hotel and residences will take up a massive 10-hectare plot of prime waterfront land. The luxury development will have no less than 65 outdoor swimming pools, including the signature Skypool, which will be perched more than 100 metres above grade.
Reply With Quote
     
     
  #231  
Old Posted Feb 22, 2018, 2:27 PM
The Best Forumer's Avatar
The Best Forumer The Best Forumer is offline
Registered User
 
Join Date: Aug 2013
Posts: 2,774
Quote:
Originally Posted by The North One View Post
really , i hate it when people think so extreme like that.

New York is not going underwater any time soon people.
stop with you're extreme global warming bogus theories.

but if you ment to just state IF it where to happen as an example to prove you're point, than that's ok. and you can just disregard the rest of the post.
global warming is real. but I do hope nothing happens to these islands... or manhattan.
__________________
The suburbs are second-rate. Cookie-cutter houses, treeless yards, mediocre schools, and more crime than you think. Do your family a favor and move closer to the city.
Reply With Quote
     
     
  #232  
Old Posted Feb 27, 2018, 1:09 AM
The North One's Avatar
The North One The North One is offline
Registered User
 
Join Date: Sep 2009
Posts: 5,489
That comment is almost ten years old.

These islands are fucked, Manhatten too eventually.
__________________
Spawn of questionable parentage!
Reply With Quote
     
     
  #233  
Old Posted Dec 6, 2019, 7:10 PM
Apey's Avatar
Apey Apey is offline
April Melissa Sandever
 
Join Date: Oct 2019
Location: Victoria
Posts: 1,160
Quote:
Originally Posted by JoshYent View Post
i agree and baby seals
Have to agree! I'm sure there was a good reason, or maybe an oversight?
Reply With Quote
     
     
End
 
 
Reply

Go Back   SkyscraperPage Forum > Regional Sections > Middle East & Africa
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 6:09 PM.

     
SkyscraperPage.com - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.