Investors snapped up 350 newly-launched villas from Nakheel in just five hours on Sunday, the Dubai developer has said.
The villas are valued in excess of Dh1.4 billion ($381 million), Nakheel said.
The demand was so high that Nakheel increased the number of villas on sale by more than 50 per cent, it said.
“Buyers began descending on Nakheel’s sales office on Friday – two days ahead of the launch – for the Legacy Nova Villas, to be constructed at Nakheel’s 350 hectare Jumeirah Park master community,” it said.
The tender for the construction of Legacy Nova Villas was also launched on Sunday, with contractors already collecting their tender documents from Nakheel. Contracts are expected to be awarded in August.
A Nakheel spokesman said: “The response to this launch has been phenomenal: there was hardly room to move in our car park and inside our sales centre today. Our original plan was to bring 226 Legacy Villas to the market, but demand was so high that we added – and sold – another 124. All 350 Legacy Nova Villas sold out just a few hours after we opened our doors for business; yet more evidence of Dubai’s buoyant real estate market, and of investor and contractor confidence in Nakheel and its projects.”
Nakheel’s four-bedroom Legacy Nova Villas are designed to maximise the use of light and space. Each villa has an expansive roof terrace and an additional terrace above the double garage, plus a giant skylight window above the stairs, allowing an abundance of natural light into the properties, the developer said.
The Legacy Nova Villas will be constructed over the next two years.