Developer that planned the Palm complexes announces a halt on sales in the emirate
Debt-laden Dubai developer Nakheel has announced that it has stopped selling properties.
In a statement, the developer behind the Dubai Palm projects said: “Nakheel has stopped selling properties currently, and is focusing on consolidations and swaps options.”
A member of the firm’s marketing team confirmed that it was “not selling any more … there are no properties for sale”.
The company has not yet released any other details about the decision or why it has been made.
Nakheel owes $10.5bn to creditors in the wake of the 2008 Dubai property crash, including an estimated £250m to consultants and engineers from the UK.
It is currently negotiating with its creditors how it will pay off its debts. It has said a deal should be done by the middle of the year, after missing two deadlines to get enough creditors on board at the beginning of 2011 and again at the start of April.
Earlier this month engineer Halcrow said it had signed a deal to start work on a “modest sized” project in the UAE for Nakheel.